Jiangsu Guoxin (002608)2024-11-05 11:05Group 1: Financial Performance - The company achieved an operating revenue of 27.984 billion yuan, representing a year-on-year growth of 11.87% [1] - The net profit attributable to shareholders reached 2.921 billion yuan, with a significant year-on-year increase of 48.78% [1] Group 2: Project Development - The company is currently constructing six 1 million kilowatt ultra-supercritical coal-fired units, the largest number in the province [1] - The Guoxin Binhai Port Power Plant (2×1000 MW) and Guoxin Shazhou (2×1000 MW) projects are expected to be operational by the end of 2025, enhancing power supply capabilities [2] - The company is also investing in back-pressure units in Qidong and Huai'an, as well as several renewable energy projects [2] Group 3: Energy Supply and Procurement - The main sources of coal for the company's power plants in Jiangsu are Inner Mongolia, Shaanxi, and Shanxi, with ongoing efforts to expand coal procurement in Xinjiang [2] - The company has established a coal transfer base with a monthly capacity of 300,000 tons, enhancing its bargaining power in coal procurement [2] Group 4: Market Position and Electricity Supply - Approximately 21% of Jiangsu's electricity consumption comes from external sources, with the company's Shanxi plants supplying about 57% of the electricity to Jiangsu [3] - The electricity demand in Jiangsu grew by 10.3% year-on-year as of the end of September 2024, with the company's utilization hours exceeding the previous year's levels [3] Group 5: Future Outlook and Financing - The company plans to explore new energy, energy storage, and smart power plant projects while maintaining a low overall financing cost due to favorable market conditions [3] - There are considerations for increasing shareholder returns in the future as new projects come online [3]