华润电力20240523

Financial Data and Key Metrics Changes - The company expects the annual electricity demand to be between 4500-4600 hours, slightly lower than last year's 4680 hours, indicating a stable demand despite some structural changes in the market [1] - The company reported an improvement in the recovery of government subsidies, with a balance of 18.7 billion RMB in receivables and a recovery of 3.7 billion RMB last year, which is an increase of 1 billion RMB compared to the previous year [4] Business Line Data and Key Metrics Changes - The company noted that the wind power generation in the first four months saw a slight decrease in grid connection prices due to the increase in market-based projects, but the market-based green electricity trading premium remains high [2] - The company has 70% of its renewable energy projects included in the first compliance list, ensuring smooth access to subsidies [4] Market Data and Key Metrics Changes - The company highlighted that the electricity demand remains high, with some industries like real estate declining while others like new energy vehicles and photovoltaic manufacturing are compensating for the demand [1] - The company has not yet experienced significant power restrictions affecting electricity generation, particularly in the eastern, central, and coastal regions [2] Company Strategy and Development Direction - The management aims to maintain a dividend payout ratio of at least 40%, balancing growth, risk, and returns, while also targeting a clean energy ratio of over 50% by the end of the 14th Five-Year Plan [3] - The company is focused on high-quality growth and has been aligning its strategies with the requirements set by the State-owned Assets Supervision and Administration Commission (SASAC) [3] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of electricity demand, particularly as the peak summer season approaches, despite some fluctuations in wind and hydropower generation [1] - The potential introduction of a wind and solar resource tax could increase operational costs and impact investment returns, but there is currently no clear indication of its implementation [2] Other Important Information - The company is actively following up on the second compliance list for subsidies to ensure continued financial support for its projects [4] Q&A Session Summary Question: How does the company view the demand for thermal power for the year? - The company expects thermal power demand to continue growing, with an annual level projected at 4500-4600 hours, slightly lower than last year's 4680 hours [1] Question: What impact has wind power abandonment had in the first quarter? - The company noted a slight decrease in grid connection prices for wind power but highlighted that market-based green electricity trading remains strong [2] Question: Will the proposed wind and solar resource tax affect profitability? - Management acknowledged the rumors but stated that they have not yet encountered such taxes, though implementation would increase operational costs [2] Question: What is the company's dividend policy? - The company aims for a dividend payout ratio of at least 40%, balancing growth and returns while ensuring risk is managed [3] Question: What is the status of government subsidy recoveries? - The company reported an improvement in subsidy recoveries, with a balance of 18.7 billion RMB in receivables and a recovery of 3.7 billion RMB last year [4]