2022-12-04 10:04Group 1: Company Performance Overview - In 2019, the company's electricity generation reached 178.97 billion kWh, an increase of 13.96% compared to the previous year [2] - The installed capacity reached 27.142 million kW, growing by 11.67% year-on-year, with 24 operational nuclear units achieving 220 WANO indicators, placing them in the top 25% globally, representing 76.39% of all indicators [2] - The company reported a revenue of RMB 60.875 billion in 2019, a year-on-year increase of 19.8%, and a net profit attributable to shareholders of RMB 9.466 billion, up by 8.8% [3] Group 2: Financial Stability and Policies - The company's debt-to-asset ratio was 65.1% as of December 31, 2019, a decrease of 4.2 percentage points from the end of 2018, while the interest coverage ratio improved to 2.5 times, indicating reduced debt risk [3] - The board proposed a dividend of RMB 0.076 per share for 2019, reflecting a 5.6% increase from the previous year, demonstrating a commitment to shareholder returns [3] Group 3: Impact of COVID-19 - In early 2020, the COVID-19 pandemic led to a decline in national electricity demand, resulting in lower utilization rates for the company's units in January and February compared to the same period last year [2][4] - The company anticipates a recovery in electricity demand as the pandemic situation improves, with expectations for utilization hours in 2020 to not fall below the levels of 2019 [4][9] Group 4: Future Plans and Investments - The company plans to maintain capital expenditures of approximately RMB 19 billion in 2020, with significant investments in ongoing projects such as the Yangjiang and Taishan nuclear power plants [4] - The company is preparing for the launch of the Lufeng nuclear power project, pending government approval, and continues to communicate with relevant authorities [6] Group 5: Market and Pricing Strategies - The company reported that the marketization ratio for Hongyanhe nuclear power reached 52.58% and for Ningde nuclear power was 53.88% in 2019, with a slight increase in average market price [8] - The company expects stable electricity prices in 2020, despite ongoing market reforms [5]