CECWPC(SH:601016)2024-06-06 07:37Group 1: Company Development Plans - As of December 31, 2023, the company's installed capacity of ongoing projects totals 1.21 million kW, with anticipated projects reaching 1.47 million kW. In 2024, the company will enhance wind power project development across various regions in China [2] - The company aims to explore and implement various "wind power +" models, focusing on project development in regions such as Hubei, Guangxi, Henan, and Sichuan [2] Group 2: Wind Power Curtailment - From 2021 to 2023, the company suffered losses due to "wind power curtailment" of 112,316 MWh, 107,480 MWh, and 120,897 MWh, representing 11.05%, 8.26%, and 9.00% of total available generation during those years [3] - The primary areas affected by curtailment include Hebei, Xinjiang, Gansu, Qinghai, and Inner Mongolia, where the construction of power transmission infrastructure has not kept pace with wind power generation [3] Group 3: Market Transactions and Revenue - In 2023, the company's grid-connected electricity volume was 12.207 billion kWh, a year-on-year increase of 2.23%. The electricity volume from market transactions was 5.096 billion kWh, accounting for 43.44% of total electricity, a decrease of 11 percentage points year-on-year [3] - The company has maintained a stable cash dividend policy since its listing, with cumulative cash dividends of approximately 1.409 billion RMB over the past three years and a total of 2.478 billion RMB since listing, with an average payout ratio of 35.95% [4] Group 4: Depreciation and Operational Efficiency - The company uses the straight-line method for depreciation of power generation and related equipment, with a depreciation period of 5-25 years and a residual value rate of 5%. The annual depreciation rate ranges from 3.80% to 19.00% [4] - In 2023, the average utilization hours of the company were 2,317 hours, exceeding the national industry average by approximately 92 hours, indicating efficient asset operation [4]