CECWPC(601016)2024-06-07 07:54Financial Performance - In Q1 2024, the company achieved revenue of CNY 1.325 billion and a net profit of CNY 0.432 billion [2] - As of March 2024, total assets amounted to CNY 43 billion, with net assets at CNY 18 billion and attributable net assets at CNY 17.2 billion [4] - Cumulative installed capacity reached 5,732.56 MW, with operational capacity at 5,669.7 MW [4] - Q1 2024 electricity generation was 3.267 billion kWh, a year-on-year increase of 6.39% [4] Business Development - The company is actively developing projects in Gansu and Hebei, surpassing 1 million MW in project capacity [4] - Expansion efforts are ongoing in Hunan and Heilongjiang, with new project developments in regions like Hubei, Guangxi, Henan, and Sichuan [4] - The company is also exploring the Australian market and tracking wind power opportunities in Europe and along the Belt and Road [4] Profit Distribution - Since its listing, the company has emphasized shareholder returns, maintaining stable cash dividends [4] - Over the past three years, cumulative cash dividends totaled approximately CNY 1.409 billion, with total dividends since listing at CNY 2.478 billion and an average payout ratio of 35.95% [4] ESG and Sustainability - The company has published its first ESG report, identifying 19 key issues, including 5 environmental, 8 social, and 6 governance topics [5] - The company is committed to sustainable development and improving ESG performance [5] Future Plans - As of December 31, 2023, the company has 1.21 million kW of projects under construction and anticipates an additional 1.47 million kW in planned projects [5] - The company aims to enhance project development across various regions and explore diverse "wind + " models [5] - Future capital expenditures will focus on ongoing and newly approved projects [7] Market Challenges - The company has faced significant "wind abandonment" losses, with figures of 1,123.16 million kWh, 1,074.80 million kWh, and 1,208.97 million kWh from 2021 to 2023, representing 11.05%, 8.26%, and 9.00% of total available generation, respectively [6] - The company is addressing these challenges by adjusting its strategic layout and improving power transmission channels [6] Market Transactions - In 2023, the company's grid-connected electricity volume was 12.207 billion kWh, with a year-on-year increase of 2.23% [6] - The volume of electricity traded in the market was 5.096 billion kWh, also showing a year-on-year increase of 2.30% [6]