Datang Power(601991) 新浪财经·2025-04-02 00:31Group 1: Financial Performance - In 2024, the company achieved operating revenue of 123.47 billion yuan, a year-on-year increase of 0.86% [1] - The net profit attributable to shareholders reached 4.51 billion yuan, up 229.70% year-on-year [1] - The non-recurring net profit attributable to shareholders was 4.50 billion yuan, a significant increase of 695.69% year-on-year [1] - In Q4 2024, the company reported operating revenue and net profit attributable to shareholders of 32.49 billion yuan and 77 million yuan, respectively, representing year-on-year increases of 2.14% and 105.23% [1] Group 2: Segment Performance - The thermal power segment sold 2,140.54 billion kWh, a year-on-year increase of 1.08%, generating revenue of 91.12 billion yuan, a decline of 1.58% year-on-year [1] - The coal machine segment achieved a total profit of 2.57 billion yuan, a substantial increase of 2,026.36% year-on-year, primarily due to lower coal prices reducing fuel costs [1] - The hydropower segment reported a total profit of 2.01 billion yuan, a significant increase of 45.21% year-on-year, driven by higher water inflow leading to increased hydropower generation [1] Group 3: Clean Energy Development - The company added 2,594.2 MW of wind power and 1,704.823 MW of solar power in 2024, increasing the clean energy installed capacity proportion by 2.62 percentage points to 40.37% [2] - The company has 1,759.3 MW of wind power and 1,866.88 MW of solar power under construction, which may further increase the clean energy capacity proportion upon completion [2] - Revenue from wind power and solar power was 7.01 billion yuan and 2.30 billion yuan, respectively, with year-on-year increases of 11.27% and 40.88% [2] Group 4: Capital Expenditure and Dividends - Capital expenditure for 2024 reached 30.91 billion yuan, a significant increase of 49% year-on-year, primarily for the construction of hydropower, thermal power, wind, and solar projects [2] - The company announced a cash dividend of 0.0621 yuan per share (before tax), totaling 1.15 billion yuan, which represents 25.50% of the net profit attributable to shareholders, a substantial increase from 139 million yuan in 2023 [2] Group 5: Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 5.50 billion yuan, 6.50 billion yuan, and 7.60 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.23%, 18.32%, and 17.94% [3] - The price-to-earnings (PE) ratios corresponding to the stock price on March 28, 2025, are projected to be 9.89, 8.36, and 7.09 for the years 2025, 2026, and 2027, respectively [3]