CGN POWER(003816) 新浪财经·2025-04-02 08:46Core Viewpoint - The company reported a revenue of 86.804 billion yuan for 2024, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 10.814 billion yuan, reflecting a slight increase of 0.8% year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, an increase of 8.1% year-on-year, but the net profit attributable to shareholders was 0.830 billion yuan, a decrease of 19.0% year-on-year [1] - The company declared a cash dividend of 0.95 yuan per 10 shares for 2024, with a cash dividend payout ratio of 44.36%, slightly up from 44.26% in 2023 [1] - The operating cash flow for 2024 was 38.016 billion yuan, representing a year-on-year growth of 14.78% [3] Cost and Profitability Analysis - The company experienced a significant increase in income tax expenses and minority shareholder losses, which rose by 163.6% and 56.3% year-on-year, respectively [2] - The return on equity (ROE) for 2024 was 9.05%, a decrease of 0.42 percentage points year-on-year [2] - The sales gross margin decreased by 1.94 percentage points to 34.03%, primarily due to falling electricity prices and rising costs [2] - The company’s asset-liability ratio improved, dropping to 59.49% in 2024 [2] Operational Highlights - The company’s subsidiaries generated a total power output of 190.807 billion kWh in 2024, a year-on-year increase of 7.08% [4] - The average on-grid electricity price was 0.416 yuan/kWh, down 0.07 yuan/kWh or 1.57% year-on-year [4] - Despite a decrease in gross margin, the net profit from the power generation business remained stable at 17.245 billion yuan, nearly unchanged year-on-year [4] Future Outlook - The company plans to commission the Huizhou Unit 1, which is expected to support performance in 2025 [5] - The company anticipates achieving net profits of 10.440 billion, 11.126 billion, and 12.259 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.09x, 16.98x, and 15.41x [5]