GDPD(600795) 新浪财经·2025-04-20 04:25Core Viewpoint - The company reported a mixed performance for 2024, with a slight decline in revenue but a significant increase in net profit, primarily due to asset disposals and increased investment income [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 179.18 billion yuan, a year-on-year decrease of 1.00% [1]. - The net profit attributable to shareholders was 9.83 billion yuan, a substantial increase of 75.28% year-on-year [1][2]. - The non-recurring net profit was 4.67 billion yuan, down 4.20% year-on-year [1]. Segment Performance - The thermal power segment generated a net profit of 10.05 billion yuan, up 17.90% year-on-year, contributing to overall performance growth [2]. - The company’s total installed capacity for thermal power reached 74.63 million kilowatts, with a net increase of 1.84 million kilowatts [2]. - Hydropower segment net profit was 1.99 billion yuan, down 19.89% year-on-year, despite an increase in generation due to favorable water conditions [3]. - Wind and solar segments reported a net profit of 1.92 billion yuan, a decrease of 13.77% year-on-year, attributed to lower electricity prices [3]. Cost and Pricing Dynamics - The average on-grid electricity price for coal-fired and gas-fired units was 457.52 yuan and 860.83 yuan per megawatt-hour, down 0.82% and 4.18% respectively [2]. - The average coal price for the year was 922.17 yuan per ton, a decrease of 1.37% year-on-year, contributing to lower fuel costs [2]. Future Outlook - The company expects to see further improvements in profitability from the thermal power segment due to ongoing projects and low coal prices [2]. - Forecasted net profits for 2025-2027 are 6.5 billion, 7.7 billion, and 8.0 billion yuan, with respective year-on-year changes of -34.36%, +19.46%, and +3.96% [4].