GDPD(600795) 新浪财经·2025-04-21 03:36Core Viewpoint - Guodian Power's net profit significantly increased in 2024, driven primarily by investment income, despite a slight decline in revenue [1][2]. Financial Performance - In 2024, Guodian Power reported revenue of 179.18 billion yuan, a year-on-year decrease of 1.00%, while net profit attributable to shareholders reached 9.83 billion yuan, a substantial increase of 75.28% [1]. - The company's investment income surged to 7.33 billion yuan in 2024 from 1.58 billion yuan in 2023, largely due to the transfer of a 50% stake in a subsidiary [1][2]. - The average utilization hours for thermal power generation decreased by 26 hours to 5,137 hours, impacting revenue despite a profit increase in the thermal segment [2][3]. Market Trends - The national installed capacity of renewable energy surpassed that of thermal power for the first time, reaching 1.45 billion kilowatts, indicating a shift towards renewable energy sources [1]. - The average price of wind power decreased by 5.52% to 474.20 yuan per megawatt-hour, while solar power prices fell by 15.11% to 408.22 yuan per megawatt-hour, reflecting supply-demand imbalances [5]. Structural Changes - Guodian Power's renewable energy capacity expanded to 17.89 million kilowatts in 2024, with significant contributions from wind and solar power, although profits from these segments declined due to falling prices and reduced utilization hours [4][5]. - The company is transitioning towards a "capacity model" for coal power pricing, which will affect revenue structures moving forward [4]. Hydropower Segment - The hydropower segment outperformed other divisions, with a total generation of 59.468 billion kilowatt-hours, marking a year-on-year growth of 7.93% [6]. - The completion of the Sichuan-Chongqing UHV AC grid project is expected to alleviate issues related to water abandonment and enhance the transmission capacity of hydropower [6][7]. - The profitability of the hydropower segment is projected to improve as water abandonment decreases and electricity prices rise, although uncertainties remain regarding external pricing and delivery ratios [7].