FUNENG CO.,LTD(600483) 新浪财经·2025-04-25 06:27Core Viewpoint - The company reported a slight decline in revenue for 2024 but showed growth in net profit, with strong performance in the renewable energy sector and expectations for improved profitability in thermal power due to falling coal prices [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 14.563 billion yuan, a year-over-year decrease of 0.9%, and a net profit attributable to shareholders of 2.793 billion yuan, an increase of 6.5% year-over-year [1]. - The fourth quarter of 2024 saw revenue of 4.078 billion yuan, down 6% year-over-year, but net profit increased by 3.3% to 1.020 billion yuan [1]. - The company plans to distribute a dividend of 0.31 yuan per share for 2024, with a payout ratio of 31%, and aims to implement a mid-term dividend in 2025 with a minimum payout ratio of 10% [1]. Group 2: Renewable Energy - In 2024, the company's wind power generation increased by 9.4% year-over-year to 6.013 billion kWh, with offshore wind power rising by 12% to 3.537 billion kWh [2]. - The contribution of renewable energy profits is expected to grow significantly, with a projected year-over-year increase of 21% in 2024, accounting for 62% of total profits [2]. - For the first quarter of 2025, wind power generation is expected to continue high growth at 28% year-over-year, with a forecasted profit increase of 2% for the full year if wind resources remain favorable [2]. Group 3: Thermal Power - The company's thermal power generation in 2024 decreased by 3.1% year-over-year to 18.077 billion kWh, with coal-fired generation down by 9.7% [3]. - Despite a decline in generation and electricity prices, falling coal prices are anticipated to enhance profitability in 2025, with a projected profit increase of 22% for thermal power and other businesses [3]. - The company has a robust project pipeline, targeting installed capacity of 15 GW by 2025 and 20 GW by 2030, with several projects currently under construction or approved [3]. Group 4: Profit Forecast Adjustments - The company has made slight adjustments to profit forecasts, predicting net profits of 3.071 billion yuan, 3.310 billion yuan, and 3.717 billion yuan for 2025-2027, with EPS estimates of 1.10, 1.19, and 1.34 yuan respectively [4]. - The target price has been adjusted to 13.67 yuan, based on a 13x PE for thermal power and a 12x PE for renewable energy, aligning with comparable industry averages [4].