Huaneng Hydropower(600025) 新浪财经·2025-04-26 06:21Core Insights - The company reported a revenue of 24.882 billion yuan for 2024, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 8.297 billion yuan, up 8.63% year-on-year [1] - In Q4 2024, the company achieved a revenue of 5.464 billion yuan, a 2.65% increase year-on-year, and a net profit of 1.071 billion yuan, growing 14.68% year-on-year [1] - For Q1 2025, the company reported a revenue of 5.385 billion yuan, a significant year-on-year increase of 21.84%, and a net profit of 1.508 billion yuan, up 41.56% year-on-year [1] Generation and Capacity - In 2024, the company generated 1120.12 billion kWh of electricity, a 4.62% increase year-on-year, with grid electricity reaching 1110.24 billion kWh, up 4.51% year-on-year [2] - In Q1 2025, the company generated 212.92 billion kWh, a substantial year-on-year increase of 31.22%, with grid electricity at 211.04 billion kWh, up 31.42% year-on-year [2] - The growth in generation was driven by an increase in new energy installations, full capacity operation of TB power station, optimized hydropower storage, and increased electricity demand in Yunnan province [2] Pricing and Dividends - In Q1 2025, the average grid electricity price slightly decreased to 0.255 yuan/kWh, down 2.01 cents from Q1 2024, representing a 7.3% year-on-year decline [3] - The net profit per kWh attributable to shareholders increased to 7.15 cents, up 0.51 cents from Q1 2024, marking a 7.71% year-on-year increase [3] - The company plans to distribute a cash dividend of 0.20 yuan per share for 2024, totaling 3.6 billion yuan, which is 43.39% of the net profit attributable to shareholders [3] Profit Forecast - The company adjusted its profit forecasts, expecting net profits attributable to shareholders of 9.304 billion yuan, 9.427 billion yuan, and 9.720 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18.2, 18.0, and 17.5 [4]