WENERGY CO.,LTD.(000543) 新浪财经·2025-04-29 06:42Core Viewpoint - The company reported a solid performance in 2024 with a revenue increase and significant growth in net profit, while facing challenges in Q1 2025 due to declining revenue and electricity prices [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 30.094 billion yuan, a year-on-year increase of 7.99% [1] - The net profit attributable to shareholders reached 2.064 billion yuan, up 44.36% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 2.045 billion yuan, reflecting a 59.38% increase year-on-year [1] - For Q1 2025, the company reported operating revenue of 6.420 billion yuan, a decline of 8.10% year-on-year [1] - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses were 444 million yuan and 437 million yuan, respectively, showing decreases of 1.98% and 2.91% year-on-year [1] Project Development - The company has a robust pipeline of projects, with a total installed capacity of 17.36 million kilowatts as of the end of 2024, including 13.66 million kilowatts in operation and 2.1 million kilowatts under construction [1] - New projects such as the 300,000-kilowatt wind power project in Suzhou and the 800,000-kilowatt photovoltaic project in Xinjiang have commenced construction [1] - The company’s Longfeng gas power plant achieved dual operation, and the Jiangbu power plant participated in peak shaving for the first time, contributing to power supply stability [1] Electricity Generation and Pricing - In 2024, the company generated 60.15 billion kilowatt-hours of electricity, a year-on-year increase of 17.34%, with grid-connected electricity reaching 56.70 billion kilowatt-hours, up 17.59% year-on-year [1] - The average on-grid electricity price for 2024 was 0.4491 yuan per kilowatt-hour, a slight decrease of 1.43% year-on-year [2] - Despite the decline in electricity prices, the overall drop in coal prices helped reduce cost pressures, leading to a gross margin increase of over 6 percentage points to 13.90% [2] Future Outlook - The company anticipates challenges in Q1 2025 due to a decline in both volume and price, with local thermal power demand showing slight decreases [3] - The company expects new units to contribute positively to revenue in the future, particularly with the recent commissioning of the Qianyingzi Company’s second phase expansion project [3] - Profit forecasts for 2025-2027 indicate expected net profits of 2.539 billion, 2.732 billion, and 2.826 billion yuan, representing year-on-year growth of 23.02%, 7.63%, and 3.44% respectively [3]