FUNENG CO.,LTD(600483) 长江证券·2025-04-28 10:16Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's thermal power business continues to improve, with a net profit of 573 million yuan from Hongshan Thermal Power and Long'an Thermal Power, representing a year-on-year increase of 22.90%. The net profit per kilowatt-hour for thermal power reached 0.078 yuan, up 0.014 yuan year-on-year. The company's new energy business also saw growth, with Funiu New Energy's net profit increasing by 14.72% and Funiu Haixia's net profit rising by 23.28% [2][6][12] - Despite a decline in investment income due to reduced contributions from the invested company Guoneng Shishi, the company achieved a total net profit attributable to shareholders of 2.793 billion yuan, a year-on-year increase of 6.47% [2][12] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.563 billion yuan, a decrease of 0.90% year-on-year, and a net profit attributable to shareholders of 2.793 billion yuan, an increase of 6.47% [6][12] - The thermal power business achieved a net profit of 782 million yuan, up 12.64% year-on-year, driven by improved operational performance [12] - The new energy segment, particularly offshore wind power, demonstrated strong profitability, with a net profit of 1.148 billion yuan, reflecting a 23.30% increase [12] Operational Highlights - The company’s thermal power generation hours were 5,932 hours, a slight decrease of 1.36% year-on-year, while the total electricity generated was 7.37 billion kilowatt-hours, up 1.14% year-on-year [12] - The wind power utilization hours reached 3,324 hours, a year-on-year increase of 9.41%, with significant growth in both offshore and onshore wind power generation [12] Future Outlook - The company plans to distribute a dividend of 0.31 yuan per share for 2024, with a payout ratio of 30.85%. It also aims to maintain a cash dividend of at least 10% of the net profit attributable to shareholders in the first half of 2025 [12] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 1.03 yuan, 1.04 yuan, and 1.43 yuan, with corresponding price-to-earnings (PE) ratios of 9.50, 9.38, and 6.86 [12]