GDG(600098)2024-06-25 08:41Group 1: Capacity Pricing and Market Participation - The capacity pricing mechanism in Guangdong is set to be implemented starting January 1, 2024, with a rate of 100 RMB/kW, covering all coal and gas power units in the province. The company has received approximately 98% of this capacity fee [1] - The introduction of the capacity pricing mechanism is crucial for ensuring the reasonable rights of thermal power and stabilizing the new energy system, promoting healthy operation in the power industry [1] - The company plans to achieve a power generation capacity structure of 300 MW coal, 300 MW gas, and 800 MW new energy by the end of the 14th Five-Year Plan [1][2] Group 2: New Energy Projects and Market Impact - The company's new energy units participate in the electricity spot market, with 10% of the generated power sold at spot prices and 90% at local benchmark prices [2] - The gross profit margin for wind power in 2023 is 60.57%, while for photovoltaic power, it is 51.45%, indicating good project profitability [2] - The company aims to maintain its new energy development goals despite market fluctuations, with a planned capacity of 800 MW by the end of the 14th Five-Year Plan [4] Group 3: Gas Pricing and Supply - The residential gas pricing in Guangzhou is structured in three tiers, with prices set at 3.45 RMB/m³, 4.14 RMB/m³, and 5.18 RMB/m³ for different consumption levels [2] - The company’s LNG emergency peak shaving gas source station was completed in September 2023, enhancing gas supply stability [3] - The overall gas price has decreased compared to last year, with the company focusing on optimizing gas supply structures to ensure stability [4] Group 4: Financial Performance and Dividends - The company’s capital expenditure for 2024 is projected to be approximately 8.4 billion RMB, focusing on natural gas and new energy projects [4] - The company has consistently returned cash dividends to shareholders, with an average payout ratio exceeding 40% of net profit over the past 25 years [5] - In 2023, the company distributed cash dividends of 2.5 RMB per 10 shares, totaling 877 million RMB, which is 53.53% of the net profit attributable to the parent company [5]