GDG(600098)2024-08-28 08:35Group 1: Investor Relations Activities - The company conducted 4 specific object surveys, 1 media interview, and 9 analyst meetings, along with 5 institutional strategy meetings [1] - Participants included various investment firms and securities companies, indicating a broad interest in the company's performance [1] Group 2: Electricity Pricing and Market Conditions - The average electricity price is 465.62 cents/kWh, with a 15.9% decrease in long-term contract signing for 2024 compared to 2023 [1] - The company expects to mitigate the impact of declining electricity prices through integrated sales and operational synergies [1] Group 3: Natural Gas and LNG Projects - The company’s LNG Phase II project generated 1.211 billion kWh of electricity in the first half of the year, with an on-grid electricity volume of 1.188 billion kWh [2] - The profitability of gas-fired power generation is closely tied to gas prices, which have decreased this year [2] Group 4: Future Capacity and Projects - The company is expanding its thermal power capacity through ongoing projects, including the Wanglong gas power project and participation in the Honghaiwan power plant expansion [3] - The "Dapeng Gas" contract will expire in 2031, and the company plans to seek competitive gas sources post-expiration [3] Group 5: Financial Performance and Shareholder Returns - The company expects to receive compensation of 1.52 to 1.83 billion RMB from land storage, potentially increasing net profit by 1.3 to 1.6 billion RMB [3] - The company has maintained a cash dividend payout ratio exceeding 40% for 25 consecutive years, with an average of over 60% in the last four years [3] Group 6: Renewable Energy and Market Adjustments - The company’s wind power generation increased by 48.4%, solar power by 19.92%, and gas sales by 25.95% year-on-year [3] - The company aims to achieve a renewable energy installed capacity of 8 million kW by the end of the 14th Five-Year Plan, with ongoing adjustments to investment return standards [3] Group 7: Energy Storage and Capital Expenditure - The company’s energy storage group has initiated multiple projects, including a user-side storage station with a capacity of 3.1 MW/6.2 MWh [4] - Planned capital expenditures for 2024 are approximately 8.4 billion RMB, focusing on gas and renewable energy projects [4] Group 8: Asset Impairment and Investment Returns - The company anticipates a reduction in investment income of about 400 million RMB due to asset impairment provisions from its joint ventures [4] - The company will continue to assess and provision for asset impairments based on project performance [4]