JEI(000600)2024-11-08 09:35Group 1: Production and Operational Performance - In the first three quarters of 2024, the company achieved a total power generation of 359.13 billion kWh, an increase of 16.70% year-on-year, with thermal power generation accounting for 356.32 billion kWh, up by 16.35% [1] - The average utilization hours of generating units reached 3,410 hours, an increase of 119 hours year-on-year [1] - The average on-grid settlement price was 397.17 RMB/MWh (excluding tax), a decrease of 0.77% [1] - The average comprehensive standard coal price was 847.03 RMB/ton, down by 8.53% year-on-year [1] Group 2: Future Project Development - The company plans to start construction on the Xibaipo Power Plant Phase IV (2 × 66 MW) and Renqiu Thermal Power Phase II (2 × 35 MW) projects by the end of 2024, with production expected in 2026 [2] - The company has operational photovoltaic projects with a capacity of 306 MW, ongoing projects of 900 MW, and reserved projects totaling 2,160 MW [2] - The company is also increasing investment in offshore wind power projects, including Tangshan Jiantou Xiangyun Island (250 MW) and Shunhuan (250 MW) [2] Group 3: Dividend Policy and Investor Returns - The company has a profit distribution policy that mandates a minimum of 30% of the distributable profits to be distributed as cash dividends annually [2] - For the 2023 fiscal year, the dividend plan is to distribute 0.80 RMB per 10 shares, totaling 145 million RMB, which accounts for 86.67% of net profits [2] - The company aims to enhance its ability to return value to investors while maintaining a stable dividend policy [2] Group 4: Capacity Pricing and Market Developments - In the new power system, coal power is transitioning to a foundational and regulatory power source, with capacity pricing reflecting the support and adjustment value of coal power [2] - The annual capacity price in Hebei Province is set at 100 RMB/kW, with capacity fees compensated based on the maximum output of the units [2] - The company has received monthly capacity fees as part of this pricing structure [2] Group 5: Market Trends and Coal Price Forecast - The demand in northern regions is expected to increase seasonally as the heating season begins, leading to a rise in coal consumption in the power industry in Q4 [3] - The supply and demand for thermal coal are expected to remain stable, with high levels of production and imports [3]