Concord New Energy Group (182) H1 2024 earnings summary

Executive summary

• Revenue for 1H2024 rose 31.7% year-over-year to RMB 1,753.3 million, with net profit attributable to shareholders up 1.0% to RMB 501.4 million.

• Basic earnings per share increased to RMB 6.24 cents from RMB 5.83 cents year-over-year.

• Attributable installed capacity reached 4,050 MW, up 11.3% year-over-year, with attributable power generation growing 14.1% to 4,738 GWh.

• Net asset value reached RMB 8,775.2 million as of June 30, 2024.

• The group maintained industry-leading ESG performance, receiving top S&P and MSCI ratings and special recognitions.

Financial highlights

• Gross profit for 1H2024 was RMB 852.1 million, up from RMB 820.6 million in 1H2023.

• Cash and cash equivalents stood at RMB 2,798.7 million as of June 30, 2024.

• Debt-to-asset ratio was 72.88%, nearly unchanged from 72.99% at year-end 2023.

• Administrative expenses were reduced by 4.1% year-over-year to RMB 163 million.

• Net cash generated from operating activities was RMB 849.1 million, up from RMB 670.2 million in 1H2023.

Outlook and guidance

• Focus on safe, efficient production, rigorous investment criteria, and cost reduction.

• Plans to actively promote internationalization and optimize asset structure.

• Technological innovation in wind, solar, and storage is expected to accelerate the global energy transition.

• Lower financing costs in China and anticipated global rate cuts will support renewable investment.