SDIC Power (600886) H1 2024 earnings summary

Executive summary

• Operating revenue for H1 2024 reached RMB 27.10 billion, up 2.79% year-over-year, with net profit attributable to shareholders rising 12.19% to RMB 3.74 billion. Net cash flow from operating activities increased 36.81% year-over-year, driven by higher electricity generation and sales income.

• Clean energy accounted for 68.53% of installed capacity by end-June 2024, with hydropower as the largest segment. The company maintains a strong position in the industry, ranking third in hydropower installed capacity among listed peers.

• The company continues to expand its domestic and overseas presence, with significant operations in China and investments in the UK, Indonesia, and Thailand.

Financial highlights

• Operating revenue: RMB 27.10 billion, up 2.79% year-over-year.

• Net profit attributable to shareholders: RMB 3.74 billion, up 12.19% year-over-year.

• Net cash flow from operating activities: RMB 12.47 billion, up 36.81% year-over-year.

• Basic EPS: RMB 0.4902, up 12.53% year-over-year.

• Weighted average ROE: 6.62%, up 0.18 percentage points year-over-year.

• Total assets: RMB 285.35 billion as of June 30, 2024.

• Asset-liability ratio: 63.82%, up 0.64 percentage points from year-end 2023.

Outlook and guidance

• The company is focused on expanding clean energy, especially hydropower, wind, and solar, and aims to further increase the proportion of clean energy in its portfolio.

• Plans to continue leveraging capital markets for project funding and maintain a strong risk management framework.