SDIC Power (600886) H2 2024 earnings summary

Executive summary

• Achieved operating revenue of RMB 57.82 billion in 2024, up 1.95% year-over-year; net profit attributable to shareholders was RMB 6.64 billion, down 0.92% year-over-year.

• Total assets reached RMB 296.54 billion, an increase of RMB 19.17 billion from the previous year-end.

• Basic EPS was RMB 0.8669, a slight decrease of 0.97% year-over-year.

• Cash dividend proposal: RMB 0.4565 per share, total payout RMB 3.65 billion, about 55% of attributable net profit.

• Clean energy installed capacity reached 70.42% of total, with significant expansion in hydropower, wind, and solar.

Financial highlights

• Operating revenue: RMB 57.82 billion (+1.95% YoY); net profit attributable: RMB 6.64 billion (-0.92% YoY).

• Net assets attributable to shareholders: RMB 61.99 billion (+4.94% YoY).

• Operating cash flow: RMB 24.66 billion (+15.93% YoY).

• Gross margin for power business increased by 2.09 percentage points, mainly due to higher generation and lower coal prices.

• Weighted average ROE: 11.80%; basic EPS: RMB 0.8669.

Outlook and guidance

• 2025 macroeconomic and power demand expected to grow steadily; national power consumption forecast to rise 6%.

• Planned equity investment of RMB 4.56 billion and construction investment of RMB 30.7 billion in 2025.

• Domestic financing plan: RMB 13 billion; overseas debt financing plan: RMB 15.73 billion (RMB equivalent).

• Strategic focus on clean energy expansion, risk control, and maintaining high-quality growth.