SDIC Power (600886) H2 2024 earnings summary

Executive summary

• Operating revenue reached RMB 57.82 billion, up 1.95% year-over-year; net profit attributable to shareholders was RMB 6.64 billion, down 0.92% year-over-year; basic EPS was RMB 0.8669, down 0.97% year-over-year.

• Total assets increased to RMB 296.54 billion, up 6.91% from the previous year; net assets attributable to shareholders rose 4.94% to RMB 61.99 billion.

• Power generation grew 6.24% year-over-year to 172.07 billion kWh; clean energy accounted for 70.42% of installed capacity.

• Cash dividend of RMB 0.4565 per share proposed, totaling RMB 3.65 billion, about 55% of attributable net profit.

Financial highlights

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

• Net cash flow from operating activities: RMB 24.66 billion (+15.93% YoY).

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

• Asset-liability ratio: 63.22% (up 0.04 percentage points YoY).

• Main business revenue from electricity: RMB 53.50 billion (+0.45% YoY); gross margin increased by 2.09 percentage points.

Outlook and guidance

• China's macroeconomy expected to maintain stable growth in 2025, supporting electricity demand.

• National installed power generation capacity projected to exceed 3.8 billion kW in 2025, with new energy capacity growth outpacing coal.

• Company plans RMB 4.56 billion equity investment and RMB 30.7 billion in capital construction for 2025.

• Domestic financing target: RMB 13 billion; overseas financing target: RMB 15.73 billion equivalent.