Shenzhen Energy Group (000027) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥19.80 billion, up 8.42% year-over-year; net profit attributable to shareholders was ¥1.75 billion, down 6.60% year-over-year.

• Cash flow from operations surged 137.26% year-over-year to ¥6.39 billion.

• Clean energy accounted for 68.60% of installed capacity; new capacity additions totaled 975,100 kW.

• Main business lines: low-carbon power, eco-environmental, integrated gas, and digital services.

• No interim dividend, bonus shares, or capital increase from reserves planned.

Financial highlights

• Operating income: ¥19.80 billion, up 8.42% year-over-year.

• Net profit attributable to shareholders: ¥1.75 billion, down 6.60% year-over-year.

• Basic/diluted EPS: ¥0.34, down 8.11% year-over-year.

• Operating cash flow: ¥6.39 billion, up 137.26% year-over-year.

• Total assets: ¥162.47 billion, up 5.87% from year-end 2023.

• Net assets per share: ¥6.27, up 2.12% from year-end 2023.

• ROE: 5.51%, down 0.54 percentage points year-over-year.

Outlook and guidance

• Company will continue to expand wind and solar project development and explore new business models in renewable energy.

• Focus on green, low-carbon growth and further investment in wind, solar, and integrated energy projects.

• Will strengthen risk management in fuel procurement, receivables, and international investments.