SL Gemini Energy (2481) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 7.5% YoY to RMB1,648.3 million; gross profit increased 16.5% to RMB459.3 million and profit attributable to owners rose 10.2% to RMB164.2 million.

• Growth was driven by expanded heat service area, higher heat rates at a concession project, more pipeline construction and stronger engineering construction revenue.

Financial highlights

• Revenue was RMB1,648.3 million versus RMB1,534.0 million; gross profit was RMB459.3 million versus RMB394.2 million.

• Profit for the year rose 4.7% to RMB237.4 million; profit attributable to owners increased 10.2% to RMB164.2 million.

• Operating profit was RMB297.7 million versus RMB298.9 million; profit before tax rose to RMB288.6 million from RMB282.2 million.

Outlook and guidance

• 2025 priorities include completing and commencing Baotou steam supply, expanding Xinmi's actual heat service area and extending geographic coverage.

• Plans include integrating production, fee collection and customer service on the smart heating platform, with university collaborations on heating-load forecasting and smart adjustments.

• The Heating Technology Center will advance energy efficiency, system stability, comprehensive energy solutions and intelligent management applications.