China Longyuan Power Group (916) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 was RMB26,350 million, down 6.37% year-over-year.

• Net profit attributable to equity holders was RMB5,668 million, a decrease of 11.38% year-over-year.

• Total consolidated installed capacity reached 37,010.40 MW, up 12.8% from the previous year.

• Power generation increased 2.42% year-over-year to 56,846,592 MWh.

Financial highlights

• Wind power revenue was RMB19,116 million, down 8.35% year-over-year.

• Coal power revenue was RMB5,439 million, down 12.48% year-over-year.

• PV segment revenue rose 65.51% to RMB1,568 million; other segments up 83.84% to RMB227 million.

• Operating profit was RMB10,038 million, down from RMB11,177 million year-over-year.

• Profit for the period was RMB6,348 million, compared to RMB7,350 million last year.

Outlook and guidance

• Growth in PV and other renewables is expected to continue, offsetting declines in wind and coal segments.

• Expansion in installed capacity, especially in PV, positions the group for future renewable growth.