China Power International Development (2380) H1 2024 earnings summary

Executive summary

• Revenue rose 24.18% year-over-year to RMB26.47 billion for 1H2024, with net profit up 80.10% to RMB4.59 billion, driven by strong clean energy growth and improved profitability across all segments.

• Clean energy accounted for 77.07% of installed capacity and over 60% of revenue, reflecting a strategic shift toward renewables.

• Hydropower, wind, and photovoltaic segments drove profit growth, with hydropower turning from loss to profit and thermal power profit nearly doubling due to lower coal costs.

• Special dividend of RMB0.05 per share declared to mark the 20th listing anniversary, payable in Q4 2024.

Financial highlights

• Operating profit surged 66.72% year-over-year to RMB7.47 billion; EBITDA rose 57.45% to RMB14.70 billion.

• Profit attributable to equity holders increased 51.5% to RMB2.80 billion; basic EPS up 50% to RMB0.21.

• Total assets reached RMB325.6 billion, up 6.47% from end-2023; gearing ratio stable at 64%.

• Net cash from operating activities was RMB5.42 billion; capital expenditure for 1H2024 was RMB11.50 billion, mainly for clean energy projects.

• Finance costs rose 29.63% year-over-year, with average borrowing rate at 3.19%.

Outlook and guidance

• Company targets becoming a world-class clean energy provider by 2025, focusing on high-quality transformation and green development.

• Clean energy capacity expansion, technological innovation, and grid flexibility remain strategic priorities.

• Pipeline projects target consolidated capacity of approximately 52,000 MW by end-2024.

• Policy support for renewables and grid enhancements expected to drive further growth and efficiency.