China Power International Development (2380) H2 2024 earnings summary

Executive summary

• Revenue increased 22.48% year-over-year to RMB 54.2 billion, with net profit up 44.24% to RMB 6.54 billion, driven by clean energy and energy storage growth.

• Clean energy accounted for 60% of revenue and over 80% of installed capacity, with wind and photovoltaic segments contributing 75% of total profit.

• Attributable installed capacity rose 5.5% to 39,717 MW; consolidated capacity reached 49,391 MW.

• Hydropower turned profitable due to improved rainfall, while thermal power saw steady profit growth from lower fuel costs.

• Energy storage business profit surged 133% year-over-year, supported by national policy and innovation awards.

Financial highlights

• Operating profit rose 40% year-over-year to RMB 12.17 billion; EBITDA increased 38% to RMB 26.89 billion.

• Basic EPS was RMB 0.27, up 23% from the prior year; final dividend proposed at RMB 0.162 per share.

• Total assets grew 11% to RMB 340.5 billion; total equity increased 13% to RMB 107.5 billion.

• Total electricity sold: 127.96 million MWh (+23.94% YoY), with hydropower, wind, and photovoltaic sales up significantly.

• Gearing ratio: 64%; total debts: RMB 197.36 billion (+17% YoY).

Outlook and guidance

• Plans for balanced growth and high-quality development in 2025, focusing on asset efficiency, digital innovation, and project construction.

• Pipeline projects to increase consolidated capacity to 55,800 MW by 2025, emphasizing wind and photovoltaic expansion.

• Company aims to consolidate its position as a leading green energy provider and enhance market capitalization management.