China Three Gorges Renewables (600905) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 15.06 billion, up 9.89% year-over-year, driven by new project commissioning and increased power generation.

• Net profit attributable to shareholders was RMB 4.04 billion, down 10.58% year-over-year, mainly due to lower average power prices and decreased investment income.

• Installed capacity at period-end was 41.37 GW, with 1.33 GW new grid-connected capacity added in H1 2024.

• Power generation volume grew 28.58% year-over-year to 36.12 TWh, with significant increases in solar and storage output.

• The company remains a leading player in wind and solar, with a 4.2% share in national wind and 2.88% in solar installed capacity.

Financial highlights

• Operating income: RMB 15.06 billion, up 9.89% year-over-year.

• Net profit attributable to shareholders: RMB 4.04 billion, down 10.58% year-over-year.

• Net profit after non-recurring items: RMB 4.04 billion, down 8.59% year-over-year.

• Operating cash flow: RMB 8.12 billion, up 15.55% year-over-year.

• Total assets: RMB 331.14 billion, up 6.24% from year-end 2023.

• Net assets attributable to shareholders: RMB 84.51 billion, up 2.40% from year-end 2023.

• Basic and diluted EPS: RMB 0.1411, down 10.58% year-over-year.

Outlook and guidance

• The company expects continued growth in renewable energy capacity, focusing on large-scale wind and solar base projects and offshore wind.

• Will further expand in energy storage, hydrogen, and integrated energy solutions.

• Anticipates ongoing market volatility in power prices and policy-driven industry changes.