Shanghai Electric Power (600021) Q4 2024 earnings summary

Executive summary

• Achieved annual revenue of ¥42.73 billion, up 0.78% year-over-year; net profit attributable to shareholders was ¥2.05 billion, up 28.46% year-over-year; basic EPS was ¥0.6172, up 24.59% year-over-year.

• Clean energy accounted for 60.05% of installed capacity, with total installed capacity reaching 24.65 GW, up 9.8% year-over-year.

• Total power generation reached 77.15 TWh, up 2.27% year-over-year; heat supply was 19.88 million GJ, up 6.16% year-over-year.

• Fuel costs declined, with standard coal price down 7.32% year-over-year, and overall financing cost reduced to 2.96%.

Financial highlights

• Operating income: ¥42.73 billion, up 0.78% year-over-year.

• Net profit attributable to shareholders: ¥2.05 billion, up 28.46% year-over-year.

• Net profit after non-recurring items: ¥1.89 billion, up 26.57% year-over-year.

• Operating cash flow: ¥8.17 billion, up 10.35% year-over-year.

• Total assets: ¥189.38 billion, up 12.34% year-over-year.

• Net assets attributable to shareholders: ¥29.08 billion, up 4.67% year-over-year.

Outlook and guidance

• 2025 power generation target: 79.99 TWh; revenue target: ¥42.98 billion.

• Focus on quality and efficiency improvement, cost control, and expanding clean energy projects domestically and internationally.

• Plans to accelerate new energy development, optimize coal power structure, and enhance international project execution.