① Fuel prices have dropped and the installed capacity of new energy has increased, and the net profit of Datang International Power Generation in the first half of the year increased by over 100% year-on-year; ② In terms of project reserves, the approved capacity of the company's wind power and photovoltaic projects in the first half of the year exceeded 4,000 gigawatts, and the total construction capacity exceeded 6,000 gigawatts.
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According to Finance Associated Press on August 22nd, due to the drop in fuel prices, the increase in installed capacity of new energy, and the increase in clean energy generation, the net profit of Datang International Power Generation (601991.SH) in the first half of the year increased by over 100% year-on-year.
Datang International Power Generation, with a total market value of over 50 billion yuan, announced in the evening that in the first half of the year, the company achieved operating income of 58.31 billion yuan, a year-on-year increase of 0.19%; the net profit attributable to the parent company was 3.108 billion yuan, a year-on-year increase of 104.85%.
Looking at the previous performance forecast, the company was expected to achieve a net profit of 2.8 billion yuan to 3.4 billion yuan in the first half of the year, an increase of about 85% to 124% year-on-year. The data disclosed in this mid-term report falls within this range. In terms of institutional expectations, according to Hithink RoyalFlush Information Network data, in the past 6 months, a total of 13 institutions have made predictions for the company's performance for the year 2024, with a mean forecast of 4.27 billion yuan, a year-on-year increase of 212.8%.
When talking about the reasons for the performance increase, Datang International Power Generation stated that, firstly, fuel prices have decreased year-on-year, reducing the company's thermal power fuel costs; secondly, the water supply situation for hydropower has continued to improve in this period, and the installed capacity of new energy has continued to increase, resulting in an increase in clean energy generation.
Public information shows that Datang International Power Generation constructs and operates various types of power sources, including thermal power, hydropower, wind power, and photovoltaics, with thermal power being the main source. According to the mid-term report, as of the first half of the year, the company's in-use installed capacity is 73,734.862 megawatts, including 45,124 megawatts of thermal coal-fired units, 6,632.8 megawatts of thermal gas-fired units, approximately 9,204.73 megawatts of hydropower, 8,028.81 megawatts of wind power, and 4,744.522 megawatts of photovoltaic power generation.
The 'China Power Development Report 2024' shows that in 2023, the scale of non-fossil energy power generation capacity exceeded that of thermal power generation capacity for the first time, and the expansion of new energy power generation is rapidly advancing. The China Electricity Council predicts that the newly connected wind power and solar power generation in 2024 will have a combined new installed capacity of approximately 0.3 billion kilowatts, and the cumulative installed capacity ratio will exceed 40% for the first time.
As for project reserve, the interim report shows that in the first half of the year, Datang International Power Generation's new energy projects (wind power + photovoltaic) have a total approved capacity of over 4,000 megawatts, and a total under-construction capacity of over 6,000 megawatts.
Specifically, in the first half of this year, the company approved 122 power projects with a total approved capacity of 4,714.985 megawatts, including 1,109.3 megawatts of wind power projects and 3,605.685 megawatts of photovoltaic projects; and there are 80 projects under construction with a total under-construction capacity of 11,869.15 megawatts, including 5,746.12 megawatts of thermal power projects, 3,457.65 megawatts of wind power projects, and 2,665.38 megawatts of photovoltaic projects.
From the perspective of the industry, according to the data released by the China Electricity Council, the national industrial power generation in the first half of the year increased by 5.2% year-on-year. The China Electricity Council predicts that the total national electricity consumption in 2024 will increase by about 6.5% year-on-year. The overall supply and demand balance of electrical utilities in the country is tight. During the peak periods of summer and winter electricity consumption, the power supply in some regional provincial-level power grids may be tight, and measures such as demand-side management may need to be implemented during certain time periods.