①The situation of hydropower inflow improved year-on-year, and China Yangtze Power made a profit of over 11 billion yuan in the first half of the year; ②The company's domestic hydropower installed capacity in the first half of the year was 71.695 million kilowatts, accounting for 16.79% of the national hydropower installed capacity.
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Caiflensha News August 30th (Reporter Liu Yue) The situation of hydropower inflow improved year-on-year, and the leading hydropower company China Yangtze Power (600900.SH) made a profit of over 11 billion yuan in the first half of the year, a year-on-year increase of 27.92%.
China Yangtze Power released the semi-annual report for 2024 today. In the first half of the year, the company's operating income was 34.808 billion yuan, a year-on-year increase of 12.38%; the net profit attributable to the shareholders of the listed company was 11.362 billion yuan, a year-on-year increase of 27.92%.
From the perspective of institutions, according to data from hithink royalflush information network, in the past 6 months, a total of 22 institutions have made forecasts for the company's performance in 2024, with a mean forecast of 33.779 billion yuan, a year-on-year increase of 24.01% over the previous year.
In terms of quarterly profits, the company achieved a net profit of 3.967 billion yuan in Q1, and 7.395 billion yuan in Q2, a year-on-year increase of 40.35% and a quarter-on-quarter increase of 86.41%.
With improved water inflow, the total electricity generation of the company's six domestic cascade power stations in Q2 increased by over 40% year-on-year, with a high growth in the quarter. The cascade hydropower stations owned by China Yangtze Power are mainly distributed in the middle and upper reaches of the Yangtze River, and the electricity generation is closely related to the water inflow of the Yangtze River. In the first half of the year, the water inflow of the reservoirs was relatively abundant, and the company's electricity generation also increased accordingly.
The completion of electricity generation in the first half of 2024 announced by China Yangtze Power in early July showed that in the first half of 2024, the inflow volume of the UTD reservoir and Three Gorges reservoir increased by 11.40% and 19.67% compared to the same period last year respectively, and the total electricity generation of the company's six domestic cascade power stations increased by 16.86% year-on-year. Among them, the total electricity generation in Q2 was about 67.871 billion kilowatt-hours, an increase of 42.54% compared to the same period last year.
From the perspective of the industry, according to the data released by the State Grid, in the second quarter of this year, due to the increase in precipitation compared to the same period last year and the impact of the low base factor of the same period last year, the hydropower generation in April, May, and June increased by 21.0%, 38.6%, and 44.5% year-on-year, respectively. At the same time, in the first half of the year, the utilization hours of hydropower generation equipment increased year-on-year, while the utilization hours of other types of power generation equipment decreased year-on-year. Some industry insiders also told the Financial Association reporter that from the consumption side, the overall consumption of hydropower and new energy in the first half of this year was good, and the substitution effect on thermal power was obvious.
According to public information, China Yangtze Power is mainly engaged in the operation of large-scale hydropower projects, operating six hydropower plants including Wudongde, Baihetan, Xiluodu, Xiangjiaba, Three Gorges, and Gezhouba, and is the world's largest listed hydropower company. The interim report shows that the company's total installed capacity for hydropower is 71.795 million kilowatts, of which domestic hydropower installed capacity is 71.695 million kilowatts, accounting for 16.79% of the country's total hydropower installed capacity.
In terms of dividends, China Yangtze Power, with a total market value of over 700 billion yuan, is a typical representative of A-share dividend distribution, but the company does not currently have a midterm dividend plan. According to the company's reply on the interactive platform, the accumulated dividend amount is 163.87 billion yuan (excluding cash dividends for 2023), and there is currently no plan for quarterly or semi-annual dividends.