5 Mar 2025
CNE’s FY24 revenue was up by 6.3% YoY to Rmb2,752m. The top-line growth was mainly attributed to a 11.4% YoY increase in power sales, which accounted for 91.4% of total revenue (FY23: 87.3%). Revenue from wind power rose by 13.8% YoY to Rmb2,155m, mainly driven by the increase in capacity (+7.6% YoY to 3,732MW), while partly offset by 2.7% YoY decline in tariff to Rmb0.3933/kWh on increasing proportion of parity projects. Revenue from solar was down by 1.5% YoY to Rmb361m with capacity rose by 51.5% YoY to 883MW during FY24, but solar tariff was down 12.4% YoY to Rmb0.4552/kWh, together with avg solar utilization hrs down by 12.6% YoY to 1,272 hrs and curtailment rose by 12.6ppt YoY to 18.5%. Wind/solar accounted for 86%/14% of FY24 power sales. EPC was down by 28% YoY to Rmb236m in FY24, accounted for 9% of the total revenue (FY23: 13%). FY24 GPM was up by 0.8ppt YoY to 55.1% with higher sales mix in power generation biz. Admin cost ratio recorded a 3.1ppt YoY decline to 12.5% in FY24 (FY23: 15.6%). Income tax credit was reported at Rmb9m, compared with tax expense of Rmb154m in FY23. As a result, recurring NP was down by 8.2% YoY to Rmb805m.