格隆汇发布山高新能源(1250.HK)2024年全年业绩更新报告

Revenue and Net Income Achieve Steady Growth with Improved Profitability. In FY2024, SHNE delivered stable financial performance with total revenue reaching RMB 4,423 Million, surpassing our estimate of RMB 4,391 Million in the Initiation of Coverage (IOC) report. Gross profit stood at RMB 2,021 Million, representing a gross profit margin of 46%. The year-over-year decline in gross margin was primarily attributed to lower profitability in the electricity sales segment, driven by increased grid curtailment. Administrative expenses remained flat at RMB 350 Million, reflecting the company’s ongoing efforts in cost optimization and operational efficiency. Net income rose by 32% year-over-year to RMB 463 Million. Net profit attributable to shareholders was RMB 284 Million, slightly exceeding our forecast of RMB 282 Million in the IOC report. The variance between net income and net profit attributable to shareholders was primarily due to increased minority interests in FY2024 compared to FY2023.