SO Latest Report

Performance of the Quarterly Report

Based on the provided data, Southern Power's total operating revenue in December 2024 was Rmb63.41 billion, up 4.64% from Rmb60.45 billion in December 2023. This growth indicates a certain growth momentum in the company's operating revenue, which may be related to market demand, product pricing, or business expansion.

Key Data in the Financial Report

1. The total operating revenue grew by 4.64%, indicating an increase in demand in the power market, possibly driven by economic recovery and the commissioning of new projects.

2. The sales cost slightly decreased from Rmb18.16 billion to Rmb16.84 billion, indicating that the company has achieved certain results in cost control.

3. The gross profit significantly increased from Rmb42.29 billion to Rmb46.57 billion, further verifying the company's efforts in improving profitability.

4. The net profit in the third quarter reached US$3.794 billion, reflecting the company's stable profitability.

Peer Comparison

1. Industry-wide analysis: The power industry as a whole is facing the promotion of energy transition and renewable energy in 2024, and the overall growth trend of operating revenue is closely related to policy support and increased market demand. According to the 2024 Q3 report, the overall operating revenue of the power industry was Rmb439.4 billion, up 1.6% YoY. This indicates that Southern Power's performance is relatively outstanding in the context of slow overall industry growth.

2. Peer evaluation analysis: Southern Power's total operating revenue grew by 4.64%, outperforming the industry. By comparing the growth rates of operating revenue of major competitors, Southern Power's relative performance is significantly better than most competitors, demonstrating its competitiveness in the market.

Summary

Through the analysis of Southern Power's total operating revenue in 2024, it can be seen that its growth is mainly affected by the growth of market demand, price adjustments, and cost control. The company's stable performance in the power service sector makes it stand out in the industry despite certain challenges.

Opportunities

1. With the support of national policies for renewable energy, Southern Power's layout in green energy projects may bring it new sources of revenue.

2. The company can continue to optimize its product pricing strategy to increase the sales revenue of individual products and further promote revenue growth.

3. As its market share gradually increases, Southern Power is expected to solidify its industry position in the competition in the power market.

Risks

1. Intensified competition in the power industry may put pressure on the company's market share and profitability.

2. Changes in the external economic environment, such as fluctuations in raw material prices, may affect the company's cost control capabilities.

3. If the company fails to adapt to changes in market demand in time, it may face the risk of slowing revenue growth.