KEP Latest Report

Financial Performance

In 2024, Korea Electric Power's total operating revenue reached RMB2,352.909 billion (~$335.767 billion), up approximately 4.42% from RMB2,253.297 billion (~$322.499 billion) in 2023. This growth indicates the company's ongoing improvement in revenue generation, possibly related to market demand, pricing strategies, or optimized product mix.

Key Financial Data

1. The total operating revenue in 2024 was RMB2,352.909 billion, up RMB99.612 billion, or approximately 4.42% from the previous year.

2. The growth in market demand, especially in the transition to renewable energy and power supply, may have contributed to the company's revenue increase.

3. Adjustments in electricity prices also had a positive impact on revenue, especially in the context of widespread price increases.

4. Improvements in operational efficiency and new business expansion may have been significant factors in revenue growth.

Peer Comparison

1. Industry-wide analysis: The overall electricity industry faces transformation challenges, with the overall revenue growth rate of the electricity industry in 2024 estimated at approximately 3.5%. Korea Electric Power's growth rate is higher than the industry average, demonstrating its competitive edge in the market.

2. Peer evaluation analysis: Korea Electric Power's year-on-year growth rate of total operating revenue (4.42%) in 2024 is significantly higher than the industry average (3.5%), indicating strong performance in the competitive market, possibly due to its effective market strategies and cost control.

Summary

The financial report shows that Korea Electric Power's operating revenue continues to grow, driven by factors such as market demand, price adjustments, and operational efficiency improvements. Compared with the overall industry performance, the company's growth is particularly outstanding, reflecting its competitive edge in the market.

Opportunities

1. The demand for Korea Electric Power's services is growing in the transition to renewable energy, and it has the potential to further expand in related markets.

2. The company's new business expansion, particularly in offshore nuclear energy cooperation, may bring new sources of revenue.

3. If electricity prices continue to rise, the company's revenue is expected to increase further, especially after adjustments in industrial electricity prices.

Risks

1. The company may face financial pressure due to government protection of consumers, which may prevent significant adjustments in electricity prices.

2. The increase in industrial electricity prices may lead to higher costs for large electricity users, affecting market demand.

3. Intensified competition within the industry, particularly in the renewable energy sector, may pose a challenge to the company's market share.