氢能与燃料电池 买入 维持评级 氢能组 师：唐雪琪（执业 师：姚遥（执业 氢车产销势头上扬，中央 3 年拨付补贴超 50 亿元 行业数据点评 25Q1 装机势头上扬。3 月，燃料电池系统装机量 165.44MW，同比上升 177.8%；2025 年 1~3 月燃料电池系统累计 装机量 206.28MW，同比增长 102%，行业数据季节性波动。3 月均为高功率，以重卡为主，占比 97.3%。 3 月上险量 728 辆，Q1 淡季不淡。2025 年 3 月上险量为 728 辆，同比增长 87.2%。由于统计口径差异，中汽协公 布的 3 月燃料电池汽车产销分别为 365/377 辆，同比增长 36.2%/68.3%。2025Q1 上险量为 1143 辆，同比增长 42.9%。 东方电气单月装机量第一，本月以新兴第三方系统商为主。3 月，东方电气系统装机量第一，为 73.4MW，占比 44%； 荣创新能第二，装机 20.1MW，占比 12%；第三是氢扬动力，装机 15.8MW，占比 10%。2025 年 1~3 月，东方电气装机量 第一，为 73.4MW，占比 35%；荣创新能第二，为 20.1MW，占比 10%，国 ...

Financial Performance - The company achieved total operating revenue of RMB 69.695 billion in 2024, an increase of 14.86% compared to RMB 60.677 billion in 2023[3]. - The net profit attributable to shareholders was RMB 2.922 billion in 2024, a decrease of 17.70% from RMB 3.550 billion in 2023[3]. - The basic earnings per share for 2024 was RMB 0.94, down from RMB 1.14 in 2023[3]. - New orders amounted to approximately RMB 101.142 billion in 2024, reflecting a growth of 16.88% from RMB 86.532 billion in 2023[3]. - The total profit for the year was RMB 3.88 billion, a decrease of 3.04% compared to the previous year[32]. - The company reported a total comprehensive income of CNY 3.29 billion for 2024, compared to CNY 3.64 billion in 2023[13]. - The total comprehensive income for 2024 is approximately CNY 3.30 billion, a decrease from CNY 3.50 billion in 2023, representing a decline of about 5.8%[15]. - The net income attributable to the parent company for 2024 is approximately CNY 2.93 billion, down from CNY 3.42 billion in 2023, indicating a decrease of around 14.3%[15]. Assets and Liabilities - Total current assets as of December 31, 2024, reached RMB 93.780 billion, up from RMB 75.689 billion in 2023[6]. - Total assets increased to RMB 142.009 billion as of December 31, 2024, compared to RMB 121.108 billion in 2023[7]. - Current liabilities totaled RMB 88.913 billion as of December 31, 2024, compared to RMB 71.249 billion in 2023[8]. - Total liabilities increased to CNY 98.87 billion in 2024, up 23.7% from CNY 79.89 billion in 2023[10]. - Non-current liabilities totaled CNY 9.95 billion, an increase of 15.3% from CNY 8.64 billion in 2023[10]. - The company's asset-liability ratio for 2024 is 69.62%, calculated as total liabilities divided by total assets multiplied by 100%[68]. Cash Flow and Investments - The company reported cash and cash equivalents of RMB 26.856 billion as of December 31, 2024, up from RMB 17.129 billion in 2023[6]. - The net cash flow from operating activities was CNY 10.06 billion, a substantial improvement from a negative CNY 3.50 billion in the previous year[39]. - The company's cash flow from investment activities decreased due to increased outflows from the financial company's investment business[42]. - The company’s cash paid for investments increased by 41.36% to RMB 35.65 billion compared to RMB 25.22 billion last year[61]. Research and Development - Research and development expenses rose to CNY 3.01 billion, a 9.4% increase from CNY 2.75 billion in 2023[12]. - The company’s R&D expenditure intensity remained above 5%[32]. - Total R&D investment for the period amounts to RMB 3.816 billion, representing 5.48% of operating revenue[58]. Market and Orders - The order backlog reached a historical high of RMB 152.61 billion[32]. - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[33]. - The company’s wind power segment secured a market share exceeding 10% and ranked 6th in new installed capacity among manufacturers[33]. Dividends and Shareholder Proposals - The board proposed a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year, subject to shareholder approval[3]. - The company plans to distribute a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year[31]. Operational Efficiency and Management - The company is implementing a comprehensive risk management strategy, focusing on accounts receivable, contracts, and quality control[80]. - The company is enhancing its management level through lean operation management and improving marketing planning capabilities[79]. - The company is deepening reforms and optimizing its operational mechanisms to ensure continuous improvement in governance[79]. Future Outlook and Strategic Goals - By 2025, the total electricity consumption in China is expected to grow by approximately 6% compared to 2024, with new power generation capacity projected to exceed 450 million kW, including over 300 million kW from renewable sources[74]. - The company anticipates significant growth in renewable energy installations, which are becoming the main component of new power generation capacity in China[75]. - The company aims to achieve a power generation equipment output of 73 million kilowatts by 2025[78]. - The company is committed to building a green, low-carbon industrial ecosystem and promoting sustainable development[78]. Corporate Governance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[95]. - The company confirmed that all directors and supervisors adhered to the standards for securities trading as stipulated by the Hong Kong Stock Exchange as of December 31, 2024[96].

Financial Performance - Operating revenue for the third quarter was CNY 14,096,935,685.58, a decrease of 3.28% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 933,278,428.22, an increase of 2.60% year-on-year[4] - Net profit after deducting non-recurring gains and losses was CNY 834,545,141.09, a decrease of 4.07% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 47.85 billion, a 4.6% increase from CNY 44.77 billion in the same period of 2023[24] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 2.62 billion, down 9.9% from CNY 2.91 billion in the same period of 2023[26] - Basic and diluted earnings per share for the first three quarters of 2024 were both RMB 0.84, down from RMB 0.93 in the same period of 2023, indicating a decrease of about 9.7%[27] Cash Flow - Cash flow from operating activities was CNY 1,978,748,185.58, not applicable for year-on-year comparison[4] - The net cash flow from operating activities improved significantly, attributed to better collection during the period[12] - Cash flow from operating activities generated RMB 6,043,443,426.83 in the first three quarters of 2024, a significant improvement compared to a negative cash flow of RMB 3,057,215,771.23 in the same period of 2023[31] - Cash inflow from sales of goods and services amounted to RMB 48,872,580,166.62, an increase of approximately 22.5% from RMB 39,755,665,347.85 in the first three quarters of 2023[29] - Cash outflow for purchasing goods and services was RMB 38,228,218,875.65, up from RMB 33,516,189,303.92 in the same period of 2023, reflecting an increase of about 14.5%[31] - Cash flow from financing activities generated a net inflow of RMB 168,169,976.22 in the first three quarters of 2024, a recovery from a net outflow of RMB -775,647,631.52 in the same period of 2023[33] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 138,723,736,913.90, an increase of 14.55% from the end of the previous year[4] - The company's total assets reached CNY 138.72 billion as of September 30, 2024, up from CNY 121.11 billion at the end of 2023, indicating a growth of 14.5%[23] - The company's current liabilities totaled RMB 86.18 billion as of September 30, 2024, compared to RMB 71.25 billion at the end of 2023, indicating a significant increase[22] - Total liabilities as of September 30, 2024, amounted to CNY 96.19 billion, up 20.4% from CNY 79.89 billion at the end of 2023[23] - The company's total equity increased to CNY 42.54 billion as of September 30, 2024, compared to CNY 41.22 billion at the end of 2023, representing a growth of 3.2%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 99,561[14] - The largest shareholder, China Eastern Electric Group, holds 55.77% of the shares, totaling 1,738,670,126 shares[14] Investments and Expenses - Research and development expenses increased to CNY 1.99 billion in the first three quarters of 2024, compared to CNY 1.71 billion in the same period of 2023, reflecting a 17% increase[24] - Financial expenses surged by 234.09%, primarily due to a decrease in net foreign exchange gains compared to the previous period[12] - Other income rose by 286.92%, mainly from increased value-added tax deductions[12] - The company's investment activities generated a net cash outflow of -257.29%, mainly due to increased investments in interbank certificates of deposit by subsidiaries[12] Production and Orders - In the first three quarters of 2024, the company produced 40.44 million kilowatts of power generation equipment, including 2.50 million kilowatts of hydropower units and 32.43 million kilowatts of steam turbines[18] - The company reported a new order intake of RMB 81.25 billion in the first three quarters of 2024, with clean and efficient energy equipment accounting for 40.33% and renewable energy equipment accounting for 27.05%[18]

Financial Performance - Total operating revenue for the first half of 2024 reached RMB 33.46 billion, an increase of 11.84% compared to RMB 29.92 billion in the same period of 2023[10] - Net profit attributable to shareholders decreased by 15.52% to RMB 1.69 billion from RMB 2.00 billion year-on-year[10] - Basic earnings per share fell to RMB 0.54, down 15.63% from RMB 0.64 in the previous year[14] - The net cash flow from operating activities improved significantly to RMB 4.06 billion, compared to a negative cash flow of RMB 2.21 billion in the same period last year[10] - The company's total assets increased by 8.64% to RMB 131.57 billion from RMB 121.11 billion at the end of 2023[11] - The net assets attributable to shareholders rose by 0.49% to RMB 37.43 billion from RMB 37.24 billion at the end of 2023[11] - The weighted average return on net assets decreased by 1.22 percentage points to 4.44% from 5.66% year-on-year[14] - Investment income decreased by 122.31%, mainly due to investment losses of RMB 181 million from Chuaneng Power[50] - The company reported a decrease of 27.27% in long-term equity investments, with a balance of RMB 1.89 billion, attributed to the disposal of a 20% stake in Sichuan Energy Investment Wind Power Development Co., Ltd.[86] Revenue Growth - In the first half of 2024, the company achieved new effective orders amounting to RMB 56.073 billion, representing a year-on-year growth of 14.77%[32] - The company reported a total installed power generation capacity of approximately 3.07 billion kilowatts as of June 30, 2024, reflecting a year-on-year increase of 14.1%[27] - The company’s new orders in the clean and efficient energy equipment sector accounted for 45.19% of total new effective orders[32] - The clean and efficient energy equipment segment saw revenue growth of 41.03% year-on-year, contributing significantly to overall revenue growth[48] - Revenue from renewable energy equipment increased by 18.59% year-on-year, driven by growth in wind turbine deliveries, while gross margin decreased by 3.65 percentage points due to intensified competition[54] - Revenue from modern manufacturing services increased by 46.06% year-on-year, primarily due to growth in power station services, although gross margin declined[54] - Revenue from engineering and trade decreased by 41.99% year-on-year, mainly due to a reduction in trade business, with gross margin down by 8.61 percentage points[56] Operational Efficiency - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[6] - Future guidance indicates a focus on improving profitability and managing costs effectively in the upcoming quarters[6] - Research and development expenses increased by 25.88% to RMB 1.348 billion, reflecting the company's commitment to innovation[49] - The company has implemented comprehensive reforms and internal pilot programs to enhance operational efficiency and innovation[40] Cash Flow and Assets - Operating cash flow net amount increased by RMB 6.277 billion, primarily due to improved collections and an increase in advance payments[51] - Other income surged by 357.85% to RMB 403 million, largely due to VAT incentives for advanced manufacturing[49] - The net cash flow from financing activities increased by 301.67% to RMB 952 million, attributed to increased borrowings[52] - Cash and cash equivalents at the end of the period were RMB 21,704,359,466.77, representing 16.50% of total assets, an increase of 26.71% compared to the end of the previous year[58] - Accounts receivable increased by 19.27% to RMB 12,778,573,769.83, driven by sales growth[61] - Inventory decreased by 7.81% to RMB 16,720,650,821.64, reflecting project execution and cost recognition[67] - Contract assets increased by 23.28% to RMB 15.31 billion as of June 30, 2024, compared to RMB 12.42 billion at the end of 2023, driven by expanded sales scale[70] - Contract liabilities rose by 10.34% to RMB 35.50 billion, up from RMB 32.17 billion, mainly due to the growth of newly effective contracts and increased advance payments[72] Shareholder and Governance - The company declared a final dividend of RMB 4.75 per 10 shares, totaling a cash distribution of RMB 1,480,812,242.08[127] - The company did not propose any interim dividend for the six months ending June 30, 2024, consistent with the previous year[128] - A total of 1,034,340 A-shares were repurchased and canceled from 76 incentive recipients during the reporting period[134] - The board of directors has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations[136] - The audit and risk committee reviewed and approved the interim results for the six months ending June 30, 2024[138] Risks and Challenges - The company faces international operational risks due to geopolitical tensions and energy market transformations, necessitating enhanced market research and international marketing strategies[99] - The company has identified business transformation risks related to emerging industries and aims to strengthen its research and development capabilities to avoid missing market opportunities[101] - Price risks from rising raw material costs and competitive pressures are being managed through strict bidding and cost control measures[103] - The company is implementing foreign exchange risk management strategies, including forward exchange contracts, to mitigate the impact of currency fluctuations on financial results[105] Employee and Incentive Plans - As of June 30, 2024, the total number of employees was 18,104, with total employee compensation amounting to RMB 1,363.91 million[130] - The company has focused on enhancing training programs for various talent categories, including technology and international management[132] - The 2019 A-share restricted stock incentive plan allowed for the release of 7,877,563 A-shares for 673 eligible recipients on January 16, 2024[140] - The total number of restricted shares granted under the 2019 A-share incentive plan is 27,988,699 shares, with a purchase price of RMB 5.93 per share[160] Corporate Developments - The company has signed multiple framework agreements with the Eastern Electric Group for procurement and production services, effective from January 1, 2022, to December 31, 2024[173] - The company is currently undergoing bankruptcy liquidation processes for two subsidiaries, with the latest court ruling concluding the bankruptcy process on June 4, 2024[171] - The company has established a long-term service agreement with Mitsubishi Heavy Industries for a guarantee amount of CNY 24.5 million[182]

研究报告 Research Report 6 Sep 2024 东方电气 Dongfang Electric (1072 HK) 毛利率阶段性承压，订单保持高增 GPM under Pressure Temporarily, Orders Maintain High Growth [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |---------------------------------------------------------------|------------------------| | | | | | | | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$8.26 | | 目标价 | HK$11.24 | | HTI ESG | 3.3-2.0-3.5 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$42.93bn ...

Financial Performance - The group achieved total operating revenue of RMB 33.457 billion in the first half of 2024, an increase of 11.84% compared to the same period last year[3]. - The net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 1.691 billion, a decrease of 15.52% year-on-year[3]. - Earnings per share for the first half of 2024 were RMB 0.54, down from RMB 0.64 in the same period last year[3]. - Operating profit for the first half of 2024 was CNY 2,110,327,011.43, a decrease of 9.4% from CNY 2,329,548,256.58 in the same period of 2023[15]. - The company reported a total income tax expense of CNY 298,136,651.64 for the six months ended June 30, 2024, compared to CNY 230,333,499.86 for the same period in 2023, marking an increase of 29.4%[27]. - The company reported a significant increase of 301.67% in cash flow from financing activities, mainly due to increased borrowings[55]. Assets and Liabilities - As of June 30, 2024, total current assets amounted to RMB 83.666 billion, an increase from RMB 75.689 billion at the end of 2023[4]. - Total non-current assets as of June 30, 2024, were RMB 47.905 billion, up from RMB 45.419 billion at the end of 2023[5]. - Total assets reached RMB 131.570 billion as of June 30, 2024, compared to RMB 121.108 billion at the end of 2023[5]. - Total current liabilities increased to RMB 80.799 billion as of June 30, 2024, from RMB 71.249 billion at the end of 2023[7]. - Long-term borrowings rose to RMB 2.071 billion as of June 30, 2024, compared to RMB 1.383 billion at the end of 2023[9]. - The asset-liability ratio stood at 68.49%, an increase of 2.53 percentage points from the beginning of the year, indicating manageable asset structure risk[69]. Research and Development - Research and development expenses increased to CNY 1,347,828,439.49, representing a 25.8% rise compared to CNY 1,070,700,313.76 in the previous year[13]. - The company has established the Chengdu Innovation Research Institute and the Japan Energy Research Institute to strengthen technological innovation[46]. - The company plans to establish a technology achievement incubation pool to support innovative results with clear market value[76]. Orders and Revenue Growth - The group added new orders amounting to RMB 56.073 billion in the first half of 2024[3]. - The company’s revenue from foreign trade for the first half of 2024 was RMB 33,457,011,207.05, compared to RMB 29,915,296,549.01 in the same period of 2023, showing a growth of approximately 11.4%[32][34]. - In the first half of 2024, the company achieved new effective orders amounting to RMB 56.073 billion, representing a year-on-year increase of 14.77%[44]. Employee and Compensation - As of June 30, 2024, the total number of employees in the company is 18,104[87]. - The total employee compensation paid during the reporting period amounts to RMB 1,363.91 million[87]. - The company has implemented a performance management system to enhance management efficiency and effectiveness[89]. Market Position and Strategy - The company continues to maintain a strong competitive position in the high-end energy equipment industry, providing services and products across nearly 80 countries and regions globally[37]. - The company aims to enhance market development capabilities, technological innovation capabilities, risk control capabilities, and resource integration capabilities in the second half of 2024[80]. - The company will strengthen international market expansion and energy transition research, focusing on key regional markets and products to support overseas projects[73]. Dividends and Share Capital - The board of directors does not recommend the distribution of an interim dividend for the first half of 2024[3]. - The total share capital of the company as of June 30, 2024, is RMB 3,117,499,457, consisting of 2,777,499,457 A-shares and 340,000,000 H-shares[81]. - The company repurchased and canceled a total of 1,034,340 A-shares during the reporting period[83].

研究报告Research Report 16 Jun 2024 东方电气 Dongfang Electric (1072 HK) 受益于火电和新能源装机高增，业绩稳增长 Benefiting from the High Growth in Installed Capacity of Thermal Power and New Energy, Financial Performance Maintain Stable [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 营收及净利润保持稳定增长。东方电气发布 2023 年和 2024Q1 财 评级 优于大市OUTPERFORM 报，公司 2023 实现营收 606.8 亿元，同比增长 9.6%，实现归母净 现价 HK$12.80 利润 35.5 亿元，同比增加 24.23%；2024Q1 实现营收 150.5亿元， 目标价 HK$15.73 同比增加2.28%，归母净利润 ...

Financial Performance - Total revenue for the first quarter reached RMB 15,052,868,276.63, representing a year-on-year increase of 2.28%[8] - Operating income was RMB 14,801,351,538.99, reflecting a growth of 2.55% compared to the same period last year[8] - Net profit attributable to shareholders decreased by 11.12% to RMB 905,751,281.62, primarily due to a loss of RMB 238 million from fair value changes of non-monetary assets[9] - The net profit after deducting non-recurring gains and losses increased by 10.61% to RMB 1,055,684,212.95[9] - Basic and diluted earnings per share were both RMB 0.290, down 11.11% year-on-year[8] - Total comprehensive income for Q1 2024 was CNY 969,994,560.61, compared to CNY 1,080,981,488.26 in Q1 2023, indicating a decline of 10.26%[48] - The company reported a decrease in interest income to CNY 251,516,386.06 in Q1 2024 from CNY 283,724,696.18 in Q1 2023, a decline of 11.36%[41] - The company reported a significant loss in investment income of CNY -3,075,120.61 compared to a gain of CNY 80,201,788.81 in the previous year[68] - The total profit (loss) for Q1 2024 was CNY -239.24 million, down from CNY 175.03 million in Q1 2023, indicating a year-over-year decrease of approximately 236%[71] - The net loss for Q1 2024 was CNY -239.24 million, compared to a net profit of CNY 186.14 million in Q1 2023, reflecting a drastic shift in financial performance[71] Assets and Liabilities - Total assets at the end of the reporting period were RMB 128,378,372,649.13, an increase of 6.00% from the end of the previous year[9] - Shareholders' equity attributable to the company was RMB 38,152,233,480.99, up 2.44% from the previous year[9] - Total current assets amounted to RMB 80.471 billion, an increase from RMB 75.689 billion as of December 31, 2023[31] - The company's total assets reached RMB 128.378 billion as of March 31, 2024, up from RMB 121.108 billion at the end of 2023[32] - Total liabilities increased to RMB 86.126 billion as of March 31, 2024, compared to RMB 79.888 billion at the end of 2023[36] - The company's long-term borrowings increased to RMB 1.682 billion as of March 31, 2024, from RMB 1.383 billion at the end of 2023[36] - The total equity attributable to shareholders was RMB 38.152 billion as of March 31, 2024, compared to RMB 37.245 billion at the end of 2023[38] - The company's total current liabilities decreased to CNY 14,599,591,262.98 from CNY 15,166,342,752.36, a reduction of about 3.8%[64] Cash Flow - The net cash flow from operating activities was RMB 1,240,643,938.05, with no year-on-year comparison available[8] - Cash flow from operating activities increased significantly, with cash received from sales rising by RMB 2.913 billion year-on-year[19] - Operating cash inflow for Q1 2024 was CNY 16,542,886,442.64, a significant increase from CNY 9,042,633,552.84 in Q1 2023, representing an increase of approximately 83.5%[51] - Net cash flow from operating activities for Q1 2024 was CNY -2.67 billion, compared to CNY -4.51 billion in Q1 2023, showing an improvement in cash flow despite ongoing losses[74] - The company reported cash outflows for investing activities of CNY 174.81 million in Q1 2024, with no cash outflows recorded in Q1 2023, indicating new investment initiatives[76] - The company reported a cash and cash equivalents balance of CNY 13,971,394,403.64 at the end of Q1 2024, up from CNY 12,059,318,054.16 at the end of Q1 2023[57] Operational Metrics - In Q1 2024, the company's power generation equipment production reached 10.2041 million kW, including 8.9870 million kW from steam turbines and 0.9371 million kW from wind turbines[28] - The company secured new orders worth RMB 26.329 billion in Q1 2024, representing a 16.42% increase year-over-year, with clean and efficient energy equipment accounting for 42.25% of the total[28] - Research and development expenses increased to CNY 612,618,396.59 in Q1 2024, compared to CNY 518,969,374.40 in Q1 2023, marking a rise of 17.99%[41] - The company's operating revenue for Q1 2024 was CNY 2,539,214,276.17, a decrease of 49.3% compared to CNY 5,000,081,918.42 in Q1 2023[68] - The company experienced a net increase in customer loans and advances of CNY -309,857,567.66 in Q1 2024, an improvement from CNY -1,622,287,774.68 in Q1 2023, reflecting better credit management[53]

Financial Performance - The total revenue for 2023 reached RMB 60.677 billion, representing a year-on-year growth of 9.60%[4] - The total profit amounted to RMB 4.006 billion, showing a year-on-year increase of 20.40%[4] - The net profit attributable to the parent company was RMB 3.550 billion, with a proposed cash dividend of RMB 4.75 per 10 shares, totaling RMB 1.481 billion, which accounts for 41.71% of the net profit[4] - Total revenue for 2023 reached RMB 60.68 billion, a 9.60% increase from RMB 55.36 billion in 2022[15] - Net profit attributable to shareholders for 2023 was RMB 3.55 billion, representing a 24.23% increase from RMB 2.86 billion in 2022[15] - Basic earnings per share for 2023 was RMB 1.14, up 23.91% from RMB 0.92 in 2022[16] - The company's total assets as of the end of 2023 were RMB 121.11 billion, a 5.00% increase from RMB 115.34 billion at the end of 2022[14] - The net cash flow from operating activities for 2023 was negative RMB 3.50 billion, a decline of 141.58% compared to RMB 8.41 billion in 2022[15] - The company reported a weighted average return on equity of 9.82% for 2023, an increase of 1.39 percentage points from 8.43% in 2022[16] - In Q4 2023, the operating revenue was RMB 15.91 billion, with a net profit attributable to shareholders of RMB 638.57 million[17] Market Position and Innovations - The company maintained a leading market share in coal power and achieved over 100% growth in boiler and turbine projects[4] - The company successfully launched the first domestically developed F-class 50 MW heavy-duty gas turbine demonstration project[4] - The company secured multiple breakthroughs in emerging industries, including a gas pipeline electric drive compressor project and a hydrogen energy logistics vehicle project[4] - The company established 7 digital workshops and built the first fully connected 5G digital factory in the domestic power generation equipment industry[5] - The company achieved a 9.2% year-on-year reduction in quality loss through the implementation of a quality control model[24] - The company has developed a complete hydrogen fuel cell product system with independent intellectual property rights, covering the entire hydrogen lifecycle from production to utilization[33] Research and Development - Research and development expenses increased by 9.08% year-on-year, maintaining an intensity of over 5.5%[23] - The company added 545 new effective patents during the year, including 256 invention patents, bringing the total to 3,828 effective patents by the end of 2023[35] - R&D expenses grew by 20.85% year-on-year, reflecting increased investment in research and development[42] - The total amount of research and development investment reached RMB 3,386,494,832.39, accounting for 5.68% of operating revenue[57] Corporate Governance - The company was recognized as a "Best Practice Case" by the China Association for Public Companies for corporate governance in 2023[6] - The company has been rated A for information disclosure by the Shanghai Stock Exchange for nine consecutive years[28] - The company emphasizes the importance of corporate governance and has established five specialized committees to enhance accountability and transparency[133] - The supervisory board confirmed that the 2023 annual report accurately reflects the company's significant operational and financial status[116] - The company has established a robust governance structure, ensuring transparency and fairness in shareholder meetings and decision-making processes[125] Environmental Responsibility - The company has established pollution prevention measures focusing on volatile organic compounds (VOCs) emissions control, welding fume emissions control, and underground wastewater pipeline management[198] - The company adheres to environmental impact assessment regulations for construction projects and holds valid pollutant discharge permits[199] - The company reported total COD emissions of 69.67 tons, which is below the standard limit of 500 mg/L[197] - The company reported total VOC emissions of 3.37 tons, which is compliant with the local emission standards[197] - The company has implemented measures to control the generation and discharge of pollutants from the source, ensuring compliance with national environmental laws[198] Strategic Goals and Future Outlook - The company aims to enhance its core competitiveness and create greater value for shareholders in 2024[6] - The projected output for power generation equipment in 2024 is expected to reach 48.23 million kilowatts, indicating a strong growth trajectory[87] - The company is committed to achieving carbon peak and carbon neutrality goals, aligning with national energy policies for a low-carbon transition[86] - The installed capacity of non-fossil energy sources is projected to reach 1.86 billion kilowatts, accounting for approximately 57% of the total installed capacity by the end of 2024[84] Shareholder Engagement and Rights - The company has implemented a shareholder communication policy to ensure that shareholder opinions and concerns are appropriately addressed as of December 31, 2023[196] - The company allows shareholders holding more than 10% of shares to request an extraordinary general meeting within 10 days of submission[193] - The company will cooperate with shareholders who convene their own meetings and provide the necessary shareholder register[194] - The company adheres to tax agreements with foreign shareholders, allowing for potential tax refunds if the actual tax rate is lower than the withheld rate[190]

Financial Performance - The company achieved total operating revenue of RMB 60.677 billion in 2023, an increase of 9.60% compared to RMB 55.364 billion in 2022[4]. - The net profit attributable to shareholders was RMB 3.550 billion in 2023, reflecting a growth of 24.23% from RMB 2.858 billion in 2022[4]. - Basic earnings per share increased to RMB 1.14 in 2023, up from RMB 0.92 in 2022[4]. - Total revenue for 2023 reached CNY 60.68 billion, an increase of 9.4% compared to CNY 55.36 billion in 2022[17]. - Net profit for 2023 was CNY 3.64 billion, up 20.9% from CNY 3.01 billion in 2022[19]. - Total assets reached RMB 121.108 billion at the end of 2023, an increase from RMB 115.344 billion in 2022[8]. - The total equity attributable to shareholders reached CNY 37.24 billion in 2023, an increase of 6.4% from CNY 34.99 billion in 2022[14]. - The average return on equity increased to 9.82%, up by 1.39 percentage points compared to the previous year[55]. Orders and Revenue Growth - New orders amounted to approximately RMB 86.532 billion in 2023, representing a 31.95% increase from RMB 65.579 billion in 2022[4]. - Total revenue for the current year is CNY 60,676,613,395.82, compared to CNY 55,363,782,450.06 in the previous year, indicating a year-over-year increase of about 9.5%[40]. - Revenue from clean and efficient energy equipment increased by RMB 5.905 billion, a growth of 40.21% year-on-year[76]. - The company recorded new orders of RMB 86.532 billion, a year-on-year increase of 31.95%, with clean and efficient energy equipment accounting for 39.44%[56]. Assets and Liabilities - Current assets totaled RMB 75.689 billion as of December 31, 2023, compared to RMB 67.424 billion at the end of 2022[7]. - Total liabilities increased to RMB 79.888 billion in 2023, compared to RMB 76.709 billion in 2022[12]. - The company's asset-liability ratio decreased to 65.96%, down 0.54 percentage points from the previous year[100]. - The net accounts receivable as of December 31, 2023, is CNY 10,714,105,864.95, up from CNY 10,095,931,789.15 in the previous year, reflecting an increase of approximately 6.1%[27]. Research and Development - Research and development expenses increased to CNY 2.75 billion in 2023, up from CNY 2.28 billion in 2022, indicating a growth of 20.8%[17]. - R&D expenses grew by 20.85% year-on-year, reflecting increased investment in research and development[71]. - R&D investment intensity is maintained at over 5.5%, with a focus on high-end, intelligent, and green development of equipment manufacturing[118]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 4.75 per 10 shares for the 2023 fiscal year, subject to shareholder approval[4]. - The company plans to distribute a cash dividend of RMB 4.75 per 10 shares, totaling RMB 1.480 billion before tax for the fiscal year 2023[54]. Operational Efficiency and Cost Management - The company implemented a comprehensive cost management approach, enhancing operational efficiency[62]. - Operating expenses were reported at 10.99 billion, with a focus on optimizing cost structures to improve overall profitability[51]. - The company will implement strict cost control measures to improve profitability amidst competitive pricing pressures[133]. Market Expansion and Strategic Initiatives - The company is focusing on strategic acquisitions to bolster its market position, with an estimated investment of 12.67 billion planned for the upcoming fiscal year[50]. - The company aims to enhance its market expansion efforts both domestically and internationally, focusing on maintaining a stable order volume and solidifying its position in traditional industries while advancing into new sectors[116]. - The company plans to strengthen energy technology innovation and enhance the reliability of new energy sources[107]. Talent Development and Corporate Governance - The company has strengthened its talent pool by recruiting 125 high-level talents and training 145 experts[65]. - The company established a comprehensive compensation management system focusing on "strategic leadership, performance linkage, and efficiency adjustment" to optimize salary management and ensure differentiated compensation based on functional nature and contribution levels[145]. - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[151].