证券研究报告 | 2024年04月30日 三星医疗（601567.SH） 买入 海外在手订单再创新高，欧洲市场优势进一步夯实 核心观点 公司研究·财报点评 业绩大幅增长，现金分红9.6亿元。23年公司实现营收114.63亿元，同比 电力设备·电网设备 +25.99%，实现归母净利润19.04亿元，同比+100.79%。全年销售毛利率 证券分析师：王蔚祺 证券分析师：王晓声 33.99%（同比+5.11pct.），扣非销售净利率14.56%（同比+2.92pct.）。23 010-88005313 010-88005231 wangweiqi2@guosen.com.cnwangxiaosheng@guosen.com.cn 年公司拟派发现金红利9.61亿元，占当期归母净利润50.47%。 S0980520080003 S0980523050002 基础数据 四季度保持业绩高增态势，毛利率同比提升。23年第四季度公司实现营收 31.25亿元（同比+42.24%，环比+12.04%），归母净利润4.14亿元（同比 投资评级 买入(维持) 合理估值 +68.09%，环比-33.12%），销售毛利率 34.98%（同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected performance in its 2023 annual report and 2024 Q1 report, with revenues of 11.463 billion and 3.03 billion respectively, representing year-on-year growth of 26% and 35%. The net profit attributable to the parent company was 1.903 billion and 360 million, showing a year-on-year increase of 101% and 35% [2][3] - The company is accelerating its overseas expansion in smart distribution and power supply, with a significant increase in orders, particularly from international markets [3] - The rehabilitation hospital segment is experiencing steady growth, with medical service revenue reaching 2.8 billion, a year-on-year increase of 35% [3] - The company has increased its expenses to expand market reach, but has a strong order backlog, which supports future growth [3] - The profit forecast for the company has been adjusted upwards, with expected net profits of 2.35 billion and 2.84 billion for 2024 and 2025 respectively, indicating continued strong growth [3] Financial Summary - Total revenue for 2023 is projected at 11.463 billion, with a year-on-year growth rate of 25.99% for 2023 and 26.48% for 2024 [2] - The net profit attributable to the parent company is expected to reach 1.903 billion in 2023, with a growth rate of 100.79% [2] - The latest diluted EPS is projected to be 1.35 for 2023, with a P/E ratio of 25.10 [2] - The company’s gross margin for 2023 is 34.0%, reflecting a year-on-year increase of 5.1 percentage points [2][3]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company reported a revenue of 11.463 billion yuan in 2023, representing a 26% increase year-on-year, and a net profit attributable to shareholders of 1.904 billion yuan, which is a 101% increase [4] - The gross margin and net margin improved to 33.99% and 16.76%, respectively, with significant contributions from the increase in gross margin [4] - The company has a strong order backlog in its smart distribution and power supply segment, with total orders reaching 12.462 billion yuan, a 33% increase year-on-year [4] - The company is expanding its overseas market presence, with a mature sales network covering over 70 countries and regions [4] - The company is also focusing on the rehabilitation medical business, with a revenue of 2.809 billion yuan in 2023, a 25% increase [4] Financial Summary - The company’s projected net profit for 2024-2026 is estimated to be 2.295 billion yuan, 2.722 billion yuan, and 3.329 billion yuan, respectively [5] - The corresponding P/E ratios for 2024-2026 are projected to be 20.82x, 17.56x, and 14.35x [5] - The company’s revenue is expected to grow from 14.688 billion yuan in 2024 to 21.951 billion yuan in 2026, with growth rates of 28.14% and 22.35% respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][10]. Core Views - The company achieved a revenue of 11.46 billion RMB in 2023, a year-on-year increase of 26%, and a net profit of 1.90 billion RMB, doubling from the previous year. The gross margin reached 33.99%, up by 5.11 percentage points [1]. - In Q1 2024, the company reported a revenue of 3.03 billion RMB, reflecting a 35% year-on-year growth, with a net profit of 360 million RMB, also up by 35% [1]. - The company is expanding its overseas distribution and system integration projects, with a sales network covering over 70 countries and five factories in Brazil, Indonesia, Poland, Mexico, and Germany. In 2023, overseas revenue reached 1.96 billion RMB, a 20% increase [1][2]. - Domestic revenue from power distribution and utilization reached 6.48 billion RMB in 2023, a 25% increase, with a backlog of orders amounting to 6.96 billion RMB as of Q1 2024, up 19% year-on-year [2]. - The medical services segment saw a revenue of 2.81 billion RMB in 2023, growing by 34.6%, with rehabilitation services growing by 65% [3]. Summary by Sections Performance Overview - 2023 revenue: 11.46 billion RMB (+26% YoY) - 2023 net profit: 1.90 billion RMB (+100% YoY) - Q1 2024 revenue: 3.03 billion RMB (+35% YoY) - Q1 2024 net profit: 360 million RMB (+35% YoY) [1][6]. Operational Analysis - Overseas sales network covers 70+ countries, with significant projects in Europe and Latin America. - 2023 overseas revenue: 1.96 billion RMB (+20% YoY) - Q1 2024 backlog of overseas orders: 5.50 billion RMB (+58% YoY) [1][2]. Domestic Market - Domestic revenue from power distribution: 6.48 billion RMB (+25% YoY) - Q1 2024 backlog of domestic orders: 6.96 billion RMB (+19% YoY) [2]. Medical Services - 2023 revenue from medical services: 2.81 billion RMB (+34.6% YoY) - Rehabilitation services revenue: 1.31 billion RMB (+65% YoY) [3]. Profit Forecast and Valuation - Expected revenue for 2024/2025/2026: 14.24 billion RMB / 17.71 billion RMB / 21.96 billion RMB (+24% YoY each year) - Expected net profit for 2024/2025/2026: 2.29 billion RMB / 2.83 billion RMB / 3.47 billion RMB (+20% / +24% / +23% YoY) - Current PE valuation: 21x / 17x / 14x for the respective years [4][6].

1 2023 年度环境、社会和公司治理（ESG）报告 目录 CONTENTS 报告编制说明 01 | 01 | 关于三星医疗 | | --- | --- | | | 公司概况 | | | 业务布局 | | | 企业文化 | | 05 | 关注员工成长，促进职场和谐 | | | --- | --- | --- | | | 员工招聘与雇佣 | 31 | | | 员工权益与福利 | 31 | | | 员工培训与发展 | 33 | | | 健康与安全 | 35 | 02 06 ESG 管理 投身共同富裕，构建美好未来 ESG 管理架构 | ESG 管理架构 | 07 | | --- | --- | | 利益相关方沟通 | 08 | | 实质性议题分析 | 09 | | 强化合规运营，筑牢治理根基 | | --- | | 03 | | 公司治理 | 11 | | --- | --- | | 商业道德 | 13 | | 风险合规管理 | 14 | | 知识产权保护 | 14 | | 供应商管理 | 16 | 04 聚焦服务升级，保障客户权益 | 研发与创新 | 18 | | --- | --- | | 产品质量与安全 | ...

宁波三星医疗电气股份有限公司 2023年度独立董事述职报告（杨华军） 《上市公司治理准则》、《上市公司独立董事规则》等有关法律法规及《公司章 程》、《独立董事工作细则》及《独立董事年报工作制度》的规定和要求，勤勉 尽责地履行独立董事的职责和义务，审慎认真地行使公司和股东所赋予的权利， 积极参加公司股东大会、董事会及各专门委员会会议，对公司董事会审议的相关 重大事项发表了公正客观的独立意见，为公司的长远发展积极出谋划策，对董事 会的科学决策和规范运作以及公司内部控制起到了积极作用，现将我在2023年度 的工作情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 杨华军：男，中国国籍，1976年出生，博士学历，工商管理（会计学）副教 授，曾任海通证券宁波营业部项目经理。现任浙江万里学院副教授。同时兼任永 泰运化工物流股份有限公司、广博集团股份有限公司、荣安地产股份有限公司、 宁波海运股份有限公司独立董事，宁波名山建设发展集团有限公司董事，宁波布 里斯特园艺制品有限公司监事。 （二）是否存在影响独立性的情况说明 本人未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担 任任何职 ...

宁波三星医疗电气股份有限公司独立董事 经核查，我们认为立信会计师事务所具备丰富的审计服务经验，在为公司提 供2023年度财务审计和内部控制审计服务的过程中，遵循了独立、客观、公正的 执业准则，顺利完成年度审计任务，我们一致同意续聘立信会计师事务所（特殊 普通合伙）为公司2024年度财务及内控审计机构，并同意将该议案提交公司董事 会审议。 独立董事：王溪红、段逸超、杨华军 2024年4月15日 1 一、关于2024年度预计日常关联交易的事前认可意见 公司根据2023年度发生的日常关联交易情况及2024年生产经营计划，预计了 2024年度的日常关联交易额度。我们经过仔细核查，认为公司2024年度预计发生 的关联交易是在关联各方平等协商的基础上按照市场原则进行，不存在损害公司 及其他股东利益的情形，且符合监管部门及有关法律、法规、《公司章程》的规 定，我们一致同意将此项议案提交公司董事会审议。 二、关于续聘立信会计师事务所（特殊普通合伙）为公司2024年财务及内控 审计机构的事前认可意见 关于第六届董事会第十二次会议相关事项的事前认可意见 根据《上市公司治理准则》、《上市公司独立董事规则》、《上海证券交易 所股票上 ...

经立信会计师事务所（特殊普通合伙）审计，截至2023年12月31日，宁波三星医 疗电气股份有限公司（以下简称"公司"）母公司期末未分配利润为人民币 2,099,045,890.36元。经公司第六届董事会第十二次会议、第六届监事会第九次会议审 议通过，公司2023年度拟以实施权益分派股权登记日登记的总股本为基数进行现金分 红。本次利润分配预案如下： 证券代码：601567 证券简称：三星医疗 公告编号：临 2024-049 宁波三星医疗电气股份有限公司 关于2023年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、利润分配预案内容 重要内容提示： 公司拟以本次实施权益分派股权登记日登记的可参与利润分配的总股数为基数， 向全体股东每10股派发现金红利（含税）6.50元。截至本公告披露日，公司总股本为 1,411,197,171股，扣除回购专用账户股份13,559,332股，公司可参与利润分配的总股数 为1,397,637,839股，以此计算预计合计派发现金红利约人民币908,464,595.35元（含 税 ...

宁波三星医疗电气股份有限公司 董事会审计委员会2023年度履职情况报告 各位董事： 根据《上市公司治理准则》、《上海证券交易所股票上市规则》、《上海证 券交易所上市公司自律监管指引第1号——规范运作》和《宁波三星医疗电气股 份有限公司章程》、《审计委员会议事规则》的有关规定，作为宁波三星医疗电 气股份有限公司（以下简称"公司"）现任审计委员会成员，现就2023年度履职 情况向董事会作如下报告： 一、 审计委员会基本情况 公司第五届董事会审计委员会由独立董事王溪红女士、段逸超先生及董事沈 国英女士3名成员组成，经公司2020年6月9日召开的第五届董事会第一次会议选 举产生，主任委员由具有专业会计资格的独立董事王溪红女士担任。 三、 审计委员会履职情况 （一）监督及评估外部审计机构工作 公司聘请的立信会计师事务所（特殊普通合伙企业）具有执行证券、期货相 关业务的资格，具有较强的专业能力。立信会计师事务所严格按照国家有关规定 及注册会计师执业规范的要求开展审计工作，坚持独立、客观、公正的审计准则， 恪尽职守、勤勉尽责，较好完成了公司委托的年度财务会计报告审计工作及其他 各项业务。 根据立信会计师事务所在报告期内的履 ...

Dividends and Share Repurchases - The company plans to distribute a cash dividend of RMB 6.50 per 10 shares, totaling approximately RMB 908,464,595.35[2] - The total cash dividend, including share repurchases, amounts to RMB 960,832,171.85, representing 50.47% of the net profit attributable to shareholders[2] - The company's total share capital is 1,411,197,171 shares, with 13,559,332 shares repurchased[2] - The company's 2023 dividend plan is to distribute a cash dividend of 6.50 yuan per 10 shares, with an estimated total cash dividend of approximately 908,464,595.35 yuan[151] - Including the 52,367,576.50 yuan spent on share repurchases, the total cash dividend for 2023 is 960,832,171.85 yuan, accounting for 50.47% of the net profit attributable to shareholders[152] - Cash dividend amount (including tax) is RMB 908,464,595.35, accounting for 47.72% of the net profit attributable to ordinary shareholders of the company[154] - Total dividend amount (including tax) is RMB 960,832,171.85, accounting for 50.47% of the net profit attributable to ordinary shareholders of the company[155] - The company completed the registration of 4.675018 million restricted shares for the fourth and fifth phases of the restricted stock incentive plan[156] - 581,500 restricted shares were repurchased and canceled due to 24 incentive objects leaving the company[156] - 8,344,200 restricted shares were released for the first time, with a release ratio of 40%[156] - 872,900 restricted shares were repurchased and canceled due to 18 incentive objects leaving the company[157] Subsidiaries and Investments - The company's subsidiaries include Samsung Smart, Ningbo Lianneng, and Samsung Hong Kong, among others[6] - The company has a significant presence in the medical and rehabilitation sectors with subsidiaries like Ningbo Mingzhou Hospital and Wenzhou Shenlan Hospital[6] - The company has multiple wholly-owned subsidiaries including Ningbo Sanxing Medical Research Institute, Nansen Instrumentos De Precisao Ltda in Brazil, and Sanxing Smart Electric Bangladesh Co. Ltd[8] - Key subsidiaries also include Ningbo Sanxing Electric (Sweden) AB, Foxytech Sp. z o.o., and NANSEN PERU S.A.C[8] - The company holds equity stakes in various partnerships such as Ningbo Sanxing Kaiyun Medical Investment Partnership and Beijing Chunfeng Bairun Equity Investment Partnership[8] - Major subsidiaries in the energy sector include Ningbo Aogao Supply Chain Co., Ltd., Ningbo Aogao Power Development Co., Ltd., and Ningbo Aogao Power Consulting Co., Ltd[8] - The company has significant investments in technology and IoT through subsidiaries like Ningbo Sanxing Power IoT Technology Co., Ltd. and Ningbo Sanxing IoT Co., Ltd[8] - Key subsidiaries in the medical field include Ningbo Mingzhou Puhua Pharmaceutical Co., Ltd. and Ningbo Sanxing Medical Research Institute[8] - The company has a presence in the renewable energy sector with subsidiaries like Ningbo Aogao Photovoltaic Power Generation Co., Ltd. and Nansen Solar Energy Co., Ltd. in Brazil[8] - The company acquired 18 new subsidiaries during the reporting period, expanding its consolidated financial statements[68] - The company acquired 100% equity in multiple hospitals, including Huzhou Zhebei Mingzhou Hospital and Quzhou Mingzhou Hospital[121] - The company acquired 100% equity of Huzhou Zhebei Mingzhou Hospital Co., Ltd., Yuyao Mingzhou Rehabilitation Hospital Co., Ltd., Jiaxing Mingzhou Nursing Home Co., Ltd., Quzhou Mingzhou Hospital Co., Ltd., and Quanzhou Mingzhou Rehabilitation Hospital Co., Ltd.[133] - The company acquired 100% equity of multiple hospitals, including Huzhou Zhebei Mingzhou Hospital, Yuyao Mingzhou Rehabilitation Hospital, Jiaxing Mingzhou Nursing Home, Quzhou Mingzhou Hospital, and Quanzhou Mingzhou Rehabilitation Hospital[144] - The company's subsidiary plans to acquire 100% equity of multiple hospitals for RMB 224 million[198] - The company acquired 100% equity of Huzhou Zhebei Mingzhou Hospital Co., Ltd. for a total of RMB 11,200 million[199] - The company acquired 100% equity of Yuyao Mingzhou Rehabilitation Hospital Co., Ltd. for a total of RMB 3,700 million[199] - The company acquired 100% equity of Jiaxing Mingzhou Nursing Home Co., Ltd. for a total of RMB 8,400 million[199] - The company acquired 100% equity of Quzhou Mingzhou Hospital Co., Ltd. for a total of RMB 12,900 million[199] - The company acquired 100% equity of Quanzhou Mingzhou Rehabilitation Hospital Co., Ltd. for a total of RMB 3,759.628 million[199] - The company completed the industrial and commercial registration changes for the five target hospitals in May 2023[199] - The company acquired 2.54% equity of Aokesi Intelligent Technology for RMB 3,759.628 million[199] Financial Performance - Revenue for 2023 reached RMB 11,462,508,357.39, a 25.99% increase compared to 2022[17] - Net profit attributable to shareholders in 2023 was RMB 1,903,702,022.52, up 100.79% year-over-year[17] - Operating cash flow for 2023 was RMB 1,901,306,987.04, a 55.52% increase from 2022[17] - Total assets at the end of 2023 were RMB 21,513,022,906.38, a 32.57% increase compared to 2022[17] - Basic earnings per share for 2023 was RMB 1.35, a 101.49% increase from 2022[18] - Weighted average return on equity (ROE) for 2023 was 18.51%, an increase of 8.19 percentage points from 2022[18] - Q4 2023 revenue was RMB 3,124,748,665.63, the highest among all quarters[20] - Non-operating income in 2023 included RMB 118,212,431.28 from government subsidies[21] - The company recognized RMB 64,406,482.16 in VAT refunds as recurring income due to its sustainability[24] - The company achieved operating revenue of 11.463 billion yuan, a year-on-year increase of 25.99%, and net profit attributable to shareholders of 1.904 billion yuan, a year-on-year increase of 100.79%[27] - The company's gross margin increased to 33.99%, up 5.11 percentage points year-on-year[27] - Company achieved revenue of 11.463 billion yuan, a year-on-year increase of 25.99%[61] - Net profit attributable to shareholders reached 1.904 billion yuan, a year-on-year increase of 100.79%[61] - Operating income from the manufacturing sector was 8.436 billion yuan, with a gross margin of 34.12%, an increase of 5.49 percentage points year-on-year[64] - Operating income from the medical services sector was 2.783 billion yuan, with a gross margin of 31.73%, an increase of 5.01 percentage points year-on-year[64] - Domestic operating income was 9.300 billion yuan, with a gross margin of 33.97%, an increase of 5.53 percentage points year-on-year[64] - International operating income was 1.961 billion yuan, with a gross margin of 32.85%, an increase of 2.98 percentage points year-on-year[64] - Direct sales revenue was 10.258 billion yuan, with a gross margin of 33.20%, an increase of 4.80 percentage points year-on-year[65] - Distribution sales revenue was 1.003 billion yuan, with a gross margin of 39.61%, an increase of 6.95 percentage points year-on-year[65] - Production volume of smart electricity products increased by 12% year-on-year to 25.750 million units/sets[66] - Sales volume of smart electricity products increased by 21% year-on-year to 25.444 million units/sets[66] - Manufacturing sector's main business cost increased by 14.36% year-on-year to 5,558,123,490.30 yuan[67] - Medical services sector's main business cost increased by 25.52% year-on-year to 1,899,717,301.57 yuan[67] - Operating cash flow increased by 55.52% year-on-year to 1,901,306,987.04 yuan[77] - Investment cash flow decreased significantly due to reduced receivables and increased construction investments[77] - Financing cash flow increased to 1,174,529,477.93 yuan due to increased long-term borrowing[77] - Fair value changes in non-current financial assets generated a profit of 100,688,795.43 yuan[79] - Disposal of subsidiaries and other non-current financial assets generated profits of 50,979,269.60 yuan and 27,942,470.54 yuan respectively[79] - Monetary funds increased by 85.93% to 5,452,937,584.98 yuan, mainly due to increased operating cash inflow and long-term loans[80] - Trading financial assets increased by 98.34% to 53,723,860.13 yuan, primarily due to changes in the fair value of Samsung Hong Kong stocks[80] - Inventory increased by 80.70% to 3,256,637,523.09 yuan, driven by scale growth and product/material stockpiling to meet order delivery[80] - Long-term loans surged by 1,544.00% to 2,466,000,000.00 yuan, as the company increased liquidity through additional long-term borrowing[81] - Overseas assets amounted to 1,575,977,257.21 yuan, accounting for 7.33% of total assets[83] - Total restricted assets were 749,963,385.33 yuan, including 410,251,706.66 yuan in monetary funds used as guarantees for bank transactions[85] - Total external investment reached 1,298,996,400 yuan, with 977,626,300 yuan allocated to equity investments through acquisitions and new establishments[87] - The acquisition of Zhebei Mingzhou for 224,000,000 yuan resulted in a profit impact of 5,856,200 yuan[88] - The acquisition of Yuyao Mingzhou Rehabilitation for 112,000,000 yuan resulted in a profit impact of 6,019,900 yuan[88] - The establishment of Quanzhou Mingzhou Rehabilitation for 129,000,000 yuan resulted in a profit impact of 8,639,000 yuan[88] - The company established new rehabilitation medical centers in Suzhou, Jinhua, Wuhu, Hefei, and Foshan with investments of 5,070, 3,900, 3,900, 5,200, and 4,550 thousand RMB respectively, all funded with 65% equity[89] - The company acquired Aokes Intelligent Technology for 3,759.63 thousand RMB, achieving a 100% ownership and generating a profit of 41,042.42 thousand RMB[89] - The company invested 10,000 thousand RMB in establishing Aokes Energy Storage, focusing on new energy technology R&D and equipment manufacturing[90] - The company's total investment in non-equity projects reached 97,762.63 thousand RMB, with a cumulative profit of 40,805.30 thousand RMB[90] - The company invested 32,137.01 thousand RMB in the Power Internet of Things Industrial Park project, with a cumulative investment of 107,975.40 thousand RMB[92] - The company's financial assets, including stocks, private equity funds, and derivatives, had a total fair value of 982,221.47 thousand RMB at the end of the period[93] - The company's stock investment in Modern Dental (HK3600) had an initial cost of 8,585.56 thousand RMB and a year-end fair value of 28,357.71 thousand RMB[94] - The company's commodity futures investments had a year-end fair value of 27,584.46 thousand RMB, accounting for 2.47% of the company's net assets[96] - The company's forward exchange contracts had a total investment of 21,321.15 thousand RMB, with all positions closed by the end of the period[96] - The fair value change of commodity futures contracts in the reporting period was RMB 2.2621 million, calculated based on the settlement prices of corresponding contracts on the Nanhua Futures Exchange[97] - The fair value of forward foreign exchange contracts was determined based on the difference between the contract price and the forward exchange rate at the end of the period[97] - Samsung Intelligent's total assets in 2023 were RMB 2.36837 billion, with a net profit of RMB 236.9189 million[100] - Aux Intelligent Technology's total assets in 2023 were RMB 5.0325527 billion, with a net profit of RMB 410.4242 million[100] - Ningbo Mingzhou Hospital's total assets in 2023 were RMB 1.8831204 billion, with a net profit of RMB 125.4596 million[100] - Mingzhou Medical Group's total assets in 2023 were RMB 2.355199 billion, with a net loss of RMB 28.295 million[100] - Aux Investment's total assets in 2023 were RMB 1.2562357 billion, with a net profit of RMB 142.538 million[100] Business Segments and Market Presence - The smart power distribution and utilization business generated revenue of 8.612 billion yuan, a year-on-year increase of 23.99%, with cumulative orders of 10.494 billion yuan, up 22.09% year-on-year[28] - Overseas orders for the smart power distribution and utilization business reached 4.525 billion yuan, a year-on-year increase of 42.93%, driven by rapid growth in key markets such as Europe, the Middle East, and the Americas[28] - The medical services business achieved revenue of 2.809 billion yuan, a year-on-year increase of 34.57%, with rehabilitation medical services revenue reaching 1.311 billion yuan, up 64.80% year-on-year[32] - The company expanded its hospital network to 28 hospitals, with a total of 8,868 beds, adding 10 new hospitals during the reporting period[33] - The company's overseas sales network now covers over 70 countries and regions, with new factories established in Germany and Mexico[28] - The company successfully delivered multiple smart energy integration projects in Europe and Latin America, achieving a data collection rate of over 99.9% in the Swedish PUMA smart meter project[29] - The company's overseas power distribution business made breakthroughs in the Middle East and Asia-Pacific markets, securing a project with Saudi Arabia's national power company[29] - The company launched new products in the new energy sector, including charging piles and energy storage systems, and developed an integrated "source-grid-storage-charging" business model[30] - The company's DC charging stations cover 60-480kW, with leading performance in recent years[47] - The company launched new products including residential inverters, small commercial string inverters, and residential energy storage inverters in 2023[47] - The company's smart metering products achieved industry-leading collection and line loss rates in overseas markets[47] - The company's photovoltaic box transformers received the first domestic certification, and compact ring main units have been widely used in the Middle East market[47] - The company has established 5 overseas manufacturing bases in Brazil, Indonesia, Poland, Mexico, and Germany, and 5 sales centers in Sweden, Colombia, Nepal, Peru, and Bangladesh, covering over 70 countries and regions[51] - The company's business in the European market covers 15 countries, making it the Chinese manufacturer with the most extensive coverage in Europe[51] - The company has 28 hospitals under its management, with a total of 8,868 beds, including 22 rehabilitation hospitals[57] - The company added 10 new hospitals through self-construction and acquisitions during the reporting period[57] - The company has 31 domestic offices, achieving comprehensive coverage of the power grid and user markets[51] - The company has established a global marketing platform, focusing on five major regional markets: Europe, the Middle East, Asia-Pacific, Africa, and the Americas[48] - The company has successfully passed the CMMI V2.0 L5 international certification, the highest level in the global software field[53] - The company has built a 5G+ industrial internet provincial-level digital factory, equipped with advanced manufacturing facilities such as smart meter production lines and 5G-AGV logistics systems[54] - The company has developed a comprehensive digital operation management platform, integrating systems like SAP, PLM, MES, CRM, WMS, and SRM[56] - The company has established a "large comprehensive base, strong specialized chain" medical system, with Ningbo Mingzhou Hospital becoming a third-level B comprehensive hospital in March 2023[58] Corporate Governance and Leadership - The company's legal representative is Shen Guoying, and its headquarters are located in Ningbo, Zhejiang Province[11] - The company's annual report is disclosed through major financial media outlets such as China Securities Journal, Shanghai Securities News, and Securities Times[14] - The company held a total of 5 shareholder meetings during the reporting period[113] - The company completed the board of directors' re-election, ensuring compliance with legal and regulatory requirements[114] - The company completed the board of supervisors' re-election, effectively supervising business decisions and financial status[115] - The company disclosed 104 temporary announcements in addition to regular reports during the reporting period[118] - The company held 3 performance briefings via video recording in 2023, engaging with investors on governance and strategy[119] - Chairman Shen Guoying holds 650,000 shares with no change during the year[124] - Director Zheng Jianjiang holds 179,306,730 shares with no change during the year[124] - Director Cheng Zhihao reduced his holdings by 172,000 shares to 258,000[124] - Former director Zheng Junda reduced his holdings by 497,375 shares to 50,000[124] - Total shares held by directors and supervisors decreased by 669,375 to 181,328,230[125] - Chairman Shen Guoying received a pre-tax remuneration of