Zhejiang Provincial New Energy(SH:600032)2022-04-19 16:00Financial Performance - The company's operating revenue for 2021 was ¥2,909,533,795.25, representing a 23.99% increase compared to ¥2,346,514,155.75 in 2020[19]. - Net profit attributable to shareholders for 2021 was ¥454,958,780.04, a 60.35% increase from ¥283,720,342.37 in 2020[19]. - The net profit after deducting non-recurring gains and losses was ¥344,947,865.80, up 41.89% from ¥243,114,094.75 in the previous year[19]. - The company's total assets increased by 38.67% to ¥41,284,901,546.69 at the end of 2021, compared to ¥29,772,924,369.04 at the end of 2020[19]. - Basic earnings per share for 2021 were ¥0.2282, reflecting a 50.53% increase from ¥0.1516 in 2020[19]. - The weighted average return on equity rose to 6.32% in 2021, an increase of 1.90 percentage points from 4.42% in 2020[19]. - The company achieved a gross margin of 56.67% in the new energy generation sector, with a year-on-year increase of 1.50 percentage points[35]. - The revenue from wind power generation reached ¥376,117,159.55, with a gross margin of 61.94%, marking a significant increase of 46.68 percentage points year-on-year[35]. - The company reported a total investment cash flow of -¥3,458,624,701.02, indicating a decrease in investment activities compared to the previous year[32]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 0.045 per share, totaling RMB 93.6 million, which accounts for 20.57% of the net profit attributable to shareholders for the year[4]. - The total share capital as of April 19, 2022, is 2,080,000,000 shares[4]. - The company does not plan to increase capital reserves into share capital for the current year[4]. Audit and Compliance - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements are true, accurate, and complete[3]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[3]. - The company has not violated decision-making procedures for external guarantees[5]. - The report includes a risk statement regarding forward-looking statements, cautioning investors about potential investment risks[5]. - The company has established a governance structure that complies with national laws and regulations, ensuring transparency and protection of shareholder rights[81]. Operational Highlights - The company's total electricity generation reached 4.753 billion kWh, a year-on-year increase of 38.84%[27]. - The total sales of electricity amounted to 4.645 billion kWh, reflecting a year-on-year growth of 38.02%[27]. - The company completed the construction of offshore wind power capacity of 1,003,200 kW and onshore wind and solar power capacity of 335,000 kW during the reporting period[27]. - The company added several subsidiaries during the year, contributing to the increase in net profit, including the acquisition of two hydropower stations[20]. - The company has established several new subsidiaries in 2021, including Zhejiang Zheneng Shensu Offshore Wind Power Development Co., Ltd.[42]. Research and Development - Research and development expenses surged by 317.53% to ¥20,489,050.65, reflecting increased investment in new energy intelligent control platforms and hydrogen energy[32]. - The company filed for 16 patents during the year, with 4 patents granted, indicating strong innovation activity[28]. Environmental and Social Responsibility - The company has invested over 1.58 million yuan in poverty alleviation and rural revitalization projects since 2019, implementing 12 projects to improve local industry and living conditions[129]. - The company has committed to the national "3060" carbon goals, focusing on the development of renewable energy sources[127]. - The company has successfully released 65 million units of various marine species, including jellyfish and yellow croaker, in its ecological restoration initiatives[126]. - The company has implemented innovative drone seeding techniques, successfully dispersing 12 million seeds for coastal wetland restoration[128]. Risk Management - The company faces risks related to fluctuating grid electricity prices due to ongoing reforms in the national electricity market, which may impact future performance[79]. - The company has a significant receivable balance from renewable energy subsidies, and delays in government funding could adversely affect financial results[79]. - Natural disasters and the COVID-19 pandemic pose risks to the company's operations, with potential impacts on project timelines and electricity generation capacity[79]. Future Outlook - The company projects that the national electricity consumption will reach 8.7 to 8.8 trillion kWh in 2022, with a year-on-year growth of 5% to 6%[72]. - By the end of 2022, the proportion of non-fossil energy generation capacity is expected to reach 50% of the total installed capacity[72]. - The company aims to achieve an annual power generation of 7.602 billion kWh and revenue of 4.398 billion yuan in 2022[77]. - The company will focus on project development in resource-rich areas, particularly in Sichuan for hydropower and in coastal provinces for wind and solar projects[77]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[81]. - The company has implemented measures to maintain independence from its controlling shareholder, preventing interference in decision-making[83]. - The company has conducted several shareholder meetings, including a significant one on June 21, 2021, to address accounting corrections[85]. Financial Management - The company has established a fundraising management policy to ensure proper use of raised funds and enhance project supervision[141]. - The company aims to accelerate investment in fundraising projects to achieve expected benefits and improve profitability[141]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 8.2116 million yuan[99].