ShaanGu(601369)2023-04-19 16:00Financial Performance - Net profit attributable to shareholders in 2022 was RMB 968.36 million, with a proposed cash dividend of RMB 3.5 per 10 shares[21] - Revenue for 2022 reached 10.77 billion RMB, a 3.91% increase compared to 2021[46] - Net profit attributable to shareholders in 2022 was 968.36 million RMB, up 12.96% year-over-year[46] - Operating cash flow decreased by 27.16% to 910.79 million RMB in 2022[46] - Basic earnings per share increased by 12.47% to 0.5718 RMB in 2022[46] - The company's total assets grew by 0.85% to 27.51 billion RMB by the end of 2022[46] - Revenue for the period reached 10.766 billion yuan, a year-on-year increase of 3.91%[163] - Operating costs decreased slightly by 0.14% to 8.393 billion yuan[163] - Sales expenses increased by 15.79% to 245.98 million yuan due to deeper market penetration in distributed energy[163] - Management expenses rose by 19.42% to 598.5 million yuan, primarily due to increased employee incentive costs[163][168] - R&D expenses grew by 10.32% to 360.68 million yuan as the company intensified its research efforts[163] - Net cash flow from operating activities decreased by 27.16% to 910.79 million yuan, impacted by delayed project payments[163] - Net cash flow from investing activities saw a significant decline of 633.06% to -2.385 billion yuan, mainly due to increased long-term fixed deposits[163] Dividend and Share Capital - The company's total share capital as of April 18, 2023, was 1,727,594,779 shares, with a total cash dividend distribution of RMB 604.66 million[21] - The company's 2022 profit distribution plan has been approved by the 8th Board of Directors' 21st meeting and is pending approval at the 2022 Annual General Meeting of Shareholders[25] - The company's total share capital changed from 1,726,773,189 shares at the beginning of the year to 1,727,754,279 shares at the end of the year, with restricted shares decreasing by 11,111,760 shares and unrestricted shares increasing by 12,092,850 shares[37] - The company's total share capital at the end of the year was 1,727,754,279 shares, with restricted shares accounting for 3.73% and unrestricted shares accounting for 96.27%[43] Company Information - The company's registered and office address is No. 8 Fenghui South Road, High-tech Zone, Xi'an[19] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 601369[20] - The company's legal representative is Li Hong'an[8] - The company's annual report is disclosed on media platforms such as China Securities Journal, Shanghai Securities News, and Securities Times[9] - The company's website is http://www.shaangu.com[19] - The company's board secretary is Chai Jin, and the securities affairs representative is Zhou Xin[19] - The company's registered and office address is No. 8 Fenghui South Road, High-tech Zone, Xi'an, with a postal code of 710075[19] - The company's annual report is available at the Shanghai Stock Exchange website (www.sse.com.cn)[9] Guarantees and Liabilities - The company's total guarantee balance at the end of the reporting period (excluding guarantees for subsidiaries) is RMB 77 million[29] - The company has a repurchase obligation balance of RMB 86.659 million as of December 31, 2022, related to lease agreements with Baoxin International[42] Land and Property - The company's land use rights for a 7.02 mu plot in Lintong District, Xi'an, were acquired for RMB 898,560, and the land use certificate is still being processed[41] - The company's land use rights for approximately 20 mu in Xi'an High-tech Zone are planned to be acquired by the Xi'an High-tech Zone Land Reserve Center[41] Legal and Contractual Issues - The company has received 87.71% of the contract execution payment for a RMB 386 million project with Beijing Sanju Environmental Protection New Materials Co., Ltd., and has filed a lawsuit for the unpaid amount[40] - The company's single capital trust plan with Shandong Zhicheng Chemical Co., Ltd. has an overdue interest and penalty of RMB 365,400 as of July 30, 2018, and the company has stopped accruing interest on the trust project[31] Technological Innovations - The company's energy interconnection island technology has obtained multiple patents and achieved practical applications, optimizing energy efficiency and promoting green development[53] - The company's air separation technology is internationally leading, with a new 100,000-grade air separation compressor saving over 6 million kWh of electricity annually[54] - The company's ethylene "three-machine" technology has achieved breakthroughs, enabling the provision of system solutions for ethylene plants with a capacity of 1 million tons or more[54] - The company possesses core technologies in compression, expansion, and heat storage, positioning it as a strategic player in the energy storage sector[58] - The company successfully developed and tested the world's largest axial compressor AV140, achieving international leading level technology[78] - The company's "3H axial + centrifugal" composite 100,000 Nm3/h air separation unit compressor set successfully passed the test, marking international leading level in air separation technology[78] - Breakthrough in comprehensive energy utilization EPC project, integrating wind, solar, and air energy, with a domestically leading energy management system[90] - Significant advancements in intelligent control technology, reducing startup time by 91.67% for MPG100 energy recovery units and over 90% for natural gas pipeline compressor stations[91] - Development of a 300MW compressed air energy storage system with a multi-cylinder efficiency of 90% and a system-wide electric-to-electric conversion efficiency exceeding 70%[94] - Expansion of multi-shaft compressor applications, including a 5-shaft booster for 18,000-grade air separation units and a 15MW air-booster integrated machine for 35,000-grade air separation units[96] - Accumulation of 400 valid patents, including 68 inventions, 315 utility models, and 17 design patents, along with 58 software copyrights[96] - The AEZ-type mixed-flow compressor for the 100,000 Nm³/h air separation unit has been successfully tested, saving over 6 million kWh of electricity annually, 1,860 tons of standard coal, and reducing CO2 emissions by more than 4,873 tons per unit[118] - The company has developed a steam power combined compressor unit (SPC) for bio-fermentation, achieving significant cost reductions and efficiency improvements in the bio-fermentation process[118] - The company has accumulated 62 approved standards by the end of 2022, including 26 national standards, 16 industry standards, 18 group standards, and 2 local standards[119] - The company signed a 2×300MW compressed air energy storage compressor project, marking a significant milestone in the compressed air energy storage market[138] - The company secured a 40,000 tons/year acrylonitrile unit air compressor project, marking its first entry into the acrylonitrile field within the Sinopec system[138] - The company signed a 500 tons/day dual-pressure nitric acid unit project, featuring a high-speed motor direct-drive configuration, a world-first innovation[138] - The company signed a 360,000 tons/year nitric acid unit project, the largest dual-pressure high-speed motor-driven nitric acid unit globally, addressing environmental and energy efficiency challenges[138] - The company secured a nickel-cobalt raw material leaching and separation EPC project, utilizing advanced technology for efficient metal extraction and cost reduction[138] - The company implemented a low-top-temperature smelting service transformation project, addressing new demands in the metallurgical industry and creating new market growth opportunities[139] - Added 4 new maintenance projects, with a customized integrated maintenance model for a steel enterprise in Northeast China, marking a significant milestone for market expansion in the region[140] - Signed contracts with two steel enterprises in Jiangsu for rare gas extraction equipment, achieving good economic benefits and cost reduction for customers[140] - Achieved record-high operating performance with total gas supply scale reaching a historical peak, and successfully launched the first Kr/Xe liquid production line and a 4,500m³/h full liquid air separation project in Tongling[142] - Secured a breakthrough overseas project with an 11,000-ton/year nickel-cobalt battery-grade sulfate project using advanced HPAL technology, marking a new phase in the overseas new energy lithium battery materials market[143] - Signed a 60,000-ton/year maleic anhydride EPC project, the company's first in the petrochemical sector, using advanced continuous solvent absorption technology with leading domestic solvent consumption levels[143] - Achieved a new breakthrough in overseas commissioned operations with a 300MW+ high-parameter power plant project, marking a significant milestone in high-tech industrial services[144] - Implemented intelligent manufacturing strategies, providing customers with full lifecycle intelligent manufacturing system solutions through product, process, and service intelligence[145] - Expanded into new market areas including compressed air energy storage, metallurgical processes, petrochemicals, and rare gas extraction, achieving breakthroughs in multiple fields[148] - Signed a world-class compressed air energy storage project, showcasing leading domestic turbine technology[151] - Adopted a "make-to-order" production model, ensuring timely delivery by balancing production capacity and scheduling based on sales contracts[153] - The company completed 97 technical R&D projects and initiated 79 new research topics, addressing customer pain points[170] - Core component design time was reduced by 98.65%, and product quotation time was shortened by 80% through digital rapid design technology[157] - Production management efficiency improved by over 15% through the implementation of intelligent manufacturing projects[157] - Completed the development of a series of 1.2 to 1.5 million tons/year ethylene tri-unit technology, marking a breakthrough in large-scale ethylene equipment[172] - The third-generation TRT technology surpasses similar products in the industry and is at the world-leading level[173] - The company's "Energy-saving Technology for Ultra-large Blast Furnace Blowers" was selected for the Ministry of Industry and Information Technology's national industrial and communication energy-saving technology equipment product recommendation catalog[177] - The company's "LNG Mixed Refrigerant Compressor" and other achievements won the third prize of the China Machinery Industry Science and Technology Award[179] - The company's "BCRT" and "Anti-corrosion Esterification Circulating Gas Compressor" technologies were recognized as internationally and domestically leading, respectively[179] - The company's "AV140 Large Axial Flow Compressor" and other projects passed the acceptance of the Shaanxi Provincial Science and Technology Plan[179] - The company achieved a new breakthrough in the waste resource recycling project, completing the largest domestic single-unit device for direct production of high-quality oil from waste rubber[181] Market Expansion and Overseas Projects - The company achieved breakthroughs in overseas markets, including the first export of a natural gas compressor unit to the Middle East and the largest global export of BPRT units[73] - The company's overseas projects have received recognition and praise from customers and government agencies[70] - The company signed a 600 tons/day waste-to-energy project in Shanxi, which is the first comprehensive treatment process demonstration project in the province with 100% harmless treatment[82] - The company signed a multi-energy integration demonstration project in a national industrial park, utilizing solar, wind, air, electricity, and energy storage systems[82] - The company achieved its first export of ethylene compressor equipment, marking a milestone in entering the international petrochemical field[82] - The company signed a 30,000 air separation compressor project in India, marking a breakthrough in the Indian market[82] - The company's natural gas compressor project in the Middle East marked its first entry into the regional natural gas compression market[82] - The company signed a 5,499m³ blast furnace BPRT project in India, achieving a major breakthrough in the Indian market[82] - The company's 520m³ blast furnace BPRT project in Africa marked its first entry into the African market[82] - The company's 2×2500m³ blast furnace BPRT project achieved the largest BPRT export globally, significantly enhancing its overseas market influence[82] - Successful implementation of overseas operation models and signing of key engineering projects in wet smelting, maleic anhydride, and solid waste recycling sectors[103] - Enhanced service capabilities in distributed energy systems, including lifecycle services, remote diagnostics, and zero-inventory spare parts[103] - Strengthened financial capabilities in distributed energy solutions, offering investment, leasing, and credit services to clients and partners[102] - Signed a contract for a 3×400,000 tons/year maleic anhydride plant with the world's largest axial flow compressor unit, setting a new industry benchmark[7] - Secured a 600,000 tons/year BDO project with 4×210,000 tons/year maleic anhydride units, marking the first application of mixed gas medium compressor technology[8] - Achieved the first set of hydrogen sulfide compressor for an 180,000 tons/year liquid methionine project, expanding the centrifugal compressor market[9] - Signed a 600,000 tons/year sulfur-based sulfuric acid plant project with the world's largest steam-electric dual-drive unit, saving 87,500 tons of standard coal annually and reducing CO2 emissions by 218,000 tons/year[10] - Broke foreign technology monopoly with the first polyethylene (PE) compressor for a 700,000 tons/year high-end polyolefin project[11] - Pioneered the use of low-rank coal pyrolysis gas to produce LNG in a 100,000 tons/year project, reducing carbon emissions and energy consumption[12] - Implemented the world's first IGCC project with a multi-shaft booster, saving approximately 8.5 million yuan annually[13] - Signed a 500,000 tons/year carbon capture and utilization (CCUS) project, capturing 500,000 tons of CO2 annually with 100% utilization rate[14] - Entered the coal-to-natural gas liquefaction market with a 700,000 cubic meters/day compressor project[15] - Expanded into the organic silicon industry with a 400,000 tons/year centrifugal compressor project[17] Industry Recognition and Awards - The company's service-oriented manufacturing model has been recognized and promoted by national authorities, including the Ministry of Industry and Information Technology[57] - The company's "Shaangu Model" was recognized and promoted by the National Ministry of Industry and Information Technology[61] - The company's R&D achievements in the field of large ethylene have reached or exceeded international advanced levels[60] - The company's distributed energy system solutions have been optimized to achieve 100% precise delivery[70] - The company's energy efficiency indicators and low-carbon green energy-saving transformation have been significantly improved[72] Cost and Expense Analysis - General equipment manufacturing costs decreased by 11.29% year-over-year to 4.55 billion RMB, accounting for 54.50% of total costs[194] - Raw material costs in general equipment manufacturing increased by 19.96% to 2.94 billion RMB, representing 35.21% of total costs[194] - Energy conversion equipment costs decreased by 6.95% year-over-year to 3.17 billion RMB[194] - Industrial service costs decreased by 10.81% year-over-year to 2.62 billion RMB[194] - Energy infrastructure operation raw material costs increased by 27.92% to 2.12 billion RMB, accounting for 82.84% of total costs[194] - Labor costs in energy infrastructure operations increased by 39.32% to 75.07 million RMB[194] - Manufacturing expenses in general equipment manufacturing increased by 14.50% to 581.88 million RMB[194] - Industrial service manufacturing expenses decreased by 13.74% to 82.65 million RMB[194] - Energy conversion equipment raw material costs increased by 7.56% to 625.60 million RMB[194] - Labor costs in energy conversion equipment increased by 8.36% to 112.60 million RMB[194] Revenue by Industry - The company's revenue in the energy industry increased by 63.45% year-on-year, with a gross profit margin increase of 4.74 percentage points[191] - The company's revenue in the pharmaceutical industry surged by 402.95% year-on-year, although the gross profit margin decreased by 0.82 percentage points[191] - The company's revenue in the urban construction industry soared by 1,028.59% year-on-year, with a gross profit margin increase of 28.86 percentage points[191]