Revenue Growth - Revenue for the year reached RMB 7,252.27 million, a 23.8% increase compared to RMB 5,855.84 million in 2022[2] - Electric AMI business revenue grew by 29% to RMB 2,650.36 million[2] - Communication and fluid AMI business revenue increased by 11% to RMB 2,116.98 million[2] - ADO business revenue rose by 31% to RMB 2,484.93 million[2] - Revenue from the Communication and Fluid Intelligent Metering Solutions segment increased to RMB 2,670,557 thousand in 2023, up from RMB 1,993,578 thousand in 2022[14][15] - The Electric Intelligent Metering Solutions segment's revenue grew to RMB 2,214,770 thousand in 2023, compared to RMB 2,086,189 thousand in 2022[14][15] - Revenue from the Intelligent Power Distribution Systems and Solutions segment rose to RMB 2,484,937 thousand in 2023, up from RMB 1,894,971 thousand in 2022[14][15] - Total revenue for the company reached RMB 7,252,272 thousand in 2023, a significant increase from RMB 5,855,844 thousand in 2022[14][15] - Revenue from China increased to RMB 5,653,017 thousand in 2023, up from RMB 4,621,154 thousand in 2022[15] - Revenue from the Americas grew to RMB 1,024,268 thousand in 2023, compared to RMB 671,957 thousand in 2022[15] - Revenue increased by 24% to RMB 7,252.27 million in 2023 (2022: RMB 5,855.84 million)[72] Profitability and Earnings - Net profit attributable to owners of the company surged by 61% to RMB 521.23 million[2] - Basic earnings per share increased to RMB 52.7 cents from RMB 32.9 cents in 2022[2] - The board proposed a final dividend of RMB 0.258 per share[2] - The company's pre-tax profit for 2023 was RMB 860,732 thousand, compared to RMB 582,434 thousand in 2022[14][15] - Pre-tax profit for 2023 was RMB 681,375 thousand, compared to RMB 577,443 thousand in 2022, reflecting a growth of 18%[21] - Basic earnings per share for 2023 were RMB 521,233 thousand, a significant increase from RMB 323,797 thousand in 2022[27] - The group's net profit attributable to owners was RMB 5,212.3 million, a 61% year-on-year increase[38] - Net profit attributable to equity holders increased by 61% to RMB 521.23 million in 2023 (2022: RMB 323.80 million)[73] Gross Profit and Margin - Gross profit margin improved to RMB 2,580.75 million from RMB 1,929.22 million in 2022[4] - The group's total revenue for the year reached RMB 72,522.7 million, a 24% year-on-year increase, with a gross profit of RMB 25,807.5 million, up 34% year-on-year, and a gross margin of 36%, up 3 percentage points[38] - Gross profit increased by 34% to RMB 2,580.75 million in 2023 (2022: RMB 1,929.22 million), with a gross margin of 36% (2022: 33%)[72] Research and Development - Research and development expenses increased to RMB 681.38 million from RMB 577.44 million in 2022[4] - R&D expenses increased to RMB 640,012 thousand in 2023, up 16% from RMB 551,601 thousand in 2022[21] - The company's WTZ30 dual-mode communication chip, designed for smart meters and power IoT, was recognized in the 2023 Hunan Provincial Key R&D Program[67] - The company's WFMB250-M4 photovoltaic grid-connected smart circuit breaker enables intelligent management of distributed photovoltaic systems, supporting the construction of new power systems[67] - The company's "NB-IoT Smart Water Meter Software V1.0" was selected for the 2023 Hunan Provincial First Edition Software Product List and received funding support[67] Financial Position and Assets - Total assets increased to RMB 10,489.50 million from RMB 9,796.28 million in 2022[7] - Accounts receivable increased to RMB 4,644,367 thousand in 2023, up 9% from RMB 4,258,163 thousand in 2022[28] - Accounts receivable aged 0-90 days increased to RMB 1,892,469 thousand in 2023, up 5% from RMB 1,805,130 thousand in 2022[30] - Contract assets increased to RMB 404,953 thousand in 2023, up from RMB 408,494 thousand in 2022, with a provision for impairment losses of RMB 3,541 thousand[31] - Accounts payable and notes payable totaled RMB 3,938,543 thousand in 2023, compared to RMB 3,641,627 thousand in 2022, with 57.6% of payables due within 90 days[32][33] - Cash and cash equivalents increased to RMB 2,644.90 million in 2023 (2022: RMB 2,027.93 million)[73] - Total liabilities decreased by 2% to 18% in 2023 (2022: 20%)[74] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.258 per share[2] - The company proposed a final dividend of 28 HK cents per share for 2023, up from 23 HK cents per share in 2022[25] Government Grants and Tax - The company received RMB 68,504 thousand in VAT refunds in 2023, up from RMB 59,755 thousand in 2022[20] - Government grants increased to RMB 52,120 thousand in 2023, compared to RMB 30,989 thousand in 2022[20] - The company's effective tax rate in China remained at 25%, with certain subsidiaries benefiting from a reduced rate of 15% due to high-tech enterprise status[23] - The company's total tax expense for 2023 was RMB 100,139 thousand, a 40% increase from RMB 71,274 thousand in 2022[24] Market and Industry Trends - China's GDP grew by 5.2% in 2023, reaching RMB 126,058.2 billion, with new energy vehicle sales increasing by 37.9% and public charging piles growing by 43%[34] - China's total electricity consumption reached 9,224.1 billion kWh in 2023, a 6.7% year-on-year increase, with green electricity transactions in the Southern Grid region surging 120% to 8.12 billion kWh[35] - National Grid's smart meter bidding amounted to RMB 23.29 billion in 2023, a 9.2% decrease, but 2024 is expected to see a significant increase in bidding volume and total amount[35] - National Grid released the "Green Procurement Guide" in June 2023, promoting environmental protection, resource conservation, and low-carbon practices[36] - The world's first megawatt-level floating wave energy power generation device, "Nan Kun," developed by Southern Power Grid, was put into trial operation in June, with leading global indicators in installed capacity, power generation, and extreme sea condition resistance[37] - Southern Power Grid released the first domestic power IoT operating system, "Power Harmony," and developed the power industry's first independently controllable large power model, "Da Watt," accelerating the construction of a new power system[37] - State Grid has become the world's largest grid in terms of transmission capacity and renewable energy integration, with over 3.5 million renewable energy stations connected and a utilization rate exceeding 97%[37] - Southern Power Grid's renewable energy installed capacity in five southern provinces exceeded 120 million kilowatts, with non-fossil energy accounting for over 60% of total installed capacity[37] - The global smart grid market is projected to grow from USD 53.2 billion in 2022 to USD 149.2 billion by 2028, with a CAGR of 18.58%[59] - The global smart meter market is expected to grow from USD 22.8 billion in 2022 to USD 37.9 billion by 2028, with a CAGR of 8.84%[59] - The global energy storage market is expected to grow significantly, with investments projected to increase sixfold to USD 8.2 billion by 2024 compared to 2016[56] Business Segments and Operations - The group's electric AMI business recorded revenue of RMB 26,503.6 million, a 29% year-on-year increase, accounting for 37% of total revenue, with a gross margin of 43%[39] - The group secured domestic orders worth RMB 1,672 million for the electric AMI business, a 9% year-on-year decrease, with orders from grid customers down 15% to RMB 1,206 million[40] - The group's large-scale complete plant business grew by 38% year-on-year, driven by rising market demand on the renewable energy generation side[41] - The group successfully developed a dedicated carbon measurement meter and maintained good cooperation with provincial branches of State Grid and Southern Power Grid[42] - The company expects stable demand for electricity meters from State Grid and Southern Grid this year, with increased demand for high-end products due to policies supporting new energy and domestic substitution[43] - The demand for IoT electricity meters is expected to rise further in 2024, driven by the construction of new power systems and increased localization requirements for key metering equipment[43] - The company's communication and fluid AMI business recorded revenue of RMB 2,116.98 million in 2023, an 11% increase year-over-year, with a gross margin of 41%[46] - The communication and fluid AMI business had a total contract value of RMB 3,483 million as of December 31, 2023, a 38% increase year-over-year[46] - The company's grid and non-grid customers accounted for 57% and 43% of revenue, respectively, in 2023[46] - The group's ADO business achieved revenue of RMB 2,484.93 million, a 31% YoY increase, accounting for 34% of total group revenue[52] - ADO business orders reached RMB 3,539 million, a 12% YoY increase, with grid market orders exceeding RMB 1,544 million, up 9% YoY[53] - Non-grid market orders exceeded RMB 1,995 million, a 15% YoY increase, driven by a 521% YoY growth in overseas market orders[53] - The group's gross margin for ADO business improved to 24%, up from 22% in the previous year[52] - Revenue from grid customers accounted for 31% of ADO business, while non-grid customers (including overseas) contributed 69%[52] - The group's AIoT smart fire protection platform has successfully entered market applications and continues to expand in the financial industry[48] - The group provided complete AMI system solutions to Southeast Asian countries like Laos and Myanmar, with plans to expand further in the region[48] - The group is focusing on energy IoT, chip design, and AI technologies to provide comprehensive solutions for various power scenarios[50] - The group is actively participating in overseas energy IoT construction, targeting regions like Latin America, the Middle East, and Africa[50] - The company secured a bid amount of RMB 208 million in the Southern Power Grid distribution network centralized procurement tender, ranking first in the smart switch category[54] - The company's overseas market presence has been enhanced with key demonstration projects in the Americas, and its energy storage products have obtained certifications from UL and CE[55] - The State Grid plans to increase its grid investment to over RMB 500 billion in 2024, maintaining a high-growth cycle in grid investment[56] - The company aims to expand its business in the grid market, focusing on integrated switchgear, high and low voltage switchgear, and substation products, while exploring new opportunities in the power system[57] - The company plans to deepen cooperation with central state-owned enterprises in the new energy sector and develop microgrid applications in industrial parks and areas with power shortages[57] - The company will continue to follow the "Belt and Road" policy, targeting key international markets to achieve significant growth in overseas business[58] - The company has successfully expanded its data center industry clients, including Alibaba and ByteDance, and is actively exploring overseas markets through joint ventures with domestic clients[54] - Overseas revenue reached RMB 1,599.26 million, a 30% increase year-over-year[60] - Overseas order amount reached RMB 2,758 million, a 38% increase year-over-year[60] - Completed RMB 180 million in smart meter deliveries in Tanzania[61] - Brazil subsidiary achieved RMB 140 million in new energy product deliveries[61] - North America market completed over RMB 800 million in meter order deliveries[61] - Europe market completed over RMB 45 million in meter order deliveries with Siemens in Austria[62] Innovation and Technology - The company's project "Key Technologies for Reliable Operation and Collaborative Optimization of Complex Power Grids" won the Gold Medal at the 48th Geneva International Exhibition of Inventions[66] - The company's project "Key Technologies for Terminal Security Protection in Power Systems Based on Domestic Power-Specific Chips" won the First Prize in China's Power Technology Innovation[66] - The company's WTZ30 dual-mode communication chip, designed for smart meters and power IoT, was recognized in the 2023 Hunan Provincial Key R&D Program[67] - The company's WFMB250-M4 photovoltaic grid-connected smart circuit breaker enables intelligent management of distributed photovoltaic systems, supporting the construction of new power systems[67] - The company's "NB-IoT Smart Water Meter Software V1.0" was selected for the 2023 Hunan Provincial First Edition Software Product List and received funding support[67] - The company's full suite of AMI solutions (HES, MDMS, CIS, and Billing) was successfully implemented in Laos, enhancing local power management capabilities[67] - The company developed a new generation of environmentally friendly gas-insulated ring main units and compact smart transformers, improving distribution network reliability and efficiency[69] - The company's digitalized transformer station solution, centered on "smart gateway + smart metering" circuit breakers, addresses challenges in large-scale distributed renewable energy integration[69] - The company's energy storage business offers a range of products, including battery packs, battery cabins, BMS, PCS, and EMS, applied in multiple domestic and international projects[69] - The company's self-developed EMS management system supports local, cloud, and mobile platforms, expanding into the commercial and industrial energy storage market[69] - The company completed the development of the Suite1 security suite based on DLMS/COSEM, successfully applied in smart meters in Brazil and the EU[71] - The company developed over 80 automated test scripts, improving testing efficiency by 22%[71] Financial Instruments and Risk Management - The company entered into a forward foreign exchange contract with a face value of USD 52.50 million to mitigate currency risk[75] - Capital commitments for the acquisition of property, plant, and equipment amounted to RMB 113.45 million, an increase from RMB 63.37 million in 2022[77] - Capital commitments for investment in financial instruments were RMB 64.00 million, a decrease from RMB 74.40 million in 2022[77] - The group had no significant contingent liabilities as of December 31, 2023[77] IPO and Capital Allocation - The net proceeds from the IPO of Wasion Information Technology on the STAR Market were RMB 610.83 million, with specific allocations detailed for various IoT projects[78] - The IoT perception layer monitoring equipment expansion and technical transformation project utilized RMB 60.29 million[79] - The IoT perception layer fluid sensing equipment expansion and technical transformation project utilized RMB 62.94 million[79] - The IoT network layer product expansion and technical transformation project utilized RMB 204.87 million[79] - The IoT comprehensive R&D center project utilized RMB 146.95 million[79] - The remaining net proceeds of RMB 79.90 million were used to permanently supplement working capital[79] Human Resources - The company had 4,929 employees as of December 31, 2023, an increase from 4,521 in 2022[80] Audit and Financial Reporting - The Audit Committee has reviewed the company's full-year performance for the year ended December 31, 2023[86] - The company's preliminary financial statements for the year ended December 31, 2023 have been agreed upon by the auditor[86] - The auditor's work on the preliminary financial statements does not constitute an audit, review, or assurance service under Hong Kong standards[86] - The company's annual report for the year ended December 31, 2023 will be published on the Hong Kong Stock Exchange and the company's website[87] - The company's board of directors includes executive directors and independent non-executive directors as of the announcement date[88]
威胜控股(03393) - 2023 - 年度业绩