CH ENERGY ENG(601868)2024-03-28 16:00Financial Performance - The company achieved a new contract signing amount of 22.4% year-on-year growth, reaching a record high on a trillion platform[14]. - The total operating revenue increased by 10.82% year-on-year, while the total profit and net profit grew by 2.44% and 8.00% respectively[14]. - The company's operating revenue for 2023 reached CNY 406,031,848 thousand, representing a 10.82% increase compared to CNY 366,395,814 thousand in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 7,986,116 thousand, a 2.07% increase from CNY 7,824,139 thousand in 2022[24]. - The net profit after deducting non-recurring gains and losses was CNY 7,162,814 thousand, reflecting a significant increase of 25.19% from CNY 5,721,581 thousand in 2022[24]. - The gross profit for 2023 was RMB 51.305 billion, an increase from RMB 45.505 billion in 2022, representing a growth of 12.4%[124]. - The company reported a significant increase in revenue, achieving a total of 100 billion yuan, representing a year-on-year growth of 15%[161]. Investment and R&D - The company’s investment amount rose by 37% year-on-year, with new projects achieving zero operational losses[14]. - R&D expenses reached RMB 12.98 billion, a year-on-year increase of 24.31%[37]. - The company completed investments in strategic emerging industries, with a growth of 64% in investment amount[36]. - The company has established 6 research platforms and holds over 13,177 effective patents, with 48 national science and technology progress awards[69]. - The company is advancing the world's first 300 MW compressed air energy storage project, which is in the debugging phase[37]. - Investment in R&D has increased by 30%, focusing on innovative technologies in energy efficiency[161]. Market Expansion and Strategy - The company has established over 200 overseas branches in more than 140 countries and regions, reflecting its extensive global presence[16]. - The company is focused on developing new energy and infrastructure solutions, positioning itself as a leading provider in these sectors[16]. - The company plans to strengthen its market operations by enhancing analysis, market development, and project management capabilities, aiming to create a robust project management foundation[15]. - The company plans to expand its market presence with new projects in Hainan and Suzhou, targeting completion rates of 100%[116]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[161]. Governance and Compliance - The company has established a comprehensive governance system to ensure compliance with relevant laws and regulations, enhancing operational efficiency[141]. - The board of directors held 11 meetings and approved 62 proposals, ensuring effective decision-making and implementation of major investment and financing projects[142]. - The company has implemented a governance policy that includes regular reviews and training for directors[151]. - The company has a structured approach to performance assessment and remuneration distribution for senior management, based on various regulatory guidelines[167]. - The company has a diverse management team with extensive experience in engineering and finance, contributing to its strategic direction[165]. Risk Management - The company emphasizes risk control and compliance management to ensure all types of risks are manageable and controllable[15]. - The company faces international operational risks due to geopolitical instability and economic downturns, impacting overseas project execution[135]. - The company is addressing investment risks in its PPP business, which are influenced by policy changes and local government debt, by strengthening project analysis and management systems[136]. - The company is actively managing liquidity and planning for debt reduction or replacement to handle maturing debts effectively[136]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.260 per share, totaling RMB 1.084 billion, based on a total share capital of 41,691,163,636 shares[5]. - The proposed cash dividend is RMB 2.60 per share (including tax), totaling RMB 1.084 billion, which represents 14.24% of the net profit attributable to ordinary shareholders for the year[192]. - The company’s dividend policy emphasizes reasonable returns to shareholders while considering sustainable development needs[192]. - The company ensures that minority shareholders have opportunities to express their opinions and protect their legal rights[194]. Operational Efficiency - The company aims to enhance operational efficiency through measures such as increasing cash flow, reducing costs, and controlling liabilities, targeting a new level of profit creation[15]. - The average financing interest rate decreased by 32 basis points compared to the beginning of the year, enhancing cost efficiency[38]. - The company aims to reduce operational costs by 8% through improved supply chain management[161]. Future Outlook - The company aims for a GDP growth target of around 5% for 2024, focusing on high-quality development and strategic emerging industries[126]. - The company plans to sign new contracts worth RMB 1.3 trillion and expects revenue of RMB 428 billion in 2024[134]. - The company plans to accelerate the development of new energy industries and digital transformation initiatives as part of its strategic focus[127].