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威胜控股(03393) - 2023 - 年度财报
03393WASION HOLDINGS(03393)2024-04-11 08:33

Market Position and Business Performance - Wasion Holdings' advanced smart metering business holds over 20% market share in China's high-end metering products market[7] - Revenue for the year reached approximately RMB 7.252 billion, a 24% increase year-over-year[20] - Net profit attributable to shareholders was RMB 521.23 million, up 61% compared to the previous year[20] - Basic earnings per share were RMB 0.527, a 60% increase year-over-year[20] - The company's AMI business revenue grew by 29%, while ADO business revenue increased by 31%[20] - Overseas revenue grew by 30% year-over-year, despite economic cycles affecting the industry[20] - Revenue increased by 24% to RMB 7,252.27 million in 2023 compared to RMB 5,855.84 million in 2022[30] - Gross profit rose by 34% to RMB 2,580.75 million in 2023, with a gross margin of 36% (2022: 33%)[30] - Net profit attributable to equity holders increased by 61% to RMB 521.23 million in 2023 from RMB 323.80 million in 2022[35] - Total assets grew to RMB 13,880.12 million in 2023, up from RMB 13,026.06 million in 2022[28] - Total liabilities decreased to RMB 7,103.50 million in 2023 from RMB 6,897.58 million in 2022[28] - Operating profit before financing costs and taxes increased by 43% to RMB 992.26 million in 2023[34] - The debt ratio (total borrowings divided by total assets) decreased from 20% in 2022 to 18% in 2023[37] - Cash and cash equivalents stood at RMB 2,644.90 million at the end of 2023, up from RMB 2,027.93 million in 2022[37] - The company employed 4,929 staff in 2023, an increase from 4,521 in 2022[38] - The inventory turnover period decreased to 89 days in 2023 from 96 days in 2022[25] - The company's total GDP in 2023 was RMB 126,058.2 billion, with a year-on-year growth of 5.2%[50] - New energy vehicle sales in China increased by 37.9% year-on-year in 2023, with public charging piles growing by 43%[50] - Clean energy generation reached 2.7 trillion kWh in 2023, a year-on-year increase of 3.1%[50] - Renewable energy installed capacity exceeded 1.4 billion kW, accounting for over 50% of total capacity[50] - China's total electricity consumption reached 9,224.1 billion kWh, a year-on-year increase of 6.7%[51] - The green electricity trading volume in the Southern Power Grid region reached 8.12 billion kWh, a year-on-year increase of 120%[51] - State Grid's 110 kV and above power grid infrastructure projects completed 44,900 kilometers and 279 million kVA, achieving 105.2% of the annual plan[51] - State Grid's smart meter bidding amount was approximately RMB 23.29 billion, a year-on-year decrease of 9.2%[51] - The group's total revenue was RMB 7,252.27 million, a year-on-year increase of 24%, with a gross profit of RMB 2,580.75 million, up 34% year-on-year[53] - The group's overall gross margin was 36%, an increase of 3 percentage points compared to the previous year[53] - The group's net profit attributable to owners was RMB 521.23 million, a year-on-year increase of 61%[53] - The group's electric AMI business revenue was RMB 2,650.36 million, a year-on-year increase of 29%, accounting for 37% of the group's total revenue[55] - The group's electric AMI business gross margin was 43%, an increase of 4 percentage points compared to the previous year[55] - The group's domestic order amount for electric AMI business was approximately RMB 1,672 million, a year-on-year decrease of 9%[56] - The company's AMI business achieved a total bid amount of approximately RMB 795 million in the unified centralized procurement of two grid companies, maintaining a leading position in the industry[57] - The company's large-scale complete plant business increased by 38% year-on-year due to rising market demand in the new energy power generation sector[57] - The company's communication and fluid AMI business recorded revenue of RMB 2,116.98 million, a year-on-year increase of 11%, accounting for 29% of the group's total revenue[61] - The gross profit margin of the communication and fluid AMI business was 41%, up from 38% in the previous year[61] - The company's grid customers accounted for 57% of the revenue, while non-grid customers (including overseas customers) accounted for 43%[61] - The total contract value of the communication and fluid AMI business reached RMB 3,483 million, a year-on-year increase of 38%, providing strong support for future performance[62] - The company's ADO business achieved revenue of RMB 2,484.93 million in 2023, a 31% YoY increase, accounting for 34% of total revenue[66] - ADO business orders reached RMB 3,539 million in 2023, a 12% YoY growth, with grid market orders exceeding RMB 1,544 million (9% YoY increase) and non-grid market orders exceeding RMB 1,995 million (15% YoY increase)[67] - Overseas market orders for ADO business surged 521% YoY, driven by successful demonstration projects in key markets[67] - Key industry customer orders for ADO business grew 9% YoY, with breakthroughs in major clients like China Mobile and China Unicom[67] - The company's grid and non-grid customer revenue split was 31% and 69% respectively in 2023[66] - ADO business gross margin improved to 24% in 2023 from 22% in 2022[66] - The company ranked top in grid company tenders and aims to further improve power system informatization levels[63] - The company's AIoT smart fire protection platform has entered market application and completed smart park management platform system acceptance[63] - The company provided complete AMI system solutions to Southeast Asian countries like Laos and Myanmar, with plans to expand further in the region[63] - China's water conservancy construction investment reached RMB 1,199.6 billion in 2023, potentially benefiting the company's water meter business[64] - The company secured a bid of RMB 208 million for 6 packages in the Southern Power Grid distribution network tender, ranking first in the smart switch category[68] - Overseas revenue reached RMB 1,599.26 million, a 30% year-on-year increase, with overseas orders totaling RMB 2,758 million, up 38% year-on-year[72] - The company completed RMB 180 million in meter deliveries in Tanzania and maintained its position as a key supplier in Egypt and Côte d'Ivoire[73] - 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%[71] - The global smart meter market is expected to increase from USD 22.8 billion in 2022 to USD 37.9 billion by 2028, with a CAGR of 8.84%[71] - The State Grid plans to increase its investment in the power grid to over RMB 500 billion in 2024, maintaining a high-growth cycle[69] - Global new PV installations are expected to reach 420-455 GW in 2024, with China contributing 205-215 GW, an 8-13% year-on-year increase[69] - The global energy storage system investment is forecasted to grow sixfold to USD 8.2 billion in 2024 compared to 2016 levels[69] - The company aims to expand its overseas business by leveraging the "Belt and Road" policy, targeting key markets and establishing differentiated competitive strategies[70] - The company plans to focus on new energy markets, deepening cooperation with central state-owned enterprises and exploring opportunities in microgrid applications and energy storage integration[70] - The company's Brazilian subsidiary achieved a breakthrough in new energy products, delivering orders worth RMB 140 million[74] - The company completed the delivery of electricity meter orders exceeding RMB 800 million in the North American market[74] - The company secured electricity meter contracts worth over RMB 30 million in Ecuador and Chile[74] - The company delivered electricity meter orders exceeding RMB 45 million in Austria through cooperation with Siemens[74] Technological Innovation and R&D Achievements - Wasion Group won four scientific and technological progress awards from the China Instrument and Control Society in January 2023[10] - Wasion Group's "Wireless Rapid Meter Reading Method for Metering Instruments" won the third prize for invention patents in Hunan Province in April 2023[12] - Wasion Information's subsidiary, Zhuhai Zhonghui Microelectronics, received the first prize for scientific and technological progress from State Grid Hunan Electric Power Company in April 2023[12] - Wasion Group participated in the "Fuxi" domestic power-specific chip project, which won the special prize for scientific and technological progress from China Southern Power Grid in February 2023[11] - Wasion Information and its subsidiary, Hunan Weiming Energy Technology, achieved CMMI-ML5 certification, the highest level of international software maturity model, in January 2023[10] - Wasion Energy was included in the list of national enterprise technology centers recognized by the National Development and Reform Commission in January 2023[10] - The company's R&D efforts in smart metering and energy management have been recognized with multiple awards, including the China Instrument and Meter Society Science and Technology Progress Award[16] - The company's new single and three-phase smart meters have obtained RoHS and MID certifications for the European market[16] - The company's smart green microgrid project in the Miluo Circular Economy Industrial Park was selected as a 2023 industrial green microgrid typical application scenario[17] - The company successfully developed a dedicated electric carbon metering meter and maintained good cooperative relationships with provincial branches of State Grid and Southern Grid[57] - The company's communication and fluid AMI business focuses on digital grid and smart city, providing comprehensive solutions for energy digitalization and supporting various energy management scenarios[60] - The company's next-generation ultrasonic water meter is leading the industry with high rangeability, low start-up flow, and low pressure loss[78] - The company developed a new generation of environmentally friendly gas ring main units and small intelligent box transformers, enhancing the reliability and efficiency of the power distribution system[80] - The company's digitalized transformer area solution effectively addresses new energy integration and management issues, supporting multiple application scenarios such as energy storage and flexible DC interaction[80] - The company's energy storage business covers a wide range of products, including battery packs, battery cabins, BMS, PCS, and EMS, with applications in both domestic and international projects[80] - The company launched standardized smart charging and swapping products, reducing costs and improving efficiency, while advancing core component R&D[81] - The company developed over 80 automated test scripts for smart meters, increasing testing efficiency by 22%[82] - The company's WTZ30 dual-mode communication chip was recognized as a key R&D project in Hunan Province for 2023[78] - The company's Wi-SUN communication series products achieved batch delivery overseas, meeting Wi-SUN FAN international standards and Brazil's Anatel certification[78] - The company obtained 230 authorized patents, including 58 invention patents, and 94 software copyrights during the year[76] - The company's cumulative intellectual property assets include 1,941 patents, 1,707 software copyrights, and 3,648 intellectual property rights[76] - The company's "Data-Driven CVT Online Monitoring and State Evaluation Intelligent Device" project has 20 intellectual property rights, including 13 invention patents, with 7 authorized invention patents, and has been applied in multiple regions such as Ningxia, Jilin, Henan, and Gansu[175] - The new wide-range high-accuracy multi-function electric energy meter developed by the company has improved active accuracy by 50%, achieving a breakthrough in high-end electric energy metering technology[176] - The company's "New Generation Power Information Collection System Key Technology and Application" project won the first prize for scientific and technological progress from the State Grid Corporation of China, unifying power information collection technology standards in China[177] - The company's "Smart Charging Key Technology and Application for New Energy Logistics Vehicles" project won the second prize for outstanding scientific research achievements in universities, enhancing the intelligence and localization level of China's new energy vehicle charging technology system[181] - Wasion Group added 43 invention patents, 88 utility model patents, 62 design patents, and 80 software copyrights in 2023, with cumulative totals of 201, 732, 761, and 1,437 respectively[189] - Wasion Group was listed as a National Intellectual Property Advantage Enterprise for 2023-2026, recognizing its achievements in intellectual property management and innovation[190] - Wasion Energy was recognized as a National Enterprise Technology Center in 2023, highlighting its leading technological innovation capabilities in the industry[198] - The company has established a multifunctional testing center that integrates various reliability tests, including accuracy, electrical performance, electromagnetic compatibility, high voltage, and environmental temperature reliability[200] - The company's testing center has been accredited by the China National Accreditation Service for Conformity Assessment (CNAS) since 2012, enhancing the company's quality credibility and brand influence[200] ESG and Sustainability Initiatives - Wasion Energy was recognized as a "National Green Factory" by the Ministry of Industry and Information Technology in March 2023[11] - Wasion Energy was listed as a national demonstration enterprise for power demand-side management in the industrial sector by the Ministry of Industry and Information Technology in March 2023[11] - The company's ESG report adheres to GRI standards and Hong Kong Stock Exchange ESG reporting guidelines, with data verified by internal auditors[89] - The company is committed to integrating ESG elements into its operations, aligning with China's new development concepts of innovation, coordination, green development, openness, and sharing[94] - The company has implemented various cultural activities, such as "Corporate Culture Grand Tour" and "Corporate Culture Symposium," to promote its core values and enhance employee engagement[98] - The company emphasizes the integration of party building with corporate governance, aiming to drive high-quality development through party leadership and social responsibility initiatives[100] - The company is strategically positioning itself to leverage new technological and industrial revolutions, focusing on green economy and new energy systems to support industrial transformation[101] - The company has redefined its international strategy, focusing on modern new energy systems and accelerating its transformation from local exploration to comprehensive expansion[102] - The company is committed to green development, aiming to become a leading energy measurement and efficiency management company in China, with a focus on building green and low-carbon technology parks and supply chain management systems[103] - The company has established a comprehensive ESG management system, integrating ESG concepts into its development strategy and daily operations, with a board-driven and stakeholder-involved ESG management mechanism[104] - The company has implemented a green and low-carbon development path, integrating low energy consumption, low pollution, high efficiency, and high responsibility concepts throughout its entire product lifecycle[105] - The company has obtained multiple ISO certifications, including ISO9001, ISO14001, ISO45001, ISO50001, ISO10012, ISO27001, and ISO20000-1, demonstrating its commitment to quality, environmental, occupational health and safety, energy, and information security management[106][107][108] - The company has been recognized with the 2023 "Hunan Famous Brand" award and the "Top Ten Industrial and Commercial Energy Storage Brands" award, highlighting its leadership in energy measurement and storage solutions[110] - The company aims to continue its innovation-driven development, increasing R&D investment and maintaining strict quality control to provide high-quality products globally, with a focus on becoming a world-class energy measurement expert[111] - The company emphasizes stakeholder engagement, integrating stakeholder concerns into its ESG management strategy and creating long-term value for all stakeholders[114] - The company has set a target for greenhouse gas emissions to be less than 3.6 tons in 2023, with an average emission of 2.7 tons per 100 million yuan of annual income[122] - The target for domestic sewage discharge is less than 78 tons in 2023, with an average discharge of 57.2 tons per 100 million yuan of annual income[122] - The company aims to reduce domestic and kitchen waste to less than 0.5 tons in 2023, with an average of 0.2 tons per 100 million yuan of annual income[122] - Welding slag is fully recycled, with an average of 0.002 tons per 100 million yuan of annual income[122] - The company has established a target reduction of 2% to 5% in resource consumption based on historical averages[122] - The company monitors and manages energy consumption to reduce production equipment energy use[120] - The company has implemented measures to treat and discharge wastewater up to the Class IV standard of the "Surface Water Environmental Quality Standard" (GB3838-2002)[120] - The company uses new processes and materials to reduce emissions and improve the welding environment[120] - The company promotes low-carbon logistics and green packaging, reducing the use of paper packaging materials[120] - The company has set up a separate storage area for hazardous solid waste and ensures regular recycling by qualified suppliers[120] - Total electricity consumption in 2023 was 28,070,880 kWh, with a target of less than 4,966 kWh per million yuan of annual revenue[124] - Total water consumption in 2023 was 575,874 tons, with a target of less than 125 tons per million yuan of annual revenue[124] - Total natural gas consumption in 2023 was 460,466 cubic meters, with a target of less than 102