SEWPG(688660)2024-05-07 11:56Financial Performance - The net profit attributable to shareholders for 2023 was -1,271,270,080.21 CNY, with the parent company's net profit at -1,471,804,156.03 CNY[5]. - The accumulated undistributed profits at the beginning of 2023 were 359,096,391.68 CNY, which decreased to -1,112,707,764.35 CNY by the end of the year[5]. - The company plans not to implement any profit distribution for the 2023 fiscal year, as approved by the board of directors[5]. - The company's operating revenue for 2023 was approximately ¥10.11 billion, a decrease of 16.24% compared to ¥12.08 billion in 2022[19]. - The net profit attributable to shareholders was a loss of approximately ¥1.27 billion in 2023, compared to a loss of ¥338 million in 2022[19]. - The basic earnings per share for 2023 was -¥0.95, a significant decline from -¥0.25 in 2022[20]. - The company's total assets decreased by 14.40% to approximately ¥25.86 billion at the end of 2023, down from ¥30.21 billion at the end of 2022[19]. - The total cash flow from operating activities for 2023 was a negative ¥3.95 billion, compared to a negative ¥717 million in 2022[19]. - The gross profit margin for the main business decreased by 7.67 percentage points to 6.54%[100]. - The total revenue for the year 2023 was approximately ¥10.06 billion, a decrease of 15.98% compared to the previous year, with a gross margin of 6.54%, down by 7.66 percentage points[102]. Operational Risks and Governance - The company has detailed various operational risks in the report, which investors are advised to review[4]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The report includes a standard unqualified audit opinion from PwC Zhongtian[5]. - The company maintains complete independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring autonomous business capabilities[156]. - The company emphasized the importance of corporate governance, with a focus on compliance and the timely revision of relevant systems to enhance governance levels[154]. - The board revised the related party transaction management system to further standardize decision-making and management processes[155]. Research and Development - The research and development expenditure as a percentage of operating revenue increased to 6.51% in 2023, up from 4.83% in 2022[20]. - The company is focused on developing new products and technologies, including the "Petrel" and "Poseidon" platforms for different environmental conditions[11]. - The company has developed a comprehensive testing and verification system covering the entire lifecycle of wind power, with multiple self-testing capabilities recognized by CNAS[40]. - The company has established multiple testing and verification bases to support the development of high-reliability, trustworthy solutions throughout the product lifecycle[84]. - The cumulative investment in R&D projects reached CNY 95,445.80 million, indicating a strong commitment to innovation and market competitiveness[78]. - The company has applied for 105 new patents during the reporting period, with a total of 1,438 patents held, including 831 invention patents[71]. Market and Sales Performance - The company reported a total of 3,608.45 MW in new orders for 2023, a decrease of 41.86% year-on-year, with cumulative orders on hand at 8,871.25 MW, down 9.39% from the previous year[36]. - The average selling price of wind turbine products decreased significantly due to increased competition and a shift to lower-priced projects[22]. - The company delivered a total of 1,710 MW in sales volume in the fourth quarter, a decrease of 14.67% compared to the previous year[26]. - The company is actively pursuing logistics optimization to address challenges related to the increasing size of wind turbine components and transportation complexities[91]. - The company aims to expand its market presence by focusing on large-scale land-based projects and offshore opportunities while enhancing its service offerings[88]. Strategic Initiatives - The company is transitioning from a wind turbine manufacturer to a full lifecycle service provider for wind power, focusing on digitalization and intelligent manufacturing[58]. - The company is exploring the integration of wind power with various energy sources and industries, reflecting a trend towards multi-energy development[53]. - The company plans to further expand into overseas markets in 2024, with some overseas sales orders set to begin execution[94]. - The company aims to enhance its organizational efficiency and risk control systems through multiple rounds of organizational changes and functional adjustments[41]. - The company is committed to increasing R&D investment and enhancing its product development and technology systems to lead the offshore wind power sector in China[137]. Financial Management - The company’s accounts receivable and contract assets totaled approximately ¥9.53 billion at the end of the reporting period, representing 36.86% of total assets, indicating a high dependency on customer payments[92]. - The company is reliant on government subsidies, which accounted for a significant portion of its non-operating income, posing a risk if future policies change[92]. - The company has committed to using part of its idle raised funds to temporarily supplement working capital, demonstrating financial flexibility[181]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 5.881 million RMB[176]. Human Resources and Training - The company employed a total of 1,687 staff members, with 775 in technical roles and 138 in sales[194]. - The number of R&D personnel decreased from 556 to 525, while the proportion of R&D personnel in the total workforce increased from 29.88% to 31.12%[82]. - The company implemented over 500 new employee training sessions and completed skill assessments for over 400 individuals[197][198]. - The training programs focus on enhancing skills for frontline service personnel through a combination of theory and practical training[198]. Corporate Social Responsibility - The company has established an ESG management committee, highlighting its commitment to environmental, social, and governance practices[181]. - The company is enhancing its corporate social responsibility initiatives to align with its long-term strategic goals[172].