科陆电子(002121) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides important notices, the table of contents, and definitions for the report Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance metrics Company Overview Shenzhen CLOU Electronics Co., Ltd. (stock code: 002121) is a company listed on the Shenzhen Stock Exchange, with Fu Yongjun as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | CLOU Electronics | | Stock Code | 002121 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | Shenzhen CLOU Electronics Co., Ltd. | | Legal Representative | Fu Yongjun | Key Accounting Data and Financial Indicators In the first half of 2024, the company achieved operating revenue of 1.911 billion yuan, a 22.39% increase year-on-year, with net profit attributable to shareholders significantly reducing losses by 71.03% to -39.67 million yuan Key Financial Indicators | Key Financial Indicators | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,911,081,832.28 | 1,561,470,995.10 | 22.39% | | Net Profit Attributable to Shareholders (yuan) | -39,671,054.10 | -136,956,589.02 | 71.03% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (yuan) | -107,902,351.80 | -123,826,766.10 | 12.86% | | Net Cash Flow from Operating Activities (yuan) | 12,258,967.69 | 245,628,529.33 | -95.01% | | Basic Earnings Per Share (yuan/share) | -0.0239 | -0.0944 | 74.68% | | Weighted Average Return on Net Assets | -4.25% | -19.07% | 14.82% | | Total Assets (yuan) | 7,246,882,216.26 | 7,909,663,595.54 | -8.38% (Period-end vs. Year-start) | | Net Assets Attributable to Shareholders (yuan) | 924,794,250.79 | 940,611,039.09 | -1.68% (Period-end vs. Year-start) | Non-Recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 68.23 million yuan, primarily from disposal of non-current assets, government subsidies, and other non-operating income and expenses Non-Recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 17,549,339.72 | | Government Subsidies Included in Current Profit/Loss | 20,949,029.41 | | Other Non-Operating Income and Expenses Apart from the Above | 32,992,455.22 | | Total | 68,231,297.70 | Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook Principal Business and Industry Development The company's core businesses are intelligent power grids and new electrochemical energy storage, benefiting from accelerated new power system construction and significant grid investment - The company's core businesses are intelligent power grids and new electrochemical energy storage, providing products, system solutions, and services across generation, transmission, distribution, and storage segments[16] - The industry benefits from "dual carbon" goals, accelerating new power system construction, with State Grid and China Southern Power Grid investments exceeding 600 billion yuan and 173 billion yuan respectively in 2024, driving growth for the company's intelligent power grid business[17][18] - "New energy storage" was first included in the government work report, leading to rapid industry development; by H1 2024, national new energy storage cumulative installed capacity grew over 40% from end-2023, with an estimated CAGR of 37.4% (conservative) to 45.0% (ideal) for 2024-2028[19] Core Competitiveness Analysis The company's core competitiveness stems from its strong R&D innovation, high brand recognition, comprehensive industry chain, and empowerment from controlling shareholder Midea Group - The company possesses core technologies in IoT communication, advanced metering, edge computing, and distribution control, holding multiple international certifications such as KEMA, MID, and DLMS, with 145 patent applications and 65 grants in H1 2024[20][21] - As an early entrant into the energy storage system integration field in China, the company fully self-develops and produces core units like PCS, BMS, and EMS, offering full lifecycle EP Package station services[20][21] - Since Midea Group became the controlling shareholder in June 2023, the company has received comprehensive empowerment in R&D, manufacturing, supply chain, channels, and brand, particularly leveraging Midea Group's supply chain and channel advantages to expand its customer base in industrial and commercial energy storage[21] Analysis of Principal Business In H1 2024, operating revenue grew by 22.39% to 1.911 billion yuan, driven by a 240.27% surge in energy storage business revenue and strong international market performance - The company's net profit loss decreased by 97.2855 million yuan year-on-year in the first half, primarily due to the rapid development and improved profitability of its energy storage business[22] Operating Revenue and Gross Profit Margin by Product | By Product | Operating Revenue (yuan) | Year-on-Year Change | Gross Profit Margin | Gross Profit Margin Change from Prior Year Period | | :--- | :--- | :--- | :--- | :--- | | Intelligent Power Grid | 1,380,926,418.97 | 3.45% | 32.93% | -2.50% | | Energy Storage Business | 462,689,121.40 | 240.27% | 34.13% | 28.72% | | Integrated Energy Management and Services | 38,082,608.64 | -37.65% | -2.44% | -24.32% | Operating Revenue and Gross Profit Margin by Region | By Region | Operating Revenue (yuan) | Year-on-Year Change | Gross Profit Margin | Gross Profit Margin Change from Prior Year Period | | :--- | :--- | :--- | :--- | :--- | | Domestic | 1,346,393,814.04 | 15.04% | 31.91% | -1.62% | | International | 564,688,018.24 | 44.39% | 34.54% | 5.17% | - The company's energy storage business achieved breakthroughs in overseas markets, transitioning from an equipment supplier to a system integrator and signing contracts with multiple European companies to expand its market presence[23] Analysis of Assets and Liabilities As of the reporting period end, total assets decreased by 8.38% to 7.247 billion yuan, with significant changes in cash, fixed assets, and long-term borrowings, and 603 million yuan in restricted assets Key Asset and Liability Items | Asset and Liability Item | Period-End Amount (yuan) | Percentage of Total Assets | Explanation of Change from Year-Start | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 515,366,795.15 | 7.11% | Decrease due to operating settlements | | Fixed Assets | 2,260,716,966.38 | 31.20% | Decrease mainly due to sale of Nanchang R&D building and some new energy vehicles | | Short-Term Borrowings | 2,868,816,994.11 | 39.59% | Increased by 2.91 percentage points | | Contract Liabilities | 594,999,282.90 | 8.21% | Decrease due to recognition of energy storage contract revenue offsetting advance receipts | | Long-Term Borrowings | 153,302,428.75 | 2.12% | 400 million yuan of borrowings reclassified to non-current liabilities due within one year | - As of the end of the reporting period, the company had 603 million yuan in assets with restricted ownership or usage rights, primarily investment properties, fixed assets, and intangible assets pledged as collateral, as well as monetary funds frozen or used as deposits[31][32] Analysis of Investment Status During the reporting period, the company's investment decreased by 64.36% to 14.31 million yuan, with significant non-equity investments in energy storage industrial parks totaling 1.988 billion yuan, and a -2.1054 million yuan loss from foreign exchange derivative hedging Major Non-Equity Investment Projects | Major Non-Equity Investment Project | Investment Method | Cumulative Actual Investment Amount as of Period-End (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | Smart Energy Industrial Park Project (Guangming Industrial Park) | Self-built | 1,871,031,851.00 | 89.68% | | Yichun CLOU Energy Storage Base Phase I Expansion | Self-built | 49,407,576.77 | 88.96% | | Foshan Energy Storage Industrial Park Project | Self-built | 67,787,659.96 | 13.45% | - To hedge against foreign exchange risks, the company engaged in foreign exchange derivative transactions for hedging purposes, resulting in an actual loss of 2.1054 million yuan during the reporting period[38][39] Analysis of Major Holding and Associate Companies Several subsidiaries significantly impacted overall performance, with CLOU International Technology and Guangdong Shunde Switchgear profitable, while EGYPTIAN SMART METERS COMPANY and Shenzhen CLOU New Energy Technology incurred substantial losses Net Profit of Major Holding and Associate Companies | Company Name | Type | Net Profit (yuan) | | :--- | :--- | :--- | | CLOU International Technology Co., Ltd. | Subsidiary | 29,058,589.72 | | Guangdong Shunde Switchgear Factory Co., Ltd. | Subsidiary | 8,838,342.11 | | Yichun CLOU Energy Storage Technology Co., Ltd. | Subsidiary | 7,689,217.30 | | EGYPTIAN SMART METERS COMPANY(S.A.E) | Subsidiary | -111,264,295.25 | | Shenzhen CLOU New Energy Technology Co., Ltd. | Subsidiary | -54,102,385.55 | | Shenzhen CheDian Network Co., Ltd. | Associate Company | -43,425,575.84 | - During the reporting period, the company deregistered 4 subsidiaries and transferred 2 subsidiaries engaged in new energy bus operations[47] Risks and Countermeasures The company faces policy, market competition, technology and talent, and exchange rate risks, which it addresses through policy analysis, market-driven innovation, talent retention, and foreign exchange hedging - The company faces several key risks: - Policy Risk: Changes in macroeconomic, industrial, and tax policies, as well as geopolitical factors and trade barriers, may impact operations - Market Competition Risk: Increased new entrants in the energy storage industry intensify competition, demanding higher continuous innovation capabilities from the company - Technology and Talent Risk: Loss of core technology secrets or key technical personnel could adversely affect new product development and market expansion - Exchange Rate Risk: Overseas business is primarily settled in USD and EGP, and exchange rate fluctuations may lead to exchange losses[48][49] Corporate Governance This section details the company's corporate governance structure and key personnel changes Changes in Directors, Supervisors, and Senior Management During the reporting period, Mr. Jiang Huafang resigned as director and president, and Mr. Li Gefeng was appointed as the new president and elected as a director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Jiang Huafang | Director, President | Resignation, Dismissal | April 19, 2024 | Resigned due to work requirements | | Li Gefeng | President | Appointment | April 25, 2024 | Appointed by the Board of Directors | | Li Gefeng | Director | Election | May 13, 2024 | Elected by the Shareholders' Meeting | Environmental and Social Responsibility This section addresses the company's environmental performance and social responsibility initiatives Major Environmental Issues During the reporting period, the company and its subsidiaries were not classified as key polluting units and received no environmental administrative penalties - The company and its subsidiaries are not classified as key polluting units, and there were no environmental administrative penalties during the reporting period[55] Significant Matters This section covers significant events including asset sales, litigation, related party transactions, and guarantees Major Asset and Equity Disposals During the reporting period, the company completed two major asset disposals: the sale of new energy vehicles for 73.2265 million yuan and the Nanchang R&D building for 135.2 million yuan, generating significant disposal gains Major Asset Disposals | Asset Disposed | Transaction Price (ten thousand yuan) | Asset Disposal Gain (ten thousand yuan) | | :--- | :--- | :--- | | New Energy Vehicles | 7,322.65 | 2,033.01 | | Nanchang R&D Building | 13,520.00 | 61.03 | Litigation Matters The company is involved in several significant lawsuits and arbitrations, including a construction contract dispute with Shenzhen Energy Hehe Power (Heyuan) Co., Ltd. for 112.4081 million yuan - The company, as a defendant, is involved in a construction contract dispute with Shenzhen Energy Hehe Power (Heyuan) Co., Ltd., with the highest amount in question, reaching 112.4081 million yuan, where the plaintiff requests payment of project guaranteed returns, electricity fees, and substantial liquidated damages[63][64] - The sales contract dispute between the controlling sub-subsidiary Shenzhen Zhongdian Lvyuan Pure Electric Vehicle Operation Co., Ltd. and Dongfeng Special Purpose Vehicle Co., Ltd. involves 56.9051 million yuan; Zhongdian Lvyuan won in the first instance, and the opposing party has appealed, with the case currently in the second instance[62][63] Major Related Party Transactions The company engaged in daily related party transactions totaling 19.9983 million yuan with Midea Group and its subsidiaries, and had a 400.4056 million yuan outstanding debt from accounts receivable factoring with Midea Commercial Factoring Co., Ltd. - The total amount of daily related party transactions between the company and Midea Group and its subsidiaries was 19.9983 million yuan, which is a low proportion of the approved transaction limit of 548.3 million yuan[66][68] - The company conducted accounts receivable factoring business with Midea Commercial Factoring Co., Ltd., with an outstanding related party debt balance of 400.4056 million yuan at period-end, and the financing interest rate decreased from 4.5% at the beginning of the year to 3.65%[71] Major Contracts and Guarantees As of the reporting period end, the company's total actual guarantees amounted to 299.86 million yuan, representing 32.42% of net assets, primarily for subsidiaries with high debt-to-asset ratios Guarantee Status | Guarantee Status | Amount (yuan) | | :--- | :--- | | Total Actual Guarantee Balance at Period-End | 299,860,400 | | Percentage of Company's Net Assets | 32.42% | | Debt Guarantee Balance for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% | 273,368,900 | Changes in Shares and Shareholder Information This section details changes in the company's share capital and the composition of its shareholders Shareholder Information As of the reporting period end, the company had 74,519 common shareholders, with Midea Group and Shenzhen Capital Operation Group as the top two shareholders, holding 22.79% and 12.98% respectively Shareholder Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | | Midea Group Co., Ltd. | 22.79% | 378,514,789 | 252,467,541 | | Shenzhen Capital Operation Group Co., Ltd. | 12.98% | 215,638,043 | 0 | Preferred Shares Information This section confirms the absence of preferred shares during the reporting period Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[95] Bonds Information This section confirms the absence of bonds during the reporting period Bonds The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[96] Financial Report This section presents the company's consolidated and parent company financial statements for the reporting period Financial Statements This section provides the company's H1 2024 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, showing total assets of 7.247 billion yuan and a significantly narrowed net loss Key Items from Consolidated Balance Sheet | Key Items from Consolidated Balance Sheet | Period-End Balance (yuan) | Year-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 7,246,882,216.26 | 7,909,663,595.54 | | Total Liabilities | 6,318,307,769.55 | 6,929,171,891.66 | | Equity Attributable to Parent Company Owners | 924,794,250.79 | 940,611,039.09 | Key Items from Consolidated Income Statement | Key Items from Consolidated Income Statement | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,911,081,832.28 | 1,561,470,995.10 | | Operating Profit | -102,340,490.07 | -184,726,333.73 | | Total Profit | -69,348,034.85 | -198,356,095.30 | | Net Profit Attributable to Parent Company Shareholders | -39,671,054.10 | -136,956,589.02 | Key Items from Consolidated Cash Flow Statement | Key Items from Consolidated Cash Flow Statement | H1 2024 (yuan) | H1 2023 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 12,258,967.69 | 245,628,529.33 | | Net Cash Flow from Investing Activities | -17,045,963.51 | -259,484,521.20 | | Net Cash Flow from Financing Activities | -231,120,424.69 | 204,160,682.03 | | Net Increase in Cash and Cash Equivalents | -260,418,615.97 | 202,189,448.12 |