SEWPG(SH:688660)2024-10-30 09:38Financial Performance - The company's operating revenue for the third quarter was ¥1,916,461,396.67, representing a year-on-year increase of 13.90%[2] - The net profit attributable to shareholders was -¥89,805,338.40 for the quarter, with a year-to-date net profit of -¥476,614,366.00, indicating a significant decline[2] - The basic earnings per share for the quarter was -¥0.07, with a year-to-date figure of -¥0.36[2] - The company faced a 47.08% decline in year-to-date operating revenue due to delayed project execution and insufficient new orders[5] - Total operating revenue for the first three quarters of 2024 was ¥3,134,871,098.27, a decrease of 47.0% compared to ¥5,924,270,707.81 in the same period of 2023[13] - The net loss for the first three quarters of 2024 was ¥477,204,502.87, compared to a net loss of ¥652,705,325.57 in the same period of 2023, indicating an improvement of 26.8%[14] - The company reported a total comprehensive loss of ¥477,657,911.91 for the first three quarters of 2024, compared to a loss of ¥652,040,059.83 in 2023, showing a 26.7% improvement[14] - Operating profit for the first three quarters of 2024 is CNY -427,266,210.18, an improvement from CNY -791,717,862.95 in the first three quarters of 2023[20] - Net profit for the first three quarters of 2024 is CNY -398,047,972.97, compared to CNY -679,713,012.60 in the same period of 2023, indicating a reduction in losses[20] Research and Development - Research and development expenses totaled ¥210,856,190.09 for the quarter, an increase of 80.87% year-on-year, accounting for 11.00% of operating revenue[3] - Research and development expenses for the first three quarters of 2024 were ¥411,528,975.14, slightly up from ¥398,191,826.75 in 2023, reflecting a 3.4% increase[13] - Research and development expenses for the first three quarters of 2024 are CNY 417,317,342.38, slightly higher than CNY 395,126,120.13 in the same period of 2023[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥26,859,237,235.64, reflecting a 3.87% increase from the previous year[3] - The company's total assets amounted to 26,859,237,235.64 RMB, an increase from 25,857,415,570.16 RMB at the end of 2023[11] - The company's total liabilities increased to ¥21,454,069,042.23 as of September 30, 2024, up from ¥19,983,031,590.15 at the end of 2023, representing a growth of 7.4%[12] - The total liabilities decreased to CNY 21,726,695,098.33 as of September 30, 2024, from CNY 22,139,386,752.13 at the end of 2023[19] - The total equity attributable to shareholders decreased by 7.99% year-on-year, amounting to ¥5,396,444,556.54[3] - The total equity decreased to CNY 5,009,855,493.01 as of September 30, 2024, from CNY 5,414,363,492.41 at the end of 2023[19] Cash Flow - The company reported a negative cash flow from operating activities of -¥2,346,795,889.77 year-to-date, although there was a positive cash flow of ¥183,243,113.01 for the quarter[2][5] - Operating cash flow for the first three quarters of 2024 was -2,346,795,889.77 RMB, an improvement from -3,826,871,751.14 RMB in the same period of 2023, indicating a reduction in cash outflow[15] - The net cash flow from operating activities improved to -¥2.71 billion in 2024 from -¥3.31 billion in 2023, indicating a reduction in cash outflow[22] - Cash inflow from financing activities increased significantly to ¥3.27 billion in 2024, compared to ¥2.51 billion in 2023, reflecting stronger capital raising efforts[23] - The net cash flow from financing activities also improved to ¥2.74 billion in 2024, up from ¥1.88 billion in 2023, showcasing enhanced financial stability[23] Shareholder Information - The top shareholder, Shanghai Electric Group Co., Ltd., holds 61.4% of the shares, indicating strong state ownership[6] Orders and Backlog - The company reported a total of 7,147.6 MW in new orders, representing a year-over-year increase of 292.53%[9] - The cumulative backlog of orders reached 14,566.45 MW, up 60.66% compared to the same period last year[9] Government Support - The company received government subsidies totaling ¥2,462,277.58 for the quarter, contributing to its financial performance[4] Inventory and Receivables - Inventory increased significantly to 3,132,654,969.61 RMB, compared to 1,668,983,692.46 RMB at the end of 2023[10] - Accounts receivable stood at 3,611,391,285.53 RMB, down from 3,919,188,240.22 RMB at the end of 2023[10] - Accounts receivable decreased to 4,445,044,490.21 RMB in September 2024 from 5,238,375,382.61 RMB at the end of 2023, indicating improved collection efforts[17] Borrowings - Long-term borrowings rose significantly to ¥2,881,087,116.46 in 2024 from ¥1,281,873,739.78 in 2023, marking an increase of 125.5%[12] - The company's long-term borrowings increased significantly to CNY 2,490,500,000.00 in 2024 from CNY 916,000,000.00 in 2023[19] - The company reported a significant decrease in short-term borrowings, which fell to CNY 519,080,000.00 from CNY 1,087,824,160.00[19] Cash Management - The company's cash and cash equivalents at the end of September 2024 were 1,838,052,512.21 RMB, down from 3,311,443,102.41 RMB at the end of December 2023, reflecting a decline in liquidity[16] - Total current assets decreased to 14,610,268,102.76 RMB as of September 30, 2024, from 16,008,874,907.05 RMB at the end of 2023, indicating a reduction in asset base[17] - The company recorded a net cash increase of -372,661,430.20 RMB for the first three quarters of 2024, compared to -2,366,155,493.68 RMB in the same period of 2023, showing a significant improvement in cash flow management[16]