SEWPG(SH:688660)2025-03-24 10:20Financial Performance - The net profit attributable to shareholders for 2024 is -784,785,400.90 CNY, with the parent company's net profit at -770,689,623.73 CNY[7]. - The accumulated undistributed profits at the beginning of 2024 were -1,112,707,764.35 CNY, and at the end of 2024, they were -1,883,397,388.08 CNY[7]. - The company plans not to implement any profit distribution for the year 2024, as approved by the board[7]. - The company's operating revenue for 2024 was approximately CNY 10.44 billion, representing a 3.20% increase compared to CNY 10.11 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was a loss of approximately CNY 784.79 million, an improvement from a loss of CNY 1.27 billion in 2023[23]. - The basic earnings per share for 2024 was -CNY 0.59, compared to -CNY 0.95 in 2023[22]. - The weighted average return on equity for 2024 was -14.31%, an improvement from -19.55% in 2023[22]. - The company's total assets as of the end of 2024 were approximately CNY 29.21 billion, a 12.95% increase from CNY 25.86 billion at the end of 2023[23]. Operational Highlights - The company recorded a significant increase in new sales orders in 2024, contributing to improved cash flow from operations[25]. - New wind turbine sales orders reached 12,410.5 MW, a year-on-year increase of 243.93%, with total orders on hand amounting to 15,967 MW, up 79.99% year-on-year[37]. - The cumulative installed capacity of wind power in China reached 52.068 million kW by the end of 2024, representing a year-on-year growth of 18%[34]. - The company’s service business and spare parts orders amounted to 470.8275 million RMB, with sales revenue of 416.9336 million RMB, reflecting a growth of 6.11% year-on-year[40]. - The company has established the world's largest wind power testing platform, enhancing product reliability and supporting high-quality development in the industry[41]. Research and Development - Research and development expenses accounted for 5.97% of operating revenue in 2024, a decrease of 0.54 percentage points from 6.51% in 2023[22]. - The company achieved a total R&D investment of approximately ¥622.92 million in the reporting period, a decrease of 5.34% compared to the previous year[86]. - The company has filed for a total of 1,513 patents, with 107 granted in the reporting period, including 29 invention patents and 24 utility model patents[84]. - The company has developed the world's largest low-frequency offshore wind turbine, a 16MW model, which enhances economic efficiency and increases transmission distance[73]. - The company is focusing on deep-sea technology, with ongoing research and development of floating wind power technologies and products[83]. Market and Industry Trends - The industry is undergoing a significant transition towards green and low-carbon energy, with policies supporting the sustainable development of the wind power sector[47]. - By 2024, non-fossil energy generation capacity is expected to account for approximately 55% of total installed capacity, with wind and solar power contributing over 17% of national electricity generation[48]. - The government aims to increase the share of non-fossil energy consumption to around 25% by 2030, promoting the development of clean energy bases[50]. - The domestic wind power bidding scale reached 220,644 MW in 2024, with onshore projects accounting for 178,921 MW and offshore projects for 13,661 MW[59]. - The overseas wind power market is projected to add 70 million kW of onshore and nearly 20 million kW of offshore capacity by 2028, becoming a new growth area for domestic manufacturers[152]. Governance and Compliance - The company has established a governance system that complies with relevant laws and regulations, continuously improving internal control systems to ensure effective operation[173]. - The company’s board consists of 9 members, including 3 independent directors, ensuring a diverse and complementary composition with expertise in management, strategic research, manufacturing, marketing, finance, and investment[171]. - The company is actively enhancing its compliance awareness and has participated in training to keep abreast of the latest legal regulations, improving the professional level of its directors and supervisors[171]. - The company has maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring autonomous business capabilities[174]. - The company is committed to transparency, as evidenced by its timely disclosures regarding board and management changes on the Shanghai Stock Exchange[184]. Strategic Initiatives - The company plans to enhance R&D investment and strengthen its product development system, focusing on offshore wind power with a target of producing 20-25 MW wind turbines[155]. - The company aims to develop 12-15 MW onshore wind turbines, considering various geographical and climatic factors in China[156]. - The company is committed to improving wind turbine reliability by utilizing multidisciplinary collaborative design methods and enhancing cooperation with suppliers to ensure the quality of key components[163]. - The company plans to optimize its revenue structure by increasing the proportion of orders and deliveries from offshore and overseas markets, while implementing cost control measures to maintain product profitability[167]. - The company will continue to develop wind resource projects, optimizing project development processes to enhance investment returns and support overall profitability[167].