XJEC(SZ:000400)2025-04-10 11:50Financial Performance - The company's operating revenue for 2024 was CNY 17,089,133,346.79, representing a slight increase of 0.17% compared to CNY 17,060,896,563.04 in 2023[18]. - The net profit attributable to shareholders for 2024 reached CNY 1,116,925,147.02, marking an 11.09% increase from CNY 1,005,384,610.79 in 2023[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,061,890,917.40, which is a 22.19% increase compared to CNY 869,065,456.59 in 2023[18]. - The net cash flow from operating activities decreased by 52.74% to CNY 1,298,911,206.62 from CNY 2,748,163,854.51 in 2023[18]. - The total assets of the company increased by 15.35% to CNY 25,264,618,662.84 at the end of 2024, up from CNY 21,903,098,446.17 at the end of 2023[18]. - The net assets attributable to shareholders rose by 5.51% to CNY 11,295,271,308.57 at the end of 2024, compared to CNY 10,705,001,954.92 at the end of 2023[18]. - The basic earnings per share for 2024 was CNY 1.1018, reflecting a 10.50% increase from CNY 0.9971 in 2023[18]. - The diluted earnings per share for 2024 was also CNY 1.1018, which is a 10.62% increase from CNY 0.9960 in 2023[18]. - The company distributed a total cash dividend of CNY 426,908,335.46, which accounts for 38.22% of the net profit attributable to shareholders[6]. - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares, based on a total of 1,018,874,309 shares[5]. Revenue and Sales - The company's total revenue for Q4 2024 reached ¥7,503,082,104.45, with a total annual revenue of ¥17,089,133,346.79, reflecting a significant year-on-year growth[22]. - The net profit attributable to shareholders for Q4 2024 was ¥222,231,878.27, with an annual net profit of ¥1,116,895,147.02, indicating a stable performance despite fluctuations in quarterly results[22]. - The net cash flow from operating activities for Q4 2024 was ¥503,079,796.10, contributing to an annual total of ¥1,298,911,206.62, showcasing strong cash generation capabilities[22]. - The revenue from smart electric meters increased by 11.00% to ¥3,866,387,488.87, contributing 22.62% to total revenue[62]. - The revenue from the direct current transmission system surged by 101.57% to ¥1,443,665,683.71, representing 8.45% of total revenue[62]. - The sales of smart electric meters increased by 11.85% to ¥2,912,807,933.61, representing 21.51% of total sales in 2024[66]. Market Expansion and Strategy - The company is focusing on expanding its core businesses in ultra-high voltage, smart grids, and renewable energy, with plans to enhance its product offerings in energy storage and smart operation[35]. - The government has introduced policies to promote green transformation in the energy sector, which is expected to drive demand for the company's products and services[30]. - The company aims to increase its investment in high-quality power grid construction, with a projected investment exceeding ¥650 billion in 2025[33]. - The company has developed advanced smart distribution systems utilizing cloud computing and IoT technologies to enhance operational efficiency and service quality[38]. - The company is positioned as a leader in the power equipment industry, providing comprehensive technical support for clean energy production, transmission, and distribution[35]. - The company secured significant orders in the domestic market, including projects for the State Grid and Southern Grid, with notable growth in smart electric meter procurement[58]. - Internationally, the company won bids for products in markets such as Saudi Arabia and Brazil, focusing on local cooperation and market development[58]. Research and Development - Research and development investment totaled 880 million yuan, up 10.84% year-on-year, accounting for 5.15% of operating revenue[57]. - The company has developed the world's first 40.5 kV/4000 A gas-insulated switchgear and achieved the first application of a 6.5 kV/4000 A IGCT flexible direct current converter[58]. - The company is advancing several R&D projects, including the development of a new generation of modular DC chargers, which are expected to enhance its competitive edge in the market[75]. - The company has completed the development of a 360kW group control DC charging device, which is expected to enhance its market presence in the public charging station sector[77]. - The R&D investment for 2024 reached approximately ¥879.86 million, representing a 10.84% increase from ¥793.82 million in 2023[79]. - The number of R&D personnel increased by 8.66% to 2,723 in 2024, with the proportion of R&D staff rising to 46.86%[79]. Environmental and Social Responsibility - The company invested 2.8172 million yuan in environmental protection in the year, focusing on green and low-carbon development[191]. - The company achieved a reduction in emissions of ammonia nitrogen, sulfur dioxide, and particulate matter, complying with environmental standards[191]. - The company has established a comprehensive environmental management system and has been certified under GB/T24001-2016 and GB/T23331-2020[195]. - The company has received recognition as a green manufacturer and has several national-level green factories[191]. - The company has implemented measures to reduce carbon emissions, including the installation of distributed photovoltaic systems on factory rooftops[196]. Governance and Management - The company has undergone significant management changes, with multiple resignations and new appointments in 2024[130]. - The company aims to strengthen its leadership team with experienced professionals from various sectors[131][132][134]. - The management transition is expected to enhance strategic decision-making and operational efficiency[131][132]. - The company emphasizes customer service and aims to enhance customer experience through a comprehensive service management system[106]. - The company has committed to strictly adhere to relevant laws and regulations to avoid conflicts of interest and protect the rights of minority shareholders during the integration process[124]. - The company has a clear ownership structure with independent production and sales systems, ensuring operational autonomy from the controlling shareholder[122]. Employee and Talent Development - The total number of employees at the end of the reporting period was 5,811, with 2,878 in the parent company and 2,933 in major subsidiaries[161]. - The company has a total of 3,033 technical personnel, representing approximately 52% of the workforce[161]. - The company emphasizes training programs focused on performance improvement and capability enhancement, with a monthly monitoring mechanism for training implementation[164]. - The company has implemented a diversified income distribution system, including performance-based salaries and annual salary systems[163]. - The company has established a dual-channel career development system for employees, consisting of 24 levels across 4 horizontal positions and 8 vertical tiers[178]. Shareholder Relations - The company has ensured that minority shareholders have had sufficient opportunities to express their opinions and that their legal rights are fully protected[166]. - The company has increased cash dividends and improved the dividend payout ratio, completing the implementation of cash dividends for the first half and third quarter of 2024[116]. - The company has a cash dividend policy that complies with its articles of association and shareholder resolutions, ensuring transparency and clarity in the decision-making process[166]. - The annual shareholders' meeting had a participation rate of 60.81% on May 29, 2024, while the first and second extraordinary shareholders' meetings had participation rates of 48.89% and 56.25% respectively[125]. Internal Control and Compliance - The internal control system has been effective since the company's establishment, covering all operational aspects including financial reporting and investment management[180]. - The internal control evaluation report indicates that 100% of the evaluated units' total assets and operating income are included in the consolidated financial statements[182]. - The internal control audit report issued a standard unqualified opinion, confirming effective internal control over financial reporting as of December 31, 2024[184]. - The company has revised internal control systems and governance structures to enhance compliance and operational efficiency[115].