SHUNNA(SZ:000533)2025-04-15 11:00Financial Performance - The company's operating revenue for 2024 reached ¥2,419,568,784.32, representing a 17.06% increase compared to ¥2,066,922,966.26 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥94,052,453.42, a significant increase of 46.10% from ¥64,374,051.97 in 2023[22]. - The net profit after deducting non-recurring gains and losses was ¥90,747,261.06, up 25.84% from ¥72,113,574.13 in the previous year[22]. - Basic earnings per share for 2024 were ¥0.1361, reflecting a 46.03% increase from ¥0.0932 in 2023[22]. - Total assets at the end of 2024 amounted to ¥2,972,985,220.64, an increase of 11.78% from ¥2,659,756,143.67 at the end of 2023[22]. - The net assets attributable to shareholders increased by 12.00% to ¥868,404,314.28 from ¥775,389,325.18 in 2023[22]. - The weighted average return on net assets for 2024 was 11.43%, up from 8.64% in 2023[22]. - The company's total revenue for 2024 reached ¥2,419,568,784.32, representing a year-on-year increase of 17.06% compared to ¥2,066,922,966.26 in 2023[125]. - The industrial segment accounted for ¥2,416,088,628.68, or 99.86% of total revenue, with a year-on-year growth of 17.01%[127]. - Domestic revenue was ¥2,100,224,095.65, making up 86.80% of total revenue, with a year-on-year increase of 9.91%, while international revenue surged by 104.62% to ¥319,344,688.67[127]. Governance and Management - The financial report is guaranteed to be true, accurate, and complete by the board of directors and management[4]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[183]. - The company held 3 annual general meetings and 7 board meetings during the reporting period, maintaining compliance with governance regulations[183]. - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, and operations[184]. - The company reported no changes in shareholding for all board members during the current period[187]. - The term for the current board members, including the chairman and vice chairman, extends until February 18, 2027[187]. - The company is undergoing a leadership transition with multiple board members and executives being elected or appointed on February 19, 2024, including the new chairman Zhang Yijun and vice chairman Huang Zhixiong[189]. - The company is committed to ensuring a smooth transition to maintain investor confidence and operational stability[189]. - The new board members bring diverse backgrounds and expertise, which may contribute to the company's future strategic initiatives[191]. Risk Management - The company will detail potential risks and countermeasures in the section on future development outlook[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[4]. - The company is facing a shortage of quality labor due to rising social labor costs and changing preferences among the workforce, which poses a risk to operations[175]. - The main raw materials include silicon steel sheets, copper, steel, and electronic components, with prices influenced by commodity market fluctuations, potentially impacting operations negatively[176]. - The company is increasing its focus on global market opportunities while managing risks associated with geopolitical tensions and currency exchange rate fluctuations[177]. Research and Development - The company has implemented an innovation-driven R&D model, focusing on market-oriented product development and collaboration with universities[94]. - The company’s R&D investment increased by 17.46% to ¥94,732,560.59 in 2024, representing 3.92% of total revenue[143]. - The number of R&D personnel rose by 13.85% to 411, with a significant increase in master's degree holders by 75%[141]. - The company completed the development of several key products, including a 66kV dry-type transformer, which has achieved international leading technology levels[140]. - The technology R&D team will focus on foundational research in materials, mechanics, and electrical engineering, including projects like the development of biodegradable resins and improving transformer cooling efficiency[164]. Market and Industry Trends - The global transformer market is forecasted to grow from $63.8 billion in 2024 to $122.7 billion by 2034, with a CAGR of 6.6%[37]. - The company is positioned to benefit from the increasing demand for power distribution equipment driven by the global energy transition[31]. - The total installed capacity of renewable energy in China is projected to reach 1.45 billion kilowatts by the end of 2024, surpassing traditional coal power for the first time[33]. - The global wind power installed capacity reached 116.6 GW in 2023, a 50.26% increase from 2022, marking a historical high[68]. - China's cumulative wind power installed capacity is projected to reach 520.68 GW by the end of 2024, accounting for approximately half of the global total[68]. Operational Efficiency - The company has implemented cost-reduction measures, resulting in an operating profit of 157.69 million yuan, a year-on-year increase of 21.99%[105]. - The company optimized procurement and operational processes, effectively controlling costs and enhancing production efficiency through digital tools and supplier management[121]. - The company is focusing on digital energy systems, with Dragon Chaohui appointed as the manager of this department in January 2024[199]. - The company is committed to improving operational efficiency through digitalization, automation, and intelligent transformation[175]. Corporate Social Responsibility - The report includes a section on corporate governance and social responsibility[8]. - The company achieved a gold rating from EcoVadis, with a green energy ratio of 35.89% and a carbon reduction of 520 tons, a 13% decrease year-on-year[115][116]. - The company trained nearly 4,500 employees in safety awareness and emergency response during the "Safety Production Month" activities[122]. - Quality management will be prioritized, with initiatives to enhance material source control and improve process quality through various management tools[166]. Future Outlook - The macroeconomic outlook for 2024 indicates stable economic operation with a focus on high-tech industries and digital economy growth, despite challenges such as insufficient domestic demand and external pressures[158]. - By 2025, the national power generation capacity is expected to exceed 4.5 hundred million kilowatts, with renewable energy generation capacity projected to surpass 3 hundred million kilowatts[160]. - The company anticipates continued demand for electrical equipment driven by the growth of renewable energy and the acceleration of grid modernization[159]. - The company plans to leverage advanced technologies such as IoT and AI to drive comprehensive digital transformation across manufacturing processes[171].