思源电气(002028) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥15,458,068,522.40, representing a 24.06% increase compared to ¥12,460,028,391.72 in 2023[20]. - Net profit attributable to shareholders for 2024 was ¥2,049,069,550.48, a 31.42% increase from ¥1,559,170,409.63 in 2023[20]. - The net profit after deducting non-recurring gains and losses was ¥1,878,424,783.64, up 32.19% from ¥1,420,997,954.02 in 2023[20]. - The company's total assets increased by 25.30% to ¥23,473,702,058.27 at the end of 2024, compared to ¥18,733,339,007.00 at the end of 2023[20]. - The weighted average return on equity rose to 18.05% in 2024, up from 15.90% in 2023[20]. - The company reported a net cash flow from operating activities of ¥2,462,472,228.64, an 8.38% increase from ¥2,272,114,969.14 in 2023[20]. - The company achieved a total revenue of 15.458 billion yuan, representing a year-on-year growth of 24.06%[38]. - The net profit attributable to shareholders reached 2.049 billion yuan, an increase of 31.42% compared to the previous year[38]. - New orders amounted to 21.457 billion yuan, reflecting a growth of 29.94% year-on-year[38]. - Domestic revenue was 12.336 billion yuan, up 19.74%, with significant growth in East China (47.52%) and North China (44.58%) regions[38]. - Overseas revenue reached 3.122 billion yuan, marking a 44.67% increase year-on-year[38]. Research and Development - Research and development investment for 2024 was ¥11.10 billion, up 21.07% year-on-year, accounting for 7.18% of total revenue[44]. - The number of R&D personnel rose by 22.27% to 4,458 in 2024, compared to 3,646 in 2023[58]. - The number of R&D personnel with a bachelor's degree increased by 49.69% to 2,901 in 2024 from 1,938 in 2023[58]. - The company is focused on innovation and has introduced new environmentally friendly high-voltage switch products and integrated solutions for distributed photovoltaics[34]. - The company aims to achieve mass production and sales of new products, including the RIP dry casing and environment-friendly circuit breaker technology, to foster new profit growth points[57]. Corporate Governance - The company adheres to legal regulations and continuously improves its governance structure, ensuring effective operation of the board and protecting shareholder interests[98]. - The board consists of seven members, including three independent directors, meeting the requirements set by regulatory authorities[100]. - The company has established an independent financial accounting system and management structure, ensuring no mixed taxation with shareholders[105]. - The company’s governance structure includes independent operation of the shareholders' meeting, board of directors, and supervisory board[105]. - The company has implemented a stock incentive plan, resulting in changes in shareholdings for some executives[108]. - The company has a performance-based salary system for senior management, combining base salary and performance pay[116]. Risk Management - The company emphasizes the importance of risk awareness regarding potential policy, market, and industry risks, as detailed in the management discussion and analysis section[5]. - The company faces various risks including policy, market, and exchange rate risks, and has strategies to manage these risks effectively[88][90]. - The company has established a foreign exchange hedging management system to mitigate risks associated with currency fluctuations[78]. - The company aims to align its hedging activities with its operational needs to minimize raw material price volatility risks[78]. Environmental Compliance - The company has not reported any major environmental protection issues and complies with relevant environmental standards[152]. - The company has established a hazardous waste storage facility in both northern and southern plants to comply with environmental regulations[155]. - The company has implemented measures to ensure that cyanide emissions remain below the threshold, with a total of 72 kg reported[157]. - The company is committed to environmental protection and adheres to the relevant pollution control standards[158]. - The company has a comprehensive environmental monitoring plan, with third-party testing confirming compliance with discharge standards[163]. Shareholder Relations - The company plans to distribute a cash dividend of 5 RMB per 10 shares to all shareholders, based on a total of 778,156,782 shares[5]. - The total distributable profit for the company is 5,381,328,563.90 CNY, with the cash dividend amounting to 389,078,391.00 CNY, representing 100% of the profit distribution total[134]. - The company approved a cash dividend distribution plan for 2023, with a payout of 3.999160 CNY per 10 shares, totaling 309,620,278.88 CNY (including tax) to all shareholders[132]. Market Expansion - The company is actively expanding its market presence in international markets, achieving breakthroughs in countries like the UK, Italy, Saudi Arabia, and Kuwait[40]. - The company plans to enhance its market share in the domestic power grid market and expand into high-end market R&D activities[87]. - The company exports to over 100 countries and regions, with foreign exchange risk management in place to mitigate currency fluctuations[90]. Employee Development - The company emphasizes employee training and development through a structured training system and online platforms to enhance effectiveness[130]. - The company continues to enhance its talent development programs, focusing on various categories including management and technical personnel[131]. - The total number of employees at the end of the reporting period is 9,456, with 776 in the parent company and 8,680 in major subsidiaries[128]. Audit and Compliance - The audit committee held five meetings during the reporting period, reviewing internal audit reports and financial statements[125]. - The internal control evaluation report indicates that the company maintained effective financial reporting internal controls as of December 31, 2024[148]. - The company has implemented a comprehensive internal control system in accordance with national laws and regulations, enhancing overall operational compliance[144].