TC(SH:603421)2025-04-22 14:55Financial Performance - The company's operating revenue for 2024 was CNY 3,086,428,790.48, a decrease of 15.04% compared to CNY 3,632,703,199.78 in 2023[22] - The net profit attributable to shareholders for 2024 was a loss of CNY 242,386,932.74, a decline of 284.72% from a profit of CNY 131,220,189.16 in 2023[22] - The net cash flow from operating activities for 2024 was CNY 233,342,156.97, down 19.17% from CNY 288,692,239.61 in 2023[22] - Total assets decreased by 21.30% to CNY 4,658,403,588.73 in 2024 from CNY 5,919,564,184.46 in 2023[22] - The company's net assets attributable to shareholders at the end of 2024 were CNY 3,136,981,575.63, a decrease of 8.25% from CNY 3,419,152,129.33 in 2023[22] - Basic earnings per share for 2024 is -0.37 yuan, a decrease of 285% compared to 0.20 yuan in 2023[23] - The weighted average return on equity for 2024 is -7.39%, down 11.28 percentage points from 3.89% in 2023[23] - The overall gross margin decreased by approximately 4.76% due to the shift from equipment supplier to solution provider, with component sales having lower margins[122] Dividend and Profit Distribution - The company does not plan to distribute cash dividends or issue bonus shares for the 2024 fiscal year[7] - The board of directors has approved the profit distribution plan, pending approval from the shareholders' meeting[7] Audit and Compliance - The company has received a standard unqualified audit report from Zhongxinghua Accounting Firm[6] - The company has reported no non-operating fund occupation by controlling shareholders or related parties[9] - The company faced administrative penalties from the regulatory authority due to delayed information disclosure, with ongoing investor claims totaling ¥10.54 million[143] Strategic Focus and Development - The company is focusing on enhancing its strategic planning and optimizing processes in the power business, while accelerating investments in emerging sectors like photovoltaics and liquid flow energy storage[35] - The company is actively researching and developing integrated solutions for new energy systems, including photovoltaic inverters and smart microgrids[35] - The company is committed to long-term R&D investments in the renewable energy sector, focusing on smart grid integration and distributed energy management[166] - The company aims to enhance its product competitiveness by integrating advanced technologies and optimizing production resources, aligning with its strategic goals for brand development from 2021 to 2025[168] Product Development and Innovation - The company has developed numerous quality products in the smart grid sector, including energy measurement devices and distribution automation systems, supporting the construction of smart grids[35] - The company has developed a range of communication modules and devices for low-voltage power communication, including single-phase and three-phase communication modules, supporting various voltage levels for photovoltaic and charging pile applications[57] - The company is focusing on the development of new products in the energy storage sector, with a low-cost flow battery system entering pilot verification, expected to be commercially launched by the end of 2025[178] - The company has developed three types of modules for smart IoT meters: power quality modules, load identification modules, and photovoltaic modules, which have already seen successful bids and deliveries in several provinces[61] Market Trends and Opportunities - The new energy sector is poised for unprecedented growth, supported by policies aimed at enhancing digitalization and smart technology in energy systems[52] - The company anticipates that by 2030, distributed energy installations in China will exceed 30%, driving rapid development across various segments of the new energy industry[54] - The fire alarm industry is experiencing stable growth driven by strong policy support, with new standards and safety requirements expected to enhance product quality and innovation[49] - The demand for modern fire safety technology is growing, particularly in urban areas, driven by increased construction and renovation activities[164] Risks and Challenges - The company has highlighted potential risks in its future development, which investors should be aware of[8] - The company reported a significant reliance on major clients, with potential revenue risks due to being blacklisted by the State Grid from February 23, 2024, to February 22, 2026, and being banned by the Southern Power Grid for 15 months starting July 29, 2024[185] - The estimated revenue impact from the State Grid blacklist is projected to be 5.44 million in 2024, 13.44 million in 2025, and 11.24 million in 2026[188] Operational Efficiency and Management - The company is enhancing its quality and operational capabilities through a three-dimensional improvement and innovation management system, ensuring strong production and delivery support across all business areas[89] - The company aims to achieve a "7-day delivery competitiveness" goal through optimized supply chain management and S&OP dual-driven mechanisms[102] - The company is focusing on enhancing load management capabilities, targeting a 20% load control capacity by 2025, which aligns with the new power system's requirements[64] Research and Development - The total R&D expenditure for the current period is ¥509,363,158.57, accounting for 16.50% of the operating revenue[134] - The number of R&D personnel is 985, representing 30.79% of the total workforce[134] - The R&D system has been optimized to enhance collaborative capabilities and improve overall operational efficiency[97] Environmental and Sustainability Initiatives - The company has implemented a green and low-carbon development strategy, achieving certifications for supply chain safety management and carbon emissions management in 2024[42] - The company is committed to a green and low-carbon production model, focusing on low energy consumption, pollution, and emissions[115] - The company has achieved national-level green factory and green supply chain honors, integrating green low-carbon concepts into the entire manufacturing process[172]