新中港(605162) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 is RMB 871,553,824.89, a decrease of 8.81% compared to RMB 955,730,077.70 in 2023[21] - The net profit attributable to shareholders for 2024 is RMB 146,542,645.16, down 1.40% from RMB 148,616,210.26 in 2023[21] - The net profit after deducting non-recurring gains and losses is RMB 132,585,776.75, an increase of 4.93% compared to RMB 126,361,922.93 in 2023[21] - The net cash flow from operating activities for 2024 is RMB 286,190,295.24, an increase of 24.09% from RMB 230,624,170.67 in 2023[21] - The total assets at the end of 2024 amount to RMB 1,885,230,514.78, reflecting a 7.68% increase from RMB 1,750,850,622.44 at the end of 2023[21] - The net assets attributable to shareholders at the end of 2024 are RMB 1,318,257,198.93, up 4.90% from RMB 1,256,657,801.47 at the end of 2023[21] - The basic earnings per share for 2024 is RMB 0.37, unchanged from 2023[22] - The diluted earnings per share for 2024 is RMB 0.36, also unchanged from 2023[22] - The weighted average return on net assets for 2024 is 11.49%, a decrease of 0.9 percentage points from 12.39% in 2023[22] Revenue Breakdown - Revenue from combined heat and power (CHP) for electricity and compressed air was 204.70 million RMB, a decrease of 4.76% year-on-year[31] - Steam sales volume was 2.83 million tons, down 3.44% year-on-year, with steam sales revenue of 625.53 million RMB, a decline of 11.00%[32] - The company sold carbon emission allowances totaling 17,493.3 tons, generating a total transaction amount of 17.11 million RMB (including tax)[32] - The company’s revenue from the cogeneration segment was approximately ¥830.24 million, with a gross margin of 29.85%, an increase of 5.38 percentage points year-over-year[52] - The revenue from energy storage power reached ¥17.71 million, with a gross margin of 47.55%[52] Research and Development - R&D expenses increased to 31.28 million RMB, a year-on-year growth of 68.55%[32] - The company is investing 50 million in R&D for new technologies aimed at enhancing operational efficiency[99] - R&D expenses increased by 68.55% to ¥31,277,417.14, representing 3.59% of total revenue[64] Environmental Initiatives - The company has implemented effective pollution control measures for smoke, wastewater, waste residue, and noise, achieving significant environmental protection results[146] - The company is the first in Zhejiang Province to pass ultra-low emission acceptance for its thermal power plant, achieving emissions standards equivalent to those of natural gas power plants[136] - The company reduced carbon emissions by 86,132 tons during the reporting period through various decarbonization measures[147] - The company has constructed three thermal storage tanks with a total capacity of approximately 7,500 cubic meters to optimize steam supply during varying demand[148] - The company has completed the transformation of boilers to couple biomass and solid waste, gradually increasing the coupling ratio[148] Strategic Projects - The company has established a new heating pipeline project to meet the heating needs of several industrial enterprises, including Shaoxing Fudi Battery Co., which is a wholly-owned subsidiary of BYD Co., aiming to enhance heating capacity and create social, environmental, and economic benefits[33] - The company has invested in a new energy storage project with a capacity of 100MW/220MWh, utilizing BYD's latest generation of specialized storage batteries, which commenced commercial operation on July 11, 2024, achieving all operational indicators as per design requirements[34] - The company is upgrading its No. 2 unit equipment, which includes replacing outdated energy equipment with new high-efficiency models, and this project is supported by the 2024 special government bond program, expected to enhance heating efficiency and capacity[35] Governance and Compliance - The company adheres to legal and regulatory requirements in governance, ensuring equal rights for all shareholders, particularly minority investors[93] - The board of directors consists of nine members, including three independent directors, ensuring compliance with legal requirements and effective governance practices[93] - The company emphasizes timely and accurate information disclosure to ensure all shareholders have equal access to significant operational updates[94] - The company has established a remuneration policy for directors and senior management based on performance and industry standards[103] Shareholder Relations - The company plans to distribute a cash dividend of RMB 1.8 per 10 shares, totaling RMB 72,092,174.40, which represents 49.20% of the net profit attributable to shareholders for the year 2024[123] - The cumulative cash dividend amount over the last three accounting years is RMB 204,247,995.78, with an average annual net profit of RMB 137,028,343.13, resulting in a cash dividend ratio of 149.06%[129] - The company is expected to maintain a shareholder return plan for the next three years (2024-2026) to enhance investor confidence[95] Risks and Challenges - The company faces risks from macroeconomic fluctuations and changes in industrial policies, which can impact energy demand for steam, electricity, and compressed air, affecting operational performance[89] - Raw material price volatility, particularly coal prices, significantly affects the company's gross margin, as direct material costs constitute a large portion of the main business costs[90] - The company is exposed to bad debt risks due to high accounts receivable levels, which could impact cash flow if customer financial conditions deteriorate[90] Community Engagement - Total charitable contributions amounted to 2.6414 million yuan, including 1 million yuan to a public welfare fund and 650,000 yuan to support veterans[150] Future Outlook - The company provided guidance for Q2 2024, expecting revenue to be between 1.3 billion and 1.4 billion, indicating a growth rate of 10% to 15%[99] - New product launches are anticipated to contribute an additional 200 million in revenue over the next quarter[99] - Market expansion plans include entering two new regions, projected to increase market share by 5%[99]