Grandblue Environment (SH:600323)2023-04-27 16:00Financial Performance - In Q1 2023, the company achieved operating revenue of 2.802 billion RMB, an increase of 0.075 billion RMB, representing a growth of 2.75% year-on-year[4]. - The net profit attributable to shareholders reached 310 million RMB, an increase of 151 million RMB, reflecting a year-on-year growth of 94.94%[4]. - The company reported Q1 2023 revenue of ¥133,673,901.79, a decrease of 3.4% compared to Q1 2022 revenue of ¥137,138,215.76[40]. - Operating costs for Q1 2023 were ¥99,936,770.38, an increase of 5.4% from ¥94,523,842.17 in Q1 2022[40]. - The company reported a net loss of CNY -10,010,493.51 for Q1 2023, compared to a net loss of CNY -1,710,671.64 in Q1 2022, indicating a worsening of performance[42]. - The net profit attributable to shareholders for Q1 2023 was CNY 310,134,498.68, showing a significant increase of 94.94% compared to the same period last year[65]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 300,685,508.62, up by 98.21% year-on-year[65]. - The company's total equity attributable to shareholders increased to CNY 11,182,825,819.93 as of March 31, 2023, from CNY 10,883,198,547.48 in Q1 2022, representing a growth of approximately 2.75%[49]. - The weighted average return on equity increased by 1.22 percentage points to 2.81%[65]. Operational Highlights - The main business revenue from waste incineration power generation projects showed a significant operational improvement, with waste incineration volume increasing by 21.50% to 296.37 thousand tons compared to the same period last year[12]. - The sludge treatment volume increased by 25.77% year-on-year, reaching 75,600 tons in Q1 2023, showcasing the company's growth in waste management capabilities[12]. - The energy business generated CNY 850 million in revenue, accounting for 31% of the company's main business revenue, with a year-on-year increase of 2.60%[71]. - The waste treatment business achieved external heating supply of 225,200 tons, a year-on-year growth of 17.41%[69]. - The solid waste treatment business achieved a main operating revenue of 1.522 billion yuan, accounting for 55.51% of the company's main operating revenue, with a year-on-year growth of 0.57%[81]. - The net profit from solid waste treatment reached 269 million yuan, an increase of 21 million yuan, representing a year-on-year growth of 8.62%[81]. - Excluding engineering and equipment business, the main operating revenue was 1.201 billion yuan, a year-on-year increase of 19.59%, with a net profit of 259 million yuan, up 32.79% year-on-year[81]. - The capacity utilization rate for household waste incineration power generation was approximately 117%, an increase of about 7 percentage points year-on-year[82]. Project Developments - As of the end of March 2023, the total order scale for waste incineration power generation projects was 35,750 tons/day, with 29,800 tons/day already in operation[14]. - The company plans to complete and recognize revenue from the Nanhai waste incineration power plant expansion project by 2026, with a capacity of 1,500 tons/day[15]. - The company has several ongoing projects, including the Langfang kitchen waste project with a daily capacity of 200 tons, expected to generate revenue in the first half of 2023[25]. - The company is also developing the Nanhai biomass resource utilization center project with a daily capacity of 400 tons, expected to generate revenue by 2026[26]. - The company has ongoing projects in agricultural waste treatment, including the Guiping agricultural resource recycling project with a daily capacity of 20 tons, expected to generate revenue in the second half of 2023[26]. - The company plans to recognize revenue from the Huian Municipal Solid Waste Transfer Station PPP project, expected in the second half of 2023, with a project scale of 750 tons per day[46]. Financial Position - Total assets increased to ¥15,571,917,081.49 in Q1 2023, up from ¥15,083,195,368.46 in Q1 2022[39]. - Total liabilities rose to ¥9,999,323,975.29 in Q1 2023, compared to ¥9,500,591,768.75 in Q1 2022[39]. - The company’s non-current assets totaled ¥12,063,867,262.53 in Q1 2023, slightly up from ¥12,040,716,147.71 in Q1 2022[39]. - The company’s cash and cash equivalents decreased to ¥3,508,049,818.96 in Q1 2023 from ¥3,042,479,220.75 in Q1 2022[38]. - The company’s long-term borrowings increased to ¥2,334,793,724.11 in Q1 2023 from ¥1,760,983,140.67 in Q1 2022[39]. - The company's total assets as of March 31, 2023, were CNY 34,177,840,060.69, compared to CNY 33,287,773,432.43 at the end of Q1 2022, showing an increase of approximately 2.68%[49]. - Current assets rose to $7.00 billion, compared to $6.43 billion, reflecting an increase of about 8.77%[100]. - Total liabilities reached $22.30 billion, compared to $21.69 billion, representing an increase of approximately 2.81%[101]. Cash Flow and Expenses - The net cash flow from operating activities for Q1 2023 was negative at CNY -353,195,161.79, compared to a positive CNY 125,192,406.49 in Q1 2022[43]. - Cash inflows from operating activities totaled CNY 857,271,781.66 in Q1 2023, up from CNY 695,778,893.84 in Q1 2022, reflecting an increase of about 23.2%[43]. - Cash flow from operating activities in Q1 2023 was negative at CNY -191.62 million, worsening from CNY -112.24 million in Q1 2022[54]. - Financial expenses decreased to CNY 28,128,592.77 in Q1 2023 from CNY 32,307,111.76 in Q1 2022, a decline of about 12.5%[42]. - Financial expenses for Q1 2023 were CNY 122.04 million, marginally lower than CNY 122.41 million in Q1 2022, showing a decrease of approximately 0.30%[51]. - Cash outflow from investment activities in Q1 2023 was CNY 532.26 million, compared to CNY 887.19 million in Q1 2022, indicating a reduction of approximately 40.00%[54]. - The company recorded a net cash flow from investment activities of CNY -520.29 million in Q1 2023, an improvement from CNY -885.88 million in Q1 2022[54]. Research and Development - Research and development expenses increased significantly to CNY 218,099.68 in Q1 2023 from CNY 34,909.72 in Q1 2022, marking a rise of approximately 524.5%[42]. - R&D expenses for Q1 2023 were approximately CNY 14.40 million, a decrease from CNY 21.47 million in Q1 2022, representing a decline of about 33.00%[51]. - Research and development expenses decreased by 32.94% to 1.440 billion yuan due to a decline in revenue scale for high-tech enterprises[85].