TEC(600780)2023-04-26 16:00Financial Performance - In 2022, the company generated 5.947 billion kWh of electricity, a year-on-year increase of 6.07%, and sold 18.876 billion kWh, up 7.77%, achieving revenue of 11.118 billion yuan, an increase of 41.98% year-on-year [6]. - The company reported a total revenue of 1.5 billion in 2022, representing a year-over-year increase of 10% [22]. - The net profit attributable to shareholders of the listed company for 2022 was RMB 854.15 million, a significant increase of 358.98% from RMB 186.10 million in 2021 [74]. - The basic earnings per share for 2022 was RMB 0.7450, reflecting a growth of 359.03% compared to RMB 0.1623 in 2021 [78]. - The company's total assets amounted to 10.032 billion RMB, up 17.03% from the beginning of the year [101]. - The total operating revenue for 2022 reached ¥11,118,451,124.20, a significant increase from ¥7,830,839,274.74 in 2021, representing a growth of approximately 42.8% [182]. - The company achieved a net profit of approximately ¥852.32 million in the reporting period, a significant increase compared to ¥183.50 million in the previous year, representing a growth of over 365% [199]. Market Position and Strategy - The company holds nearly 70% market share in the heating market of Yangquan City, indicating a strong competitive position in the local market [4]. - The expected national electricity consumption for 2023 is 9.15 trillion kWh, representing a growth of approximately 6% compared to 2022 [4]. - The company aims to enhance its green and low-carbon transformation, focusing on integrating coal power with new energy sources to optimize its industrial layout [5]. - The company plans to implement significant technological upgrades to address safety, environmental, and economic challenges in its operations [4]. - The company is focused on risk prevention and strengthening its core competitiveness through innovation and strategic development [5]. - The company plans to continue expanding its market presence and investing in new technologies in the upcoming fiscal year [82]. Operational Efficiency and Technology - The company is committed to improving its operational efficiency and service quality through ongoing upgrades in information technology and automation [5]. - The management emphasized a commitment to improving operational efficiency, targeting a 5% reduction in costs by the end of 2023 [22]. - The company aims to enhance operational efficiency through digital transformation and technological innovation, targeting improvements in power trading and fuel management [49]. - The company is implementing a comprehensive safety management model to ensure zero tolerance for violations and improve overall safety levels [49]. - The company has established a comprehensive independent power distribution network, enhancing service quality and operational efficiency [97]. Governance and Management - The total pre-tax compensation for the board members during the reporting period amounted to 283.68 million CNY [17]. - The company is led by a board of directors with extensive experience in finance and management, including a CPA and a senior economist [19]. - The company has maintained a stable management team with no significant turnover in key positions during the reporting period [19]. - Independent directors contribute to the governance structure, ensuring compliance and oversight [19]. - The board's composition reflects a balance of internal and independent members, promoting diverse perspectives in governance [19]. - The company has implemented a comprehensive governance model that prioritizes regulatory compliance and investor needs [42]. Research and Development - The company invested 100 million in R&D for new technologies, focusing on sustainable energy solutions [22]. - Total R&D expenditure for the period was CNY 1,200,839, accounting for 0.01% of operating revenue [120]. - The number of R&D personnel is 10, representing 0.22% of the total workforce [120]. - Research and development expenses decreased by 39.22% to 1.201 million RMB due to a reduction in R&D projects [102]. Environmental and Safety Initiatives - The company is actively addressing environmental risks by adhering to carbon neutrality goals and increasing investments in pollution control measures [52]. - The company has maintained a stable safety production situation, with no production safety accidents occurring throughout the year [88]. - Sunshine Company has completed 100% of its ultra-low emission transformation acceptance for all four units, with desulfurization, denitrification, and dust removal facilities operating at 100% [142]. Future Outlook - For 2023, the company plans to generate 6.2 billion kWh of electricity and sell 18.6 billion kWh, with a revenue target of 11.045 billion yuan and operating costs controlled at 9.81 billion yuan [6]. - The company plans to add approximately 25 million kW of new power generation capacity in 2023, with 18 million kW from non-fossil energy sources [92]. - The management expressed optimism about future growth prospects despite the fluctuations in quarterly profits [82].