SEWPG(SH:688660)2023-03-27 16:00Financial Performance - The net profit attributable to shareholders for 2022 was -338,066,603.73 RMB, while the net profit for the parent company was -510,273,622.57 RMB[6]. - The cumulative undistributed profits at the end of 2022 were 359,096,391.68 RMB after deducting shareholder dividends of 153,333,341.00 RMB[6]. - The company plans not to implement any profit distribution for the year, including cash dividends or stock dividends[6]. - The company's operating revenue for 2022 was approximately ¥12.08 billion, a decrease of 48.61% compared to ¥23.50 billion in 2021[21]. - The net profit attributable to shareholders was a loss of approximately ¥338.07 million, down 166.68% from a profit of ¥507.02 million in 2021[21]. - The basic and diluted earnings per share for 2022 were both -¥0.25, a decline of 154.35% from ¥0.46 in 2021[22]. - The net cash flow from operating activities was a negative ¥717.56 million, a significant decrease from a positive cash flow of ¥336.11 million in 2021[21]. - The company's total assets at the end of 2022 were approximately ¥30.21 billion, down 1.58% from ¥30.69 billion at the end of 2021[21]. - The gross profit margin for the main business was 14.21%, down 2.11 percentage points from the previous year[107]. - The company reported a significant increase in financial expenses by 201.27% due to higher interest expenses from increased loans[104]. - The company experienced a 61.76% reduction in taxes and surcharges, correlating with the decline in operating revenue[104]. - The company's main business revenue for the reporting period was CNY 11,976,632,499.27, a decrease of 48.79% compared to the previous year, with a gross margin of 14.21%, down by 2.11 percentage points[110]. Operational Challenges - The company reported a significant risk of various operational challenges, which are detailed in the management discussion and analysis section[4]. - The decline in revenue was primarily due to the reduction of subsidies in the wind power industry and a significant drop in offshore wind turbine deliveries[24]. - The company experienced a significant decline in sales collections, impacting the net cash flow from operating activities[25]. - The company faces risks related to the continuous decline in bidding prices for wind turbines, which could lead to further performance declines if product costs do not decrease correspondingly[91]. - The company is addressing potential supply chain risks by implementing strategic procurement and accelerating domestic production processes to ensure timely delivery of key components[94]. - The company is actively working on logistics solutions to manage the increasing size and weight of wind turbine components, aiming to control transportation costs and delivery risks[95]. Research and Development - The company is focused on developing new technologies, including the "卓刻" platform for land-based wind power and the "Petrel" platform for complex marine environments[13]. - Research and development expenses accounted for 4.83% of operating revenue, an increase from 3.94% in 2021[22]. - The total R&D expenditure for 2022 was approximately ¥583.81 million, a decrease of 36.89% from ¥925.14 million in the previous year, with R&D expenditure as a percentage of revenue increasing to 4.83%[72]. - The company has increased its R&D investment in core technologies, focusing on sustainable and environmentally friendly practices in wind power project development[58]. - The company has launched a new generation of digital and cloud service platforms, with an investment of ¥21,666.67 million and cumulative investment of ¥17,248.23 million, aimed at improving operational efficiency[76]. - The company is committed to ongoing investment in technology research and development to maintain its competitive edge in the rapidly evolving wind power market[92]. - The company is focusing on developing competitive offshore and onshore large megawatt wind turbines to meet market demands and future trends[88]. Market Position and Strategy - The company has a strategic goal aligned with China's "dual carbon" targets, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060[13]. - The company is actively expanding into overseas markets, focusing on regions such as South Korea, Cambodia, Vietnam, Eastern Europe, and Central Asia[39]. - The company maintains a strong position in the offshore wind market, with a market share of 28.0% in newly installed capacity from 2020 to 2022, ranking first in the industry[51]. - The company is focusing on vertical integration of the supply chain, enhancing core component capabilities while expanding service offerings in the wind power sector[154]. - The company is committed to integrating digital technologies into wind farm operations, enhancing performance and reducing costs through innovative solutions[153]. - The company is focused on expanding its market presence through strategic partnerships and potential acquisitions[166]. Governance and Management - The board of directors held 12 meetings during the reporting period to make informed decisions on major business activities[160]. - The company has revised its internal control and compliance systems to align with regulatory updates and improve governance[162]. - The company maintains independence from its controlling shareholder, ensuring no interference in daily operations[163]. - The company has a diverse board with members holding various significant positions in other organizations, enhancing its governance structure[173]. - The company is committed to maintaining transparency and compliance with regulatory requirements as evidenced by its disclosures on the Shanghai Stock Exchange[175]. - The company reported a significant leadership change with the appointment of new executives, which may influence future strategic directions[179]. - The company is actively restructuring its management to align with its growth objectives and operational needs[180]. Product Development and Innovation - The company has launched five products on the "Zhuoke" platform and began mass delivery of the first 5MW onshore wind turbine in December 2022[36]. - The company’s offshore wind turbine models EW8.5-230 and EW11.0-208 achieved full-capacity grid connection and set world records for installation and connection[36]. - The company has developed a digital design platform for blades, integrating standardized airfoil and material databases, enhancing design efficiency and reliability[68]. - The company is developing new wind turbine models with longer blades and higher capacity to meet the demands of the Chinese wind power market[155]. - The company is focusing on developing wind turbines with capacities of 8-10 MW and above, with 15 MW being a key research focus for offshore wind turbines[53]. - The company has successfully bid for the world's first floating offshore wind power and fishery integration equipment research and demonstration project, with the first floating wind turbine produced in December 2022[66]. Financial Management - The company confirmed government subsidies of ¥55.38 million and ¥160.17 million for the previous and current years, respectively, which significantly impacts non-operating income[97]. - The company recorded a credit impairment loss of -¥70,270,191.79, which accounted for 15.67% of total profit[124]. - The company’s long-term borrowings rose by 266.63% to ¥1,884,915,323.35 due to increased funding needs for wind farm projects[127]. - The company issued a 3-year medium-term note of ¥750 million in the interbank market, marking a new addition to its payable bonds[127]. - The company plans to register and issue corporate bonds in 2023 as part of its ongoing financing strategy[166].