Hainan Jinpan Smart Technology (SH:688676)2023-03-20 16:00Financial Performance - Net profit attributable to shareholders in 2022 was RMB 283.28 million[4] - Revenue in 2022 reached 4.745 billion yuan, a year-on-year increase of 43.69%[21] - Net profit attributable to shareholders of the listed company was 283.28 million yuan, a year-on-year increase of 20.74%[21] - Revenue for 2022 reached RMB 4,745.6 million, a year-on-year increase of 43.69%[36] - Net profit attributable to shareholders of the listed company was RMB 115.22 million, up from RMB 72.49 million in the previous year[29] - Gross profit for 2022 was RMB 962.83 million, an increase of 24.02% year-on-year[37] - Net profit attributable to shareholders of the listed company in 2022 was 283.2781 million yuan, a year-on-year increase of 20.74%[38] - Revenue for the reporting period reached 4.746 billion yuan, a year-on-year increase of 43.69%[137] - Net profit attributable to shareholders was 283 million yuan, up 20.74% year-on-year, or 29.10% excluding the impact of restricted stock incentives[137] Dividend and Share Capital - Cash dividend distribution plan: RMB 2.5 per 10 shares, totaling RMB 106.75 million, accounting for 37.69% of net profit[4] - Total share capital as of March 20, 2023: 427.02 million shares[4] - Parent company's distributable profit as of December 31, 2022: RMB 493.23 million[4] - No capital reserve to share capital conversion or stock dividend distribution in 2022[4] Corporate Governance - The company has no special corporate governance arrangements[6] - No non-operational fund occupation by controlling shareholders or related parties[6] - No violations in external guarantee decision-making procedures[6] - All directors attended the board meeting[4] - The audit report issued by Zhonghui CPA is a standard unqualified opinion[4] - The company maintains independent operations in R&D, production, sales, and services, with no interference from the controlling shareholder in decision-making or business activities[194] - The company held 16 board meetings, 1 strategic committee meeting, 6 audit committee meetings, 1 compensation committee meeting, and 1 ESG committee meeting during the reporting period[195] - The company held 13 supervisory board meetings, ensuring effective oversight of major matters, financial status, and related-party transactions[195] - The company strictly adheres to information disclosure regulations, using the Shanghai Stock Exchange website and designated newspapers for public announcements[196] - No insider trading incidents occurred during the reporting period, with strict management of insider information[197] - The company held 5 general meetings in 2022, all of which passed all proposals without any rejections[198][200] - The company's governance structure is fully compliant with legal and regulatory requirements, with no significant differences from standard practices[197] - The company has established a comprehensive internal control system to ensure standardized operations and protect shareholder rights[197] - The company's board consists of 6 members, including 2 independent directors with extensive industry expertise[195] - The company's assets, personnel, finance, organization, and business are completely independent from the controlling shareholder and its affiliates[194] Digital Transformation and Intelligent Manufacturing - The company has established a digital factory for dry-type transformers in Haikou, which is the first in China to meet the VDI4499 standards set by the German Engineers Association and certified by TUV NORD[13] - The company is focusing on digital transformation and intelligent manufacturing, utilizing technologies such as CAD, PLM, SRM, APS, MES, WMS, ERP, and CRM to enhance operational efficiency and management[14] - The company is leveraging digital twin technology to create virtual models of physical assets, enabling real-time monitoring and optimization throughout the asset lifecycle[15] - The company is aligned with China's "14th Five-Year Plan" for intelligent manufacturing, focusing on the development of energy storage solutions and smart grid technologies[15] - The company's digital transformation has increased the annual production capacity of its Haikou dry-type transformer digital factory from 6.7 million kVA to 15 million kVA[42] - The company's Guilin dry-type transformer digital factory's annual production capacity increased from 6.65 million kVA to 14 million kVA[42] - The company has accumulated over 300 million yuan in orders for digital factory overall solutions[45] - The company's digital team has completed the delivery and acceptance of its first digital factory solution project, receiving customer recognition[45] - The company has completed the construction of 5 digital factories and plans to complete 9 digital factory solutions by 2023[50] - The company has established 7 digital factories nationwide, including 3 in Wuhan expected to be completed in 2023, enhancing production efficiency and product quality[128] - The company's digital transformation strategy aligns with China's "14th Five-Year Plan" for digital economy development, emphasizing digital industrialization and industrial digitalization[179] - The company has completed the construction of multiple digital factories since 2020, with its Haikou and Guilin production bases achieving full digital manufacturing from design to after-sales service[86] - The company has achieved comprehensive digitalization across its production bases, significantly improving the efficiency of digital factories and forming a unique core competitiveness in digital intelligent manufacturing[84] - The company is actively promoting the integration of digital twin, artificial intelligence, and IoT technologies with manufacturing processes to enhance its digital solutions business[186] New Energy and Energy Storage - The company is involved in various subsidiaries and projects related to new energy, including Hainan Jinneng New Energy Investment Co., Ltd., Wenchang Jinneng New Energy Technology Co., Ltd., and Kunshan Hefeng New Energy Technology Co., Ltd[13] - The company is committed to achieving carbon neutrality and carbon peak, aiming to reduce greenhouse gas emissions through renewable energy, afforestation, and energy-saving measures[15] - The company is developing energy storage technologies, including PCS (Power Conversion System), BMS (Battery Management System), and EMS (Energy Management System), to enhance energy storage and management capabilities[15] - The company successfully delivered its first high-low voltage energy storage products and digital factory solutions, marking a new revenue growth point[24] - The company successfully delivered its first high-voltage direct-connection energy storage project and its first digital factory overall solution[36] - The company's first digital factory for energy storage products in Guilin was completed and put into production on July 1, 2022, with an annual production capacity of 1.2GWh[41] - The company plans to complete the construction of a 2.7GWh energy storage product digital factory in Wuhan in 2023[41] - The company launched the world's first medium-high voltage direct-hanging all-liquid-cooled thermal management technology energy storage system in July 2022[52] - The company's energy storage series products cover full-scene applications, including power generation, grid, industrial and commercial, and residential sectors[52] - The company has formed 14 core technologies in energy storage series products and established a strategic industry-academia-research partnership with Shanghai Jiao Tong University[52] - 35kV high-voltage direct-connection energy storage system improves system cycle efficiency and enhances battery and PCS lifespan through liquid cooling technology, with high efficiency, safety, and reliability[53] - The 35kV system supports grid power with fast dynamic response and virtual synchronous generator (VSG) technology, enabling multi-functional operation and replacing SVG to save customer pre-investment[53] - Medium-voltage energy storage systems (6kV to 10kV) are widely used in scenarios like thermal power joint frequency regulation, grid frequency regulation, and black start, featuring large single-unit capacity and fast dynamic response[55] - Low-voltage energy storage systems adopt standardized battery cabins and PCS-boost integrated machines, ensuring safety and modular management, widely used in industrial and commercial scenarios[56] - Residential energy storage products are under development, aiming to provide green energy solutions for households, reducing electricity costs and ensuring uninterrupted power supply[57] - The company has achieved a major breakthrough in high-voltage energy storage technology, successfully developing the world's first fully liquid-cooled 35kV/12.5MW/25MWh high-voltage direct-hanging battery energy storage equipment[82] - The company's energy storage business is highly interconnected with its existing transformer business, driving the company's overall business towards the new energy sector[82] - The company's energy storage system covers the entire industry chain, including high and low voltage power conversion systems (PCS), energy management systems (EMS), and battery management systems (BMS)[82] - The company has developed a high-voltage direct-hanging (cascaded) energy storage system with a capacity of 35kV/12.5MW/25MWh, which is the first fully liquid-cooled high-voltage direct-hanging battery energy storage equipment globally[87] - The company has expanded its product line to include high-voltage direct-hanging (cascaded) energy storage systems, covering the full range of high, medium, and low-voltage energy storage products[180] - The company plans to expand its energy storage business, aiming to achieve batch production of energy storage products nationwide and focus on the development of medium and high-voltage direct-hanging (cascaded) energy storage systems[186] - The company is focusing on the development of hydrogen energy industry digital technology, aiming to become a leading enterprise in the hydrogen energy sector during the 14th and 15th Five-Year Plan periods[186] R&D and Innovation - R&D investment in 2022 was 247.14 million yuan, a year-on-year increase of 56.83%, accounting for 5.21% of revenue[26] - The company's R&D investment in 2022 totaled 247 million yuan, accounting for 5.21% of operating revenue[38] - R&D investment reached 247.1384 million yuan, a year-on-year increase of 56.83%, accounting for 5.21% of revenue[46] - The company has 340 R&D personnel, accounting for 16.62% of the total workforce[46] - The company owns 78 core technologies, 229 domestic patents (including 16 invention patents), 2 overseas invention patents, and 34 software copyrights[46] - The company successfully developed a high-temperature-resistant environmentally friendly liquid-immersed transformer, enriching the product series in the new energy wind power sector[46] - The company completed the development of a prototype for offshore wind power dry-type transformers and passed all national quality supervision center tests[46] - The company's digital factory overall solution has been implemented in the pharmaceutical industry, with key components and standards expected to be certified[46] - The company's R&D expenses increased by 56.83% year-on-year to RMB 247.14 million, with a significant focus on energy storage, digital technology, and new energy products[108][109] - The company has 231 patents, including 2 overseas invention patents, 16 domestic invention patents, 204 utility model patents, and 9 design patents[106] - The company's R&D investment in energy storage product development reached RMB 58.87 million, with a total investment of RMB 102.73 million, aiming to provide efficient, safe, and economical energy storage solutions[110] - The company's R&D investment in wind power transformers and reactors reached RMB 10.90 million, with a total investment of RMB 46.02 million, targeting high-capacity, high-voltage, and high-performance products for the wind power sector[110] - The company's R&D investment in dry-type transformers reached RMB 5.24 million, focusing on different insulation structures and process optimizations[110] - The company's R&D investment in cloud-based scheduling technology and JSON special character processing technology has been applied in the JXV development platform and EC-Plat development platform[104] - The company's R&D investment in low-voltage air-cooled energy storage systems aims to improve energy density and reduce unit costs[100][102] - The company's R&D investment in 66kV offshore wind power dry-type transformers has achieved significant progress in insulation structure, anti-overvoltage capability, and environmental adaptability[98] - The company's R&D investment in water-cooled high-voltage SVG design has reduced the footprint by 30% and lowered costs through modular design and optimized copper layout[98] - The company's R&D investment in water-cooled hollow reactor design has improved production efficiency and performance through advanced simulation technologies[99] - The company completed the development of intelligent medium-voltage switches and low-voltage AC/DC switch equipment for rail transit, with a total investment of 2,803.00 million yuan, achieving a domestic leading level in the rail transit sector[112] - The new energy wind power environmentally friendly liquid-immersed transformer project is in the external appraisal stage for one model, with a total investment of 2,510.00 million yuan, targeting the new energy power generation field[112] - The special dry-type transformer and reactor project for new energy and energy storage fields has completed some models, with a total investment of 1,900.00 million yuan, achieving a domestic leading level[114] - The 72.5kV dry-type transformer for offshore wind power is in the small-scale production stage, with a total investment of 1,200.00 million yuan, reaching an international advanced level[114] - The 3.0 version of the digital factory software development project has been completed, with a total investment of 1,690.00 million yuan, achieving a domestic advanced level in digital factory software system development[114] - The high-efficiency energy-saving open-core dry-type transformer project has been completed, with a total investment of 1,640.00 million yuan, widely applied in energy-saving transformers for power transmission and distribution[115] - The 72-pair polysilicon reduction furnace transformer project has been completed, with a total investment of 1,050.00 million yuan, achieving a domestic advanced level in the solar power silicon smelting field[117] - The virtual power plant energy management system is in the prototype production stage, with a total investment of 970.00 million yuan, targeting the energy internet sector[117] - The VPI special phase-shifting rectifier transformer for data center power systems has been completed, with a total investment of 850.00 million yuan, achieving a domestic leading level[117] - The 15kV medium-voltage American standard armored switchgear component upgrade and certification project has been completed, with a total investment of 726.00 million yuan, reaching an international advanced level[118] - The company has 340 R&D personnel, accounting for 16.62% of the total workforce, with an average salary of 241,758.37 RMB[123] - The company has completed 23 major research projects and holds 198 patents, including 11 invention patents, 179 utility model patents, and 8 design patents[126] - The company has developed a 35kV/12.5MW/25MWh high-voltage direct-hang battery energy storage system, which is the first of its kind globally using full liquid cooling technology[126] - The company's R&D investment in the "Low-Voltage Energy Storage System R&D and Industrialization" project is 676.50 million RMB, currently in the research and development phase[119] - The company's R&D investment in the "AC/DC Power Grid Key Equipment R&D and Industrialization" project is 620.00 million RMB, currently in the research and development phase[119] - The company's R&D investment in the "15kV Medium Voltage American Standard Circuit Breaker Product Application Expansion and Certification" project is 561.00 million RMB, with the project completed[119] - The company's R&D investment in the "Digital Power Equipment Operation and Maintenance Energy Management Platform V2.0 Development" project is 380.00 million RMB, with the project completed[121] - The company's R&D investment in the "Marine Energy Engineering GIS High Voltage Gas Insulated Switchgear Development" project is 300.00 million RMB, with some models completed and others in the external appraisal stage[121] - The company's R&D investment in the "North American Standard Power Supply System High and Low Voltage Cabinet Development" project is 250.00 million RMB, with the project completed[121] - The company's R&D investment in the "Outdoor 15KV Recloser Switch Development" project is 231.00 million RMB, with the project completed[122] - The company's R&D team has expanded to 340 personnel, accounting for 16.62% of the total workforce, with a focus on product development, design, and quality control[128] - The company has implemented a stock incentive plan, with 39.85% of the incentive recipients being R&D personnel, enhancing the stability of the R&D team[128] Market and Sales Performance - Sales revenue in the new energy sector increased by 49.88% year-on-year[24] - Sales revenue in new infrastructure increased by 113.24% year-on-year[24] - Sales revenue in industrial electrical equipment increased by 122.17% year-on-year[24] - Sales in the new energy sector grew by 49.88%, while new infrastructure sales increased by 113.24%[36] - Sales revenue in the new energy sector grew by 49.88%, while new infrastructure sales surged by 113.24%[139] - Industrial electrical equipment supporting sales revenue increased by 122.17%[139] - Transformer series revenue increased by 32.27% YoY, driven by growth in solar (444.52% YoY) and energy storage (138.17% YoY) sectors[144] - Complete series revenue grew by 51.13% YoY, with a 105.18% YoY increase in the new energy sector[144] - Installation engineering business revenue rose by 57.42% YoY[144] - Transformer series production increased by 9.09% YoY to 38,240,445.00 KVA, while sales grew by 16.16% YoY to 37,632,802.78 KVA[145] - Complete series production increased by 12.73% YoY to 14,019 units, but sales decreased by 5.10% YoY to 13,101 units[145] - Top five customers accounted for 23.54% of total annual sales, with sales amounting to 1,117,331,638.61 yuan[153] - Top 5 customers accounted for 23.54% of total annual sales, with the largest customer contributing 5.76% (273,428,718.93 RMB)[154] - Top 5 suppliers accounted for 32.38% of total annual procurement, with the largest supplier contributing 15.78% (596,866,039.44 RMB)[156][157] - Sales expenses increased by 37.99% to 159,147,115.29 RMB, driven by market expansion and increased sales incentives[158] Financial Position and Cash Flow - Total assets at the