JEP(SZ:000875)2020-03-26 16:00Financial Performance - The company reported a total revenue of 5.2 billion RMB for the year 2019, representing a year-on-year increase of 8%[21] - The net profit attributable to shareholders was 1.1 billion RMB, an increase of 10% compared to the previous year[21] - The company's operating revenue for 2019 was ¥8,454,148,014.35, representing a 15.79% increase from ¥7,301,107,308.38 in 2018[26] - The net profit attributable to shareholders for 2019 was ¥147,650,375.29, a 28.83% increase compared to ¥114,608,485.79 in 2018[26] - The net cash flow from operating activities for 2019 was ¥2,630,586,972.91, an 11.22% increase from ¥2,365,200,461.73 in 2018[26] - Basic earnings per share for 2019 were ¥0.07, a 40.00% increase from ¥0.05 in 2018[26] - The total operating revenue for 2019 reached ¥8,454,148,014.35, representing a year-on-year increase of 15.79%[60] - The company's net profit attributable to shareholders was 148 million yuan, reflecting a year-on-year increase of 0.33 million yuan[54] Market Expansion and Strategy - The company plans to expand its market presence by increasing its installed capacity by 15% over the next three years[21] - User data indicates a growth in customer base, with an increase of 12% in residential users and 8% in industrial users[21] - The company is exploring strategic partnerships for potential mergers and acquisitions to enhance its service offerings[21] - The company plans to focus on the development of new energy and heating as its strategic priorities, aiming to expand both domestic and overseas markets[141] - The company aims to establish a nationwide clean energy development platform and a comprehensive smart energy supply platform, enhancing its sustainable development capabilities[141] Research and Development - The company has allocated 300 million RMB for research and development of new energy technologies in 2020[21] - Research and development expenses were reported at ¥975,094.32, marking a 100% increase as it was not reported in the previous year[80] - Significant progress was made in R&D projects, including the optimization of wind turbine performance based on big data technology[83] - R&D investment increased by 95.40% to ¥37,643,200 in 2019 from ¥19,264,800 in 2018[84] - The number of R&D personnel rose by 17.19% to 150 in 2019, accounting for 5.31% of total employees[84] Operational Efficiency - The company achieved a reduction in the minimum output of its BaiCheng power plant unit to 30% of rated load, enhancing operational efficiency[83] - The company continues to face pressure from fuel costs, particularly in the coal market, which is experiencing tight supply and slight price increases[43] - The company is actively involved in the development of renewable energy projects, including wind and solar, which are approaching parity with traditional coal power[43] Financial Position and Assets - The total assets of the company reached 20 billion RMB, with a debt-to-equity ratio of 60%[21] - Total assets at the end of 2019 were ¥42,241,407,073.40, a 6.26% increase from ¥39,753,012,006.25 at the end of 2018[26] - The net assets attributable to shareholders at the end of 2019 were ¥7,412,083,759.61, a slight increase of 0.38% from ¥7,383,868,290.98 at the end of 2018[26] Risks and Challenges - The company identified potential risks including regulatory changes and market competition, which could impact future performance[21] - The company faces market risks due to slow growth in national power generation hours and potential fuel supply issues, particularly during winter heating periods[141] - The company is adapting to the electricity market reform by shifting its operational strategies to enhance competitiveness and reduce costs[141] Dividend Policy - No cash dividends or stock bonuses will be distributed to shareholders for the year 2019[21] - The company has not distributed dividends in recent years due to previous losses, with the last reported net profit being a loss of 33.953 million yuan in 2017[151] - The company did not propose any cash dividend distribution plan for the reporting period, despite having a positive profit available for distribution to ordinary shareholders[154] - The cash dividend amount for 2019 was 0.00, which accounted for 0.00% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was 147,650,375.29 yuan[155] Compliance and Governance - The company is currently involved in 22 litigation cases, with a total amount in dispute of ¥17,091.986 million[191] - The company incurred a fine of ¥403,000 for illegal land occupation by its subsidiary, reflecting regulatory compliance issues[194] - The company has commitments to reduce and standardize related party transactions, with a promise to inject power assets held by Jilin Energy Investment into Jilin Electric Power within 5 to 8 years[160]