SOJO(SZ:300444)2023-04-26 16:00Financial Performance - The company achieved operating revenue of 1,882.19 million yuan, a year-on-year increase of 60.69%[4] - The net profit attributable to ordinary shareholders was -172.30 million yuan, a year-on-year decrease of 52.04%[4] - The company's overall gross profit margins for 2022, 2021, and 2020 were 13.24%, 16.86%, and 24.94% respectively, indicating a declining trend[22] - The contribution rate of ring network cabinet products to the company's gross profit was 27.72% in 2022, down from 46.45% in 2021 and 46.17% in 2020, highlighting increased market competition[22] - The company's net assets attributable to shareholders decreased by 13.80%, amounting to ¥1,166,527,929.75 compared to ¥1,353,263,786.33 in 2021[41] - The company reported a basic earnings per share of -¥0.2376, a decline of 47.21% from -¥0.1614 in 2021[41] - The net cash flow from operating activities improved by 22.97%, reaching -¥209,899,349.09 compared to -¥272,484,102.13 in 2021[41] - The total assets at the end of 2022 were ¥3,919,124,778.07, an increase of 15.44% from ¥3,394,800,789.32 at the end of 2021[41] Business Expansion and Strategy - The company is actively expanding its new energy business, leading to increased project development and talent acquisition costs[5] - The company aims to provide comprehensive energy services in the new energy sector, focusing on clean energy development and smart grid equipment supply[53] - The company is actively expanding into the renewable energy sector by establishing subsidiaries such as Shuangjie Hefei and Anhui Zhiyuan, which involves significant investment risks[23] - The company is focusing on the development of smart distribution networks to improve the integration of new energy sources[8] - The company is actively developing wind and photovoltaic distribution equipment, anticipating significant growth in its photovoltaic EPC business[57] - The company is committed to achieving carbon neutrality and energy structure transformation through the development of integrated solar-storage-charging stations[66] - The company is actively participating in the development of new energy technologies, including a 35kV new energy box transformer with capacities ranging from 2200kVA to 7400kVA, and is researching a 10,000kVA version[98] Market Trends and Projections - China's total electricity consumption in 2022 was 8.6 trillion kWh, a growth of 3.6% year-on-year, with an average annual growth rate of 6.0% from 2020 to 2022[54] - Future projections estimate China's electricity consumption to reach between 9.1 trillion and 9.3 trillion kWh in 2023, with continued steady growth expected[54] - The distributed photovoltaic market in China saw a new installed capacity of 35.3 GW from January to September 2022, representing a 115% increase compared to the same period in 2021[61] - New energy storage projects in China achieved an installed capacity of 6.9 GW/15.3 GWh in 2022, with a total planned capacity nearing 67 GW across 26 provinces[62] - The electric vehicle charging market in China is projected to continue its rapid growth, with over 400 billion kWh of charging volume in 2022, marking an increase of over 85%[64] Risks and Challenges - The increase in costs due to high prices of raw materials such as copper and silicon steel negatively impacted the company's gross margin[5] - The company faces risks related to seasonal fluctuations in revenue due to the capital expenditure patterns of its clients in the power system[20] - The company faces risks related to its photovoltaic power station projects, which have high investment costs and long payback periods, potentially impacting cash flow[24] - The project benefits were affected by the high prices of copper and silicon steel, which increased costs and reduced revenue from low-margin products[143] Research and Development - The company has established a strong market presence in the smart electrical equipment sector, focusing on products such as 40.5kV and below power distribution equipment, with a leading market share in solid-insulated ring main units[67] - The company has made significant technological advancements in insulation, sealing, and automation technologies, holding multiple patents and core technologies in the field[68] - The company has developed a new 1500V pre-installed high energy density energy storage system, which offers advantages such as high cycle stability and rapid deployment[100] - The company has completed the assembly and testing of a new 24kV solid switch device, enhancing its competitiveness in overseas markets[116] - The company has reported a total of 303 valid patent authorizations, including 104 invention patents, 192 utility model patents, and 7 design patents[91] Corporate Governance and Management - The company has established a sound corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board[169] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[162] - The company has legally established its assets and has no instances of asset occupation by actual controllers or related parties[166] - The company has independent personnel management, ensuring that senior management does not hold positions in other companies controlled by actual controllers[167] - The company has established an independent financial department with a complete accounting and financial management system, allowing for autonomous financial decision-making[168] Employee and Talent Management - The total number of employees at the end of the reporting period is 1,830, with 398 in the parent company and 1,432 in major subsidiaries[193] - The professional composition includes 767 production personnel, 274 sales personnel, 575 technical personnel, 37 financial personnel, and 177 administrative personnel[193] - The company has established a competitive compensation system that includes basic salary, performance salary, piecework salary, overtime pay, performance bonuses, and other allowances[194] - The training plan focuses on cultivating talent needed by the company, with annual training plans submitted by departments based on strategic goals and operational needs[195] Future Outlook - The company aims to enhance asset quality and concentrate resources on core businesses such as power distribution and new energy sectors, which is expected to positively impact future performance[149] - In 2023, the company plans to focus on achieving annual operational goals and implementing refined management to drive growth and efficiency[151] - The company is committed to participating in the construction of a new power system centered on renewable energy[151] - The strategic focus includes the development of smart electrical equipment and energy services to align with national policies on new energy[151] - The company is actively pursuing new strategies to enhance its supply chain efficiency and customer service capabilities[179]