Sineng(SZ:300827)2023-04-26 16:00Market Position and Performance - The company ranked first in the domestic market for energy storage PCS shipments in 2022, according to the China Energy Storage Industry Technology Alliance (CNESA) statistics[2]. - The company has secured significant results in domestic market tenders, reinforcing its leading position in the ground-mounted photovoltaic power station sector[36]. - The global new energy storage installation capacity reached 12,166 MW in 2022, indicating a growing market[47]. - The company achieved a sales revenue of 830 million yuan from domestic ground photovoltaic inverters in 2022, representing a year-on-year growth of 31.78%[122]. - As of the end of the reporting period, the company had over 12 GW of orders for domestic ground photovoltaic inverters[122]. - The company is focusing on expanding its domestic ground photovoltaic business to capture a larger market share, especially with the anticipated rapid growth in installed capacity in 2023[122]. - The company is expanding its overseas market presence, focusing on large-scale energy storage projects in North America and distributed energy storage in Europe[36]. - The company has established sales companies in Europe, the Middle East, and India, aiming to expand its global sales service network and has secured multiple large-scale orders, including a 240MW project in Spain and a 746MW project in Saudi Arabia[137]. Financial Performance - Total revenue for 2022 reached ¥2,338,541,793.58, a 114.08% increase from ¥1,092,374,265.79 in 2021[50]. - Revenue from the photovoltaic industry was ¥1,224,240,727.17, accounting for 52.35% of total revenue, with a year-on-year growth of 38.62%[50]. - Revenue from the energy storage industry surged to ¥1,021,585,640.07, representing 43.69% of total revenue, with an impressive year-on-year increase of 621.85%[50]. - The company achieved operating revenue of 2.339 billion yuan, a year-on-year increase of 114.08%, and a net profit attributable to shareholders of 81.5649 million yuan, up 38.46% year-on-year[135]. - The cash flow from operating activities was 151 million yuan, reflecting a year-on-year increase of 34.42%[135]. - The net profit attributable to shareholders for 2022 was CNY 81,564,868.27, a 38.46% increase from the previous year[184]. - The net cash flow from operating activities for 2022 was CNY 150,562,115.61, up 34.42% from 2021[184]. - The basic earnings per share for 2022 was CNY 0.34, a 36.00% increase compared to 2021[184]. Research and Development - The company's research and development investment reached 144 million yuan, accounting for 6.17% of revenue, with a year-on-year increase of 55.40%[12]. - The company has established four major R&D centers in Shenzhen, Wuxi, Chengdu, and Suzhou, with R&D personnel accounting for 26.48% of the total workforce[11]. - The company has obtained 188 authorized patents, supporting its leading position in R&D and innovation[14]. - The company is developing a new generation of high-power centralized inverters, aiming for industry-leading performance metrics[70]. - The company is committed to increasing its R&D investment and talent acquisition to enhance its competitiveness in the photovoltaic and energy storage sectors[138]. - The company has increased its R&D personnel to 269 in 2022, a rise of 20.09% from 224 in 2021[86]. Product Development and Innovation - The maximum efficiency of the company's inverters has exceeded 99%, achieved through the use of advanced semiconductor materials and innovative control algorithms[10]. - The company has launched multiple new technology solutions, including integrated inverter and boost technology, and has received positive market feedback[11]. - The company is enhancing its distributed inverter series to improve competitiveness in both domestic and overseas markets[73]. - New products are being developed to meet the growing demand for household string inverters, with significant improvements in performance and cost[73]. - The company is focused on enhancing its competitive edge in the energy storage sector through continuous technological investments and improvements[77]. - The company is developing a broadband PLC project for wireless communication in photovoltaic sub-arrays, aiming to reduce installation and maintenance costs[82]. Operational Efficiency and Management - The company has implemented a new KPI assessment system to enhance management efficiency and optimize operational performance[48]. - The company is advancing its information technology infrastructure, integrating automation in new facilities to improve operational efficiency[48]. - The company aims to optimize its management level through collaboration with external consulting firms and the introduction of digital operational frameworks[138]. - The company has established a transparent performance evaluation system for senior management, ensuring accountability and compliance with legal standards[170]. Supply Chain and Risk Management - The main raw materials used in the company's products are electronic components, with IGBT power modules being the core component, primarily sourced from foreign manufacturers[159]. - The company has strengthened strategic partnerships with suppliers and optimized its supplier structure to ensure supply chain security[160]. - The company faces risks related to policy changes, potential declines in gross margins, and large accounts receivable, and has outlined measures to mitigate these risks[142][143][151]. - The company is actively monitoring industry supply dynamics to mitigate risks associated with raw material shortages and price volatility[160]. Investor Relations and Corporate Governance - The company has conducted various investor communication activities to discuss its operational performance and future development outlook for 2023[163]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[168]. - The company emphasizes investor relations management, providing multiple channels for investor communication and feedback[169]. - The company maintains complete control and ownership of its assets, ensuring no asset or funds are misappropriated by the controlling shareholder[188].