SEWPG(SH:688660)2024-03-28 16:00Financial Performance - The net profit attributable to shareholders for 2023 was -1,271,270,080.21 CNY, with the parent company's net profit at -1,471,804,156.03 CNY[5]. - The accumulated undistributed profits for the parent company decreased from 359,096,391.68 CNY at the beginning of the year to -1,112,707,764.35 CNY at the end of the year[5]. - The company plans not to implement any profit distribution for the 2023 fiscal year[5]. - The company's operating revenue for 2023 was ¥10,114,212,908.77, a decrease of 16.24% compared to ¥12,075,139,759.63 in 2022[19]. - The net profit attributable to shareholders was -¥1,271,270,080.21 in 2023, compared to -¥338,066,603.73 in 2022, indicating a significant decline[19]. - The basic earnings per share for 2023 was -¥0.95, down from -¥0.25 in 2022[20]. - The weighted average return on equity for 2023 was -19.55%, a decrease from -4.53% in 2022[20]. - The total assets at the end of 2023 were ¥25,857,415,570.16, down 14.40% from ¥30,207,985,794.33 at the end of 2022[19]. - The net cash flow from operating activities was -¥3,948,778,914.29 in 2023, compared to -¥717,556,679.88 in 2022[19]. - The gross profit margin for the main business decreased by 7.67 percentage points to 6.54%[98]. - The total revenue for the year 2023 was approximately CNY 10.06 billion, a decrease of 15.98% compared to the previous year, with a gross margin of 6.54%, down 7.66 percentage points[101]. Operational Risks and Governance - The company has detailed various operational risks in the report, which investors are advised to review[4]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has received a standard unqualified audit report from PwC Zhongtian[5]. - The board held 13 meetings during the reporting period, making prudent decisions on significant matters such as the cancellation of certain fundraising investment projects and the transfer of wholly-owned subsidiary equity[150]. - The supervisory board convened 5 meetings to review the periodic reports and provided opinions on important matters including the use and management of raised funds and profit distribution[151]. - The company emphasized the importance of governance and compliance, with all directors and supervisors fulfilling their duties diligently and responsibly[152]. - The board revised the related party transaction management system to better regulate decision-making and management practices in accordance with the latest regulations[153]. - The company maintains complete independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring autonomous business capabilities[154]. Research and Development - Research and development expenses accounted for 6.51% of operating revenue in 2023, an increase of 1.68 percentage points from 4.83% in 2022[20]. - The total R&D expenditure for the year reached ¥658,045,965.97, a 12.72% increase from the previous year, representing 6.51% of total revenue, up from 4.83%[72]. - The company applied for 105 new patents during the reporting period, with a total of 1,438 patents held, including 831 invention patents[70]. - The company has established a comprehensive R&D system with multiple centers across China and Europe, collaborating with top universities to enhance its technological capabilities in wind turbine design and manufacturing[84]. - The company is committed to increasing R&D investment and enhancing its digital and intelligent manufacturing capabilities to improve product reliability and reduce costs[138]. Market and Sales Performance - The company delivered wind turbine orders primarily from grid parity projects, leading to a significant decline in average sales prices compared to previous years[22]. - The company faced intensified competition in the domestic wind power market, resulting in continued decreases in bidding prices for wind turbine products[22]. - The company reported a total of 3,608.45 MW in new orders for 2023, a decrease of 41.86% year-on-year, with cumulative orders on hand amounting to 8,871.25 MW, down 9.39% from the previous year[35]. - The average bidding price for onshore wind turbines fell from approximately 1,770 RMB/kW in 2022 to around 1,500 RMB/kW in 2023, while the average bidding price for offshore wind turbines decreased to about 3,100 RMB/kW[31]. - The company achieved a sales revenue of 393.94 million yuan from service business and spare parts outside the warranty period, representing a year-on-year growth of 33.93%[38]. - The company is actively participating in the renewable energy market, with policies aiming for non-fossil energy generation to account for approximately 51.9% of installed capacity by 2023[45]. Strategic Initiatives and Future Plans - The company is focused on developing new technologies, including the "Petrel" and "Poseidon" platforms for different environmental conditions[11]. - The company aims to support the "3060" dual carbon target with its newly developed tower products[11]. - The company is committed to the development of renewable energy, with plans for significant increases in wind and solar power installations in 2023[45]. - The company plans to further expand into overseas markets in 2024, with some overseas sales orders set to begin execution[93]. - The company aims to enhance risk management and improve its foreign exchange hedging mechanisms in response to international market uncertainties[93]. - The company is focusing on the development of 10MW+ onshore and 15MW+ offshore wind turbine models, with a strong emphasis on large-scale wind turbine technology[52]. Human Resources and Management Changes - The company employed a total of 1,687 staff members, with 1,388 in the parent company and 299 in major subsidiaries[192]. - The technical personnel accounted for the largest group, totaling 775 employees, representing approximately 46% of the total workforce[192]. - The company has experienced changes in its board, with several directors and supervisors resigning due to retirement or work changes[175]. - The company confirmed that the departure of key technical personnel will not adversely affect its research and development capabilities or core competitiveness[177]. - The company is actively expanding its leadership team to enhance operational efficiency and strategic direction[167]. Environmental and Social Responsibility - The company emphasizes the importance of environmental protection in its wind power project development, construction, and operation processes[58]. - The company is focusing on integrating multiple energy sources, including wind, solar, and hydrogen, to create comprehensive energy solutions[133]. - The company has established a comprehensive decision-making mechanism for profit distribution, ensuring the protection of minority shareholders' rights[200].