NYOCOR Co.,Ltd.(SH:600821)2024-04-11 16:00Financial Performance - The company achieved a consolidated net profit attributable to shareholders of 802.346 million RMB in 2023[9]. - The total dividend distribution for 2023 is expected to be around 368.56 million RMB, representing 45.94% of the net profit attributable to shareholders[9]. - The company's operating revenue for 2023 reached ¥3,327,748,339.44, representing a 7.96% increase compared to ¥3,082,262,482.54 in 2022[31]. - Net profit attributable to shareholders for 2023 was ¥802,346,013.59, a 9.54% increase from ¥732,483,079.57 in 2022[31]. - The total profit reached 974 million yuan, reflecting a year-on-year increase of 9.26%[72]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 20% year-over-year growth[175]. - Revenue for the year was 3.328 billion RMB, representing a 7.96% growth year-over-year, and the net profit attributable to shareholders was 802 million RMB, up 9.54%[41]. Dividend Policy - A cash dividend of 0.75 RMB per 10 shares (including tax) is proposed, totaling approximately 147.55 million RMB, which accounts for 18.39% of the net profit[9]. - The company plans to distribute approximately 369 million RMB in dividends, which accounts for 45.94% of the annual net profit attributable to shareholders[41]. - In 2023, the company distributed cash dividends of approximately 200 million yuan and plans to distribute an additional 148 million yuan, totaling an estimated 369 million yuan, which accounts for 45.94% of the annual net profit attributable to shareholders[56]. Shareholder Engagement - The company plans to submit the profit distribution proposal for shareholder approval[9]. - The company held a total of 6 shareholder meetings during the reporting period, all in compliance with legal regulations[160]. - The remuneration for independent directors is set at 150,000 RMB per year, which is subject to approval by the shareholders' meeting[182]. Operational Highlights - The company has repurchased 29,938,500 shares, impacting the total share count for dividend calculations[9]. - The company’s approved installed capacity reached 6,448 MW, a 16% increase year-over-year, while the grid-connected capacity grew by 19% to 4,480 MW[41]. - The annual electricity generation was 7.148 billion kWh, reflecting a 13.86% increase compared to the previous year[45]. - The company completed the Ningxia Weigang 200 MW photovoltaic project, which received multiple quality awards, showcasing strong project management and quality control[71]. Research and Development - Research and development expenditures exceeded 100 million RMB, constituting over 3% of sales revenue, with 20 new intellectual property rights obtained during the year[48]. - The total R&D expenditure for the period was ¥14,188,494.21, accounting for 0.43% of operating revenue[93]. - The company is focusing on innovative business areas and exploring opportunities in green computing and other fields to enhance its core competitiveness[68]. Market and Economic Outlook - The global economic growth rate for 2023 is estimated at 3.0%, a decrease of 0.5 percentage points from 2022, indicating a downward trend in the world economy[56]. - The overall electricity consumption in China is expected to grow by around 6% in 2024, reaching 9.8 trillion kilowatt-hours[139]. - The company anticipates a global economic growth rate of 3.1% in 2024, with continued growth in renewable energy installations, including a projected 25% increase in solar capacity and 11% increase in wind capacity[136]. Governance and Compliance - The company maintains an independent financial department with a separate accounting system and tax obligations, ensuring no interference from the controlling shareholder[156]. - The company has implemented measures to ensure the independence of its business operations, fully independent from the controlling shareholder[156]. - The company’s governance structure aligns with national laws and regulations, ensuring compliance with the requirements of the securities regulatory authority[153]. Strategic Initiatives - The company is actively exploring strategic opportunities in green electricity transformation and related industries, moving towards becoming a green energy ecological service provider[68]. - The company is committed to enhancing its digital capabilities, particularly in smart operations and carbon trading, to create value from data[141]. - The company is focusing on three strategic lines: renewable energy, new technologies, and digitalization, to drive growth and innovation[142]. Risks and Challenges - The company is aware of risks related to policy changes in renewable energy support, which could impact its business operations and profitability[146]. - The company faces challenges in acquiring quality resources due to increasing competition and regulatory requirements in the renewable energy sector[146]. - The company is monitoring interest rate risks associated with its long-term project financing, which could affect cash flow if rates rise significantly[149].