SMS(SZ:002857)2024-04-18 12:38Financial Performance - The company achieved an annual revenue of 326 million yuan, representing a 67.07% increase compared to the same period last year[10]. - The net profit attributable to shareholders was 5.91 million yuan, a decrease of 54.34% year-on-year[10]. - The company achieved total operating revenue of CNY 326,156,822.27 in 2023, representing a year-on-year increase of 67.07% compared to CNY 195,217,656.52 in 2022[40]. - The net profit attributable to shareholders decreased by 54.34% to ¥5,911,181.82 from ¥12,944,711.92 in the previous year[88]. - The net profit after deducting non-recurring gains and losses was -¥1,555,611.17, a decline of 120.10% compared to ¥7,738,785.75 in 2022[88]. - The company reported a significant increase in total assets for its subsidiary Zhengzhou Sanhui Instrument Co., Ltd., reaching RMB 118,157.46 million, with a net profit of RMB 7,949.17 million[185]. Revenue Breakdown - The revenue from the instrument manufacturing industry was CNY 229,306,078.92, accounting for 70.31% of total revenue, with a year-on-year growth of 17.46%[40]. - The energy storage equipment segment generated revenue of CNY 96,850,743.35, contributing 29.69% to total revenue[40]. - The sales revenue of the energy metering supporting product series reached 167,591,120.43 RMB, showing a year-on-year increase of 31.54%[52]. - The energy storage equipment sales amounted to 96,459,415.91 RMB, reflecting a growth of 4.96% compared to the previous year[52]. - The company reported a significant increase in sales in the North China region, with revenue rising by 84.70% to CNY 95,752,354.95[40]. - The South China region experienced a remarkable growth of 743.27%, with revenue reaching CNY 16,502,518.30[40]. Investments and R&D - The company invested CNY 20,319,300 in R&D, which accounted for 6.23% of total operating revenue, supporting the development of new downstream products[37]. - Research and development expenses increased by 64.74% year-on-year to ¥20,319,271.97, driven by new investments in energy storage technology[65]. - The company has established a strong R&D capability, supported by its status as a high-tech enterprise and various innovation awards, enhancing its competitive edge in the market[67]. - The number of R&D personnel increased by 31.33% from 83 in 2022 to 109 in 2023, accounting for 24.28% of the total workforce[147]. - R&D investment rose by 64.74% from ¥12,333,906 in 2022 to ¥20,319,271.97 in 2023, representing 6.23% of operating revenue[147]. Joint Ventures and Subsidiaries - A joint venture was established in March 2023 to enter the energy storage industry, generating 97 million yuan in revenue for the year[10]. - The company established a joint venture, Shenzhen Sanhui Energy Technology Co., Ltd., on March 14, 2023, with a registered capital of 50 million RMB, focusing on battery manufacturing and sales, energy storage technology services, and IoT technology development[45]. - On October 31, 2023, the company registered a wholly-owned subsidiary, Shanghai Sanhui New Energy Technology Co., Ltd., with a registered capital of 1 million RMB, engaging in technology services and sales of photovoltaic equipment and components[46]. - The company acquired a 55% stake in Zhejiang Zhongzheng New Energy Technology Co., Ltd. on December 22, 2023, with a registered capital of 50 million RMB, focusing on photovoltaic power generation project development and maintenance[47]. Market Strategy and Expansion - The company aims to expand its market presence and improve product quality through continuous innovation and efficient service delivery[69]. - The company is actively pursuing market expansion and new technology development in the energy sector[147]. - The company aims to support the development of a clean, low-carbon, and efficient new power system through its focus on smart grid equipment and energy storage solutions[79]. - The company is focused on innovation-driven development, actively exploring new products and business areas[109]. - The company plans to leverage its technological advantages in the electric meter standard and calibration device industry to consolidate its leading position[109]. Cost Management and Efficiency - The company is focusing on refined management to reduce costs and improve efficiency while increasing R&D investment[1]. - The cost of energy metering products was 36,395,642.1 RMB, accounting for 14.88% of the total operating costs, a significant decrease of 36.96% from the previous year[58]. - The company has revised its internal control systems and governance structures to ensure compliance with relevant laws and regulations[37]. - The company is committed to enhancing management practices to further reduce costs and improve efficiency[187]. Customer and Supplier Relations - The top five customers accounted for 47.87% of the total annual sales, with total sales amounting to 156,141,623.47 RMB[48]. - The total procurement amount from the top five suppliers was ¥127,567,613.47, which represents 53.39% of the total annual procurement[64]. - The company is committed to optimizing its supplier network to ensure the quality of raw materials and components, with a focus on stable relationships with well-known domestic and international suppliers[131]. Government Support and Regulations - The company received government subsidies amounting to ¥3,351,862.67, which positively impacted the financial results for the year[73]. - The government has set clear goals for the development of energy storage and smart grid capabilities, which will significantly impact the power system optimization and clean energy integration[98]. Cash Flow and Financial Management - The company reported a net cash flow from operating activities of ¥47,271,759.44, a 4.11% increase from ¥45,404,676.85 in 2022[88]. - The net cash flow from investment activities increased by 181.75% compared to last year, primarily due to the increase in the recovery of bank wealth management products during the reporting period[121]. - The company achieved a total cash inflow from operating activities of ¥283,712,854.66 in 2023, representing a 19.96% increase compared to ¥236,506,392.44 in 2022[168]. - The company’s cash outflow from financing activities increased by 247.72% to ¥4,794,805.52 compared to ¥1,378,907.40 in the previous year[168].