Chang Jiang Shang Bao·2026-01-23 01:27Core Viewpoint - Shanghai Electric is expected to achieve a significant turnaround in its financial performance, projecting a net profit of 1.1 billion to 1.32 billion yuan for 2025, marking a substantial increase compared to previous years [1][5]. Financial Performance - The company anticipates a net profit increase of 348 million to 568 million yuan, representing a growth rate of 46.28% to 75.53% year-on-year [5]. - For the first three quarters of 2025, the company expects a non-net profit exceeding 200 million yuan, ending four consecutive years of losses [1][5]. - Shanghai Electric's contract liabilities reached 65.984 billion yuan as of September 2025, an increase of 21.777 billion yuan year-on-year [2][9]. Business Focus and Strategy - The company is concentrating on three main business areas: smart energy, intelligent manufacturing, and digital integration, with a global operational footprint [3][10]. - Shanghai Electric is committed to optimizing its industrial structure to enhance profitability and has positioned itself as a leading provider of industrial-grade green intelligent system solutions [10]. Competitive Advantages - Shanghai Electric boasts three core competitive advantages: extreme manufacturing capabilities supported by process technology, the ability to realize first-of-a-kind equipment through integrated innovation, and comprehensive solution capabilities through industrial and energy synergy [11]. - The company has invested over 5 billion yuan in R&D annually from 2021 to 2024, with a total exceeding 4 billion yuan in the first three quarters of 2025, indicating a strong commitment to innovation [4][12]. Historical Context - The company faced significant losses in previous years, with net profits of -9.988 billion yuan in 2021 and -3.566 billion yuan in 2022, primarily due to asset impairment and credit losses [6][7]. - After two years of substantial losses, Shanghai Electric returned to profitability in 2023 and continued to grow in 2024, indicating a positive trend in its financial recovery [8].