这家公司净利润下滑31.83%，董事长还被通报批评

Core Viewpoint - 康晋电气 is facing challenges with increasing revenue but declining profits, indicating a potential issue in operational efficiency and market competitiveness [1][4]. Company Overview - 康晋电气, established in 2006, is a technology-driven integrated power equipment provider and smart energy management solutions provider. The company shifted its strategy towards smart renewable energy solutions since 2016, participating in the "source-grid-load-storage" system integration [3]. - The company operates two main business segments: smart distribution network equipment and smart renewable energy business solutions, with a workforce of over 1,400 employees, including approximately 17.1% in R&D and technical engineering [3]. Financial Performance - 康晋电气's revenue for the years 2022, 2023, and 2024 was approximately 638 million, 824 million, and 969 million respectively, while net profits were 51.78 million, 56.25 million, and 38.34 million, showing a significant decline in net profit by 31.83% in 2024 [4]. - The company's gross margin has been on a downward trend, with gross profits of 186 million, 230 million, and 246 million corresponding to gross margins of 29.1%, 27.9%, and 25.4% over the same period [4]. Market Position - 康晋电气 ranks third in the Chinese market for ring network cabinets, holding a market share of 4.4% as of 2024. In comparison, competitors like 特锐德 and 许继电气 have significantly larger revenue and profit scales, with 特锐德 achieving 10.485 billion in revenue and 709 million in net profit, and 许继电气 achieving 17.089 billion in revenue and 1.117 billion in net profit in 2024 [5][6]. Listing History - 康晋电气 has undergone multiple changes in its listing plans, initially aiming for the Shenzhen Stock Exchange in 2020, then shifting to the Beijing Stock Exchange in 2024, and ultimately submitting an application for an H-share listing on the Hong Kong Stock Exchange [8][9]. Regulatory Issues - The company and its controlling shareholder faced disciplinary action for failing to disclose special investment terms in a timely manner, which has been recorded in the securities market integrity archives [10][11].