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上海电气2024年财报:营收微增,净利润下滑,能源装备成亮点
Sou Hu Cai Jing· 2025-03-30 16:07
Core Insights - Shanghai Electric reported a slight increase in total revenue for 2024, reaching 116.186 billion yuan, a year-on-year growth of 1.2%, but net profit declined by 6.3% to 0.752 billion yuan, indicating challenges in cost control and profitability [1][4] - The energy equipment segment was a significant growth driver, with new orders amounting to 89.1 billion yuan, reflecting an 18.45% increase [5][6] Revenue and Profitability - The company's total revenue for 2024 was 116.186 billion yuan, showing a minor increase of 1.2% year-on-year [4] - Net profit attributable to shareholders decreased by 6.3% to 0.752 billion yuan, highlighting issues in operational efficiency and cost management [4][7] - Gross margin improved to 18.6%, with the energy equipment segment achieving a gross margin of 19.7%, up by 2 percentage points [4][5] Energy Equipment Performance - The energy equipment segment saw new orders of 89.1 billion yuan, driven by contributions from coal-fired power equipment (32.62 billion yuan), nuclear power equipment (7.89 billion yuan), wind power equipment (17.38 billion yuan), and energy storage equipment (11.92 billion yuan) [5][6] - Shanghai Electric maintained a leading position in the coal power market, achieving the lowest coal consumption globally and winning significant projects [6] Cost Control and Challenges - Despite the strong performance in the energy equipment segment, the decline in net profit indicates ongoing challenges in cost control and profitability [6][7] - The company's non-recurring net profit was -0.616 billion yuan, suggesting substantial expenditures in non-core business areas, particularly in R&D and market expansion [6][7] Industrial Equipment and Integrated Services - The industrial equipment and integrated services segments showed modest order growth, with orders of 42.29 billion yuan and 22.21 billion yuan, respectively, indicating weaker profitability contributions [7] - Future efforts are needed to enhance the profitability of these segments for balanced overall business development [7]