远东股份20241105

Key Points Company Overview 1. Industry and Company: Far East Energy Corporation (Far East) is a leading developer and provider of smart energy solutions, focusing on smart blue network, smart batteries, and smart airports. 2. Establishment and Growth: Founded in 1985, Far East has undergone five reforms and six leaps, ranking among China's top 500 enterprises for 18 consecutive years. It is recognized as the best employer in the industry, the first national quality award-winning enterprise, and the global industry's first brand. 3. Mission and Strategy: The company is committed to creating value and serving society, adhering to a strategy of becoming the number one or two in the industry. 4. Core Values: Far East upholds the "Four Truths" standard of genuine materials, genuine technology, genuine quality, and genuine service. It implements five safeguards: talent, system, standard, supervision, and data. 5. Innovation and Awards: Far East is an international standard member of IEC and a member of CIGRE, winning the National Science and Technology Progress Award. It is the only enterprise in the industry to commit to full-lifecycle quality assurance and has the lowest product defect rate in the industry. Financial Performance 1. Revenue and Profit: In the first three quarters of 2024, Far East's revenue reached 18.22 billion yuan, a year-on-year increase of 4.78%. The net profit was 0.99 billion yuan, showing a significant improvement. 2. R&D and Employee Compensation: The company's R&D investment reached 5.77 billion yuan, a year-on-year increase of 11.75%. The average employee income increased by 8.98%. 3. Business Segments: The company's three main business segments, smart blue network, smart batteries, and smart airports, all showed steady growth. Smart Blue Network 1. Revenue and Profit: The smart blue network business achieved revenue of 16.28 billion yuan, a year-on-year increase of 0.77%, with a net profit of 2.93 billion yuan. 2. Focus and Projects: The company continues to focus on cable business, supporting high-quality development in intelligent power grids, clean energy, and intelligent manufacturing. It has participated in major projects at home and abroad and won the title of "Most Competitive Enterprise in China's Cable Industry" for 11 consecutive years. 3. New Projects: The Far East Resin Lighthouse Project is expected to be completed by the end of the year, and the company is expanding its market share. Smart Batteries 1. Revenue and Profit: The smart battery business achieved revenue of 7.79 billion yuan, a year-on-year increase of 85.18%, with a net profit of 0.25 billion yuan. 2. Market Expansion: The company is accelerating the expansion of the energy storage market and releasing copper and aluminum foil production capacity. It has won the "Best Industrial Energy Storage Solution Award" in 2020 and is recognized by customers in the power generation, industrial, commercial, and residential energy storage markets. 3. Product Development: The company is accelerating the production of products that meet the strictest requirements and deepening cooperation with leading enterprises. Smart Airports 1. Revenue and Profit: The smart airport business achieved revenue of 1.096 billion yuan, a year-on-year increase of 42.86%, with a net profit of 0.75 billion yuan. 2. Projects and Growth: The company has won contracts worth more than 10 million yuan, with a year-on-year increase of 181%. It is actively involved in the construction of major airports at home and abroad, including Shanghai Pudong International Airport, Xiamen Xiang'an International Airport, and others. 3. Innovation and Competitiveness: The company is continuously enhancing its comprehensive competitiveness through technological innovation and independent research and development, focusing on core businesses and promoting high-quality development.