Wetown Electric(SH:688226)2024-03-08 08:36Group 1: Financial Performance - The company's total revenue for 2023 is approximately 2.85 billion yuan, representing a year-on-year increase of 74.22% [2] - The net profit attributable to the parent company is about 120 million yuan, with a year-on-year growth of 72.12% [2] - These figures are preliminary and have not been audited by an accounting firm, and may differ from the official annual report [3] Group 2: Business Operations - The company's distribution equipment business includes high and low voltage busbars, medium and low voltage complete sets of equipment, smart components, and transformers, widely used in industries such as renewable energy, industrial manufacturing, power grid, data communication, rail transit, and commercial real estate [3] - The demand for SMBB welding strips is expected to increase, with projected shipments further rising in 2024 due to the maturity of Topcon battery technology [3] Group 3: Strategic Developments - The company has submitted a fundraising prospectus for a private placement of A-shares to the Shanghai Stock Exchange on January 31, 2024, and will disclose further progress in accordance with relevant regulations [4] - The company's energy storage products, including DC storage cabins and AC booster cabins, require various electrical equipment, showcasing the synergy between energy storage and distribution equipment [3]