Kewell(SH:688551)2024-02-29 23:46Financial Performance - In 2023, the company achieved a revenue of 527.25 million yuan, representing a year-on-year growth of 40.55% [1] - The net profit attributable to the parent company was 117.49 million yuan, with a year-on-year increase of 88.81% [1] - The net profit after deducting non-recurring gains and losses was 106.63 million yuan, reflecting a significant growth of 138.45% year-on-year [1] Business Segment Performance - The revenue breakdown for 2023 shows that the Power Supply Division accounted for approximately 68% of total revenue, the Hydrogen Energy Division for about 21%, and the Power Semiconductor Division for around 10% [1] - The overall gross margin improved compared to the previous year, with the Power Supply Division recovering to normal levels after a dip in 2022 [3] Market Insights - The Power Supply Division's revenue is primarily driven by the new energy generation and electric vehicle sectors, benefiting from the rapid growth in the photovoltaic and energy storage industries [3] - The current domestic market for small power testing power supplies is still dominated by foreign brands, with a low localization rate [3] Cost Management and Efficiency - The company is actively pursuing cost reduction and efficiency improvement, leading to a steady increase in profitability [3] - The overall expense ratio decreased in 2023, with the sales expense ratio at 11.59%, management expense ratio at 10.44%, and R&D expense ratio at 20.45%, resulting in a total expense ratio of 42.50% [4] Future Outlook - The company plans to enhance its distribution channel construction to boost the growth of small power testing power supplies [3] - The 2023 refinancing projects are progressing smoothly, with some facilities expected to be operational by the end of this year or early next year [5]