SZHL(002255)2025-03-19 10:30Financial Performance - The company's operating revenue for 2024 was CNY 2,788,686,090.26, a decrease of 0.23% compared to CNY 2,795,215,872.67 in 2023[18]. - Net profit attributable to shareholders increased by 10.86% to CNY 377,249,771.46 from CNY 340,295,962.21 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 360,772,357.92, up 8.51% from CNY 332,472,558.54 in 2023[18]. - Cash flow from operating activities surged by 111.82% to CNY 683,707,343.42, compared to CNY 322,772,604.78 in 2023[18]. - Basic earnings per share rose to CNY 0.449, an increase of 11.14% from CNY 0.404 in the previous year[18]. - Total assets at the end of 2024 reached CNY 6,924,203,732.36, reflecting a growth of 7.61% from CNY 6,434,712,534.82 in 2023[18]. - Net assets attributable to shareholders increased by 8.66% to CNY 4,004,980,809.33 from CNY 3,685,630,012.07 in 2023[18]. - The total revenue for the year 2024 was CNY 278,868.61 million, a decrease of 0.23% compared to the previous year[66]. - The net profit attributable to shareholders reached CNY 37,724.98 million, marking a historical increase of 10.86% year-on-year[66]. Revenue Breakdown - Revenue from the industrial manufacturing sector was CNY 2,352,331.08 million, accounting for 84.35% of total revenue, with a year-on-year growth of 3.63%[70]. - Revenue from environmental engineering services decreased by 26.34% to CNY 190,749.07 million, down from CNY 258,946.49 million in the previous year[70]. - Domestic sales accounted for 92.33% of total revenue, while overseas sales increased by 63.88% to CNY 213,917.67 million[71]. Investment and R&D - The company reported a research and development expenditure of 117.39 million yuan in 2024, with a total of 176 valid patents, including 68 invention patents[53]. - The company plans to continue focusing on innovation and technology development to enhance its competitive edge in the market[66]. - The company has increased its R&D investment to support breakthroughs in energy-saving and environmental protection equipment[66]. - The company is investing 100 million yuan in R&D for innovative energy solutions over the next three years[134]. Market and Industry Trends - The clean energy sector, including nuclear power and offshore wind, is experiencing rapid growth, driven by national policies and the "dual carbon" goals[29]. - The waste heat boiler industry is positioned for growth due to strong policy support and increasing demand for energy efficiency[30]. - The company is focusing on expanding its international market presence, leveraging the "Belt and Road" initiative for growth opportunities[29]. - The demand for small modular reactors (SMRs) is growing, driven by global clean energy needs and the push for advanced reactor demonstration projects[35]. Operational Efficiency - The company’s operational model for industrial boilers and pressure vessels is based on order-driven production, ensuring tailored solutions for clients in various industries[43]. - The company emphasizes a strict "sales-driven production" model, aligning production with customer orders to enhance efficiency[45]. - The company is committed to enhancing the technical level and market competitiveness of its waste heat boiler products to support the national "dual carbon" goals[58]. Environmental Responsibility - The company has implemented advanced pollution control technologies, including SNCR and activated carbon injection, ensuring emissions meet regulatory requirements[172]. - The company has established a self-monitoring scheme for environmental emissions, utilizing both automatic and manual monitoring methods[172]. - The company has made significant investments in environmental governance and has been paying environmental protection taxes as required[173]. - The company emphasizes a commitment to social responsibility and sustainable development, aligning with national strategies[175]. Corporate Governance - The company has established a sound corporate governance structure, ensuring independent operation of the board and management, which promotes stable and healthy development[122]. - The company has not engaged in any fund occupation by controlling shareholders or provided guarantees for them[123]. - The company has complied with relevant laws and regulations regarding corporate governance, indicating a well-structured governance framework[167]. Shareholder Engagement - The board of directors has been actively involved in governance and operational decision-making, ensuring compliance with regulations[143]. - The company reported a 15.95% investor participation rate in the 2023 annual general meeting held on April 13, 2024[124]. - The company did not propose any cash dividends or stock bonuses for the fiscal year 2024, despite having a positive net profit[158]. Challenges and Risks - The company acknowledges various risks including macroeconomic fluctuations and raw material price changes, which may impact future performance[4]. - The company has identified macroeconomic risks and market competition risks, implementing strategies to mitigate these challenges[113]. - The company will establish a comprehensive raw material price monitoring mechanism to mitigate risks from price fluctuations, ensuring procurement at favorable prices[114].