Shenzhen Energy(000027)2023-04-19 16:00Financial Performance - The company's operating revenue for 2022 was CNY 37.52 billion, an increase of 16.17% compared to CNY 31.57 billion in 2021[14]. - The net profit attributable to shareholders for 2022 was CNY 2.20 billion, a decrease of 8.03% from CNY 2.13 billion in 2021[14]. - Basic earnings per share for 2022 were CNY 0.30, down 18.92% from CNY 0.32 in 2021[14]. - The company reported a significant increase in revenue, with a year-over-year growth of 15% in 2022, reaching a total of 10 billion RMB[88]. - Shenzhen Energy Group reported a total revenue of RMB 10.5 billion for 2022, representing a year-on-year increase of 15%[95]. - The company achieved a net profit of RMB 1.2 billion, which is a 20% increase compared to the previous year[95]. - The company reported a total revenue of 12,350 million for October 2022, marking a significant increase compared to previous months[191]. - In November 2022, the revenue reached 9,500 million, demonstrating a consistent performance in the energy sector[191]. Cash Flow and Dividends - The company plans to distribute a cash dividend of 1.40 RMB per 10 shares to all shareholders, based on a total of 4,757,389,916 shares[3]. - The net cash flow from operating activities reached CNY 9.62 billion, representing a significant increase of 109.03% compared to CNY 4.31 billion in 2021[14]. - The cash dividend for the current period was CNY 666,034,588.24, representing 100% of the total profit distribution[122]. - The company distributed cash dividends of CNY 83,254.32 million, with a payout of CNY 1.75 per 10 shares based on a total share capital of 4,757,389,916 shares for the 2021 fiscal year[119]. Assets and Liabilities - Total assets at the end of 2022 amounted to CNY 141.27 billion, a growth of 7.06% from CNY 131.51 billion at the end of 2021[14]. - The company's long-term borrowings stood at ¥27,296,316,643.82, representing 19.32% of total liabilities[58]. - The total amount raised in 2022 through bond issuance was RMB 500 million, with all funds fully utilized by December 31, 2022[69]. - The company has guaranteed debts amounting to 161,845.73 million, with a repayment period extending two years after the contract expiration[189]. Operational Capacity and Development - The company achieved a total installed capacity of 17,461.7 MW by the end of 2022, with clean energy accounting for 62.01% of the total capacity[23]. - The company added 960,000 kW of new installed capacity in 2022, including 480,000 kW from natural gas, 265,600 kW from wind power, and 216,000 kW from waste-to-energy[22]. - The company is actively expanding its international presence, with investments in power plants in Ghana, Vietnam, and Papua New Guinea, contributing to local economic development[25]. - The company is focusing on clean energy and environmental protection as part of its strategic development goals, aligning with national carbon neutrality targets[22]. Research and Development - The company invested 350.02 million RMB in R&D, a decrease of 6.04% year-on-year[38]. - The company completed the development of a hydrogen production and refueling integrated station, which is expected to enhance the renewable energy business operations[50]. - The company is developing a high-energy density battery for inspection drones to improve operational efficiency[51]. - The company is exploring new agricultural models that combine photovoltaic systems with farming to reduce operational costs by 5-10%[51]. Environmental Compliance and Sustainability - The company operates under strict environmental standards, including the "Emission Standards for Air Pollutants from Thermal Power Plants" and has valid pollution discharge permits until 2027[133]. - The company achieved ultra-low emissions standards for sulfur dioxide (SO2) at 14.62 mg/Nm3, significantly below the limit of 25 mg/Nm3[137]. - The company is committed to implementing deep reduction requirements for air pollutants, with specific targets for dust, SO2, and NOx emissions[139]. - The company is focused on reducing emissions, with a smoke emission level of 2.44 mg/Nm3 reported at the Dongbu Environmental Protection Co., Ltd.[143]. Governance and Management - The company has established a robust governance structure, ensuring independent operations and effective checks and balances among its various bodies[80]. - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, and financial operations[81]. - The company is focusing on enhancing its governance structure by involving independent directors in key decision-making processes[101]. - The company has implemented a long-term incentive plan to enhance operational efficiency and support strategic goals, focusing on low-carbon clean energy and urban environmental governance[124]. Market Expansion and Strategic Planning - The company plans to expand its market presence by entering three new provinces in 2023, aiming for a 25% growth in customer base[95]. - The company is considering strategic acquisitions to enhance its portfolio, with potential targets identified in the renewable sector[88]. - The company aims to reduce operational costs by 8% through improved efficiency measures implemented in 2023[88]. - The company is actively pursuing mergers and acquisitions to strengthen its market position[104]. Risks and Challenges - The company faces risks related to fuel price fluctuations, electricity market trading, and international investments, as detailed in the management discussion and analysis section[3]. - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated in the recent audit report[15]. - The company faces dual pressures from high fuel prices and supply risks, particularly in coal and natural gas procurement, and is working to improve procurement strategies and emergency fuel reserves[78]. - The company is closely monitoring international economic conditions to adjust its overseas investment strategies and mitigate risks related to foreign projects[78].