WISCOM(002090)2024-04-11 16:00Financial Performance - The company's operating revenue for 2023 was ¥1,616,426,090.92, representing a 5.80% increase compared to ¥1,527,771,559.76 in 2022[21]. - The net profit attributable to shareholders for 2023 was ¥60,495,925.63, a significant increase of 101.52% from ¥30,020,065.97 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥45,143,314.15, up 124.28% from ¥20,128,109.99 in 2022[21]. - Cash flow from operating activities increased by 226.46% to ¥303,237,200.34, compared to ¥92,886,090.03 in 2022[21]. - Basic earnings per share rose to ¥0.1523, a 93.03% increase from ¥0.0789 in the previous year[21]. - Total assets at the end of 2023 reached ¥2,920,945,042.51, an 11.97% increase from ¥2,608,702,191.58 at the end of 2022[21]. - The net assets attributable to shareholders increased by 17.03% to ¥1,461,663,080.89 from ¥1,248,973,912.52 in 2022[21]. - The company reported a total investment income of CNY 19,225,334.26, accounting for 36.42% of total profit, primarily from subsidiary debt restructuring gains[89]. - The company reported a net profit of CNY 34,402,553.30 for the fiscal year 2023, with a distributable profit of CNY 509,172,776.84 after accounting for previous dividends[173]. Revenue Breakdown - Total revenue for the year was approximately 1.62 billion yuan, with a quarterly breakdown of 387.61 million yuan in Q1, 406.80 million yuan in Q2, 374.61 million yuan in Q3, and 447.40 million yuan in Q4[25]. - Revenue from the smart energy segment was ¥902,786,096.02, accounting for 55.85% of total revenue, with a year-on-year growth of 13.02%[70]. - The smart city segment generated ¥710,809,322.51, which is a decrease of 2.04% from the previous year[70]. - The company’s revenue from IT services and related products increased by 5.94% to ¥192,402,950.17[70]. - The company achieved a significant increase in revenue from the Electric Power Design and Integration segment, which grew by 58.21% to ¥148,556,229.84, with a gross margin of 17.92%[72]. Market and Strategic Focus - The company is focusing on the development of new energy and storage markets, aiming to increase its market share in non-fossil energy sectors[33]. - The company is actively responding to the national "dual carbon" strategy, aiming to enhance its product offerings in the new energy system[36]. - The company is leveraging advancements in 5G, IoT, and AI technologies to enhance its offerings in the new power system[36]. - The company is positioned as a key supplier for major state-owned power companies, with its protection automation products widely used across all provinces in China[47]. - The company aims to maintain its market share in the thermal power automation market while increasing R&D in smart power plant operations[106]. Research and Development - The company has a strong R&D team of over 300 professionals and maintains a high R&D investment ratio, holding more than 170 patents and 390 software copyrights[54]. - Research and development (R&D) expenditure amounted to CNY 173,692,908.97, representing 10.75% of operating revenue, down from 12.32% in the previous year, a decrease of 1.57%[85]. - The number of R&D personnel increased to 333, accounting for 26.62% of the total workforce, up from 25.23% in 2022, a rise of 1.39%[84]. - The company is investing heavily in R&D, with an allocation of 10% of total revenue towards the development of new technologies and products[145]. Corporate Governance - The company’s governance structure includes a board of 9 members, with 3 independent directors, adhering to relevant laws and regulations[129]. - The company maintains complete operational independence from its controlling shareholder, with no instances of fund occupation or guarantees provided to the controlling shareholder[131]. - The company has implemented stock option incentive plans and employee stock ownership plans to enhance the motivation and creativity of its management team and core technical staff[132]. - The company has established a clear framework for evaluating the performance of its directors and senior management[155]. Employee Development and Welfare - The total number of employees at the end of the reporting period was 1,251, with 771 being technical personnel[167]. - The company has a significant focus on employee development, offering various career paths and training resources[170]. - The company has a training program aimed at enhancing employee skills, including management training for mid-to-senior level staff[169]. - The company has implemented comprehensive employee welfare programs, including health check-ups and maternity support, to protect employee rights[194]. Risk Factors and Challenges - The company has identified potential risk factors in its operations, which are detailed in the management discussion section of the report[5]. - The company faces risks related to technological innovation, particularly in smart energy and smart city sectors, where rapid advancements in AI, IoT, big data, and 5G could impact long-term competitiveness if not addressed[116]. - High accounts receivable due to long order execution cycles poses a risk; the company aims to strengthen internal controls and improve accounts receivable turnover[119]. - The macroeconomic environment and industry policy changes may affect business operations and profitability; the company will closely monitor these factors and adapt strategies accordingly[121]. Sustainability and Environmental Commitment - The company has been recognized as a green factory in Jiangsu Province for 2022, reflecting its commitment to environmental management and sustainability[188]. - The company’s photovoltaic system generates approximately 1.2 million KWh annually, saving 485 tons of standard coal and reducing carbon dioxide emissions by 1,196 tons[189]. - The company actively promotes energy-saving measures, including smart waste management and low-carbon commuting initiatives[188]. - The company has received the ISO 14001:2004 environmental management system certification in 2009, focusing on pollution prevention and energy conservation[200].