TGOOD(300001)2024-04-23 13:17Dividend Distribution - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) for the 2023 fiscal year[3] - The company's total share capital for the dividend distribution will exclude shares held in the company's repurchase account[3] Subsidiary Information - The company's subsidiary, TGOOD New Energy Co., Ltd., holds a 77.71% stake in the company[6] - Subsidiary TGOOD High Voltage achieved total assets of 7.16 billion yuan, net assets of 3.86 billion yuan, and revenue of 4.26 billion yuan, contributing 2.50% to the company's net profit[88] - Subsidiary TELD (merged) reported total assets of 9.79 billion yuan, net assets of 2.20 billion yuan, and revenue of 6.04 billion yuan, contributing 1.90% to the company's net profit[88] - The company established 16 new subsidiaries, including Suzhou Shengmei TELD and Huai'an Hongxin TELD, which are not expected to significantly impact production or performance[89][90] Financial Performance - Revenue for 2023 reached RMB 14,601,773,884.66, a 25.56% increase compared to the adjusted 2022 figure of RMB 11,629,637,610.99[13] - Net profit attributable to shareholders in 2023 was RMB 491,146,465.58, an 80.44% increase from the adjusted 2022 figure of RMB 272,200,674.81[13] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was RMB 403,132,585.99, a 169.43% increase from the adjusted 2022 figure of RMB 149,623,456.28[13] - Operating cash flow for 2023 was RMB 1,344,653,506.45, a 10.62% increase compared to the adjusted 2022 figure of RMB 1,215,591,183.39[13] - Basic earnings per share for 2023 was RMB 0.48, an 84.62% increase from the adjusted 2022 figure of RMB 0.26[13] - Total assets at the end of 2023 were RMB 23,876,880,708.11, an 8.50% increase compared to the adjusted 2022 figure of RMB 22,006,870,441.10[13] - Net assets attributable to shareholders at the end of 2023 were RMB 6,689,405,283.44, a 6.21% increase from the adjusted 2022 figure of RMB 6,298,124,586.09[13] - Q4 2023 revenue was RMB 5,199,088,850.21, the highest among all quarters, followed by Q3 at RMB 3,795,469,329.81[16] - Q4 2023 net profit attributable to shareholders was RMB 269,252,356.93, significantly higher than the RMB 20,316,477.46 in Q1[16] - The company achieved a total operating revenue of 14.602 billion yuan in 2023, a year-on-year increase of 25.56%[48] - The company's net profit attributable to shareholders reached 491 million yuan in 2023, a year-on-year increase of 80.44%[48] - The company's "Intelligent Manufacturing + Integrated Services" business generated revenue of 8.561 billion yuan in 2023, a year-on-year increase of 21.25%[49] - The company's gross profit from the "Intelligent Manufacturing + Integrated Services" business was 2.081 billion yuan in 2023, a year-on-year increase of 22.25%[49] - The company's net profit attributable to shareholders from the "Intelligent Manufacturing + Integrated Services" business was 370 million yuan in 2023, a year-on-year increase of 26.44%[49] - The company's electric vehicle charging network business achieved a revenue of 6.041 billion yuan, a year-on-year increase of 32.21%, with a gross profit of 1.33 billion yuan, up 52.57% year-on-year, and a net profit attributable to shareholders of 121 million yuan, turning a loss into profit[52] - Total operating revenue for 2023 reached 14,601,773,884.66 RMB, a year-on-year increase of 25.56%[58] - Revenue from the new energy power generation sector surged by 58.78% to 3,292,652,230.07 RMB, accounting for 22.55% of total revenue[58] - Revenue from the electric vehicle charging sector grew by 32.21% to 6,040,832,415.77 RMB, making up 41.37% of total revenue[58] - Sales volume in the new energy power generation sector increased by 78.72% to 5,324 units, with production volume up by 89.13% to 5,553 units[60] - The gross profit margin for the electric vehicle charging sector improved by 2.94% to 22.02%[59] - The gross profit margin for the grid sector improved by 5.56% to 27.73%[59] - The inventory in the new energy power generation sector surged by 381.67% to 289 units due to increased orders[60] - The cost of goods sold for the new energy power generation sector increased by 56.40% to 2,558,206,304.30 RMB[61] - Sales expenses increased by 37.23% to 911.91 million yuan, primarily due to increased employee compensation and travel expenses[67] - Management expenses rose by 18.40% to 823.74 million yuan[67] - Financial expenses decreased by 15.40% to 201.68 million yuan[67] - R&D expenses grew by 10.68% to 489.36 million yuan[67] - Operating cash flow increased by 10.62% to RMB 1.34 billion in 2023[72] - Investment cash inflow surged by 186.53% to RMB 378.79 million, driven by increased cash receipts from investment activities[72] - Investment cash outflow rose by 40.25% to RMB 1.31 billion, mainly due to increased payments for fixed assets and long-term assets[73] - Net cash flow from financing activities improved by 22.60% to a negative RMB 538.52 million[72] - Accounts receivable increased by 2.36% to RMB 7.83 billion, representing 32.79% of total assets[75] - Inventory grew by 0.36% to RMB 1.61 billion, accounting for 6.74% of total assets[75] - Short-term debt decreased by 2.12% to RMB 2.43 billion, representing 10.18% of total assets[75] - Total investment in 2023 increased by 16.80% to RMB 137.84 million compared to the previous year[78] - Restricted assets totaled RMB 783.77 million, including RMB 629.00 million in restricted cash and RMB 29.90 million in pledged fixed assets[77] - The total funds raised through the private placement of shares in 2021 amounted to RMB 10 billion, with a net amount of RMB 9.9076 billion after deducting issuance costs[82] - As of the end of 2023, the company had cumulatively used RMB 5.0816 billion of the raised funds, with RMB 5.0804 billion remaining unused[82][83] - The "New Box-type Power Equipment Production Line Technical Transformation Project" had an investment progress of 20.80% by the end of 2023, with RMB 856.962 million cumulatively invested[84] - The "Power Equipment Leasing Intelligent Upgrade Project" had an investment progress of 15.01% by the end of 2023, with RMB 246.195 million cumulatively invested[84] - The "Chuankai Electric Smart Factory R&D and Exhibition Integrated Building Project" had an investment progress of 85.41% by the end of 2023, with RMB 1.004 billion cumulatively invested[84] - The company adjusted the completion date of the "New Box-type Power Equipment Production Line Technical Transformation Project" to December 31, 2025, and reallocated unused funds from the "Power Equipment Leasing Intelligent Upgrade Project" to this project[83][85] - As of December 31, 2023, RMB 4.68 billion of the unused raised funds was temporarily used to supplement working capital, while RMB 400.35 million remained in the raised funds special account[83][85] - The company used RMB 761.37 million of self-raised funds in advance for the raised funds projects, and later replaced it with RMB 728.05 million from the raised funds[85] - The company continued to use up to RMB 5 billion of idle raised funds to temporarily supplement working capital, with RMB 4.68 billion still in use as of December 31, 2023[85] Market and Industry Trends - National cumulative installed power generation capacity reached approximately 2.92 billion kW, a year-on-year increase of 13.9%, with solar power installed capacity at approximately 610 million kW, up 55.2%, and wind power installed capacity at approximately 440 million kW, up 20.7%[23] - In 2023, China's new energy vehicle sales reached 9.495 million units, a year-on-year increase of 37.9%, with a market penetration rate of 31.6%[24] - By the end of 2023, China's new energy vehicle ownership reached 20.41 million units, with public charging infrastructure increasing by 929,000 units to a total of 2.726 million units, a year-on-year increase of 42.7%[24] Business Operations and Strategy - The company developed new energy box transformers and digital high-voltage prefabricated substation solutions, enhancing the construction efficiency of new energy power stations[23] - The company provides customized power system solutions for industries such as batteries, new materials, data centers, petrochemicals, and coal mines[23] - The company is a leading electric vehicle charging network operator and charging equipment manufacturer, utilizing charging network technology to provide charging system solutions and charging network operation services[25] - The company focuses on the research and manufacturing of outdoor box-type power equipment, with a strategic emphasis on "intelligent manufacturing + integrated services"[26] - The company's intelligent manufacturing business includes the development, design, and production of 220kV and below power distribution products, including 1035kV box-type substation equipment and complete switchgear equipment[28] - The company's new energy box transformer products are designed for high temperature, high salt spray, and high wind sand environments, with excellent electrical, environmental, and anti-corrosion performance[29] - The company's air-insulated switchgear products cover voltage levels from 0.435kV, featuring high protection levels, reliable interlocking, and strong corrosion resistance, suitable for various power supply scenarios[30] - The company's integrated service business focuses on full-scenario, digital, and full-lifecycle value services, providing one-stop EPCO services including system integration, equipment integration, supply chain integration, and service integration[31] - The company's prefabricated substation products are designed for 110kV and above voltage levels, targeting applications in new energy (photovoltaic, wind power, energy storage), power grids, transportation, petrochemicals, coal, and other fields[32] - The company's power equipment leasing business offers 110kV and below primary and secondary equipment leasing services, catering to scenarios such as substation overhauls, capacity expansion, temporary load support, and seasonal peak loads[32] - The company's power engineering integration services include power engineering survey and design, construction contracting, project management, energy efficiency assessment, and engineering consulting, supported by a nationwide service network with 3 major service centers and 6 service regions[32] - The company has achieved a leading market position in China's railway and power markets for medium and high-end outdoor box-type power equipment, and ranks among the top in the new energy power generation sector for high-voltage prefabricated substations and new energy box-type transformers[34] - The company's EV charging network business includes the R&D, production, and sales of charging equipment, as well as the construction and operation of EV charging networks, offering a variety of charging products for different scenarios such as public transport, logistics, parks, and residential areas[35] - As of the end of 2023, the company's cumulative charging volume exceeded 26 billion kWh, with a peak daily charging volume of over 38 million kWh. The company operates 523,000 public charging terminals, including 313,000 DC charging terminals, holding a 26% market share in both public charging terminals and charging volume[37] - The company has extensive experience in smart box-type transformers and outdoor power equipment, with proprietary technology for 220kV and below smart prefabricated modular substations, and has provided equipment for high-profile projects such as the Yalong River Lianghekou Hydropower Station and the Jakarta-Bandung High-Speed Railway[38] - The company's integrated service advantage lies in its one-stop, full-chain value service model, which includes design, equipment integration, installation, commissioning, and intelligent operation and maintenance, significantly improving service efficiency and reducing construction cycles[39] - The company has deployed nearly 500 new energy microgrid projects, covering over 100 cities by the end of 2023[40] - The company operates 523,000 public charging terminals, with 313,000 DC charging terminals, holding a 26% market share in the public charging sector[44] - The company's charging volume in 2023 was approximately 9.3 billion kWh, holding a 26% market share[44] - The company has established over 260 wholly-owned/joint ventures nationwide, with more than 150 joint ventures involving state-owned platform enterprises[47] - The company has accumulated over 1,300 intellectual property rights and has led or participated in the formulation of multiple national and industry standards[41] - The company operated 523,000 public charging terminals by the end of 2023, maintaining its industry-leading position, with a total charging volume of approximately 9.3 billion kWh, a 59% increase year-on-year, and a cumulative charging volume exceeding 26 billion kWh[53] - The company expanded approximately 400 new energy microgrid projects in 2023, with a total of nearly 500 projects covering over 100 cities by the end of the year[54] - The company's virtual power plant has a dispatchable resource capacity exceeding 4 million kW, with online information interaction established with 24 grid, provincial, and municipal power dispatch centers, virtual power plant management centers, or load management centers[55] - The company has established over 260 wholly-owned/joint ventures nationwide, with more than 150 joint ventures involving government investment platforms and bus groups, building a nationwide electric vehicle charging network[56] - The company has partnered with over 70 car manufacturers, including Porsche, Audi China, Mercedes-Benz, BMW, and others, for brand station construction and charging network data support[56] - The company has developed over 100 ecological partners, covering finance, insurance, aftermarket services, battery energy, and lifestyle services, creating innovative products and services around the "charging + X" business model[56] - The company successfully delivered over 400 energy storage box transformers in 2023, with its self-developed energy storage PCS converter and booster integrated cabin widely used in independent energy storage, shared energy storage, and new energy storage scenarios[50] - The company's high-voltage prefabricated cabin substations and switchgear products have been widely applied in provincial power grid companies in Sichuan, Shandong, Anhui, Chongqing, Jiangsu, Guangdong, and Yunnan[50] - The company secured multiple large-scale energy storage demonstration projects, including the State Power Investment Shandong Zhucheng 100MW/200MWh independent energy storage station and the Huarun Haiyuan County Huarun 200MW/400MWh new energy shared energy storage station[50] - The top five customers accounted for 8.87% of total sales, with the largest customer contributing 3.14% of total revenue[63][64] - The top five suppliers accounted for 6.68% of total procurement, with the largest supplier contributing 1.85%[65] Research and Development - The number of R&D personnel increased by 4.50% to 1,160, with the proportion of R&D personnel decreasing by 0.90% to 12.47%[69] - The number of R&D personnel with a bachelor's degree increased by 10.06% to 919[69] - The company completed the development of the 7kW AC charging pile, targeting the e-commerce market and enhancing brand influence among C-end users[70] - The G2.5-240kW/320kWplus integrated DC charger project increased the single-gun rated current to 300A, improving charging efficiency and operational revenue[70] - The G3-40kW high-efficiency charging module project is under development, aiming to improve station operation revenue with ultra-low standby power consumption and high efficiency[70] - R&D investment in 2023 reached RMB 489.36 million, accounting for 3.35% of revenue, a decrease from 3.80% in 2022[71] Corporate Governance and Leadership - The company's sponsor, China Merchants Securities Co., Ltd., provided continuous supervision from May 6, 2021, to December 31, 2023[12] - The company implemented a 2023 restricted stock incentive plan, granting 15.187 million shares to 711 core and middle management personnel to attract and retain talent[103] - The company held 2 general meetings of shareholders, 9 board meetings, and 8 supervisory board meetings during the reporting period, all in compliance with laws and regulations[108][110][111] - The company has established a performance evaluation and incentive system, linking executive compensation to business performance[112] - The company strictly adheres to information disclosure requirements, ensuring timely and accurate disclosure of information to all shareholders[113] - The company maintains independence in business, personnel, assets, organization, and finance, with no reliance on the controlling shareholder for production and operation activities[116][117][119][120][121] - The 2023 First Extraordinary General Meeting had a 30.25% investor participation rate, held on January 9, 2023[122] - The 2022 Annual General Meeting had a 30.51% investor participation rate, held on June 2, 2023[122] - Yu Dexiang, the Chairman, holds 13,119,434 shares as of the end of the reporting period[125]