GoodWe Technologies (688390)2024-04-25 10:14Dividend and Capital Increase - The company plans to distribute a cash dividend of 7.5 yuan per 10 shares, totaling 129.61 million yuan, accounting for 15.21% of the net profit attributable to shareholders in 2023[5] - The company plans to increase its share capital by 4 shares per 10 shares through capital reserve, resulting in a total share capital increase to 241,944,024 shares[5] - 2023 capital reserve transfer: 69,126,864 shares, increasing total shares to 241,944,024[188] Subsidiaries and Global Presence - The company has subsidiaries in multiple countries including Australia, Netherlands, South Korea, UK, Germany, USA, Japan, Spain, Poland, Singapore, and Vietnam[11] - The company's subsidiaries include GoodWe Australia Pty.Ltd., GoodWe Benelux B.V., GoodWe Korea Co.,Ltd., GoodWe Power Supply Technology Co Limited, GoodWe Europe GmbH, GoodWe USA Inc., GoodWe Japan 株式会社, GoodWe Iberia S.L., GOODWE POLAND SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ, GoodWe Singapore PTE.LTD., and GOODWE VIETNAM TECHNOLOGY CO.,LTD[11] - The company's subsidiaries also include Redback Technologies Holdings Pty.Ltd, in which the company holds a 26.33% stake[11] - The company's subsidiaries include Nanjing Xiaolan Clean Energy Technology Co., Ltd., in which the company holds a 91% stake[11] - The company's subsidiaries include Jiangxi Yuanneng Photovoltaic Technology Co., Ltd., in which the company holds a 30% stake[11] - The company's subsidiaries include Jiangsu Yude New Energy Technology Co., Ltd., in which the company holds a 70% stake[11] - The company's subsidiaries include Beijing Aide New Energy Co., Ltd., which is a wholly-owned subsidiary[11] - The company has established a global presence with subsidiaries in South Korea, Germany, the UK, Australia, the Netherlands, the US, Japan, Spain, Singapore, and Poland[85] Financial Performance - Company's revenue increased by 56.10% year-over-year, driven by strong growth in the photovoltaic industry and increased sales of photovoltaic inverters and residential systems[21] - Net profit attributable to shareholders of the listed company increased by 31.24% year-over-year, primarily due to the company's focus on its core business and increased R&D investment[21] - Net assets attributable to shareholders, basic earnings per share, and diluted earnings per share increased by 32.13%, 31.38%, and 31.02% respectively, driven by the growth in net profit[21] - Revenue for 2023 reached 7.35 billion RMB, a 56.10% increase compared to 2022[22] - Net profit attributable to shareholders in 2023 was 852.10 million RMB, up 31.24% year-over-year[22] - Operating cash flow for 2023 was 1.03 billion RMB, an 18.25% increase from 2022[22] - Total assets at the end of 2023 were 7.11 billion RMB, a 22.63% increase compared to 2022[22] - Basic earnings per share (EPS) for 2023 was 4.94 RMB, a 31.38% increase from 2022[23] - Total revenue in 2023 reached 7,352,680,892.17 yuan, a year-on-year increase of 56.10%[101] - Net profit attributable to shareholders in 2023 was 852,097,100 yuan, a year-on-year increase of 31.24%[101] - Total assets at the end of 2023 were 7,111,232,900 yuan, a year-on-year increase of 22.63%[101] - Operating income from the photovoltaic industry in 2023 was 7,297,022,427.72 yuan, a year-on-year increase of 55.59%[103] - Revenue from household systems increased by 688.92% year-on-year in 2023[106] - Domestic revenue increased by 212.94% year-on-year in 2023[106] - Direct sales revenue increased by 214.72% year-on-year in 2023[106] - Gross profit margin for overseas sales increased by 6.13 percentage points year-on-year in 2023[105] - R&D expenses in 2023 were 469,576,082.32 yuan, a year-on-year increase of 35.00%[102] - Operating cash flow increased by 18.25% to 1,034,080,763.77 RMB due to higher sales collections[119] - Investment cash flow decreased by 7.89% to -542,678,306.05 RMB due to increased strategic investments[119] - Financing cash flow decreased by 310.97% to -213,293,631.04 RMB due to higher debt repayments and dividend distributions[119] - Net cash and cash equivalents decreased by 8.41% to 347,776,511.11 RMB[119] Product and Sales Performance - Inverter sales reached 686,300 units, with grid-tied inverters accounting for 77.54% (532,200 units) and energy storage inverters accounting for 22.46% (154,100 units)[32] - Overseas inverter sales accounted for 64.64% (443,600 units), while domestic sales accounted for 35.36% (242,700 units)[32] - Energy storage battery sales reached 341.15 MWh, and domestic distributed system sales reached 513.28 MW[32] - Company launched new grid-tied inverter series UT and GT, with maximum conversion efficiency of 99.01%[33] - Company introduced new energy storage products EAC series (60kWh) and BAC series (100kWh to 372kWh)[33] - Photovoltaic grid-tied inverters cover a power range of 0.7kW to 320kW, suitable for various environmental conditions[39] - Photovoltaic energy storage inverters are categorized into grid-connected and off-grid types, with grid-connected being the primary focus, addressing power fluctuations and improving grid energy efficiency[41] - Energy storage systems are increasingly installed in residential and commercial sectors, with future growth expected as battery prices decline[42] - Launched the Lynx Home A series low-voltage lithium battery, suitable for home, data center, and small commercial applications, with modular and stackable design for flexible capacity expansion[44] - Upgraded the high-voltage battery Lynx Home F series to G2 version[46] - Subsidiary Yude New Energy upgraded from two-piece (inverter + PV module) to three-piece (including distribution box) supply, aiming for five-piece supply in the future to enhance station quality[46] - Yude New Energy selected high-efficiency components with 22.4% efficiency, capable of withstanding 5400Pa snow load and 2400Pa wind pressure[46] - Released the GOODWEEK global live broadcast and co-published the "Photovoltaic Building Safety White Paper" with China National Testing Group and TÜV Rheinland[47] - Became a partner of Baidu's ERNIE Bot, integrating AI into energy management solutions[50] - Launched the WE platform's PV settlement center, improving data accuracy and payment efficiency[50] - The company's products are sold in multiple countries including Germany, Italy, Australia, and Brazil, solidifying its competitive position in the global market[64] - The company's products are sold in multiple countries including the Netherlands, Poland, Spain, South Africa, India, Australia, Brazil, Mexico, Turkey, and the USA[91] - Inverter production reached 670,433 units with a capacity utilization rate of 60.95%[128] - Energy storage battery production was 286.62MWH with a capacity utilization rate of 28.66%[128] - Inverter sales revenue was 109,059.73 million RMB domestically and 333,684.79 million RMB internationally, with a domestic sales gross margin of 10.46% and an international gross margin of 48.02%[129] - Energy storage battery sales revenue was 396.89 million RMB domestically and 86,494.52 million RMB internationally, with a domestic sales gross margin of 31.31% and an international gross margin of 24.93%[129] - Energy storage battery sales volume was 341.15MWH[129] - Inverter and energy storage battery sales in Europe generated 334,447.57 million RMB with a gross margin of 45.42%[131] R&D and Innovation - The company holds 426 authorized intellectual property rights, including 77 invention patents and 248 utility model patents[34] - Completed the R&D, deployment, and pilot application of the virtual power plant operation platform, participating in the Suzhou 12MW distributed generation market trading pilot project and collaborating with Xuancheng City Grid Company to build a city-level virtual power plant project[35] - Released the "Photovoltaic Building Safety White Paper" in collaboration with China National Testing and Certification Group and TÜV Rheinland Group, and launched the "Single-layer Roof Photovoltaic System Safety Technology White Paper" at the 2023 China International Roofing and Building Waterproofing Technology Exhibition[35] - Launched the Tianji series photovoltaic external shading system for building facades at the Shanghai Urban Experience Center[35] - Recognized as a national-level industrial design center and awarded the title of "Suzhou Private Enterprise Innovation Top 100" and "Suzhou High-tech Zone 2023 Private Enterprise and Innovation Top 30"[36] - Main business includes the R&D, production, and sales of solar and energy storage power equipment, providing smart energy management solutions for households, commercial users, and ground power stations[37] - Product portfolio includes photovoltaic grid-tied inverters, photovoltaic energy storage inverters, energy storage batteries, and residential systems[38] - The company is focusing on the development of photovoltaic inverter technology, aiming to further reduce costs and improve efficiency[66] - The company has mastered seamless grid-tied and off-grid switching technology, achieving millisecond-level switching time, which is applied in its ES and ET series photovoltaic energy storage inverters[70] - The company owns 426 authorized intellectual property rights, including 77 invention patents, 248 utility model patents, 66 design patents, and 34 software copyrights[71] - In 2023, the company added 139 new authorized intellectual property rights, including 12 invention patents, 101 utility model patents, 20 design patents, and 6 software copyrights[71] - The company's R&D investment in 2023 was 469.58 million yuan, a 35% increase compared to the previous year[73] - The R&D investment accounted for 6.39% of the company's operating revenue in 2023, a decrease of 13.51% compared to the previous year[73] - The number of R&D personnel increased by 18.68% to 1,023 in 2023, leading to a significant increase in R&D personnel salaries[74] - The company completed the development of a smart energy management platform with a total investment of 92 million yuan, achieving industry-leading technology[75] - The company developed a new generation of high-reliability single-phase residential photovoltaic inverters with a total investment of 32.5 million yuan, suitable for various application scenarios[75] - The company developed a new generation of high-reliability three-phase residential photovoltaic inverters with a total investment of 42 million yuan, supporting multiple advanced features[75] - The company completed the development of a new energy storage battery system with a total investment of 22 million yuan, enhancing the applicability and safety of energy storage products[75] - The company has completed the development of single-phase, three-phase, and dual-phase photovoltaic energy storage inverters with total investments of 2,600.00, 3,000.00, and 2,600.00 million respectively, achieving industry-leading or advanced technological levels[76] - A new generation of high-power density ground grid-connected photovoltaic inverters has been developed with a total investment of 2,100.00 million, targeting competitive pricing and advanced technological applications[76] - The company has invested 5,500.00 million in the development of high-energy-density energy storage batteries, aiming for an energy density of 50Wh/kg and high precision in cell voltage across all temperature ranges[77] - A new generation of high-performance single-phase energy storage inverters is under development with a total investment of 5,000.00 million, focusing on high-power density and seamless grid-off switching technology[77] - The modular commercial optical storage bidirectional converter project has been completed with a total investment of 3,000.00 million, addressing the growing demand for industrial and commercial energy storage[77] - The company has developed a high-efficiency photovoltaic industrial and commercial grid-connected inverter with a total investment of 2,300.00 million, targeting stable quality and superior performance[77] - A cost-effective photovoltaic commercial grid-connected inverter has been developed with a total investment of 1,100.00 million, designed for high power density and reduced system costs[77] - The company has 1,023 R&D personnel, accounting for 28.16% of the total workforce, with a total R&D personnel compensation of 30,295.50 million and an average salary of 29.61 thousand[80] - The R&D team consists of 5 PhDs, 190 master's degree holders, 705 bachelor's degree holders, and 116 associate degree holders, with 557 employees under 30 years old and 401 aged between 30-40[80][81] - The company has 426 authorized intellectual property rights, including 77 invention patents, 248 utility model patents, 66 design patents, 34 software copyrights, and 1 other type of intellectual property[83] - The company's products have been certified by multiple international authorities, including TÜV Rheinland, SAA, CGC, TÜV Süd, BV, and CQC[82] - R&D investment reached 469.5761 million yuan, accounting for 6.39% of total revenue[90] - The company will continue to innovate in the field of new energy conversion technology, enriching and improving the product line of photovoltaic grid-connected inverters, and developing inverter products tailored to the specific needs of different regions[143] - The company plans to deepen its expertise in energy storage technology, focusing on residential energy storage systems and developing products that meet the needs of various countries, while also advancing commercial and industrial energy storage solutions[143] - The company aims to enhance its smart energy management system by integrating IoT technology, data collection devices, and big data analytics to create an interconnected energy internet ecosystem[143] - In 2024, the company will focus on technology development and product innovation in the fields of photovoltaic inverters and smart energy, driven by market demand[145] Market and Industry Trends - In 2023, global photovoltaic new installations exceeded 390GW, a record high, with IEA predicting cumulative global photovoltaic installations to reach 1,721GW by 2030 and 4,670GW by 2050[60] - China's photovoltaic market continues to grow, driven by factors such as "grid parity," cost reduction, and increased government support, with the "14th Five-Year Plan" promoting distributed photovoltaic applications and integration with other industries[61] - Global photovoltaic new installed capacity in 2023 reached 390GW, a record high, with China contributing 216.88GW, a year-on-year increase of 148.12%[62] - Centralized photovoltaic power stations in China added 120.59GW in 2023, up 232.2% year-on-year, while distributed photovoltaic power stations added 96.29GW, up 88.4%[62] - The company ranked first globally in the shipment of small-power PCS (below 30kW) for energy storage in 2022[64] - The company's global market share in photovoltaic inverters increased from 3% in 2019 to 6% in 2021, with its ranking rising from 11th to 4th[64] - The global photovoltaic inverter market is expected to see further cost reductions and performance improvements, driven by advancements in semiconductor and magnetic materials[66] - The energy storage industry is trending towards large-scale development, with the company expanding its energy storage system integration business[67] - The cost of energy storage systems is decreasing, with onshore wind storage and centralized/distributed photovoltaic storage nearing parity with coal-fired power prices[67] - The global photovoltaic market is expected to grow at a compound annual growth rate (CAGR) of 25%-30% from 2021 to 2025, with global new installed capacity potentially reaching 400-500GW by 2025[138] - The cost of photovoltaic systems has decreased from nearly 60 RMB/W in 2007 to around 4 RMB/W in 2020, with electricity costs dropping from 2 RMB/kWh to 0.3-0.4 RMB/kWh[140] - The market for energy storage-enabled power electronic equipment is promising, with energy storage playing a crucial role in global energy transformation[141] - The integration of big data, cloud computing, IoT, and mobile internet technologies is accelerating the digital and intelligent transformation of the photovoltaic industry[142] Corporate Governance and Leadership - The company held 1 annual general meeting and 5 interim general meetings in the reporting period, ensuring shareholders' voting rights were fully exercised[149] - The company's board of directors consists of 7 members, including 3 independent directors, and has established four specialized committees to support decision-making[149] - The company has established a comprehensive governance structure and internal control system, ensuring compliance with legal and regulatory requirements[151] - The company emphasizes investor relations management, using multiple channels to communicate with investors and ensure equal access to information[151] - The company held a total of 5 temporary shareholders' meetings in 2023, with all proposals being approved without any rejections[155] - In 2023, the company's annual general meeting approved 10 proposals, including the 2022 financial report and profit distribution plan[156] - The company's chairman and general manager, Huang Min, increased his shareholding by 15.26 million shares, reaching a total of 53.41 million shares by the end of 2023[160] - The company's total shareholding by directors, supervisors, and senior management increased by 17.47 million shares in 2023, reaching 60.62 million shares[161] - The company's total pre-tax compensation for directors, supervisors, and senior management in 2023 amounted to 10.34 million yuan[161] - Huang Min, the founder and CEO of GoodWe, has been leading the company since its establishment in 2010 and was recognized as a "Jiangsu Province Technology Entrepreneur" in 2018[162] - Fang Gang, Vice President and Director of GoodWe, has over a decade of experience in solar and energy storage inverter