SOJO(300444)2024-11-08 11:48Company Overview - Beijing Shuangjie Electric Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in 2015 under stock code 300444.SZ. The company has over 2,000 employees and six production bases across various regions [1]. - The company focuses on the power industry, maintaining strong R&D capabilities and advanced smart manufacturing levels. It aims to provide comprehensive solutions in wind, solar, storage, and charging [1]. Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of ¥2,563,843,911.84, a year-on-year increase of 0.54%. Net profit reached ¥116,253,194.83, up 11.35%, while the net profit attributable to shareholders, excluding non-recurring gains and losses, was ¥122,923,772.25, reflecting a growth of 19.7% [2]. Business Strategy - The company is aligning its business with national requirements for new power systems, focusing on increasing the share of renewable energy in power generation. It has expanded into wind and solar investments, EPC contracting, and operational services [2]. - The company has developed a complete business loop covering the four aspects of source, network, load, and storage, with a focus on digital empowerment [2]. Product and Market Development - The company offers a full range of distribution equipment and control systems for power networks up to 40.5kV, achieving multiple technological breakthroughs in environmental protection, intelligence, standardization, and miniaturization [2]. - In the overseas market, the company primarily sells ring network cabinets, switch cabinets, and reclosers, while actively expanding into charging pile products and the renewable energy market [3]. Accounts Receivable and Cash Flow - The growth in accounts receivable is primarily driven by rapid revenue growth, with a collection cycle of 6-12 months. Accounts over three years old account for less than 10% of total receivables, indicating a healthy structure [3]. - The net cash flow for the first three quarters of 2023 was negative due to increased procurement payment notes and timing differences in revenue recognition from large contracts [3]. Future Plans - The company is considering expansion into high-voltage and ultra-high-voltage product lines, with existing transformer capacity operating at full load [3]. - Plans for share buybacks and dividends will be based on future development and investor sentiment, with attention to relevant policies [3].