Business Overview - The company primarily engages in the research, production, and sales of power distribution and control equipment for renewable energy, new infrastructure, and smart grid sectors, with core products including smart transformers and box-type substations [2][3]. - The company has a strong brand influence and significant market share in the power distribution and control equipment industry, serving major clients across China and expanding into international markets [2][3]. Financial Performance - In 2024, the company achieved a revenue of CNY 6.444 billion, representing a year-on-year growth of 29.62% [3]. - The net profit attributable to shareholders was CNY 663 million, up 33.80% from the previous year [3]. - The net profit after deducting non-recurring gains and losses was CNY 654 million, reflecting a growth of 33.57% [3]. - For Q1 2025, the company reported a revenue of CNY 1.306 billion, a 26.21% increase year-on-year, and a net profit of CNY 112 million, up 25.01% [8]. Research and Development - The company invested CNY 211 million in R&D in 2024, accounting for 3.27% of its revenue [4]. - Key technological advancements include the development of offshore wind plant oil transformers and low-frequency power transmission systems [4][6]. Market Expansion - The company is actively expanding into high-end and emerging industries, particularly in renewable energy and data centers, with successful product offerings like the MyPower data center power module [5]. - It is also enhancing its smart grid market presence by developing high-voltage and GIS products [5]. Competitive Advantages - The company holds hundreds of patents and has established a leading position in the renewable energy equipment manufacturing sector through strategic innovation and market responsiveness [6]. - Its focus on technology-driven strategies and continuous R&D investment has solidified its competitive edge [6]. Shareholder Returns - The company has implemented two cash dividend distributions totaling nearly CNY 225 million since its listing, with a proposed cash dividend of CNY 7.20 per 10 shares for 2024, representing 33.93% of the net profit [7][8]. Future Outlook - The company aims to maintain sustainable growth through innovation, market expansion, and talent development, while adapting to structural changes in the industry [9].
明阳电气(301291) - 2025年4月24日投资者关系活动记录表