PVTIME – Shanghai Electric (SEHK: 02727, SSE: 601727), the world’s leading manufacturer and supplier of power generation and industrial equipment, announced its audited results for the fiscal year ended December 31, 2019.
Key 2019 Financial and Operating Metrics Compared with the Preceding Year
- Gross revenue increased by 26% to RMB 127.509 billion
- Profit attributable to shareholders of the parent company increased by 24.83% to RMB 3.72 billion
- New orders increased by 30.6% to RMB170.79 billion
- Basic earnings per share is up 25% from RMB 0.20 to RMB 0.25
- Staffing in R&D increased to 3,124 personnel from 3082 with the total investment in R&D being RMB 4.102 billion
New orders for energy equipment, industrial equipment, and integrated services accounted for 33.2%, 26.7%, and 40.1% of the total new orders, respectively.
Rising by 12.1% in sales to RMB 45,944 million, the Energy Equipment Business Segment has continuously maintained steady performance, comprising coal-fired power generation equipment, power transmission and distribution equipment, gas-fired power generation equipment, nuclear power generation equipment, wind turbines and components, energy storage equipment, and high-end chemical equipment among others.
The sales derived from the Industrial Equipment Business Segment including elevators, medium and large-sized electric motors, intelligent manufacturing equipment, industrial basic parts, environmental protection equipment among others are up by 11.6% at RMB 46,409 million.
The Integrated Services Business Segment, encompassing the Energy Engineering Services, the Environmental Engineering Services, the Automation Engineering and Services, the Industrial Internet service, the Financial Services, and the International Trade Services, has an 83.5% increase in revenue up to RMB 44,316 million.
One of the notable highlights is the Company’s achievement in its wind power equipment business, which has clinched the world’s largest onshore wind turbines order for Inner Mongolia’s Wulanchabu wind power base. Another significant accomplishment is the order for 39 sets of 4MW onshore wind turbines and towers from the NORINCO International Croatia project, marking its formal entry into the European wind power market.
As a project representative in the coal-fired power generation business unit, the Anhui Pingshan Power plant is poised to operate in late 2020 with its world record-breaking thermal efficiency at 48.92%. The breakthrough 1,350 MW ultra-supercritical double reheat power generation unit has helped in controlling global emissions of greenhouse gases for a more sustainable future by reducing the coal consumption for power generation to 251g/kWh.
To maintain the Company’s leadership in energy-related products, Shanghai Electric has diversified its business and invested into production of new types of batteries. The Company’s independently developed and manufactured lithium iron phosphate battery is used at Beijing’s Daxing International Airport, mobile energy storage system in Xiong’an New District that connects the grid, and power battery system for new energy bus are testament of strong demand in its order book.
In 2019, Shanghai Electric has launched the Industrial Internet to push the boundary of minds and machines. With the “Industrial Internet SEunicloud Platform“, the Company is now providing a one-stop solution for wind power intelligent operation, thermal power remote operation and machine tool maintenance through the convergence of the global industrial system with the power of advanced computing, analytics, low-cost sensing and new levels of connectivity permitted by the Internet.
Shanghai Electric has been expanding its global reach with major progress of projects in the Middle East (Thar Coal Field and Power Plant Project ), (Dubai 700 MW Concentrated Solar Power Plant Project), South Asia (Combined Cycle Power Plant (CCPP) Project in Bangladesh), South Australia, among other regions. The Company has also announced that it is to join the Expo 2020 Dubai as the official partner of the China Pavilion, demonstrating its global ambition.
Shanghai Electric has prepared a presentation for its 2019 annual results, which is available on Shanghai Electric’s Investor Relations website at https://www.shanghai-electric.com/listed_en/upload/resources/file/2020/04/18//86486.pdf