On the evening of April 9, Xingshuai (002860.SZ) announced its 2023 annual report, the company's annual operating income was 2.879 billion yuan, a year-on-year increase of 47.68%, the net profit attributable to shareholders of listed companies was 202 million yuan, a year-on-year increase of 70.00%, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 182 million yuan, a year-on-year increase of 78.88%; It is proposed to distribute a cash dividend of 1 yuan to all shareholders for every 10 shares, with a total cash dividend of 30.6515 million yuan.
The annual report shows that Xingshuaier has deep technical research and development strength, continuously increases revenue and reduces expenditure, and has achieved remarkable results in reducing costs and increasing efficiency. The company's domestic and foreign business development momentum is good, and the orders are sufficient, especially the company's photovoltaic module business as the entry point to deepen the development of new energy fields, which has brought strong impetus to the continuous rise of the company's operating performance.
In the future, the company will focus on the photovoltaic field, adhering to the industrial vision of "based on China's supply chain and serving the world's new energy", and is committed to building a development model of "based on the home appliance sector and guided by the new energy sector".
The new energy business is growing by leaps and bounds
Xingshuai is a leading enterprise in the field of home appliance refrigeration compressor starters and thermal protectors, and was listed on the main board of the Shenzhen Stock Exchange in 2017. The company started with the research, production and sales of compressors for refrigerators, freezers and other refrigeration appliances, and since 2013, it has carried out diversified business layout through successive acquisitions and capital increases in Huajin Electronics, Changshu Xinduan Electric, Zhete Motor, Fuller New Energy and other companies.
In 2021, Xingshuai put forward the development strategy of "based on the home appliance sector and guided by the new energy sector", and shifted the focus to photovoltaics, energy storage and other fields.
Photovoltaic modules are the middle link of the industrial chain and the smallest and inseparable photovoltaic cell combination device. Xingshuaier's photovoltaic module business is the result of the acquisition of H.B. Fuller New Energy. The main products of H.B. Fuller New Energy are photovoltaic modules, and the terminal applications of the products are centralized power stations, distributed power stations, etc., and centralized power stations are the mainstay.
With the continuous expansion of the photovoltaic industry and the deepening of the layout, the company's photovoltaic business continues to grow, and the demand from downstream customers is strong, especially since 2022, the company's photovoltaic module orders have continued to grow.
In 2021, the company's revenue in the photovoltaic industry was about 254 million yuan, accounting for 18.56% of the revenue, in 2022, the company's revenue in the photovoltaic industry reached 1.12 billion yuan, a year-on-year increase of 340.94%, and the proportion of revenue increased to 57.45%, and in 2023, the company's revenue in the photovoltaic industry reached 1.971 billion yuan, a year-on-year increase of 75.96%, and the proportion of revenue increased to 68.46%.
In 2023, the company will invest in the construction of a "construction project with an annual output of 2GW of high-efficiency solar photovoltaic modules" by issuing convertible corporate bonds to unspecified objects, and establish Xingshuaier Photovoltaic Company as the main body of the fundraising and investment project, so as to further expand the company's photovoltaic module production capacity and scale effect, and enhance the company's market position and market competitiveness in the photovoltaic module industry.
At present, the company's issuance of convertible corporate bonds to unspecified objects has been successfully listed on the Shenzhen Stock Exchange, and the infrastructure project of Xingshuaier Photovoltaic Company has been completed in September 2023 and officially started production at the end of January 2024, and the production capacity is gradually climbing. In the future, it is planned to further achieve a production capacity of 5GW/year in the shortest possible time.
On the evening of March 28, Xingshuai Er announced that its subsidiary Huangshan Fuller New Energy Technology Co., Ltd. signed the "Photovoltaic Module Procurement Contract for Distributed Photovoltaic Projects in Southeast Guizhou Region" with China Energy Construction Dongdian Second Company in Dalian, Liaoning Province, with a total contract price of 1.014 billion yuan.
The signing of this contract further proves that Xingshuaier's photovoltaic module products have a strong competitive advantage, which is conducive to consolidating and enhancing the company's market share in the field of photovoltaic modules, promoting the company's production capacity, and then expanding the company's photovoltaic module products in the domestic market, and improving the overall profitability and comprehensive strength.
The home appliance business is still the basic plate of Xingshuaier, which can be stable and continuous "hematopoiesis". The starters, thermal protectors and sealed binding posts produced by the company have a leading market share in the industry. The product direction of the subsidiary Xinduan is concentrated in the subdivision of thermostats for small household appliances, Xinduan has been in this field for a long time, and has been focusing on technology research and development and product upgrading in this subdivision for a long time, forming a good brand advantage, and has won the title of excellent supplier of many customers, and has strong competitiveness in this segment, and Xinduan's temperature controller business will continue to benefit from the steady development of the small household appliance market.
In addition, Xingshuai Er has also laid out the motor business through the acquisition of Zhete Motor, including new energy vehicle drive motors and new energy vehicle air conditioning compressor motors, and has made good progress in the motor technology for new energy vehicles, and has entered the BYD supply chain system, and the sales revenue of related products is expected to achieve further growth.
Profound technical research and development strength
In 2023, Xingshuaier will invest 70.2329 million yuan in R&D, a year-on-year increase of 6.74%. As a national high-tech enterprise, Xingshuai and its subsidiaries currently have more than 240 patents, including 39 invention patents, with deep technical reserves, and have achieved a number of scientific research achievements to create value for the company.
Among them, a number of technologies of Xingshuai are in a leading position in the home appliance industry and have been recognized by the industry and the government. "Zhejiang Xingshuaier Sensitive Device High-tech Enterprise Research and Development Center" was identified as Zhejiang High-tech Enterprise Research and Development Center, with obvious technical advantages, effectively realizing the benign interaction of man, machine, material, law and environment, greatly reducing the labor intensity of employees and the comprehensive cost of enterprise production, and improving the production efficiency of equipment, the utilization rate of raw materials, the quality of products and the company's economic benefits.
Xingshuai has also led or participated in the formulation of a number of industry-related standards, which shows that the company has stood in the first echelon of the subdivided industry, strengthened the company's ability to guide and cultivate the market, and laid a solid technical foundation for the company's future development.
Fuller New Energy is a national high-tech enterprise, Anhui Province "specialized, special and new" small and medium-sized enterprises, now has a number of engineers and technical personnel composed of R & D and design team, team members have many years of experience in the photovoltaic industry, to bring rich technical reserves and advanced production management mode to the enterprise.
The photovoltaic module products produced by H.B. Fuller New Energy have obvious technical advantages, among which it is the first to create advanced technology version designs such as superimposed three-piece design, non-destructive cutting, and high-density packaging, which plays an important role in reducing production costs for downstream enterprises. The company continues to carry out technological transformation, and in 2022, a new IGW photovoltaic module production line will be added, and the production line is currently running well and the efficiency continues to improve.
After years of development and precipitation, the technical team has strong innovation strength, and the production team is mature and stable, and has been identified as a "specialized, special and new" small and medium-sized enterprise in Zhejiang Province, and its "Zhejiang Huajin Metal and Glass Sealing High-tech Enterprise Research and Development Center" has been identified as a high-tech enterprise research and development center in Zhejiang Province.
Xinduan continues to develop new products, optimize the production process, and integrate product function testing in the automatic assembly line to improve product quality and reduce production costs. In terms of quality control, the use of existing components and automation equipment has been optimized, and the satisfaction rate of Gu Rong has reached more than 95%. In 2023, it will be recognized as Changshu Intelligent Workshop, Suzhou Industrial Design Center, and Jiangsu Province "Specialized, Special and New" Small and Medium-sized Enterprises.
In addition, Zhete Motor has set up an academician expert workstation to carry out research and technical cooperation in new products and new fields such as permanent magnet motors, motors and controllers, and has strong technological innovation and product research and development capabilities.
Regarding the future business plan, Xingshuai said that the company has implemented the development strategy formulated at the beginning of the year and has successfully completed the business performance target in 2023. In 2024, the company will continue to implement the development model of "based on the home appliance sector and guided by the new energy sector", improve quality and output, increase R&D investment, reduce production costs, optimize product structure, strengthen domestic and foreign market development, further increase market share, and achieve steady growth in sales. It is expected to achieve an operating income of about 3 billion yuan for the whole year, and the operating profit and net profit will increase steadily.