Song Qinghui, a well-known economist, told the "Securities Daily" reporter: "Pinggao Electric's net profit in 2023 has increased significantly, on the one hand, thanks to the high-quality promotion of the construction of the national new power system, and on the other hand, it has benefited from the company's innovation-driven development, continuously accelerating product iteration and upgrading, and winning high recognition from the market." ”
Accelerate product iteration and upgrading Pinggao Electric's net profit increased nearly three times year-on-year last year
Securities Daily reporter Xiao Yanqing
On the evening of April 10, Pinggao Electric disclosed its 2023 annual report. According to the data, during the reporting period, the company achieved operating income of 11.077 billion yuan, a year-on-year increase of 19.44%, and net profit attributable to shareholders of listed companies of 816 million yuan, a year-on-year increase of 284.47%.
For the substantial increase in net profit, Pinggao Electric said that the company adheres to the market first, and the number of new contracts has increased significantly year-on-year; adheres to scientific and technological innovation, accelerates product iteration and upgrading and the promotion and application of new products; adheres to lean management, continues to promote intelligent manufacturing, and continuously improves production efficiency.
Famous economist Song Qinghui
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Song Qinghui, a well-known economist, told the "Securities Daily" reporter: "Pinggao Electric's net profit in 2023 has increased significantly, on the one hand, thanks to the high-quality promotion of the construction of the national new power system, and on the other hand, it has benefited from the company's innovation-driven development, continuously accelerating product iteration and upgrading, and winning high recognition from the market." ”
As a leading enterprise in the mainland switch industry, Pinggao Electric has the ability of "independent research and development, testing and manufacturing, operation and maintenance services of AC and DC, full series and full voltage level switch series products", and has strong core competitiveness.
The demand for switchgear is closely related to the installed power generation capacity and power supply of the power industry, and the construction of power grids. According to the data of the National Energy Administration, in 2023, the power supply projects of major power generation enterprises in the country will complete an investment of 967.5 billion yuan, a year-on-year increase of 30.1%. The investment in power grid projects was 527.5 billion yuan, a year-on-year increase of 5.4%.
The growth of Pinggao Electric's performance is also related to the change of its marketing strategy. According to the annual report, in 2023, the company will adhere to the marketing concept of all employees, pilot the reform of the marketing system, and vigorously promote the comprehensive breakthrough of diversified markets, the continuous improvement of the contract structure, and the significant improvement of market competitiveness. The leading position in the power grid market continued to be consolidated, with new contracts signed increasing by 44.2% year-on-year.
In 2023, Pinggao Electric will focus on its main responsibilities and main business, further optimize its industrial layout, continue to grow its industrial scale, and continue to improve its development benefits. Among them, the high-voltage business achieved operating income of 6.156 billion yuan, a year-on-year increase of 23.67%, and its profitability, core competitiveness and industry leadership continued to improve. Through the implementation of technical standardization, cost reduction and efficiency improvement, optimization of industrial structure and other measures, the overall gross profit margin of the distribution network business increased by 5.26 percentage points year-on-year. Optimize the layout of intelligent operation and inspection business, accelerate the layout of AC/DC switchgear platform and digital twin construction and other high-end markets, photovoltaic cleaning robot products have successfully passed the TUV Rheinland certification and third-party testing agency test certification. The formation of a "growth pole" in the smart energy service industry has accelerated. The self-developed 10MW electrode hot water boiler has been successfully applied to the flexible transformation of thermal power, industrial heating, cold and high altitude and other fields.
In addition, Pinggao Electric has steadily expanded the international market, and vacuum environmental protection products such as 170 kV HGIS and 24 kV inflatable cabinets have passed TCA certification, and signed the largest single overseas order for 24 kV to 36 kV ring main unit products, occupying a new highland in the European high-end market. External consulting agencies were hired to participate in project risk control, and engineering contracts such as the integration of electricity in Indonesia and South Sudan were signed to achieve new breakthroughs in the market. In 2023, the company's international segment will achieve revenue of 724 million yuan, a year-on-year increase of 261.1%, and the gross profit margin will increase by 129.61 percentage points over the previous year.
In 2024, Pinggao Electric will take high-quality development as its primary task, strengthen innovation and leadership, comprehensively deepen reform, consolidate the management foundation, prevent and resolve risks, and make every effort to promote breakthroughs in products, services, technology, quality and brand improvement, and is expected to achieve operating income of 12 billion yuan to 13 billion yuan in 2024. Original title: Accelerate product iteration and upgrading Pinggao Electric's net profit increased nearly three times year-on-year last year