Securities Star News, on April 24, 2024, Sieyuan Electric (002028) issued an announcement saying that Soochow Securities, Convergence Capital, Temasek, Huatai Securities, Bank of China Fund, Kaiyuan Securities, Tide Sheng Investment, Shi Feng Assets, Huatai Energy, Legend Capital, Orient Securities, Value Partners Fund, Cathay Fund, China Asset Management, Caitong Electric New, and its Investment, Shanghai Fengjing Fund, CICC Asset Management, Beijing Qinghequan, Ping An Asset Management, Taiping Assets, Centennial Insurance Asset Management, Essence Fund, Citigroup, New Equation Fund, Zhongtai Securities, Cathay Pension, Hongdao Investment, China Universal Securities, UBS Securities, and Artisam Partners investigated our company on April 22, 2024.
The details are as follows:
Q: Did the company achieve its goals last year?
A: In 2023, the company will achieve a total operating income of 12.460 billion yuan, an increase of 18.25% compared with the same period of the previous year. In 2023, the company will achieve operating income of 5.582 billion yuan, a year-on-year increase of 10.87%, coil and related products will achieve revenue of 2.747 billion yuan, a year-on-year increase of 23.13%, reactive power compensation and related products will achieve a revenue of 1.850 billion yuan, a year-on-year increase of 39.32%, intelligent equipment and related products will achieve a revenue of 1.005 billion yuan, a year-on-year increase of 6.61%, and the general contracting revenue will be 9.24%. 100 million yuan, a year-on-year increase of 23.44%. In terms of sales area, the operating income from China was 10.302 billion yuan, a year-on-year increase of 18.80%, mainly due to a year-on-year increase of 72.10% in South China, a year-on-year increase of 38.99% in Northwest China, a year-on-year increase of 33.31% in Northeast China, a year-on-year increase of 26.02% in Southwest China, and a year-on-year decrease of 15.63% in East China. The operating income from overseas markets was 2.158 billion yuan, an increase of 15.71% year-on-year.
Q: What measures have been taken for the company's gross profit margin to increase in 2023?
Answer: The company pays attention to the management of gross profit margin
1) With the expansion of the company's business scale, the cost brought by the scale effect decreases;
2) Optimize and improve the process level, increase automation investment to improve production efficiency;
3) Continuously increase R&D investment and build product cost advantages in R&D;
4) Strengthen the management of project delivery projects and further improve gross profit margin.
Q: The company's orders in overseas markets in 2023 will increase by 34% year-on-year, where does the growth rate come from?
A: The company has long adhered to the overseas strategy and continued to invest in products and markets. With the positive factors such as global new energy construction, the company's overseas business is steadily improving.
Q: Please introduce the progress of the company's low-voltage switch business?
Answer: At present, the company is carrying out the supply chain layout of the low-voltage switch business, and the trial of the product in the client is better. The company is optimistic about the development prospects of the low-voltage switch business, and will increase investment in the low-voltage switch business, hoping that the low-voltage switch business will achieve a breakthrough in 2024, but the development of new business also takes time.
Q: What is the company's current progress in the North American market?
A: At present, the company is actively exploring the North American market, and is currently focusing on the direct sales model.
Q: What are the key R&D businesses in 2024?
Answer: 1) The company will continue to invest in the development of new products and product improvement in the existing businesses, and continue to improve product specifications;
2) Actively expand the static synchronous condenser (SSC), grid-based SVG and energy storage complete systems, broadband oscillation suppression, high-voltage active filtering and other related businesses;
3) Actively explore the application of AC and DC hybrid power distribution and consumption in the field, and actively develop distributed new energy multi-functional integration solutions, low-voltage DC switching components, household optical storage and charging integration systems and other related businesses; 4) Persist in exploring the application of power-based energy storage components, and actively develop related businesses such as automotive electronics and electrical appliances, distribution network backup power supply, and hybrid frequency modulation complete systems.
Q: Please introduce the company's transformer product orders in 2023?
Answer: In 2023, the growth rate of transformer orders will be much higher than the average level of the group company, and the growth rate of overseas markets will be relatively fast, and the proportion of transformer orders in overseas markets will be relatively high, and it is expected that overseas transformers will continue to maintain a high growth rate in 2024.
Q: Introduce coil products and switch products from the perspective of order growth rate and order proportion?
Answer: From the perspective of order growth, the growth rate of coil products is higher than that of switch products. In terms of total orders, the switch category is relatively high.
Q: What are the company's business goals for 2024?
A: The company also announced in the annual report that the company's business goals for 2024 are to achieve new contract orders of 20.6 billion yuan (excluding tax), a year-on-year increase of 25%, and to achieve operating income of 15 billion yuan, a year-on-year increase of 20%. This will be achieved through the following measures
(1) Consolidate the domestic power grid market and further increase market share; actively integrate into the R&D and innovation activities of the high-end market; vigorously enhance the brand influence of the power generation industry (especially the new energy market segment), actively expand key customers and achieve great growth; further expand industry customers and provide customers with comprehensive solutions across product lines; (2) further strengthen the construction of bases in key overseas markets; actively explore the high-end market; and further improve EPC's comprehensive capabilities to meet customers' growing demand for overall solutions;
(3) Attaches great importance to product development and technological innovation, continuously enriches the existing product line, and actively explores new business opportunities such as flexible DC transmission, energy storage, static synchronous condenser, automotive electronics and electrical appliances, medium-voltage switches, bushings, intelligent operation and maintenance, low-voltage switches, etc., to ensure that it maintains a lasting leading growth momentum in the industry.
(4) Continue to increase R&D investment, and actively build a forward-looking, mature and competitive technology platform and product platform;
(5) Further promote the unification of the main process, improve the overall consistency of the joint-stock company's business, strengthen the construction of sales and service system, actively promote the platformization of engineering services, and actively promote the construction of a shared and lean supply chain platform;
(6) Continue to optimize the organizational structure, vigorously build a talent team to meet the needs of business growth, further improve the cadre management ability, and build a proactive, collaborative, competent and efficient management team.
Q: What are the key markets for transformer products in 2024?
A: 0We expect overseas transformers to continue to maintain a high growth rate in 2024.
Q: Is the gross profit margin in overseas markets sustainable, and can you look forward to the company's overseas gross profit margin in 2024?
A: 1. The needs of overseas customers and the needs of domestic customers are not exactly the same. In view of the company's continuous exploration of overseas markets, through continuous in-depth understanding of the needs of overseas customers, and through R&D investment, it has developed different versions of products that are more suitable for different countries, so that its competitiveness in overseas markets has been improved. Gross profit margin is a business indicator, which tests the company's management ability, and gross profit margin will also be affected by various factors, so it is not easy to predict in advance.
Q: Recently, the price of copper has risen a lot, has the company's transformer price been adjusted?
Answer: 21) The price of transformer products is related to market supply and demand, contract agreement and other factors;
2) The company will also carry out hedging according to the product order.
Q: Please look forward to the development of the company's overseas switch products?
Answer: The proportion of orders for 3IS products in overseas markets continues to increase, and GIS and medium voltage switches are also actively expanding overseas markets.
Q: What are the reasons for the impairment of the goodwill of the carbon energy, and will there be any impairment pressure in the future?
Answer: The 4th annual report also talks about the situation of olegolite carbon energy
1) During the reporting period, the company completed the acquisition of olecrystalline carbon energy, controlled the olecrystalline carbon energy and included it in the scope of the company's merger;
2) The supercapacitor business made significant progress during the reporting period. By continuously increasing R&D investment, the company has successfully improved and launched a series of new products with technological innovation advantages, which has enriched the company's product line and laid a solid foundation for future market expansion.
3) Actively exert synergistic effects, cooperate with the completion of backup power HUC module sample development, verification and product identification, HUC module and EDLC module have passed the verification test of harsh environment and extreme working conditions in the automotive industry. In the field of on-board power supply, supercapacitor products have successfully obtained major fixed-point projects from car companies, providing core components for their on-board backup power supply systems, marking the company's position in the new energy vehicle industry chain has been further consolidated;
4) The application of supercapacitors in the field of power system has also made breakthroughs, especially in innovative application scenarios such as static synchronous condenser (SSC) and distribution network backup power supply, which have been widely recognized and actively applied by customers. At the same time, the company actively carries out process improvement and quality improvement, through continuous optimization of production process, the implementation of process innovation, effectively improve production efficiency and product quality, through a strict quality management system, to ensure that product performance is stable and reliable, enhance market competitiveness. The innovation ability and market performance of the supercapacitor business have become one of the important puzzles in the company's overall strategic layout, which has effectively broadened the company's technical boundaries and market coverage in the fields of new energy power generation, smart grid, and new energy vehicles, making the company more advantageous in responding to the trend of energy transformation and meeting the diversified needs of customers.
In view of the fact that the revenue of the supercapacitor business in 2023 did not meet expectations, and the new business opportunities and newly obtained customer designations could not form a definite income in the short term, based on the "Accounting Standard for Business Enterprises No. 8 - Asset Impairment" and "Valuation Guidelines for Financial Reporting Purposes" The Company fully listened to the opinions of the appraisal agency and the external auditor, and made the corresponding provision for goodwill impairment in accordance with the principle of prudence.
The company maintains firm confidence in the business strategy and future development prospects of supercapacitors, and will continue to support its investment and efforts in technological innovation, market expansion and quality management.
Q: Does the company have a new five-year strategic plan, and can you tell us about your goals for the next five years?
Answer: 52024 is the last year of the company's last five-year planning cycle, and it is currently in line with the five-year goals set in 2019 with high accuracy, and 2024 is the beginning of the next five-year plan of Sieyuan Company, which is still being planned.
Q: Is the company's overseas household savings business channel-based, and what is the current stage of channel construction?
Answer: 6 At present, the channels of overseas household savings are being built one after another, and the main energy in 2023 will be spent on the product verification of the channels.
Sieyuan Electric (002028) main business: R&D, production, sales and service of power transmission and distribution equipment.
According to Sieyuan Electric's 2023 annual report, the company's main revenue was 12.46 billion yuan, up 18.25% year-on-year, net profit attributable to the parent company was 1.559 billion yuan, up 27.75% year-on-year, and non-net profit was 1.421 billion yuan, up 21.63% year-on-year, of which in the fourth quarter of 2023, the company's single-quarter main revenue was 3.879 billion yuan, up 9.72% year-on-year, and the single-quarter net profit attributable to the parent company was 411 million yuan, down 5.49% year-on-year; The non-net profit deducted in a single quarter was 310 million yuan, a year-on-year decrease of 13.67%, the debt ratio was 43.06%, the investment income was 19.7904 million yuan, the financial expenses were -3.0085 million yuan, and the gross profit margin was 29.5%.
A total of 13 institutions have rated the stock in the last 90 days, with 11 having a buy rating and 2 having an overweight rating, with an average institutional price target of 68.8 over the last 90 days.
Here's the detailed earnings forecast information:
Margin data shows that the stock has a net financing inflow of 36,724,600 in the past three months, with an increase in the financing balance, and a net outflow of 3,504,900 with a decrease in the balance of securities borrowing and lending.
The above content is compiled by Securities Star based on public information, generated by an algorithm (Network Information Calculation No. 310104345710301240019), and has nothing to do with the position of this site, if there is a problem with the data, please contact us. This article is a compilation of data and does not constitute any investment advice for you, investment is risky, please make a cautious decision.
![Vietnamese daughter-in-law married to rural China and was shocked to attend a wedding banquet for the first time: twenty dishes in one meal?[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)