On April 26, Power Construction Corporation of China (hereinafter referred to as "PowerChina") officially released its 2023 corporate annual report.
All operating indicators achieved steady growth
According to the data disclosed in the annual report, in 2023, PowerChina will achieve a new contract value of 1,142.844 billion yuan, a year-on-year increase of 13.24%, an operating income of 608.439 billion yuan, a year-on-year increase of 6.44%, a net profit attributable to the parent company of 12.988 billion yuan, a year-on-year increase of 13.58%, and a net profit of 11.713 billion yuan, a year-on-year increase of 13.17%, and the main indicators will reach a new high. Its "one profit and five rates" indicator remained stable, and the compound growth rate of major business indicators such as new contracts and operating income in the first half of the "14th Five-Year Plan" period was higher than the planned growth rate.
This year, PowerChina ranked 105th in the Fortune Global 500, ranked first in the 2023 ENR Top 150 Global Engineering Design Firms, topped the list for four consecutive years, ranked 6th and 8th in the 2023 ENR Global Contractors 250 and International Contractors 250 respectively, and firmly established its position as the world's largest power designer and contractor, reflecting PowerChina's professional strength and industry leadership in the field of global EPC, consulting and design.
PowerChina's overall business situation
PowerChina's business covers engineering contracting, survey and design, power investment and operation, equipment manufacturing and leasing and other businesses, with the ability to provide one-stop comprehensive services for owners with the whole industry chain service capabilities such as planning, survey, design, construction, operation, equipment manufacturing, investment and financing.
Engineering contracting, survey and design business is the traditional and core business of PowerChina, and it is also the business segment with the largest contribution to its revenue. It gives full play to its advantages in planning and design and the integration of the whole industrial chain, focuses on "water, energy and city", and continues to deepen business adjustment, transformation and upgrading. In 2023, PowerChina's business segment will achieve operating income of 550.560 billion yuan, a year-on-year increase of 9.16%, accounting for 90.84% of the main business income, and a gross profit margin of 10.84%, an increase of 0.98 percentage points year-on-year, accounting for 75.18% of the gross profit. Its subdivisions have achieved the following results:
- Energy and power: PowerChina actively responds to the national "3060" dual carbon strategy, gives full play to the traditional advantages of planning and design, seizes new energy and pumped storage development resources, and actively obtains new energy and pumped storage construction tasks. In 2023, the company signed a total of 616.774 billion yuan of new energy and power business contracts, accounting for 53.97% of the total new contracts, a year-on-year increase of 36.17%.
- Water Resources and Environment: Give full play to the advantages of "understanding water" planning and design and the integration of the whole industry chain, continue to strengthen the marketing concept of "river basin co-ordination, planning first, comprehensive treatment, advanced technology, high quality and long-term effect", actively build and improve the water environment business management and control system, and unswervingly expand the market share of water conservancy, water affairs and water environment. In 2023, the newly signed contracts for water conservancy and water resources and environment business will be 154.799 billion yuan, a year-on-year decrease of 12.38%.
- Urban construction and infrastructure: fully participate in urbanization construction, adhere to the two-wheel drive driven by market competition and investment, actively participate in the market development and project competition of infrastructure business, continue to promote the standardized and healthy development of infrastructure business, and further increase the market development of high-speed railway and intercity railway. In 2023, the newly signed infrastructure business contract value will be 336.025 billion yuan, a year-on-year decrease of 5.77%.
As an important business of PowerChina, the power investment and operation business achieved an annual operating income of 23.978 billion yuan, a year-on-year increase of 0.69%, of which the new energy business achieved an annual operating income of 9.509 billion yuan, a year-on-year increase of 10.04%, and a gross profit margin of 52.50%.
Other businesses mainly include equipment manufacturing and leasing, development and sales of sand and gravel aggregates, commodity trading and material sales, franchise rights and service industries. In 2023, the segment will achieve operating income of 31.508 billion yuan, a year-on-year decrease of 23.63%, accounting for 5.2% of the main business income, gross profit margin of 28.74%, an increase of 5.71 percentage points year-on-year, and gross profit accounting for 11.41%.
International business stabilized and rebounded
In 2023, PowerChina will seize the opportunity, continue to adapt to market changes, deeply implement the strategy of giving priority to the development of high-quality international business, and continue to promote the quantity and quality of international business. For the whole year, the company achieved a new overseas contract value of 215.173 billion yuan, a year-on-year increase of 11.87%, accounting for 18.83% of the company's total new contract value, and an international business operating income of 81.329 billion yuan, a year-on-year increase of 8.69%, accounting for 13.42% of the company's total.
The overseas core businesses of "water, energy, cities and mines" are more balanced. The water resources and mining business showed a rapid growth trend overall: new water resources and environment contracts were signed at RMB20.700 billion, up 274% year-on-year, accounting for 9.62% of the company's total overseas contracts, and new mining projects were RMB36.131 billion, up 20.63% year-on-year, accounting for 16.79%. The core business of energy and power is still the absolute main force, with 108.693 billion yuan of new contracts signed, accounting for 50.51%.
At the same time, according to the statistics of Infrastructure Communication Big Data (cnsuido01), in 2023, PowerChina will sign 77 new 500 million+ large orders, with a cumulative contract value of 146.3 billion yuan, becoming the main market for PowerChina's large single operation. The list of major contracted projects is:
Level 2 Unit Strength Ranking
According to the statistics of the AI cloud platform for the operation and management of Tunnel Tang Technology Infrastructure Communication, in 2023, among the second-level units (construction) of China Power Construction: 22 companies will participate in the total amount of more than 10 billion yuan in the winning project, of which 14 units will participate in the winning bid amount of 20 billion +. The specific rankings are as follows: Hydropower No. 4 Bureau> Hydropower No. 7 Bureau> Hydropower No. 14 Bureau> Hydropower No. 11 Bureau> Hydropower No. 3 Bureau> Power Construction Municipal > China Power Construction Road and Bridge > Hydropower Bureau No. 8> Hydropower No. 5 Bureau> Shandong Electric Power Construction ......
In 2023, there will be 7 secondary units (design) of PowerChina participating in the project with a total bid of more than 10 billion yuan, and the specific rankings are: PowerChina East Institute>PowerChina Central South Institute> PowerChina Northwest Institute>PowerChina Kunming Institute> PowerChina Beijing Institute> PowerChina Capital Institute> PowerChina Jiangxi Institute.
In 2023, PowerChina Railway Construction Investment Group Co., Ltd. will also participate in the bidding for a project of about 12.5 billion yuan, which is the strongest investment enterprise in the power construction group.
[Note: For the specific ranking of winning bids, see "Trillion Run: China Power Construction's annual new contract amount has reached a new high, and the strength list of secondary units has been released!"]
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In addition, some secondary companies also announced their annual operating results: the annual new contract value of the Fourth Hydropower Bureau is close to 70 billion yuan, and the revenue is also more than 30 billion yuan, and the main economic indicators have reached a new level; the annual new contract value of China Power Construction Road and Bridge is also close to 70 billion yuan, which is also ranked high in the power construction system; and the first and fourteenth hydropower bureaus, Sichuan Electric Power Construction, and China Power Construction Nuclear Power Company have also released official operating data:
Of course, it may not be enough to only look at new signings and revenue, so let's take a look at the main indicator that measures the operating efficiency of a business - net profit. In the annual report, PowerChina disclosed the net profit of 75 subsidiaries in 2023:
Through the collation, we can find out that among the 75 subsidiaries:
There are 33 enterprises whose business nature is construction, 26 of which have an annual net profit of more than 100 million yuan, 5 of which are within 0~100 million yuan, and the remaining 2 units have a negative annual net profit and are in a state of loss. Among them, the top 10 enterprises in terms of net profit are: China Power Construction Railway Investment > Hydropower Fourth Bureau> Hydropower 11th Bureau> Hydropower 7th Bureau> China Power Construction Road and Bridge > Power Construction Municipal > Hydropower 5th Bureau> 6th Hydropower Bureau> 15th Hydropower Bureau > 3rd Hydropower Bureau.
There are 18 enterprises whose business nature is investment (including: power investment and operation/overseas investment and operation/project investment, construction and operation, capital investment services), 4 of which have an annual net profit of more than 100 million yuan, 8 of which are within 0~100 million yuan, and the remaining 6 units have negative annual net profits and are in a state of loss. Among them, the enterprises with a net profit of > 100 million yuan and the rankings are: China Power Construction New Energy Group> China Power Construction Group Overseas Investment> China Power Construction Hydropower Development > Guangde China Power Construction Chunen Investment Partnership.
There are 17 enterprises whose business nature is survey and design, 14 of which have an annual net profit of more than 100 million yuan, 2 of which are within 0~100 million yuan, and the remaining 1 unit has a negative annual net profit and is in a state of loss. Among them, the top 10 enterprises in terms of net profit are: China Power Construction East China Institute> China Power Construction Capital Institute> China Power Construction Central South Institute> China Power Construction Northwest Institute> China Power Construction Guiyang Institute> China Power Construction Kunming Institute> China Power Construction Beijing Institute> Shanghai Electric Power Design Institute> China Power Construction Dujian Institute> China Power Construction Hebei Institute.
Overall, PowerChina New Energy Group has become the subsidiary with the highest net profit in PowerChina's system. In order to promote the high-quality and leapfrog development of new energy investment and operation business, PowerChina reorganized China Hydropower Engineering Consulting Group Co., Ltd. and China Hydropower Construction Group New Energy Development Co., Ltd. in December 2021, and integrated and absorbed other holding new energy project companies of PowerChina.
Congratulations to PowerChina for the successful completion of the annual business task objectives, and also congratulate the secondary units on the operation of the enterprise to a new level!!
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