Recently, Guangdong Mingyang Electric Co., Ltd. (hereinafter referred to as Mingyang Electric stock code 301291.SZ) released its 2023 annual report and 2024 first quarter report, achieving operating income of 4.948 billion yuan in 23 years, a year-on-year increase of 52.91%; The net profit attributable to the parent company was 498 million yuan, a year-on-year increase of 87.67%. According to the first quarter report of 2024 released at the same time, the company's performance in the first quarter exceeded expectations, with revenue reaching 1.034 billion yuan, a year-on-year increase of 46.35%, and net profit attributable to the parent company of 90 million yuan, a year-on-year increase of 104.30%. The annual report and the first quarterly report both reported good news, and Mingyang Electric handed over a beautiful answer sheet.
With reliable product quality and efficient response mechanism, the company has deeply expanded the relationship with customers, relied on rich manufacturing experience to ensure efficient supply and delivery, and promoted the rapid growth of the company's core product revenue and profit scale.
[Innovation-driven, developing new quality productivity and leading high-quality development]
Continuous innovation is the core driving force for the development of Mingyang Electric. The company continues to increase R&D investment, customer-centric, market-oriented, has established a relatively complete R&D institution and a good innovation mechanism, and has a strong R&D team and independent innovation R&D capabilities. The company has a provincial energy-saving power transformer engineering technology research center and a provincial enterprise technology center, and maintains long-term and stable scientific research cooperation with many well-known universities in China, based on which it continuously develops new products and technologies and broadens product application fields. The R&D team is led by experts who enjoy the allowance of the State Council, and its members include a group of senior engineers, engineers, master's students and other scientific researchers. In the last two months of 2023 alone, Mingyang Electric has obtained more than 5 patents, involving new transformers, GIS, dual-power electromagnetic interlocking mechanisms, grounding switches and gas-insulated fully enclosed combined electrical appliances, etc., and has obtained more than 250 patents so far, led the drafting of 1 group standard, and participated in the drafting of 7 national standards and 9 group standards. According to the financial report of Mingyang Electric's 2023 annual report, the company invested nearly 160 million yuan in research and development that year, a year-on-year increase of 53.81%.
Based on the company's deep understanding of process technology and core technologies covering key fields, the company's market position and market share in the industry have been continuously improved, which has boosted the company's acceleration of the upgrading and iteration of advantageous industries and created a new format of high-quality development.
[Product upgrades, comprehensively expand new market space]
According to the development trend of the industry and the needs of downstream customers, the company constantly develops new technologies and new products. In the offshore field with first-mover advantage, the company has developed a 66kV prefabricated intelligent offshore booster system and a 72.5kV environmentally friendly gas-insulated switchgear, and the capacity of the adapted wind turbine has increased to 8-12MW. The pool-side boost voltage rises from 35kV to 66kV. For offshore application scenarios, Mingyang Electric has built a variety of product solutions and won market recognition. In October 2023, Mingyang Electric successfully won the bid for the Guohua HG14 offshore photovoltaic 1000MW project, which is the world's first GW-level large-capacity offshore photovoltaic project to enter the implementation stage. The 66kV prefabricated intelligent offshore booster system applied in the project is completely independently developed and manufactured by Mingyang Electric, injecting strength into the construction of China's offshore photovoltaic base.
In the field of photovoltaic and energy storage, the integrated device developed by the company has excellent intelligence level and reliability, with a single capacity of 6.8MW and 6MW, which can achieve full coverage of photovoltaic, energy storage and other application scenarios.
In the power grid business, the company's 110/220kV and other high-voltage main transformer products, 110kV voltage level GIS have been shipped in small batches, and 252kV voltage level GIS has also begun to be put on the market.
[Reliable quality, casting customer confidence guarantee]
Mingyang Electric is committed to providing customers with high-quality products and services, adhering to customer-centricity, responding quickly to customer needs, and continuing to create long-term value for customers. The company is anxious to meet the needs of potential market needs and greatly shortens the product development cycle. From the perspective of customers, the company implements sales and technical linkage, establishes a professional technical team to answer customer technical questions in the first time and fully excavates customer needs; The company is close to the consumer market, sets up teams by industry and region, fully covers and serves the needs of customers in various regions, and timely feedback and solves the problems raised by customers. Mingyang Electric's efficient business response and after-sales service speed have been widely recognized by customers and owners.
After years of deep cultivation in the industry, the company has established long-term business cooperation with well-known or large enterprises such as "five large and six small" power generation groups, two major power grids (State Grid, China Southern Power Grid), two major EPC units (China Power Construction, China Energy Construction), communication operators (China Mobile, China Unicom), energy solution service providers (Sungrow, Mingyang Intelligent, Sineng Co., Ltd., Hewang Electric) and so on. The company has become a designated brand supplier for end users in a number of projects, and has won awards such as excellent suppliers, excellent partners, and five-star suppliers awarded by many customers for many years.
[Indirect going to sea, two-wheel drive of global layout]
Affected by the international situation and energy security, Europe, the United States and most countries are actively promoting the energy transition, and global new energy has ushered in explosive growth. The large number of new energy grids connected to the global grid and the improvement of terminal electrification level have brought about the rapid growth of overseas transformer demand.
Mingyang Electric actively participates in the international market, takes overseas as a key market development, and rapidly expands its international market popularity through cooperation with well-known domestic new energy head enterprises. At the same time, the company promoted the global layout of its business in an orderly manner, focusing on improving key capacity building such as overseas marketing, quality control, product design solutions, and services, and initially established a two-wheel drive strategic model of "indirect overseas + global layout". At present, the company has obtained a series of domestic and foreign authoritative certifications such as China CQC, American UL, European Union CE, European DNV-GL certification, etc., which has laid a solid foundation for the company's global layout. With the continuous expansion of the global new energy market, Mingyang Electric is expected to accelerate its development in 2024.
Through years of focus on product quality "polishing" and the efficient implementation of R&D and innovation, Mingyang Electric has gained a good reputation, and the performance of a number of core products surpasses that of internationally renowned brands. With the continuous development of global wind power, photovoltaic and other new energy industries, the scale of the global new energy market continues to expand, creating more space for Mingyang Electric's overseas market expansion. In the future, Mingyang Electric will focus on cultivating world-class dual-carbon technology, R&D innovation and equipment technology capabilities, build an international team, and work with customers, partners and employees to empower the green and sustainable development of global energy.
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