2023-09-07 14:45:27
Shanghai (ots/PRNewswire) – Shanghai Electric (SEHK:2727, SSE:601727) capitalized on market opportunities in key sectors to grow significantly in H1 2023 while optimizing its corporate strategy to face global economic challenges.
During the period, Shanghai Electric has championed low-carbon transformation, clean and renewable energy to support China’s “dual-carbon” goal. In the first half of the year, orders for nuclear power equipment increased by 182.33% and for high-efficiency clean thermal power plants by 386.67%. This resulted in record sales and profits.
Operating income for the first half of 2023 was RMB 53.078 billion, up 5.54% year-on-year. Net profit attributable to shareholders increased to RMB 590 million following a loss in 2022. Orders for power equipment, industrial equipment and integrated services totaled RMB82.01 billion, up 38.4% year-on-year, increasing the order backlog by 5.8% to RMB284.18 billion in June.
Power equipment business leads growth
As the world’s leading supplier of energy equipment, the company has improved its industrial structure to help its customers become more environmentally friendly. Operating income in power equipment business rose 5.8% to RMB25.677 billion in the first half, gross profit margin was 19.4%. Profit rose 63.4% to RMB 518 million.
Shanghai Electric received RMB7.815 billion in nuclear orders in the first half, up 182.33%. Achievements include orders for fourth-generation high-temperature gas-cooled reactors, commercial operation of the first Hualong One reactor in western China, and bids for nuclear fusion test facilities.
Last year’s record coal-fired power plant orders quadrupled, reaching 22.679 billion RMB in the first half.
Drive the energy transition forward
With its Dual-Carbon Action Plan, Shanghai Electric has made significant progress towards its goal of reaching the carbon peak before 2035 and being carbon neutral across the entire value chain by 2055. This opens the door for expansion into solar and hydrogen energy, demonstrating China’s commitment to decarbonizing its economy with new energy system solutions.
Shanghai Electric demonstrated its expertise with a 500kW/3000kWh Vanadium Redox Flow Battery energy storage system, demonstrating its technical capabilities in the field of Vanadium Redox Flow Batteries (VRFB).
The company is also leading the next generation of N-type photovoltaic technologies by increasing capacity and R&D for high-efficiency heterojunction solar cells and modules this year. In the first half of 2023, several photovoltaic projects abroad were connected to the grid. Shanghai Electric is also building the world’s largest CSP PV complex in Dubai.
State-of-the-art industrial solutions
In the first half of 2023, Shanghai Electric’s industrial equipment operating profit reached RMB19.609 billion, up 17% year on year. Gross profit margin was 16.8% and operating profit increased by 38.4% to RMB 779 million.
Shanghai Electric supplies advanced aerospace manufacturing solutions, with subsidiary Broetje recently supplying heavy-duty robots to Gulfstream Aerospace Corporation. Another subsidiary, Thales Transport & Security, recently launched a 5G autonomous train control signaling system with obstacle detection.
Integrated services herald a smarter future
Shanghai Electric’s integrated services business achieved operating income of RMB 10.265 billion and operating profit of RMB 581 million in the first half. The company is also working on intelligent manufacturing through the integration of artificial intelligence, 5G and the industrial internet.
Questions & contact:
shenjin@shanghai-electric.com
1694097995
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