Shanghai Electric Releases 2020 Annual Results and Paves the Way for a Carbon-Neutral Future

PR Newswire

Shanghai Electric Releases 2020 Annual Results and Paves the Way for a Carbon-Neutral Future

April 7, 2021 - 17:21 By PRNEWSWIRE

SHENZHEN, China, April 7, 2021 /PRNewswire/ -- Shanghai Electric (the "Company") (SEHK: 02727, SSE: 601727), the world's leading manufacturer and supplier of electric power generation equipment, industrial equipment and integration services, has released its audited results for the fiscal year ended 31 December 2020.

In 2020, the Company achieved total revenue of RMB 137.285 billion, a year-on-year increase of 7.67%, and the net profit attributable to owners of the Company increased 7.34% year-on-year to RMB 3.758 billion. New orders grew to RMB 185.55 billion and orders on hand rose to RMB 276.09 billion, a year-on-year increase of 8.7% and 14.7% respectively. The Company proposed to pay a final dividends of RMB 0.7178 for every ten shares.

Despite the challenges brought about by the COVID-19 pandemic, Shanghai Electric achieved excellent results by reducing the impact across various business segments. The Energy Equipment Business Segment has maintained steady performance and achieved revenue of RMB 55.96 billion — a 21.8% increase year-on-year that was mainly attributed to the rapid growth of wind turbines and components business. The Company also grew revenue from its Integrated Services Business Segment, which encompasses Energy Engineering and Services, Environmental Engineering and Services, Automation Engineering and Services, the Industrial Internet service, Financial Services, International Trade Services and more. This segment rose 17.9% year-on-year to RMB 52.232 billion, with the uptick driven by accelerated growth in Energy Engineering and Services.

At the same time, Shanghai Electric has made significant strides in the reform of institutional mechanisms, integrated development of technologies, investment in scientific research and innovation, the development of smart solutions, and the construction of its Industrial Internet SEunicloud Platform — making steady progress on the road to become a world-class enterprise.

In 2020, the Company successfully obtained approval from the Listing Committee of Shanghai Stock Exchange for listing its subsidiary, Shanghai Electric Wind Power Group Co., Ltd. ("SEWP"), on the Science and Technology Innovation Board, and completed the mixed-ownership reform of Shanghai Renmin Electrical Apparatus Works (SREAW) and Shanghai Centrifuge Institute Co., Ltd. Furthermore, in order to drive the consumption of new energies and achieve green and sustainable development, Shanghai Electric proactively promoted energy transformation and its comprehensive energy services comprising "wind, solar, hydro, thermal and storage integration" and "source, grid, load and energy storage integration". The Company also increased investment in R&D and successfully launched the world's first black start wind turbine project with a capacity of over 5MW — establishing the complete technological capabilities for a smart energy solution.

Committed to cultivating renewable energy and energy storage, Shanghai Electric officially launched multiple smart solutions throughout 2020. Last year, the Company put its Shanghai Electric Guoxuan Nantong lithium battery industrial base into operation, as well as its integrated wind-solar Smart Energy project in Shanghai's Minhang Industrial Zone, and Shanghai Electric Golmud Meiman Minhang energy storage power station in Golmud City, Qinghai Province.

Shanghai Electric added nearly 30,000 new devices to its "SEunicloud" industrial internet platform in the 2020 fiscal year, with assets value totalling RMB 24.7 billion. The Company also developed and integrated 15 industry applications, ranging from equipment networking and fault diagnosis to energy planning. At the same time, Shanghai Electric developed eight preliminary industry solutions, which include wind power smart operation and maintenance, thermal power remote operation and maintenance, machine tool operation and maintenance, energy storage battery and distributed energy.

Looking ahead, Shanghai Electric will continue to implement its "three steps forward" development philosophy with an orientation towards strategy, problem-solving and results. The Company will continue to develop its comprehensive smart energy services, in a bid to accelerate the industry towards a digitalized, connected and intelligent future.