Shanghai Electric Group (2727) H1 2024 earnings summary

Executive summary

• Total revenue for H1 2024 was RMB49,869 million, down 6.0% year-over-year; net profit attributable to owners rose 2.0% to RMB602 million; gross profit margin improved by 1.9 percentage points to 19.2%.

• Basic EPS increased 2.6% to RMB0.039.

• New orders reached RMB83.66 billion, with significant contributions from energy equipment, industrial equipment, and integration services.

• No interim dividend was declared for the period.

Financial highlights

• Operating profit rose to RMB2,358 million, up from RMB1,858 million in H1 2023.

• Total assets stood at RMB282.3 billion as of 30 June 2024; equity attributable to owners at RMB53.4 billion; total equity at RMB77.6 billion.

• Net cash flow from operating activities improved to negative RMB202 million from negative RMB4,330 million in H1 2023.

• Capital expenditure for the period was RMB2,001 million, focused on technology and equipment upgrades.

• Cash and cash equivalents at period end were RMB34.1 billion.

Outlook and guidance

• Management aims to accelerate transformation, enhance competitiveness, and lead in high-end, intelligent, and green revolutions in H2 2024.

• Focus remains on national strategy, technological innovation, and new quality productive forces.

• The company will continue to deepen reforms to drive high-quality growth.