Shanghai Electric Group (2727) H2 2024 earnings summary

Executive summary

• Total revenue reached RMB116,186 million in 2024, up 1.2% year-over-year; net profit attributable to owners was RMB752 million, with basic EPS at RMB0.048 yuan.

• New orders grew 11.9% year-over-year to RMB153.60 billion, with strong contributions from energy equipment.

• No final dividend proposed for 2024; average return on net assets was 1.42%.

Financial highlights

• Gross profit margin was 18.6% for 2024.

• Net profits attributable to owners increased from RMB285 million (before restatement) in 2023 to RMB752 million in 2024.

• Basic EPS was RMB0.048 yuan, compared to RMB0.018 yuan (before restatement) and RMB0.052 yuan (after restatement) in 2023.

• Total assets rose to RMB302.5 billion from RMB286.2 billion at year-end 2023.

• Gearing ratio increased to 41.97%, up 1.3 percentage points from the prior year.

Outlook and guidance

• Focus remains on serving national strategies, developing new quality productive forces, and building core competitiveness in 2025.

• Plans to upgrade industrial capacity, pursue technological breakthroughs, and enhance governance.