Sieyuan Electric (002028) H2 2024 earnings summary

Executive summary

• Achieved revenue of ¥15.46 billion in 2024, up 24.06% year-over-year; net profit attributable to shareholders reached ¥2.05 billion, up 31.42% year-over-year.

• Domestic revenue grew 19.74% to ¥12.34 billion, with significant growth in East and North China; overseas revenue surged 44.67% to ¥3.12 billion.

• Gross margin improved to 31.25%, up 1.75 percentage points year-over-year.

• New orders totaled ¥21.46 billion (excl. tax), up 29.94% year-over-year.

• Proposed cash dividend of ¥5 per 10 shares, totaling ¥389 million.

Financial highlights

• Operating income: ¥15.46 billion (+24.06% YoY); net profit attributable to shareholders: ¥2.05 billion (+31.42% YoY); basic/diluted EPS: ¥2.64 (+30.69% YoY).

• Net cash from operating activities: ¥2.46 billion (+8.38% YoY).

• Total assets: ¥23.47 billion (+25.30% YoY); net assets attributable to shareholders: ¥12.38 billion (+19.21% YoY).

• R&D investment: ¥1.11 billion (+21.07% YoY), accounting for 7.18% of revenue.

• Gross margin: 31.25% (+1.75pp YoY); overseas gross margin: 37.06%.

Outlook and guidance

• 2025 targets: new orders of ¥26.8 billion (+25% YoY), revenue of ¥18.5 billion (+20% YoY).

• Focus on consolidating domestic grid market, expanding high-end and overseas markets, and increasing R&D in new products and solutions.