Strong demand adds powerful voltage to Shanghai Electric’s revenues
Published 8 April 2021
On the back of a strong performance in 2020, Shanghai Electric said that it will continue to implement its ‘three steps forward’ development philosophy, which is oriented towards strategy, problem-solving and results.
The world’s leading manufacturer and supplier of electric power generation, industrial equipment and integration services will continue to develop its smart energy services, in a bid to accelerate the industry towards a digitalised, connected and future.
Despite the challenges brought about by the COVID-19 pandemic, Shanghai Electric achieved strong results by reducing the impact across various business segments, the company said.
For the fiscal year ended 31 December 2020, the company achieved total revenue of RMB 137.285 billion, a year-on-year increase of 7.67 per cent, and the net profit attributable to owners of the company increased 7.34 per cent 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 per cent and 14.7 per cent respectively.
The Board of Shanghai Electric has proposed to pay a final dividends of RMB 0.7178 for every ten shares.
In 2020, Shanghai Electric 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 force to reckon with.
The Energy Equipment Business Segment has maintained steady performance and achieved revenue of RMB 55.96 billion — a 21.8 per cent increase year-on-year that was mainly attributed to the rapid growth of wind turbines and components business.
Shanghai Electric 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 per cent year-on-year to RMB 52.232 billion, with the uptick driven by accelerated growth in Energy Engineering and Services.
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 (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’.
Increased R&D push
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. It also developed and integrated 15 industry applications, ranging from equipment networking and fault diagnosis to energy planning. Simultaneously, 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.