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Golden Crown Electric maintains growth trend in 2024. Net profit in the first quarter increased by 130%.SnackboxarcadeOn the evening of April 23rd, Golden Crown Electric (688517) disclosedSnackboxarcadeThe annual report of 2023 and the quarterly report of 2024 benefit from the continuous promotion of power grid investment and new infrastructure construction for power transmission and distribution.
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Golden Guan Electric maintains growth trend in 2024 and its net profit in the first quarter increased by 130%. On the evening of April 23, Golden Guan Electric (688517) disclosed its annual report for 2023 and quarterly report for 2024. Benefiting from the country's continued promotion of power grid investment and new infrastructure construction, it provides a good opportunity for the rapid development of the power transmission and distribution and control equipment industry. The company achieved an operating income of 571 million yuan in 2023. Although it decreased slightly from the same period last year, the net profit attributed to shareholders of listed companies was 80.8253 million yuan, an increase of 2.53% over the same period last year. In the first quarter of 2024, the company's growth further accelerated, with operating income of 129 million yuan, an increase of 49.82% over the same period last year, and a net profit of 20.5664 million yuan belonging to shareholders of listed companies, a sharp increase of 129.88% over the same period last year. According to reports, Jinguan Electric is a state-level high-tech enterprise specializing in the research, development, manufacture and sales of transmission, distribution and control equipment. It has long served the construction of a strong smart grid with UHV as the backbone and coordinated development of power grids at all levels. It mainly provides users with AC and DC metal oxide arrester and intelligent distribution network products. Since 2021, the company has carried out the R & D, production and sales of new energy vehicle charging piles and electrochemical energy storage equipment and system products, relying on years of experience in the research and development of intelligent power distribution equipment. The company's charging pile business takes the Nanyang local charging pile project as an opportunity to continuously develop the Henan province and domestic market, and the market coverage continues to expand; electrochemical energy storage equipment and system products are mainly used in incremental distribution business pilot projects, industrial and commercial energy storage projects and light storage and charging integration projects. According to the company's annual report, in recent years, the state has continued to promote power grid investment and new infrastructure construction, providing a good opportunity for the rapid development of power transmission and distribution and control equipment industry. In 2024, the construction of power grid investment is expected to usher in a new round of approval peak of UHV projects, the amount of investment will reach more than 90 billion yuan, an increase of 60% over the same period last year. It is expected that a large number of new UHV projects will be added in 2024, such as Aba-East Chengdu, Datong-South Tianjin and so on. According to the annual report data, the company's lightning arrester and distribution network products are the core products. The total revenue of the two products exceeds 500 million yuan, and the gross profit margin is 44.83% and 27.32% respectively, an increase of 7.08% and 6.65% respectively. In the new energy charging pile business, with the continuous improvement of production, sales and ownership of new energy vehicles, the charging pile industry has a lot of room for growth in the future. According to the statistics of China charging Alliance, 9.495 million new energy vehicles were sold in 2023, the increment of charging infrastructure was 3.386 million, and the increment ratio of vehicles to piles was 2.8.Snackboxarcade: 1 . According to the plan of the Ministry of Industry and Information Technology, the ratio of vehicle to pile should be achieved by 2030.Snackboxarcade: 1 . Therefore, the scale of the future charging pile market is still in a high growth trend, and a charging pile infrastructure construction market of more than one trillion yuan will be formed in the next 10 years. During the reporting period, the gross profit margin of the company's charging pile products also remained at 38.27%, an increase of 4.08% over the same period last year, achieving a better profit performance. In terms of regional business, Golden Guan Electric has increased its business expansion in southwest and southern China, and the annual report shows that revenue in these regions increased by 149.51% and 111.83% over the previous year. It is worth mentioning that Jinguan Electric is a national high-tech enterprise. Since its establishment, the company has persisted in independent innovation. During the reporting period, the company invested 37.4536 million yuan in R & D, an increase of 55.54% over the same period last year. By the end of the reporting period, the company had 128 utility model patents, 17 invention patents, 2 design patents, 32 software copyright and 1 licensed patent; in 2023, 72 new utility model patents were applied and 26 were authorized; 20 invention patents were newly applied and 8 were authorized; 2 design patents were newly applied and 1 was authorized; 12 software copyrights were newly applied and 10 were authorized. On the same day, the company also announced a profit distribution plan. During the reporting period, the company increased its shareholder returns over the previous year, and planned to distribute a cash dividend of 5.00 yuan (including tax) to all shareholders for every 10 shares, accounting for 83.52% of the 2023 consolidated statement belonging to the owner of the parent company. (Qin Sheng) proofreading: Liao Shengchao
