Shanghai Electric has unveiled its financial performance for the first half of 2024, showcasing a notable revenue of RMB 49.869 billion. The company’s net profit attributable to shareholders climbed to RMB 602 million, reflecting a 2.0% rise from the previous year. Additionally, Shanghai Electric achieved a gross profit margin of 19.2% and maintained robust liquidity with cash and cash equivalents totaling RMB 34.102 billion.
Sustainable Growth and Cost Efficiency
During this period, Shanghai Electric has made significant strides in its sustainable growth strategy. Sales expenses were reduced to RMB 1.362 billion, while financial expenses decreased by 30.58% to RMB 202 million. The company upheld its dedication to innovation, with research and development (R&D) expenditures reaching RMB 2.327 billion, remaining consistent with the previous year’s investment levels.
Performance Across Key Business Segments
Shanghai Electric’s emphasis on high-end equipment manufacturing has yielded positive results across its primary business areas. The energy equipment sector generated RMB 24.654 billion in revenue, with a gross profit margin of 20.10%. The industrial equipment sector generated revenue of RMB 18.959 billion and attained a gross profit margin of 17.40%. Additionally, the integrated service business posted revenue of RMB 7.961 billion with a gross profit margin of 16.60%. The company secured new orders worth RMB 83.66 billion in the first half of the year, reflecting growth compared to the same period last year.
Innovations Driving Growth
In the thermal power sector, Shanghai Electric secured new orders for coal-fired equipment totaling RMB 21.99 billion. This includes a notable project with China United Gas Turbine Technology to design an integrated manufacturing platform, featuring the assembly of the first 300 MW gas turbine.
The company has also expanded its energy storage portfolio with advanced solutions, including vanadium flow batteries, compressed air systems, and molten salt storage technology for concentrated solar power. The 300 MW compressed air energy storage facility in China established three global records for single-unit power output, project scale, and energy conversion efficiency upon its integration into the grid.
Global Energy Transition Leadership
Shanghai Electric continues to play a pioneering role in the global energy transition:
- Middle East: In Dubai, the company is spearheading the world’s largest standalone Concentrated Solar Power (CSP) and Photovoltaic (PV) project. The 950 MW renewable energy project is expected to reduce carbon emissions by 1.6 million tons annually.
- Europe: In France, the Wunberg 5 MW PV hydrogen production project marks Shanghai Electric’s first international foray into hydrogen equipment sales, following its export of vanadium flow battery energy storage products to Spain.
- Southeast Asia and East Asia: Shanghai Electric Wind Power has secured significant orders in South Korea, Vietnam, and Indonesia, further strengthening its presence in the Asian market.
Shanghai Electric remains at the forefront of advancing global energy solutions, leveraging cutting-edge technologies to drive sustainable development. With its significant achievements in renewable energy and storage innovations, the company is not only shaping the future of energy but also setting new benchmarks for industry excellence. As Shanghai Electric continues to expand its global footprint, its unwavering commitment to technological advancement and environmental stewardship positions it as a pivotal player in the transition to a more sustainable energy landscape. The company is poised to further enhance its impact by pioneering next-generation energy solutions that meet the world’s evolving needs.