January 30thSunfly Technology (300423.)sz)Released the 2023 annual performance forecast, during the reporting period, the company expects a net profit loss attributable to the parent company of 140435570,000 191653360,000 yuan. As for the reasons for the change in performance, Sunfly Technology said that on the one hand, the real estate industry where the company's main customers are located will continue to adjust in 2023, and the operating risks of large customers will increase and demand will slow down, which will have a direct impact on the company's performance; On the other hand, according to the operating conditions of major customers, the company makes asset impairment provisions for accounts receivable, notes receivable, other receivables, contract assets, inventory, goodwill and other assets, which has a significant impact on the company's net profit.
The business of high and low voltage electrical equipment has been operating steadily
Founded in 2003, Sunfly Technology is a national high-tech enterprise specializing in the R&D, design, production and sales of complete sets of electrical equipment, and the company was successfully listed on the Growth Enterprise Market of the Shenzhen Stock Exchange on February 17, 2015.
Sunfly Technology's main business is electrical equipment, LED lighting and lighting, smart city and hydrogen energy. The company's electrical complete equipment business mainly includes the R&D, production and sales of high and low voltage complete sets of equipment, intelligent box-type substations, bus ducts, cable trays and other products, of which the high and low voltage complete equipment business is the main revenue of Sunfly Technology**, and the 2023 semi-annual report shows that this business has achieved a revenue of 87.2 billion yuan, accounting for 68% of the company's total revenue98%。
On January 18, 2024, data released by the National Energy Administration showed that the electricity consumption of the whole society in 2023 will be 9,224.1 billion kWh, a year-on-year increase of 67%, of which 8,909.1 billion kWh of industrial power generation above designated size; The domestic electricity consumption of urban and rural residents was 1,352.4 billion kilowatt hours, a year-on-year increase of 09%。
In addition, according to the State Grid WeChat*** news, the State Grid will continue to increase the construction of a digital and intelligent strong power grid in 2024, focusing on digital distribution networks, new energy storage regulation and control, vehicle network interaction and other application scenarios, to create a number of digital and intelligent strong power grid demonstration projects, and the total scale of investment in power grid construction is expected to exceed 500 billion yuan.
As the core equipment for receiving and distributing electric energy, power transmission and distribution and control equipment will create new market opportunities for the power transmission and distribution and control equipment industry with the acceleration of new technologies such as artificial intelligence and 5G, the high proportion of new energy access, and the wide application of new energy-using equipment.
Sunfly High and Low Voltage Electrical Equipment mainly includes two categories: industrial electrical equipment and civil electrical equipment, which are mainly used in petroleum, petrochemical, electric power, metallurgy, papermaking, medicine, rail transit, environmental protection, information technology services and other fields. Complete sets of civil electrical equipment are mainly used in civil buildings, public buildings, municipal engineering and other fields.
Among them, Sunfly RM6 fully enclosed and fully insulated ring network switchgear is the core product of the company's high and low voltage complete sets of equipment, which adopts modular design, which can realize the combination of fixed units and flexible expansion combinations, which can meet the needs of various power distribution switches, box-type substations, and cable branch boxes for the flexible use of compact switchgear, with the characteristics of compact structure, safety and reliability, long life, and maintenance-free, and is widely used in urban residential quarters, high-rise buildings, large public buildings, etc. In the distribution stations and box-type substations of load centers such as factories and enterprises.
With the further development of China's power transmission and distribution industry, the safety and reliability of power transmission and distribution equipment have become an important criterion for measuring product quality.
The hydrogen business is ushering in development opportunities
As a clean, efficient and renewable energy source, hydrogen energy is of great significance in promoting energy transition, promoting economic development, ensuring energy security, and promoting environmental protection and sustainable development.
On March 23, 2022, the "Medium and Long-term Plan for the Development of Hydrogen Energy Industry (2021-2035)" issued by the National Energy Administration of China clarified the energy attributes of hydrogen and is an integral part of the future national energy system; It is clear that hydrogen energy is the key direction of strategic emerging industries, and it is a new growth point for building a green and low-carbon industrial system and creating industrial transformation and upgrading.
Since January 2024, the State Council Information Office has held a number of press conferences, and the relevant persons in charge of many authoritative departments have spoken out, among which the Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission have both mentioned the development of the hydrogen energy industry. On January 19, the Ministry of Industry and Information Technology said that it would vigorously develop green and low-carbon industries such as hydrogen energy and energy storage, improve the requirements of backward production capacity, energy consumption, environmental protection, etc., and accelerate the synergy of pollution reduction and carbon reduction; On January 24, the State-owned Assets Supervision and Administration Commission (SASAC) said it would increase investment in technological innovation around strategic emerging industries such as energy storage, hydrogen energy, nuclear energy, and virtual power plants. Huafu** said that the national positioning of hydrogen energy has been clarified again, rising to a parallel with energy storage and virtual power plants, and policy support can be seen.
Sunfly Technology has carried out strategic transformation since 2020, taking "intelligence + dual carbon" as its strategic direction, adding a new hydrogen energy business segment, and establishing a subsidiary, Sunfly New Energy, as the main operator of hydrogen energy business, to invest in some links of the hydrogen energy industry chain.
The main products of the company's hydrogen energy business are concentrated in the upstream hydrogen production equipment of the hydrogen energy industry chain and the operation of downstream hydrogen energy vehicles. The upstream hydrogen production equipment includes the production and manufacturing of alkaline water electrolysis hydrogen production equipment and supporting electrical equipment, and the downstream hydrogen energy application is the hydrogen energy vehicle operation platform. Among them, the hydrogen production equipment of water electrolysis has high hydrogen production purity, which can achieve a single-tank hydrogen production output of 1000 standard cubic hours and above, and the hydrogen purity reaches 999995%;The energy consumption of hydrogen production in electrolyzers is as low as 43kwh nm, the system efficiency is as high as more than 77%.
Sunfly focuses on the operation of hydrogen energy logistics vehicles, focusing on urban distribution logistics, and provides hydrogen energy logistics vehicle operation and leasing services for logistics enterprises and customers with transportation needs in the Greater Bay Area, such as pharmaceutical distribution companies, supply and marketing cooperatives, fresh food companies, etc.
The national finance ** research report pointed out that in 2023, a large number of green hydrogen projects will begin to apply for approval, and the green hydrogen production capacity of domestic projects has exceeded 4.5 million tons, and the current landing projects have only more than 50,000 tons of production capacity. Considering the national green hydrogen production capacity plan of 100,000 200,000 tons and a total of 1 million tons in various places in 2025, the green hydrogen project will welcome the start of construction, driving the high demand for hydrogen production equipment, and it is optimistic that the domestic electrolyzer bidding volume will be 4GW in 2024, doubling year-on-year, focusing on the opportunities of electrolyzer-related equipment.
Released a number of new products and won a number of honors
With industry-leading industry precipitation and diversified product and service advantages, Sunfly Technology has always maintained the momentum and vitality of forward development in the fierce market competition.
In 2023, Sunfly will release a number of new products, including the full range of Antray smart charging products, the Sunfly integrated optical storage and charging system, and the new generation of Sunfly power IoT gateway &HPLC smart micro circuit breaker. In addition, the company's "Hydrogen City Express" innovative green logistics brand achieved a monthly marketing of more than 10 million yuan, and its performance continued to grow; Reached a strategic cooperation with Foshan local hydrogen production and refueling station to jointly build an integrated hydrogen production and refueling station, breaking through the hydrogen production mode in the station.
In 2023, Sunfly won a number of honors. Focusing on zero-defect production, the company was awarded the 2023 Shandong Provincial Quality Benchmark, and obtained the certification of "Yantai Industrial Design Center", demonstrating its innovative strength, in addition to the "Shandong Engineering Research Center" assessment, constantly breaking through the development restrictions of the industry.
Sunfly Technology said that in 2024, it will continue to adhere to the "smart + dual carbon" strategy, and continue to develop the hydrogen energy industry chain and new power system while repairing the basic disk, relying on more than ten years of electrical technology precipitation.