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Forward-looking Statement Disclaimer
This presentation and subsequent discussion may contain forward-looking
statements that involve risks and uncertainties. These statements typically use
"believe," "expects," "expect," "estimate," "plans," "anticipates," "target,"
"may," "will," forward-looking terminology to express or may be described as
possible or expected results of operations will occur in the future. You should
not place undue reliance on these apply only to the date of the forward-
looking statements in this report. These forward-looking statements based on
our own information from the sources which we believe is reliable. Such
statements related to future events or our future financial, business or other
performance and are subject to a number may cause actual results to differ
materially from the uncertainties.
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Table of Contents
3 Prospects in 2014
2 Status Quo of Core Business Development
1 The Overall State of Operation
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1.1 Operation Results Review
New Energy
Equipment
Hydro power and
environmental protection Equipment
Engineering projects and services
Main Operating Indexes 2012 2013
Operating Revenue RMB 38.079 Billion RMB 42.391 Billion
Year-on-year Increase/Decrease Of Operating Revenue -11.27% 11.32%
Net Profit RMB 2.191 Billion RMB 23.49 Billion
Year-on-year Increase/Decrease Of Net Profit -28.31% 7.22%
Consolidated Gross Profit Margin 20.84% 20.10%
Production Volume 32612.5MW 34735.5MW
EPS RMB 1.09 RMB 1.17
DEC Operating Results
High-efficient and clean energy generating equipment
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1.2 Achievements in Market Expansion
High efficiency and clean energy generation equipment
New energy equipment
Hydro power and environmental protection Equipment
Engineering projects and services
New Orders in 2013 and Orders in Hand
71% 6%
16%
7%
64%
6%
17%
13%
• Signed the Shenzhen 4×300MW pumped
storage project hydro turbine supply contract
• Signed boiler supply contract of 660MW high-sodium coal air cooling unit and CFB unit
• Obtained the majority of new orders in nuclear power, comprehensively taking part in supply of equipments for AP1000 projects.
• Signed Nanyang Tianyi 600 MW coal-fired units De-Nox projects
• 烟气脱硝工程承包合同
• Obtained Vietnam DUYEN HAI Phase III 2×622 MW Project main equipment supply contract
• First entry into Kazakhstan market via 660 MW 660 MW supercritical boiler supply contract of Balkhash project.
• Signed Indonesia CILACAP Phase II 660 MW unit contract
Chinese Markets
International Markets
• overseas orders accounts for 9% of the total new orders in 2013 • overseas orders accounts for 16% of the total orders in hand in 2013
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1.3 Accelerated Technological Innovation
Gas turbine:300 MW F4-class gas turbine realized batch production, keeping leading position with regard to market share.
Coal-fired power : world’s first supercritical CFB boiler with largest per-unit capacity of 600MW successfully put into commercial operation.
Nuclear power: Taishan 1750MW project accomplished manufacturing of steam turbine, generator, and initiated installation.
Hydro Power: per-unit capacity of 770MW large-scale hydro turbine units officially put into operation in the world’s third largest hydro power station.
Wind power:5.5MW offshore wind power units realized operation at full load.
Wind power:2.5MW permanent-magnet direct-driven wind power units passed GL proof test.
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1.4 Steady Progress In Manufacturing and Engineering Projects
Accomplished manufacturing of power generation equipments with 34735.5MW in 2013;
Throughout the year, 19 projects were under construction with total installed capacity of 14518MW, of
which EPC contract accounts for 4.
• 2 units of Saudi Arabian Rabigh power plant project received PAC
• Indian Mettur power plant completed 28-day trail operation
• Indian KRISHNAPATNAM project completed the delivery tasks in 2013
• Resumption of Pakistan Nandipur project
• Stanari project accomplised foundation contruction objectives set in 2013
• Vietnam projects enter into the peak period of delivery and construction
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1.5 Optimized Allocation and Upgraded Management
1 Constantly optimizing resource allocation 2 vigorously promoting management upgrading
Established Wind Power Division and preliminarily realized integration of sales and marketing, technological plan and so on, further laying solid foundation for enhancing wind power industrial competitiveness;
Adjusted the Indian and Indonesian market management module through integrated management; realized uniform platform via integrated control, share of market information , resources and business continuity, polishing up external visage and optimizing rate of resource utilization.
Continuously carry out renovation of “common diseases and frequently-occuring diseases ”, further enhancing foundation of quality management;
Strengthening production management and risk prevention of technology import, to ensure effective operation of risk control system;
Facilitating overall budget management and reinforcing cost management, so as to upgrade the management level of corporate finance;
Debt collection realized active improvement.
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2.1 Business Segments—Overall Review 2013 Revenue and Gross Profit Margin by
Segment
• Through positive performances in Chinese and
International markets, the company grasped the
rebound in thermal power market and realized growth in
its corresponding revenue;
• Substantial growth was seen in gas turbine products and
its revenue;
• Revenue in wind power products continue to decrease,
however with steady gross margin;
• Benefited from project execution and characteristics of
product structure, gross margin of engineering projects
rose compared to the same period of last year;
• Export projects realized revenue of RMB 9.358 Billion,
accounting for 22% of the total annual revenue.
Analysis of Revenue and Gross Profit Margin by Segment
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2.2 High-efficient and Clean Energy Generating Equipments
Revenue, Breakdown and Gross Profit Margin of High Efficient and Clean Energy Generating Equipments
Segment Product Development Achievements Accomplished the devlopment of
optimized ultra-supercritical 1000MW steam turbine;
Maintain approx. 30% domestic thermal power market share
In 2013, the nuclear power market outshine others with excellent market share;
Presently the world largest per-unit capacity and first localized 3G EPR—Taishan 1750MW project turbine and generator have finished manufacturing and initiated installation.
300 MW F4-class gas turbine realized batch production and successively being put into operation in Gaobei and Shaoxing Power plant.
F-class gas turbine kept leading position in the market.
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2.3 New Energy Equipments Revenue, Breakdown and Gross Profit
Margin of New Energy Equipments Segment Product Development
Achievements
DEC is the unique nuclear power
equipment manufacturer that can
co-produce EPR、 AP1000、
CAP1400 equipments.
2.5MW permanent-magnet direct-driven wind power units officially put into commercial operation in batch in Sichuan Dechang Wind power farm;
First 5.5MW offshore wind power units prototype realized operation at full load;
Established Wind Power Division and preliminarily realized integration of sales and marketing, technological plan and so on.
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2.4 Hydro Power and Environmental Protection
Equipments E Protection Equipments Revenue, Breakdown and Gross Profit Margin of Hydro Power and Environmental Protection Equipments
Segment Product Development Achievements
Hydro power business took up
over 40% of market share;
Xiluodu 770 MW hydro power
units, and world first largest bulb
type—Brazil Jirau 75MW hydro
power station was put into
commercial operation.
Environmental protection industry
gained accelerated elevation;
DEC is provided with 100MW-1200MW power plant De-Nox and De-Sox complete-set of equipments contracting capabilities, meanwhile, it has the production line for producing 15000M3 De-Nox catalyst .
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2.5 Engineering Projects and Services Revenue, Breakdown and Gross Profit Margin of
Engineering Projects and Services Segment Product Development
Achievements Obtained Vietnam DUYEN HAI
Phase III 2×622 MW Project main equipment supply contra; First entry into Kazakhstan market via 660 MW 660 MW supercritical boiler supply contract of Balkhash project; Signed Indonesia CILACAP Phase II 660 MW unit contract, marking breakthrough in high-moisture supercritical lignite boiler;
• 2 units of Saudi Arabian Rabigh power plant project received PAC.
Substantial increase was seen in
Power plant services sales revenue.
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2.6 Dividends Dividend Plan in 2013
• DEC constantly attaches great
importance to deliver returns to our
shareholders;
• The company paid dividends to
shareholders annually ever since its
listing in 2008.
Statement of Dividend Plan in 2013
• To distribute a cash dividend of RMB 1.8 per 10 shares, totaling RMB 360,694,800.00 (tax included); rate of dividend up YOY;
• Stock dividend and the capital reserve transferred to common shares are not to be implemented.
• In 2013, facing gloomy economic environment in and out of China, the company conscientiously strengthened the debt collection management, especially the capital outflow management, whereby improving the cash flow of the year. However, the balance of receivables still up to RMB 21.913 Billion from the initial amount of the year RMB 19.026 Billion 2013年,while the short-term loan, notes payable and payable balance still up from RMB 19.611 in the beginning of the year to RMB 22.543 Billion by the end of the year, making debt collection a tough issue needs to be resolved by the company;
• Meanwhile, the production volume in 2014 is still high, together with huge need of production and operation of the company for the cash flow, it is expected that in 2014 the capital balance will still face large gap;
• To effectively push forward the successful realization of operational objective, making sure timely delivery of products, further enhancing foundation of corporate development, 2013 dividend plan was stipulated. The plan is in accordance with sustainable and stablized corporate profit allocation policy and is conducive to reducing corporate financial expenses, and is to the benefit of corporate long-term sustainable development.
• The company will keep adhering to the concept of returning to our investors over the long term, if under healthier capital status, more positive dividend plan will be delivered to the investors .
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3.1 Prospects in 2014 to emphasize transformation; to manage risks; to guarantee sustainable development; The Company is expected to produce power generating equipments with total capacity of 33,000MW in 2014.
Measures taken to achieve the annual target
2 To tackle tough and expand markets
1 To deepen reform with confidence
5 To continuously upgrading the management level
4 To ensure timely delivery with might and main
3 To Constantly promote internationalization of the company