Specialized Electric Engineering (600089) is advancing in the fields of power transmission and energy services, focusing on multiple crystal silicon technologies. As of May 16, 2025, the company reported a significant decline in its financial performance, with a forecasted revenue of 16.0 billion yuan for the first quarter of 2025, reflecting a 20% decrease compared to the previous year. In 2024, the company achieved a revenue of 978.7 billion yuan, maintaining a steady performance.
The company’s gross profit margin was reported at 18.1%, down 9.2 percentage points. The gross profit decreased by 10.7%, indicating challenges faced by the business, particularly in the crystal silicon sector. The first quarter of 2025 is expected to yield 233.8 billion yuan in revenue, a 1% decline compared to the previous quarter.
In 2024, the revenue breakdown for power transmission products, new energy products, and various business segments showed revenues of 429.9 billion yuan, 185.3 billion yuan, 192.6 billion yuan, 56.0 billion yuan, and 56.1 billion yuan respectively, indicating a mixed performance across sectors. Notably, the gross profit margins varied significantly, with some sectors experiencing a 34% decline while others increased by 31%.
The company is optimistic about its business operations in the overseas market, with expectations for continued expansion driven by the growing demand for new energy systems and enhanced electricity grid capabilities. In 2024, Specialized Electric Engineering anticipates to close contracts in the electricity sector worth 491 billion yuan, a notable increase of 21%.
Moreover, the overall production capacity for 2024 is projected to reach 19.88 million tons, reflecting a 4% increase. The sales volume is expected to be 19.92 million tons, marking a 2% decrease compared to earlier projections.
In terms of energy services, the company plans to maintain stable operations in the renewable energy sector. In 2024, it aims to enhance its capacity by focusing on providing high-quality services and improving operational efficiency, especially in the renewable energy generation segment. The expected electricity production from thermal power generation is projected to be 180 billion kilowatt-hours, showing a 3% increase compared to last year.
Looking forward, Specialized Electric Engineering is set to continue investing in the technology and systems necessary to support the growing demand for electricity, ensuring a stable production capacity of approximately 5.0 GW by the end of 2024. The company is committed to improving its operational framework while navigating the challenges posed by the volatile energy market.
In conclusion, the future outlook for Specialized Electric Engineering appears cautiously optimistic, with strategies in place to enhance its market position and adapt to the dynamic nature of the energy sector.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/specialized-power-transmission-company-reports-steady-growth-amid-challenges-in-the-multi-crystal-silicon-sector/
