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Zhang Lu, reporter of Yangtze Business Daily Pentium News

By deeply cultivating the new energy power transformation field, Mingyang Electric (301291.SZ) has achieved steady and high performance growth.

On July 17, Mingyang Electric released its performance forecast, expecting to achieve a net profit of 220 million to 260 million yuan in the first half of 2024, a year-on-year increase of 36.07% to 60.81%; the non-net profit is expected to be 219 million to 259 million yuan, a year-on-year increase of 40.19% to 65.8%.

The main reason for the change in performance is that in the first half of the year, Mingyang Electric's increase in orders on hand and the increase in the actual delivery scale of the company's products drove the growth of operating income and profit scale. The company continues to improve its refined operation capabilities, continuously implements cost reduction and efficiency improvement measures, strengthens expense control, and further improves the company's overall profitability.

It is understood that Mingyang Electric is a leading provider of substation equipment and will be listed on the ChiNext in June 2023. The company is a holding subsidiary of Mingyang Group. It started with the manufacture of distribution boxes and has now developed into an intelligent power transmission and distribution equipment enterprise with three major businesses: intelligent transformers, box transformers, and intelligent complete switchgear, integrating R&D, production, sales, and services.

Driven by the diversified business layout, Mingyang Electric's business has achieved rapid and high-quality growth. In 2023, Mingyang Electric achieved revenue of 4.948 billion yuan, a year-on-year increase of 52.91%; and achieved a net profit of 498 million yuan, a year-on-year increase of 87.67%.

Behind the performance growth, the reporter of Yangtze Business Daily Pentium News noticed that Mingyang Electric has established a relatively complete R&D organization and a good innovation mechanism by continuously increasing R&D investment, focusing on customers and market orientation. The company has a strong R&D team and independent innovation R&D capabilities.

The financial report shows that from 2021 to 2023, Mingyang Electric's R&D investment was 66.753 million yuan, 105 million yuan, and 161 million yuan, respectively, increasing year by year, and the total amount reached 333 million yuan in three years. In October last year, Mingyang Electric also successfully won the bid for the Guohua HG14 offshore photovoltaic 1000MW project, which is currently the world's first GW-level large-capacity offshore photovoltaic project to enter the implementation stage.

In addition, Mingyang Electric will focus on developing overseas markets in 2023, initially establishing a dual-wheel drive strategic model of indirect overseas expansion + global layout, and rapidly expanding the company's international market visibility through cooperation with well-known domestic new energy leading enterprises. At the same time, the company has orderly promoted the globalization of its business and has obtained a series of certifications from domestic and foreign authoritative institutions, including China CQC, US UL, EU CE, and European DNV-GL.

Industry insiders pointed out that Mingyang Electric focuses on the research and development and manufacturing of intelligent power transmission and distribution equipment. It has basically completed the transformation from traditional energy to new energy markets. Its market share continues to increase. It has a competitive advantage in the field of offshore new energy. The company is expected to occupy a more important position in the global new energy market in the future.