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Yangtze Business Daily Pentium News reporter Xu Jia

Against the backdrop of the accelerated advancement of digital smart grids, Canaan Smart (300880.SZ), a listed company in the smart meter industry, maintained a rapid growth trend in performance.

On the evening of August 12, Canaan Smart released its semi-annual report. In the first half of 2024, the company achieved operating income of 549 million yuan, a year-on-year increase of 51.2%; net profit attributable to shareholders of listed companies (net profit, the same below) was 118 million yuan, a year-on-year increase of 69.38%; net profit after deducting non-recurring gains and losses (net profit after deducting non-recurring gains and losses, the same below) was 114 million yuan, a year-on-year increase of 84.42%.

Canaan Smart said there were three main reasons for the performance growth in the first half of the year. First, the demand plan of major customers was stable and rising; second, the company developed new products with technological foresight that met the functional needs of major customers and promoted their application, making positive progress and results; third, the company continued to expand overseas markets, closely followed the development trends of international standards and new technologies, and developed smart energy meter technology solutions that met overseas technical standards and related requirements.

According to information, Canaan Smart is a high-tech enterprise specializing in the research and development, production and sales of smart meters, electricity information collection terminals, charging and energy storage equipment, and Internet of Things modules. In September 2020, Canaan Smart was listed on the Growth Enterprise Market.

The reporter of Yangtze Business Daily Pentium News noted that in recent years, my country has issued a series of policies on the smart grid industry, and the government has continuously increased its support. With the accelerated promotion of digital smart grid, the smart meter market and profit space have expanded rapidly, and Canaan Smart's profitability has shown a rapid growth trend.

After listing on the A-share market, from 2020 to 2023, Canaan Smart achieved operating income of 508 million yuan, 669 million yuan, 804 million yuan, and 910 million yuan, respectively, with year-on-year growth of 2.61%, 31.73%, 20.23%, and 13.13%; net profit of 78.9263 million yuan, 106 million yuan, 140 million yuan, and 154 million yuan, with year-on-year growth of 6.44%, 34.43%, 31.69%, and 10.12%. Including the first half of 2024, Canaan Smart has achieved double growth in revenue and net profit for four and a half consecutive years.

According to product line classification, in the first half of 2024, among Canaan Smart's three main products, smart electricity meters, electricity consumption information collection terminals, and Internet of Things modules achieved operating revenues of 277 million yuan, 112 million yuan, and 108 million yuan, respectively, a year-on-year increase of 46.1%, 152.42%, and 5.12%.

However, the gross profit margins of the company's smart electricity meters and Internet of Things modules were 42.07% and 5.12%, respectively, down 4.57 and 1.11 percentage points year-on-year; the gross profit margin of electricity consumption information collection terminals was 37.06%, up 4.46 percentage points year-on-year.

It is worth noting that in August 2020, Canaan Smart issued 33.34 million new shares for the first time, raising a total of 324 million yuan in funds. The net amount of funds raised after deducting related expenses was approximately 280 million yuan, which were invested in the construction of an annual output of 3.5 million smart electricity meters and information collection terminals, the construction of a research and development center, and the replenishment of working capital.

As of the end of June 2024, Canaan Smart's three IPO fundraising projects have all been invested in. Among them, the annual production of 3.5 million smart electricity meters and information collection terminal construction projects has achieved a profit of 132 million yuan in the first half of this year, reaching the expected benefit.