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Shanghai Electric's Remarkable Growth in 2024

In the year 2024, Shanghai Electric (SEHK: 2727, SSE: 601727) has showcased remarkable growth, recording revenues of 116.19 billion RMB. The increase highlights the company's robust focus on clean energy and the development of high-end equipment as key drivers in a rapidly evolving market.

Key Strengths and Innovations

As a global leader in the energy equipment sector, Shanghai Electric emphasized its core competencies in nuclear power, wind energy, energy storage, and hydrogen initiatives. This strategy aligns with the surging global demand for clean energy solutions and advanced manufacturing capabilities. By the end of 2024, the total assets of Shanghai Electric stood at an impressive 302.51 billion RMB.

President Zhu Zhaokai commented on the company's dual goals of carbon reduction and providing integrated solutions, particularly in wind, solar, and hydrogen energy sectors. Zhu reaffirmed the commitment to innovate technologically and build a global presence for Shanghai Electric’s contributions to energy transformation.

Exploring New Frontiers in Energy

The energy equipment sector achieved significant milestones in 2024, marked by new order volumes of 89.1 billion RMB, which indicate an annual growth of 18.45%. To bolster its competitive edge, Shanghai Electric unveiled its own Poseidon platform for wind energy generation, available in power outputs ranging from 18MW to 25MW. Notably, it also introduced the first Asian mother ship designed for deep-sea project maintenance and operation.

The Poseidon platform integrates distributed energy storage, grid-friendly wind turbine technology, and adaptability for marine scenarios, including island microgrids and hydrogen production.

In energy storage innovations, the company launched a 250kW vanadium-iron flow battery, optimizing electrolyte costs while maintaining energy density. The new inverter systems, including 2x2.6 MW models, enhance the flexibility of energy systems.

In the hydrogen domain, Shanghai Electric's certified TÜV Z-series alkaline electrolyzer meets international performance standards, enhancing efficiency while lowering costs. The company also tested its 300 Nm³/h PEM electrolyzer to improve overall efficiency and stability.

Additionally, Shanghai Electric has emerged as the first Chinese manufacturer to gain ISCC EU certification for green methanol, a process that converts agricultural biomass into methanol using advanced gasification technologies coupled with wind-derived hydrogen production.

Breakthroughs in High-end Manufacturing

The high-end manufacturing sector saw substantial growth with new orders amounting to 42.293 billion RMB. Shanghai Electric's acceleration of technological innovation has positioned it as a leader in the aerospace sector. The company has seen robust growth owing to demand and continuous innovation in both domestic and global markets.

The development of essential components, such as aerospace blades, bearings, and precision gearing components, has been pivotal. Shanghai Electric's technologies are now integral to aircraft engine assembly, fuselage riveting, and composite material production.

Additionally, the company’s automation sector has introduced comprehensive solutions that feature a variety of precision grinding machines and CNC milling machines, covering a wide range of specifications for civil aircraft manufacturing. The complete acquisition of Ningsheng Industrial further bolstered its robotics capabilities and digital factory solutions.

Integrated Services and Sustainable Development

Shanghai Electric's integrated services segment also flourished, witnessing new orders reaching 22.214 billion RMB, a year-on-year increase of 13.02%. The company has expanded its engineering service delivery from thermal to distributed energy markets, enhancing its international branches and accelerating technical advancements to meet high demand.

Moreover, the company has implemented ESG-driven initiatives, significantly reducing management costs and financial expenditures. Notably, a carbon management platform was launched, successfully lowering carbon emissions by 23,000 tons, while ten of its factories received the designation of Shanghai Smart Factories.

Investing heavily in research and development, with annual expenditures amounting to 5.67 billion RMB, Shanghai Electric is focused on innovations in gas turbines and network-type wind turbines. As of the close of 2024, the firm held 6,823 valid patents, solidifying its position as an innovator in the energy market.

For more information about Shanghai Electric, visit Shanghai Electric's official website.