① Overseas projects have high gross profit, and the confirmed income from overseas projects in the first half of the year has increased significantly year-on-year; ② The company will distribute mid-term dividends and plan to distribute cash dividends of 3 yuan per 10 shares to all shareholders; ③ In the first half of the year, Shanghai SK Automation Technology achieved domestic revenue of 0.794 billion yuan and overseas revenue of 0.378 billion yuan.
On August 29th, the "Science and Technology Innovation Board Daily" (Editor: Song Ziqiao) After the market closed today, Shanghai SK Automation Technology released its 2024 interim report. In the reporting period, the company achieved operating revenue of 1.172 billion yuan, a decrease of 1.21% year-on-year; achieved a net profit of 0.129 billion yuan, an increase of 2161.89% year-on-year; non-net profit turned from a loss to a profit, reaching 0.119 billion yuan; the company's main business gross margin was 27.95%, an increase from the previous year.
Shanghai SK Automation Technology stated that its overseas projects have high gross profit, and the confirmed income from overseas projects in the first half of the year has increased significantly, increasing the gross margin of the main business; during the reporting period, a large amount of impairment provision from the recovery of previous accounts receivable was reversed, increasing net profit. The net cash flow from operating activities increased by 870.63% year-on-year, mainly due to a significant increase in sales receipts during the reporting period. The net assets attributable to shareholders of the listed company increased by 61.38% year-on-year, mainly due to the availability of funds raised through refinancing.
In addition, the company will distribute mid-term dividends, intending to distribute cash dividends of 3.00 yuan (including tax) per 10 shares to all shareholders. As of June 30, 2024, the company's total share capital was 125,050,244 shares, based on which the total amount of cash dividends to be distributed amounts to 37.5151 million yuan (including tax).
Shanghai SK Automation Technology has two major business sectors: Intelligent Manufacturing Equipment and New Energy Battery Components. Among them, new energy battery equipment has the largest proportion, followed by automotive chassis system equipment and hydrogen energy equipment, as well as intelligent manufacturing data and software products. At present, Shanghai SK Automation Technology's main customers in the automotive vehicle category include SAIC Volkswagen Group, BMW Brilliance, FAW Group, and Volkswagen Group. Customers in the automotive parts category include Contemporary Amperex Technology, Farasis Energy, SAIC Group, and ZF Group.
Compared with companies in the same industry, the highlight of Shanghai SK Automation Technology is that it has a relatively high industry barrier in the overseas market of modules and packs, and its overseas business expansion is relatively smooth.
In the first half of the year, Shanghai SK Automation Technology achieved domestic revenue of 0.794 billion yuan and overseas revenue of 0.378 billion yuan.
From the interim report, the company's prepayments for the first half of the year increased significantly by 458.13% year-on-year, mainly due to an increase in prepayments to suppliers. Non-current assets other than financial assets increased by 79.16% year-on-year, mainly due to an increase in prepayments for equipment. Contract liabilities increased by 34.27% year-on-year, mainly due to an increase in advance payments received.
At the same time, Shanghai SK Automation Technology pointed out that its intelligent automated production line business has the characteristics of non-standard customization, large contract amounts, and long project durations. As a result, the inventory balance is relatively high. If there are unfavorable changes in customer purchase orders during the production and delivery process, it will lead to a decrease in the net realizable value of inventory, thereby posing a risk of inventory impairment for the company. Due to factors such as the sales receipt model and large upfront investment in projects, the company also faces the risk of bad debts in accounts receivable and relatively high book value of inventory.
Meanwhile, Shanghai SK Automation Technology advises that its intelligent automation production line business has the characteristics of non-standard customization, large contract amounts, and long construction periods. It has a high inventory balance, and if there are adverse changes in customer purchase orders during the production and delivery process, it will lead to a decrease in the realizable net value of inventory, thereby exposing the company to inventory impairment risks. Additionally, due to factors such as the sales collection model and significant upfront investment in projects, the company also faces risks of bad debts in accounts receivable and high book value of inventory.