28 Aug 2023
Wasion’s 1H23 turnover increased by 26.4% YoY to Rmb3.2 bn while NP increased by 49.2% YoY to Rmb213.8m. In 1H23, sales of Wasion’s power AMI/ communication and fluid (C&F) AMI/ ADO, all recorded an encouraging growth of 22.0%/ 9.1%/ 53.2% to Rmb1.1bn/ Rmb979.6m/ Rmb1.1bnm, accounting for 35.1%/ 30.4%/ 34.5% of total sales in 1H23. Sales generated from power grids customers and non-power grid customers registered a YoY increase of 24.8% and 16.3% YoY to Rmb1.2bn and Rmb1.2bn, each accounting for 38% of total sales in 1H23. In 1H23, Wasion won contracts worth Rmb207.8m and Rmb125.7m in centralized tenders organized by State Grid and Southern Grids respectively, totaling Rmb333.5m contracts value from both power grid customers. Driven by an increase in demand for smart products and the implementation of cost-effective measures, GPM of power AMI and C&F AMI expanded by 8.9ppt and 4.2ppt to 45.1% and 41.2% respectively. GPM of ADO however, squeezed by 3.8ppt to 23.6% in 1H23, due to the adjustment in the product mix as proportions of new energy and energy storage business which commanded lower GPM increased. In all, GPM edged up by 2.5ppt to 36.5% in 1H23.