Shanghai Mechanical & Electrical Industry (600835.SH) released its 2024 interim report, achieving operating revenue of 10.084 billion yuan, down 7.46% year-on-year; net profit attributable to shareholders of the listed company was 0.526 billion yuan, down 5.44% year-on-year; and the net profit attributable to shareholders of the listed company deducted for non-recurring gains and losses was 0.503 billion yuan, down 1.18% year-on-year; the basic earnings per share is 0.51 yuan. It plans to distribute cash dividends of RMB 2.00 per 10 shares to all shareholders.
The company's business involves elevator manufacturing, refrigeration and air conditioning equipment manufacturing, printing and packaging machinery manufacturing, hydraulic product manufacturing, welding equipment manufacturing, artificial board machinery manufacturing, construction machinery manufacturing, and electric machine manufacturing industries. It has joint ventures and partnerships with world-renowned companies such as Mitsubishi Electric, Nabtesco, Carrier, Wingoh, Dechang, and ABB. The company has a well-known elevator company called "Shanghai Mitsubishi", and has formed brand and scale advantages with Carrier from the United States and Mitsubishi Electric from Japan, respectively setting up and operating joint ventures for commercial and household air conditioners in China, which have driven the common development of other fields of the company, forming a mechanical and electrical integration industrial sector with strong development momentum.
The company takes development as the main line, adjustment as the focus, accelerates the innovation of new systems and new mechanisms, increases investment in new technologies and equipment, and implements the business strategy of industrial intensive development, high-end technology improvement, and global resource integration, with the goal of "refining, strengthening, and expanding". The company's subsidiary, Shanghai Mitsubishi Elevator Co., Ltd., undertakes the company's most important elevator business, with a total investment of 0.2 billion US dollars. After more than 30 years of entrepreneurship and development, the company has accumulated over 1.3 million units of elevator manufacturing and sales.
