SUN.KING TECH (00580) announced a profit increase, with the expected annual net profit attributable to the parent company's owners to be approximately 1 billion yuan, a year-on-year increase of approximately 200%.

SUN.KING TECH (00580) announces that the group is expected to increase its revenue to no less than RMB 1.6 billion for the year ending December 31, 2024 (reporting period). The growth is mainly attributed to the gradual delivery of products from the following projects: conventional HVDC transmission projects - Ningxia-Hunan, Jinshajiang-Hubei, and Hami-Chongqing totaling three EHV conventional HVDC transmission projects and the Qinghai-Tibet DC second phase project; flexible transmission projects - the Yangjiang-Qingzhou offshore wind farm submarine cable concentration project and the Huaneng Yuhuan No. 2 offshore wind power project 220 kV transmission project; grid-connected energy storage projects - Sichuan grid-connected static synchronous compensators (SVG) and Tibet grid-connected SVG; and overseas HVDC transmission projects - the Brazil Itaipu hydropower plant DC transmission retrofit project and the Germany BorWin6 offshore wind power flexible HVDC transmission project. The group is expected to achieve a profit attributable to the owners of the parent company of approximately RMB 100 million for the reporting period, representing a growth of approximately 200% compared to 2023, mainly due to the significant increase in revenue and the higher proportion of high-margin products.