Shanghai Electric's impressive financial results for the first quarter of 2023 reflect the company's growth momentum with numerous technological breakthroughs

2023-05-31 19:48:08

Shanghai (ots/PRNewswire) – Successfully developed 80MW class explosion-proof synchronous motor with variable frequency conversion

China’s first set of 920-hole marine crankshafts delivered to China Communications Construction Group

Shanghai Electric (SEHK: 2727, SSE: 601727) recently released revenue data for the first quarter of 2023, showing a massive 2802.32% year-on-year increase. The impressive results go hand-in-hand with several successful projects the company has recently been involved in, including the recently grid-connected No. 3 nuclear power plant unit of Fangchenggang Nuclear Power Plant in south China’s Guangxi Zhuang Autonomous Region. The Shanghai Yanji Intelligent Manufacturing Project implemented by Shanghai Electric also got off to a successful start in the first quarter, supplying and installing 40 wind turbines for an electric wind power project in Inner Mongolia.

Also in the first quarter, Shanghai Electric received an award for Best ESG Practice by a Public Company and the Forbes Best Case Award for the white paper “2022 Industrial Sustainability in China: Exploration and Practice,” which recognized institutional and market recognition for corporate governance and underpins sustainable development.

“At Shanghai Electric, scientific and technological innovation remains at the core of our brand, and innovation is the main driving force of our high-quality development. We remain committed to being at the forefront of achieving global peak carbon targets and carbon neutrality. Our full implementation of innovation-driven development has accelerated the realization of its own cutting-edge technologies and comprehensively strengthened the company’s competitiveness in the global green economy,” said Liu Ping, President of Shanghai Electric, at the International Forum on China Brand Development recently held in Shanghai.

Shanghai Electric Shanghai continues to promote technological innovation and sustainable industrial transformation with a constant eye on long-term development. Recent notable achievements include:

Independently developed by Shanghai Electric Machinery Factory, the 80MW ultra-high-speed explosion-proof frequency conversion synchronous motor has successfully passed the test and has been officially approved. It marks the development of Shanghai Electric in the field of large compressors and sets a new milestone in the field of electric high-speed drives.
Recently, the delivery ceremony for China’s first set of 920-hole marine crankshafts was held at the 10,000-ton press shop of Shanghai Electric SHMP Casting and Forging Company. In China, the crankshaft forgings for large marine diesel engines with a bore diameter of 700 mm have long been dependent on imports and limited to forging blanks for models with a bore diameter of 600 mm and below. With the development of super large marine vessels, super large marine diesel engines with a bore diameter of 900mm and above have become the main products in the market, which means that Shanghai Electric is well positioned for independent growth in this field.
Executives from Saudi Arabian company ACWA Power visited Shanghai Electric to present the 2030 New Energy Development Plan and have a detailed exchange of views on the implementation of project funding and the expansion of strategic cooperation in new energy fields such as hydrogen, photovoltaic, seawater desalination and waste-to-energy .
Shanghai Electric’s 50MW photovoltaic project in Branston, UK has passed a two-year warranty test and received the final handover certificate and the contract guarantee certificate. This is Shanghai Electric’s first photovoltaic project to be commissioned in the country. The final handover certificate is an important milestone for Shanghai Electric to further develop the UK photovoltaic power market and has gained valuable experience for the future implementation of new EPC projects in Europe and other high-end markets.

For more information on Shanghai Electric, its Q1 business and overall performance, please visit

About Shanghai Electric

Shanghai Electric Group Company Limited (SEHK: 2727, SSE: 601727), a leading global provider of industrial-grade, green smart system solutions with a worldwide presence, is dedicated to smart energy, smart manufacturing and digital intelligence integration. With a focus on low-carbon development and digital transformation by opening up new areas and fostering new growth drivers, Shanghai Electric will strive to play a leading role in reaching the peak of carbon emissions before 2030 and achieving carbon neutrality before 2060, in the production of new energy devices and localization of high-end devices, embracing the limitless possibilities in an innovative industrial ecosystem together with global partners.

Logo –

View original content: