Times Electric(688187)2025-03-28 11:45Financial Performance - The company achieved an operating revenue of RMB 24.9 billion in 2024, marking a significant milestone in its financial performance[13]. - The net profit attributable to shareholders for the year is projected to be RMB 3.7 billion, with a cash dividend distribution plan of RMB 1.369 billion, representing 36.98% of the net profit[6]. - The company's operating revenue for 2023 reached CNY 24.91 billion, a year-on-year increase of 13.42% compared to CNY 21.80 billion in 2022[27]. - Net profit attributable to shareholders for 2023 was CNY 3.70 billion, reflecting a 21.77% increase from CNY 3.10 billion in 2022[27]. - The net profit after deducting non-recurring gains and losses was CNY 3.23 billion, up 24.28% from CNY 2.60 billion in 2022[27]. - The company's total assets increased by 20.50% to CNY 64.80 billion in 2023, compared to CNY 53.40 billion in 2022[28]. - The net assets attributable to shareholders rose to CNY 41.53 billion, marking a 12.24% increase from CNY 36.87 billion in 2022[28]. - The company's EBITDA for 2024 was CNY 5,590,883,033, representing a 28.42% increase from CNY 4,353,705,615 in the previous year[35]. - The net profit for 2024 was CNY 3,948,755,845, compared to CNY 3,085,150,423 in 2023, indicating robust financial performance[35]. - The company reported a total revenue of 28,463 million RMB for the period, with a net profit of 15,460 million RMB, reflecting a significant year-on-year growth[91]. Research and Development - The company has filed 504 patent applications and participated in the release of 38 international and national standards in the transportation and energy sectors[15]. - The company's R&D expenditure as a percentage of operating revenue rose to 11.41%, up 1.45 percentage points from 9.96% in 2023[29]. - The company achieved a 28.81% increase in expense-based R&D investment, totaling approximately ¥2.66 billion, compared to ¥2.06 billion in the previous year[73]. - The total R&D investment reached approximately ¥2.84 billion, reflecting a 29.95% increase from ¥2.19 billion in the previous year, with R&D investment accounting for 11.41% of operating revenue[73][74]. - The company has 3,762 valid domestic and international patents protecting its core technologies as of December 31, 2024[56]. - The company has established a comprehensive R&D capability for rail engineering machinery, with products already in mass application in national rail and urban rail infrastructure maintenance[57]. - The company has developed advanced IGBT chip technology with a complete proprietary technology system, widely applied in rail transit, power grids, new energy, automotive, and industrial control sectors[57]. - The company has achieved breakthroughs in silicon carbide chip technology, enhancing reliability and performance in various applications[57]. - The company has developed a complete set of advanced silicon carbide (SiC) chip manufacturing technology, applicable in various fields including new energy vehicles and industrial drives[59]. Market Position and Strategy - The traction system market share continues to lead, with significant advancements in key component systems[14]. - The company is actively pursuing strategic investments and collaborations to enhance its competitive edge in the market[14]. - The company aims to align with national strategies such as "Transportation Power" and "Dual Carbon" initiatives, focusing on technological innovation and market demand[17]. - The company is positioned in a rapidly growing new energy market, with significant potential driven by the national "dual carbon strategy" and emerging industries such as photovoltaic engineering and electric vehicle drive systems[153]. - The company is focusing on green rail transit solutions in line with national carbon neutrality goals, which are gaining popularity among users[152]. - The company is committed to enhancing user experience and strengthening its differentiated competitive advantages through continuous innovation[53]. - The company is focusing on strengthening its core technology development and market research to mitigate risks associated with new product development[105]. - The company is advancing the application of self-developed IGBT devices to enhance product competitiveness and ensure supply chain security[79]. Operational Efficiency and Cost Management - The company has implemented a digital transformation strategy to enhance operational efficiency and decision-making transparency[16]. - The company aims to enhance its operational efficiency and resource allocation through digital transformation, focusing on high-quality development and sustainable value creation for shareholders[154]. - The company plans to implement cost-cutting measures expected to save approximately 100 million yuan annually[167]. - The company reported a 5% reduction in operational costs due to improved efficiency measures[172]. - The company aims to reduce operational costs by 15% through automation and process optimization initiatives[170]. Awards and Recognition - The company has received 1 National Science and Technology Invention Award and 13 provincial and industry-level technology awards, including 3 first prizes[15]. - The company has been recognized as a benchmark for reform actions, ranking fourth nationally in the evaluation of state-owned enterprise reforms[16]. - The company has been awarded the National Technology Invention Second Prize in 2024, highlighting its strong innovation capabilities[100]. Personnel and Management - The company has a strong focus on enhancing its financial management capabilities with experienced professionals[1]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 15.23 million RMB[183]. - The company appointed Xu Shaolong as the new General Manager and Executive Director on June 27, 2024[186]. - The company experienced several personnel changes, including the resignation of Zhang Xinning and the appointment of Sun Shan as Deputy General Manager and Financial Director[184]. - The company has recognized new core technical personnel, including Dou Zechun and Qi Yu, while others were no longer recognized due to position adjustments[185]. Strategic Acquisitions and Investments - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, enhancing its market position[32]. - The company plans to invest approximately CNY 946 million in the low-voltage power component capacity construction project in Yixing[143]. - The company plans to introduce strategic investors and an employee stock ownership plan, raising 432.78 million RMB in capital for Zhuzhou CRRC Times Semiconductor Co., Ltd., maintaining a 77.7771% ownership stake[149]. - The company completed a strategic acquisition of a tech startup for 500 million yuan, enhancing its technological capabilities[167]. Governance and Compliance - The governance structure of the company is designed to ensure compliance with legal regulations and protect shareholder interests, enhancing governance levels[157]. - The company has established various specialized committees, including the Audit Committee and the Risk Control Committee, to enhance governance[191]. - The audit committee held five meetings during the reporting period, ensuring compliance with relevant laws and regulations[197]. - The audit committee reviewed the 2023 annual report and financial statements, approving all 13 proposals unanimously[198].