BAOSE(300402)2025-04-02 12:15Dividend and Financial Performance - The company plans to distribute a cash dividend of 0.90 RMB per 10 shares to all shareholders, based on a total of 246,790,497 shares[4]. - The company's operating revenue for 2024 was approximately ¥1.71 billion, showing a slight increase of 0.00% compared to ¥1.71 billion in 2023[16]. - Net profit attributable to shareholders for 2024 was approximately ¥68.40 million, representing a 6.67% increase from ¥64.12 million in 2023[16]. - The net profit after deducting non-recurring gains and losses was approximately ¥58.07 million, up 15.91% from ¥50.10 million in 2023[16]. - The net cash flow from operating activities surged to approximately ¥302.87 million, a significant increase of 1190.53% compared to ¥23.47 million in 2023[16]. - Total assets at the end of 2024 were approximately ¥2.41 billion, a decrease of 7.01% from ¥2.59 billion at the end of 2023[16]. - The net assets attributable to shareholders increased by 3.21% to approximately ¥1.46 billion at the end of 2024, compared to ¥1.42 billion at the end of 2023[16]. - The company reported a basic earnings per share of ¥0.2808, down 3.93% from ¥0.2923 in 2023[16]. - The company achieved total revenue of 1.706 billion yuan, a slight increase compared to the previous year[87]. - Operating profit reached 70.97 million yuan, representing a year-on-year growth of 10.41%[87]. - Net profit attributable to shareholders was 68.40 million yuan, an increase of 6.67% year-on-year[87]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[4]. - The company has a comprehensive risk management strategy outlined in the report, focusing on potential operational risks[4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[3]. - The company has established a compliance management system and conducted comprehensive self-inspections in key business areas to mitigate risks[103]. - The company disclosed a total of 4 periodic reports and 127 temporary announcements during the year, achieving an information disclosure accuracy rate of 100%[105]. - The company faces risks from macroeconomic fluctuations and industry policy changes that could impact order acquisition and execution[198]. - Increased competition in the specialized pressure vessel manufacturing sector may lead to a decline in market share if demand from downstream industries decreases[199]. Market Position and Industry Trends - The company operates in the special material non-standard equipment manufacturing sector, which is crucial for various industries including petrochemical, energy, and aerospace[23]. - The company has established itself as a leader in the special material non-standard pressure vessel manufacturing sector in China, achieving significant technological advancements and market expansion over 30 years[30]. - The company holds a leading market share in high-end large and heavy special equipment manufacturing, with a strong focus on high-end, international, and differentiated development strategies[31]. - The company is positioned to benefit from the rapid growth of the new energy sector, driven by national policies supporting green and efficient energy development[28]. - The Chinese special material non-standard pressure vessel industry is experiencing a strategic opportunity period, driven by both national policy support and domestic and international market demand[28]. - The market demand for special material pressure vessel equipment is rapidly increasing, presenting significant growth opportunities for the company[63]. - The competitive landscape of the special material non-standard pressure vessel manufacturing industry is influenced by large state-owned enterprises dominating the high-end market, while private enterprises are competing in the mid-to-low-end market[148]. - The industry is experiencing a trend of increasing market concentration, with a growing number of ASME-certified manufacturers, although there is a lack of high-end technology and core competitiveness[150]. - The market size of China's special material pressure vessel equipment is expected to grow from 68.5 billion CNY in 2023 to 106.3 billion CNY by 2028, indicating significant market potential[152]. Research and Development - The company invested CNY 71.81 million in R&D, with 33 ongoing projects and 14 new projects initiated, enhancing its technological capabilities and reducing operational costs[66]. - The company has developed a series of products in the ship and marine engineering equipment sector, establishing a unique competitive advantage in high-end special material manufacturing[71]. - The company has formed over 50 advanced technologies, including manufacturing techniques for titanium and nickel alloy equipment, contributing to its strong R&D capabilities[74]. - The company has obtained 4 invention patents and has a total of 58 patents, including 30 invention patents as of the end of the reporting period[75]. - The company completed the research on intelligent welding technology for large titanium components, which is expected to enhance manufacturing efficiency and quality[116]. - The company is focusing on advanced high-strength titanium alloy thick plate materials and has made progress in developing key manufacturing technologies for deep-sea equipment[117]. - The company plans to implement industrial internet technology to optimize production processes and improve efficiency by over 15%[117]. - The company aims to enhance its competitiveness in the photovoltaic market by developing domestic production capabilities for ultra-pure silicon reactor equipment[117]. Production and Supply Chain - The company adopts an "order-based production" model, customizing products according to specific customer requirements, which involves design, material procurement, and manufacturing[51]. - The procurement model is "sales-based ordering," where raw materials are purchased based on production plans and inventory levels, ensuring stable supply chains[54]. - The company has established long-term relationships with key suppliers, ensuring stable raw material supply and smooth procurement channels[54]. - The company maintains a comprehensive supplier evaluation system to select qualified suppliers, ensuring quality and reliability in procurement[54]. - The production cycle for the company's products typically ranges from 6 to 12 months, with a focus on optimizing resource allocation through external processing for non-core components[56]. - The company has advanced production and testing equipment, with a maximum production capacity of 1,500 tons and dimensions of 15 meters in diameter, 100 meters in length, and 185 millimeters in thickness[76]. - The company operates over 70 lifting devices with a maximum lifting capacity of 1,000 tons, significantly enhancing production efficiency and reducing material consumption through automation[77]. - The company has a comprehensive range of welding equipment, including nearly 400 automatic or manual welding machines, and has developed a high-performance digital narrow gap welding machine in collaboration with Harbin Institute of Technology, improving welding efficiency by over 10 times[78]. Strategic Projects and Investments - The company plans to invest a total of 28.4 million in high-end special material equipment manufacturing project, with 0% completion as of August 2023[139]. - The engineering technology R&D center project aims to enhance the company's R&D capabilities, with an investment of 14.4 million, currently at 75% completion[139]. - The shipbuilding and marine engineering equipment manufacturing project has a total investment of 969.92 million, with 100% completion expected by October 2024[139]. - The company has committed to managing and using raised funds in compliance with relevant regulations and has fulfilled its disclosure obligations[141]. - The company has decided to terminate the "Ship and Marine Engineering Equipment Manufacturing Quality Improvement and Capacity Expansion Project" due to market uncertainties and current capacity meeting business development needs[143]. Future Outlook and Strategic Goals - The company aims to enhance energy efficiency and green development in the special material non-standard pressure vessel equipment industry, focusing on optimizing equipment design and reducing emissions of pollutants[174]. - The company is advancing towards digitalization and intelligent manufacturing, which will improve production efficiency and product quality while reducing costs[175]. - The company plans to strengthen collaboration with clients to provide customized solutions that meet specific requirements in various industries[178]. - The company is committed to expanding its scale and integrating industry and capital, aligning with national strategies for carbon neutrality and manufacturing strength[179]. - The 2025 operational plan includes a focus on market expansion, cost reduction, and innovation to achieve annual business goals[181]. - The company will innovate marketing strategies and enhance its sales team to secure high-quality orders in both domestic and international markets[182]. - The company is prioritizing the construction of key projects, including the "High-end Special Material Equipment Intelligent Manufacturing Project," to support its strategic layout[184].