GACO(600523)2024-03-14 16:00Financial Performance - The company's operating revenue for 2023 reached ¥2,334,714,006.92, representing an increase of 8.43% compared to ¥2,153,258,906.35 in 2022[23]. - The net profit attributable to shareholders of the listed company was ¥164,149,541.72, a growth of 33.69% from ¥122,784,956.17 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥155,387,053.97, which is a 37.82% increase from ¥112,743,273.29 in 2022[24]. - The company's total revenue for 2023 reached 2.335 billion RMB, representing a year-on-year increase of 8.43%[33]. - The net profit attributable to shareholders for 2023 was 195 million RMB, up 35.95% compared to the previous year[33]. - The basic earnings per share for 2023 was 0.41 RMB, reflecting a 36.67% increase from 0.30 RMB in 2022[25]. - The weighted average return on equity increased to 5.71%, up by 1.29 percentage points from 4.42% in 2022[25]. - The company's EVA (Economic Value Added) for 2023 was 129 million RMB, showing an impressive growth of 81.58% year-on-year[33]. - The cost-to-revenue ratio improved to 92.23%, a decrease of 0.31 percentage points compared to the previous year[33]. - The company reported an investment income of approximately ¥50.01 million, an increase of 81.87% compared to the previous year[57]. Cash Flow and Assets - The net cash flow from operating activities decreased by 7.20% to ¥130,832,620.50 from ¥140,987,783.07 in the previous year[24]. - The total assets of the company increased by 11.18% to ¥3,834,593,699.09 from ¥3,448,995,426.63 in 2022[24]. - The net cash flow from operating activities for the fourth quarter was 137 million RMB, indicating a strong recovery after negative cash flows in the first two quarters[28]. - The company's direct material costs accounted for 71.84% of total costs, showing a significant reduction from the previous year[64]. - The company's main business costs totaled 58,328,026.50, a decrease of 45.81% compared to the previous year[64]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥1.22 per 10 shares, totaling ¥49.33 million, which accounts for 30.05% of the net profit attributable to shareholders[5]. - The company has established a clear cash dividend policy that aligns with its articles of association and shareholder resolutions[143]. - The company has proposed a cash dividend plan for 2023, pending approval at the annual shareholders' meeting[142]. Research and Development - Research and development expenses increased by 25.70% to approximately ¥138.13 million, indicating a focus on new product development[57]. - Total R&D investment amounted to ¥138,130,826.74, representing 5.92% of operating revenue[70]. - The number of R&D personnel is 668, accounting for 19.79% of the total workforce[71]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency[113]. - The company is developing new technologies, including smart wipers and thermal management for new energy vehicles[90]. Market and Industry Trends - In 2023, China's total automobile sales reached 30.09 million units, with a year-on-year growth rate of 12.1%, marking a historical high[44]. - New energy vehicle sales amounted to 9.49 million units, achieving a penetration rate of 31.6%[44]. - The domestic automotive parts market is experiencing rapid growth, with a shift towards domestic manufacturers and increased localization[46]. - The automotive parts industry is supported by government policies aimed at fostering competitive suppliers and addressing industry chain weaknesses[45]. Corporate Governance and Compliance - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and maintaining transparent communication with shareholders[101]. - A total of 8 board meetings were held during the reporting period, ensuring effective decision-making and compliance with governance standards[103]. - The company strictly adheres to information disclosure regulations, ensuring that all shareholders have equal access to information[104]. - The board of directors has established effective internal controls, ensuring compliance and the integrity of financial reporting[106]. - The company has implemented measures to respect and protect the rights of stakeholders, balancing interests among shareholders, employees, and society[104]. Environmental and Social Responsibility - The company has invested over 6 million yuan in technology upgrades, focusing on the comprehensive renovation of the wastewater treatment plant and automation of production lines[159]. - The company has reduced carbon emissions by 4,502.35 tons through various measures, including energy-efficient upgrades and the implementation of low-carbon technologies[161]. - Total donations for social responsibility projects amounted to 660,450 yuan, benefiting approximately 500 individuals through various community initiatives[162]. - The company emphasizes continuous improvement in production processes and environmental management to enhance its sustainable development efforts[158]. Strategic Initiatives and Future Plans - The company aims for a revenue target of 2.6 billion yuan and a profit target of 220 million yuan for 2024[88]. - The company plans to focus on core functions and enhance its main business areas, particularly in aviation and automotive components[89]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[113]. - The company is committed to maintaining high-quality, low-cost, and sustainable development as part of its operational strategy[88]. - The company is focusing on building a platform for integrated service networks and seeking strategic partnerships with vehicle manufacturers[88]. Human Resources and Management - The company reported a total of 3,376 employees, with 2,087 in production, 83 in sales, 722 in technology, 64 in finance, and 420 in administration[138]. - The company has a total of 1,239 employees with a bachelor's degree or above, representing approximately 36.7% of the total workforce[138]. - The company has conducted a continuous risk assessment report regarding its financial subsidiary[131]. - The company has implemented a performance evaluation mechanism for senior management based on operational performance, linking salary and incentive income to assessment results[147]. Shareholder Structure and Changes - The largest shareholder, China Aviation Automobile System Holding Co., Ltd., holds 149,623,188 shares, accounting for 37.01% of total shares[190]. - The second largest shareholder, China Guizhou Aviation Industry (Group) Co., Ltd., holds 37,524,155 shares, representing 9.28% of total shares[190]. - The report indicates that the top ten shareholders have undergone changes, with several new entries and exits noted[192]. - The company has a significant stake in Pacific Century (Beijing) Automotive Parts Co., Ltd., holding 72.88% of its shares[197].