XDC(300615)2024-03-25 16:00Financial Performance - Revenue in 2023 increased by 19.27% to 616,132,638.25 yuan compared to 2022[22] - Net profit attributable to shareholders rose by 29.80% to 60,337,589.97 yuan in 2023[22] - Operating cash flow surged by 357.28% to 138,688,674.51 yuan in 2023[22] - Basic earnings per share grew by 28.00% to 0.32 yuan in 2023[22] - Total assets decreased by 21.88% to 697,980,409.81 yuan at the end of 2023[22] - The company's gross profit margin increased by 0.68% year-on-year to 29.59%[46] - The company's net profit attributable to the parent company increased by 29.80% year-on-year to 60.34 million yuan[54] - The company's operating income increased by 19.27% year-on-year, driven by growth in 5G filters, antennas, and new energy and medical structural components[54] - The company's R&D expenses increased by 13.22% year-on-year due to increased investment in personnel and equipment[54] - The company's operating cash flow increased by 357.28% year-on-year, primarily due to increased sales revenue[54] - Total revenue for 2023 reached 616,132,638.25 yuan, a 19.27% increase compared to 2022[55] - Revenue from communication products grew by 25.35% to 482,706,326.09 yuan, accounting for 78.34% of total revenue[55] - Overseas revenue increased by 36.58% to 395,850,431.12 yuan, representing 64.25% of total revenue[55] - Revenue from new energy structural components surged by 40.33% to 75,784,787.56 yuan[55] - Gross margin for communication products improved by 0.91% to 30.06%[56] - R&D expenses increased by 13.22% to 30,446,431.26 yuan[61] - Inventory levels decreased by 75.81% due to improved inventory management and production planning[56] - Direct material costs rose by 26.40% to 311,511,357.43 yuan, representing 71.23% of total operating costs[58] - Operating cash flow increased by 357.28% to RMB 138.69 million in 2023, driven by a 121.44% increase in operating cash inflows[68] - Investment cash flow turned positive at RMB 12.17 million in 2023, a 110.04% improvement from 2022, mainly due to net inflows from financial products[69] - Cash and cash equivalents increased by RMB 39.74 million in 2023, a 145.32% improvement from the previous year[68] - Net cash flow from operating activities was 138.69 million yuan, with significant adjustments including a net profit of 72.43 million yuan, credit impairment loss of 2.14 million yuan, and asset impairment loss of 5.19 million yuan[70] - Investment income was 1.71 million yuan, accounting for 1.94% of total profit, primarily from financial product income[72] - Fair value change income was 3.29 million yuan, accounting for 3.73% of total profit, mainly from financial product income at the end of the reporting period[72] - Other business income was 13.42 million yuan, accounting for 15.22% of total profit, mainly from rental income and material disposal income[72] - Monetary funds increased by 7.72% to 1.12 billion yuan, accounting for 16.03% of total assets, while accounts receivable decreased by 18.45% to 1.02 billion yuan, accounting for 14.66% of total assets[73] - Fixed assets increased by 3.43% to 985.29 million yuan, accounting for 14.12% of total assets[73] - The company's total investment in the reporting period was 126.25 million yuan, a decrease of 68.28% compared to the same period last year[78] - Total assets of Suzhou Xintianxin Precision Machinery Co., Ltd. reached 383,956,928.22 yuan, with net assets of 339,469,000.89 yuan and operating income of 195,818,058.03 yuan[84] - Suzhou Xintiansheng Technology Co., Ltd. achieved operating income of 384,144,817.91 yuan and net profit of 73,103,001.33 yuan[84] - Xintian Europe (Hungary) Co., Ltd. reported a net loss of 10,819,395.80 yuan[84] - Xintian Industrial Vietnam Co., Ltd. is in the preparation stage with minimal impact on overall operations[85] - Total shares increased from 189,947,200 to 191,700,600 due to restricted stock incentive plans[191][192][193] - Basic EPS increased by 28% to 0.32 in 2023, compared to 0.25 in 2022[194] - Diluted EPS increased by 24% to 0.31 in 2023, compared to 0.25 in 2022[194] - Restricted shares increased by 838,400, reaching a total of 62,120,128 shares[193] - Restricted shares for executives: 41,255,687 shares for Shi Weiping, 18,961,041 shares for Liu Hui[196] - Restricted shares for equity incentive: 1,350,000 shares for Yuan Zheng, 418,400 shares for Wang Changhua[196] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) based on a total of 191,700,600 shares[5] - Cash dividend distribution: RMB 1 per 10 shares, totaling RMB 19,170,060.00, accounting for 100% of the total profit distribution[134] - The company prioritizes cash dividends over stock dividends and will distribute cash dividends annually, with a minimum cash dividend ratio of 20% of the distributable profit[159][161] - For companies in the mature stage without major capital expenditure plans, the cash dividend ratio should be at least 80% of the profit distribution[159][161] - For companies in the mature stage with major capital expenditure plans, the cash dividend ratio should be at least 40% of the profit distribution[159][161] - For companies in the growth stage with major capital expenditure plans, the cash dividend ratio should be at least 20% of the profit distribution[159][161] - The company plans to conduct mid-term cash dividends based on profitability and capital needs[159][161] Corporate Governance - The company's Board of Directors, Supervisory Board, and senior management guarantee the authenticity, accuracy, and completeness of the annual report[5] - The company's annual report is disclosed on the website www.cninfo.com.cn and the Securities Times[20] - The company's annual report is available at the Board of Directors Office[20] - The company held 3 general meetings of shareholders during the reporting period, all conducted through a combination of on-site and online voting[95] - The company's board of directors consists of 7 members, including 3 independent directors, and held 6 board meetings during the reporting period[97] - The company's supervisory board consists of 3 members, including 1 employee representative, and held 6 meetings during the reporting period[98] - The company has an independent internal audit system under the audit committee of the board of directors[99] - The company maintains independence in business, personnel, assets, organization, and finance from its controlling shareholders[103] - The company has an independent human resources department and separate personnel and salary management from its shareholders[104] - The company owns or legally uses all major production-related assets, including land, factories, machinery, trademarks, patents, and non-patented technologies[105] - The company strictly complies with information disclosure regulations and maintains communication with investors through various channels[102] - The company's actual governance status does not significantly differ from legal and regulatory requirements[102] - The company has a complete supply, production, and sales system and operates independently in the mobile communication industry[103] - The company has established a complete and independent corporate governance structure, with separate operational and functional office spaces from its controlling shareholders and other entities controlled by them[106] - The company maintains an independent financial department with a complete financial accounting system, operating separate bank accounts and conducting independent tax filings[107] - The 2022 Annual General Meeting had a 42.32% investor participation rate, held on May 26, 2023[108] - The first interim shareholders' meeting in 2023 had a 42.29% investor participation rate, held on July 20, 2023[108] - The second interim shareholders' meeting in 2023 had a 42.13% investor participation rate, held on December 29, 2023[108] - The company held 6 board meetings in 2023, with all directors attending either in person or via teleconference[122] - The Strategic Committee of the Board held 1 meeting in 2023, approving key proposals including the 2023 financial budget report[124] - The Audit Committee of the Board held 3 meetings in 2023, reviewing financial reports and audit work[124] - The Compensation and Evaluation Committee of the Board held 4 meetings in 2023, approving equity incentive plans and compensation adjustments[125] - The company adopted all reasonable suggestions proposed by the directors during the reporting period[123] - No directors raised objections to company matters during the reporting period[122] - The company's directors attended all required meetings and fulfilled their duties diligently[123] Shareholder and Executive Information - Chairman and General Manager Shi Weiping holds 55,007,583 shares, with no changes in shareholding during the reporting period[109] - Director Liu Hui reduced his shareholding by 389,500 shares due to personal financial needs, ending the period with 24,891,888 shares[109] - Director and Executive Vice President Yuan Zheng received 600,000 shares through equity incentives, increasing his total holdings to 1,600,000 shares[110] - Director Wang Changhua received 200,000 shares through equity incentives, increasing his total holdings to 491,200 shares[110] - Vice President and Board Secretary Sun Hailong received 90,000 shares through equity incentives, increasing his total holdings to 180,000 shares[110] - Wang Changhua, male, born in 1972, holds a Master's degree in Business Administration and currently serves as the company's Director and CFO, as well as the Executive Director and General Manager of Suzhou Xintian New Investment Management Co., Ltd.[113] - Liang Xiao, male, born in 1973, holds a Ph.D. in Organic Chemistry from Tsinghua University and has served as an independent director of the company since December 2018[113] - Liu Jing, male, born in 1980, holds a Master's degree from Zhongnan University of Economics and Law and has served as an independent director of the company since May 2021[114] - Sun Zhangchun, male, born in 1962, is a Certified Public Accountant and has served as an independent director of the company since December 2021[114] - Wei Qiang, male, born in 1977, serves as the Chairman of the Supervisory Committee and has been the Manager of the Precision Engineering Department at Shenzhen Baibohe Technology Co., Ltd. since October 2022[115] - Wang Min, female, born in 1981, serves as the Supervisor and Customs Business Supervisor of the company[115] - Zeng Qian, female, born in 1986, serves as the Supervisor and Public Affairs Specialist of the company[116] - Shi Weiping, the company's Chairman and General Manager, holds multiple directorships in subsidiaries and affiliated companies, including Xintian Trade (Hong Kong) Ltd. and Xintian Industrial Vietnam Co., Ltd.[118] - Yuan Zheng, the company's Director and Executive Vice President, serves as the General Manager of Suzhou Xintian New Precision Machinery Co., Ltd. and the Executive Director and General Manager of Suzhou Xintiansheng Technology Co., Ltd.[118] - Sun Hailong, male, born in 1985, holds a Master's degree in Business Administration from Sun Yat-sen University and serves as the company's Vice President and Board Secretary[117] - Total compensation for directors, supervisors, and senior management in 2023 was RMB 7.0969 million[120] - Chairman and General Manager Shi Weiping received a pre-tax compensation of RMB 1.634 million[121] - Executive Director and Deputy General Manager Yuan Zheng received a pre-tax compensation of RMB 2.8081 million[121] - Total number of ordinary shareholders at the end of the reporting period is 13,911[199] - Shi Weiping holds 28.69% of the shares, totaling 55,007,583 shares, with 27,000,000 shares pledged[199] - Liu Hui holds 12.98% of the shares, totaling 24,891,888 shares, with a decrease of 389,500 shares during the reporting period[199] - Xue Feng holds 9.23% of the shares, totaling 17,702,112 shares, all of which are unrestricted[199] - Xuan Yuan Private Fund holds 3.44% of the shares, totaling 6,589,300 shares, with a decrease of 200,000 shares during the reporting period[199] - Li Xiaoxiao holds 3.40% of the shares, totaling 6,509,300 shares, with a decrease of 530,000 shares during the reporting period[199] - Shanghai Jiahong Private Fund holds 2.43% of the shares, totaling 4,665,060 shares, with a decrease of 1,994,240 shares during the reporting period[199] - Jianxin Trust holds 1.82% of the shares, totaling 3,493,448 shares, with no change during the reporting period[199] - Wen Qing'e holds 1.01% of the shares, totaling 1,939,900 shares, with an increase of 172,200 shares during the reporting period[199] - Shi Yuqing holds 0.90% of the shares, totaling 1,731,000 shares, all of which are newly acquired during the reporting period[199] Research and Development - The company's main technologies include 5G mobile communication technology and RF signal processing equipment[16] - The company emphasizes synchronous and proactive R&D to align with industry trends and customer needs, equipped with technical personnel and testing facilities to enhance service speed and quality[45] - The company's R&D expenses increased by 13.22% year-on-year due to increased investment in personnel and equipment[54] - The development of a low-frequency loading filter has been completed, aiming to enrich the product line and enhance the company's market competitiveness[62] - The development of a built-in antenna combiner has been completed, aiming to enrich the product line and enhance the company's market competitiveness[62] - The development of a semi-automatic negative pressure anti-misoperation device has been completed, achieving a defect rate reduction to below 0.5%[62] - The development of a 5G antenna tin ball cleaning device has been completed, improving production efficiency and quality[62] - The development of a desktop three-axis transfer machine has been completed, increasing screw locking efficiency by 100% and reducing defect rate to ≤0.5%[62] - The development of a cabinet-type three-axis screw machine with M2.5 blowing has been completed, increasing screw locking efficiency by 200% compared to manual locking[64] - The development of a vacuum negative pressure adsorption platform for PCB tin brushing has not been completed, aiming to improve production efficiency and product competitiveness[64] - The development of a fully automatic screw locking process for metal cavity filters has been completed, aiming to reduce labor intensity and costs while improving production efficiency[64] - The development of a nitrogen flow control protection device for welding has not been completed, aiming to achieve high-precision control of nitrogen flow with a response time of less than 0.5 seconds[64] - The development of an automatic welding process based on resonant columns has been completed, aiming to improve production efficiency and product stability[64] - R&D personnel increased by 7.37% to 102 in 2023, with R&D personnel accounting for 22.47% of total employees, up 9.49% from 2022[65] - R&D investment in 2023 was RMB 30.45 million, accounting for 4.94% of revenue, a decrease of 0.27 percentage points from 2022[66] - The cold extrusion mold R&D project was completed, improving production efficiency and reducing costs[65] - The multi-station in-mold transfer die R&D project was completed, enhancing automation and production efficiency[65] - The MIM technology R&D project was completed, improving product performance and reducing costs compared to traditional CNC processing[65] - The CNC precision machining process R&D project is ongoing, aiming to improve concentricity and reduce costs[65] - The stainless steel precision continuous die R&D project is ongoing, addressing production stability and yield issues[65] Industry and Market Trends - Mobile internet users in China reached 1.517 billion by the end of 2023, with a net increase of 63.16 million users[34] - Global 5G mobile subscriptions reached 1.4 billion in Q3 2023, with an expected total of 1.6 billion by the end of 2023[35] - China's 5G base stations totaled 3.377 million by the end of 2023, accounting for 29.1% of all mobile base stations[36] - Global mobile data traffic reached 108 EB per month in Q3 2023, with an expected increase to 130 EB by the end of 2023[35] - The company's industry is driven by the growth in mobile communication base station construction, directly increasing demand for RF components[35] - Global 5G connections reached 1.6 billion by the end of 2023, projected to grow to 5.5 billion by 2030[86] Production and Operations - The company's subsidiaries include Suzhou Xintian New Precision Machinery Co., Ltd., Xintian Trade (Hong Kong) Co., Ltd., and Xintian Trade (USA) Co., Ltd.[16] - The company's main products include RF components, RF structural parts, and RF metal components[16] - The company's core products include RF components and RF metal components, which are critical parts of mobile communication base stations, such as filters, antennas, resonators, tuning screws, low-pass filters, transmission rods