Desay Battery(000049)2024-03-25 16:00Business Development and Expansion - The company has completed the construction of the energy storage cell project in Changsha, Hunan, and the first phase of the Huizhou Tonghu SIP packaging industrial park, which will enhance business development[2] - The company is actively advancing global manufacturing processes, including the construction of a production base in Bắc Ninh, Vietnam, to meet local market demands[2] - The company is focusing on expanding its market share in the energy storage sector with new product developments targeting both commercial and residential markets[139] - The company has signed strategic cooperation agreements with multiple enterprises, expanding project collaboration in the energy storage sector[25] - The company has established extensive business cooperation with major domestic and international consumer electronics and power tool manufacturers, leading to a steady increase in market share[72] Financial Performance - The company's total assets reached ¥16,501,086,159.53, an increase of 31.67% compared to the previous year[18] - The net assets attributable to shareholders of the listed company amounted to ¥6,292,294,553.75, reflecting a growth of 53.91% year-on-year[18] - The company's operating revenue for 2023 was ¥20,284,918,957.13, a decrease of 6.73% compared to 2022[37] - The net profit attributable to shareholders for 2023 was ¥561,870,597.30, reflecting a decline of 35.13% year-over-year[37] - The basic earnings per share for 2023 was ¥1.7107, down 36.00% compared to ¥2.8868 in 2022[37] Revenue and Sales - The company’s revenue from energy storage products increased by 82.63% year-on-year, reaching ¥1,209,432,982.95[7] - The company’s revenue from overseas markets accounted for 66.62% of total revenue, totaling ¥13,514,475,746.42, despite a year-on-year decline of 12.94%[7] - The sales revenue from BMS (Battery Management System) and related products reached CNY 4.217 billion, while PACK (packaging integration) products generated CNY 17.561 billion in sales[90] - The company’s sales revenue from energy storage battery business reached 1.209 billion yuan, a year-on-year increase of 82.63%[105] - The SIP business achieved sales revenue of 2.137 billion yuan, growing by 63.94% year-on-year[105] Research and Development - The company has developed and mass-produced series of battery cells, including 100Ah and 280Ah, achieving competitive performance indicators in the industry[25] - The company is in the trial production phase for several key R&D projects, including AR/VR glasses batteries and high-performance power battery management systems, which are expected to enhance competitiveness[9] - The company has filed for 52 invention patents and 161 utility model patents during the reporting period, reflecting its commitment to R&D[87] - The company established a "Future Battery Technology Research Institute" in collaboration with Xi'an Jiaotong University, enhancing its R&D capabilities[108] - R&D investment for the year amounted to 642 million yuan, representing a year-on-year increase of 16.57%[108] Market Trends and Industry Insights - In 2023, China's lithium battery industry continued to grow, with total production exceeding 940 GWh, a year-on-year increase of 25%[44] - The prices of lithium battery products saw significant declines, with cell prices dropping over 50% and battery-grade lithium salt prices decreasing by more than 70%[44] - The global smartphone shipments in 2023 reached 1.17 billion units, a decrease of 3.2% year-on-year, marking the lowest shipment volume in a decade[45] - The global PC shipment for 2023 was 247 million units, down 12.9% year-on-year, while tablet shipments fell to approximately 137 million units, a decline of 16%[45] - The energy storage market is becoming a standard solution for renewable energy integration, with lithium batteries as the mainstream technology[184] Risk Management and Financial Strategies - The company has established a comprehensive risk management system for its foreign exchange derivative transactions to mitigate risks[33] - The company plans to continue enhancing its foreign exchange risk management capabilities through financial derivative transactions[33] - The company engaged in foreign exchange hedging to mitigate exchange rate fluctuation risks, enhancing its currency risk management[176] - The company is committed to adhering to regulatory requirements for fundraising management and has disclosed the status of its fundraising accurately and completely[194] Future Outlook and Goals - The company aims to become a global leader in new energy solutions, focusing on lithium battery power management systems and packaging integration[187] - The company aims to achieve consolidated revenue of 23 billion yuan in 2024, excluding inter-company transactions[188] - The company plans to enhance its research and development investments to create a full range of self-developed products in the energy storage market[187] - The company is committed to digital transformation and optimizing its industrial layout to improve overall competitiveness[187] - The company aims to solidify its overseas capabilities and expand the product line of its Vietnam manufacturing base while deepening local supply for overseas operations[188]