Financial Performance - The company's revenue for the year 2023 was RMB 13,471.2 million, representing a 4.9% increase from RMB 12,845.9 million in 2022[1]. - Gross profit increased by 21.9% to RMB 1,943.7 million, compared to RMB 1,594.8 million in the previous year[1]. - Net profit for the year was RMB 567.8 million, up 12.9% from RMB 502.7 million in 2022[1]. - Revenue from batteries and related products amounted to RMB 11,447.5 million, up 9.7% from RMB 10,432.8 million in the previous year, driven by a 19.4% growth rate in the Chinese market and a 0.3% growth rate in overseas markets[34]. - In the second half of 2023, revenue from batteries and related products was RMB 6,440.6 million, representing a 28.6% increase compared to RMB 5,006.9 million in the first half of the year[34]. - The company's customer contract revenue for 2023 was RMB 13,471,235,000, compared to RMB 12,845,859,000 in 2022, indicating growth[75]. - The company's profit attributable to equity holders for 2023 was RMB 545,389,000, an increase from RMB 481,075,000 in 2022, representing a growth of approximately 13.4%[89]. Market Expansion and Strategy - The company plans to establish a battery assembly plant in Mexico to enhance competitiveness in the Americas, with production expected to commence in a few months[14]. - The company has acquired a 70% stake in two advanced starter battery factories to expand its market share in China, anticipating rapid growth in this sector in 2024[14]. - The company aims to expand its market share in emerging economies while strengthening risk management and enhancing technological innovation capabilities in response to global instability factors[21]. - The company is confident in its starter battery business and plans to enhance R&D investment while integrating resources from previous acquisitions to capitalize on the growing demand for new energy vehicles[64]. - The company aims to expand its global footprint in green energy storage products, aligning with the international consensus on climate change and sustainable development[66]. Research and Development - The R&D team consists of over 380 personnel focused on developing new models of lead-acid batteries and lithium-ion batteries, as well as energy management systems[13]. - Research and development costs totaled RMB 597.0 million, compared to RMB 574.3 million in the previous year, indicating a continued investment in innovation[52]. - The company plans to accelerate production capacity expansion for lithium battery production lines in Anhui, China, and Vietnam starting in 2024[155]. Sales and Revenue Breakdown - The sales revenue from starter batteries reached RMB 3,687.0 million, a significant increase of 28.9% from RMB 2,860.1 million in 2022, accounting for approximately 32.2% of total battery sales revenue[7]. - The sales revenue of backup batteries for the period was RMB 6,284.4 million, an increase of 4.6% compared to RMB 6,006.1 million in the previous year, accounting for approximately 54.9% of total battery sales revenue[37]. - The sales revenue of power batteries decreased to RMB 1,209.4 million, a decline of 3.9% from RMB 1,258.3 million in the previous year, representing about 10.6% of total battery sales revenue[41]. - The sales revenue from recycled lead products was RMB 2,023.8 million, a decrease of 16.1% compared to RMB 2,413.0 million in the previous year[43]. Financial Position and Assets - The total value of non-current assets increased to RMB 4,724.5 million in 2023 from RMB 3,704.9 million in 2022[33]. - Cash and cash equivalents rose significantly to RMB 1,563.3 million in 2023, compared to RMB 436.2 million in 2022[33]. - The company's total liabilities increased to RMB 3,003,992,000 in 2023 from RMB 2,361,044,000 in 2022, marking an increase of about 27.3%[103]. - The company's inventory remained stable at approximately RMB 100,000,000 in both 2023 and 2022, indicating no change year-over-year[90]. - The company's trade receivables increased to RMB 3,320,369,000 in 2023 from RMB 2,817,996,000 in 2022, reflecting a growth of about 17.8%[91]. Economic Outlook - The International Monetary Fund has adjusted the global economic growth forecast for 2024 to 3.1%, with emerging Asian economies expected to grow at 5.2%[19]. - The global data center market is projected to reach USD 340 billion by 2024, growing at a CAGR of 6.56% to over USD 438.7 billion by 2028, positively impacting the UPS battery industry[22]. - The household energy storage market is expected to grow from approximately USD 4.38 billion in 2023 to USD 16.75 billion by 2029, with a CAGR of 24.4%[29]. - The telecommunications battery market is projected to grow at a CAGR of 15.76%, reaching USD 9.24 billion from 2023 to 2028, driven by advancements in communication technologies[24]. Dividend and Shareholder Returns - The proposed final dividend per share is 7.0 HK cents, down from 10.0 HK cents in the previous year[1]. - The company plans to propose a final dividend for the fiscal year 2023, subject to approval at the upcoming annual general meeting[87].
理士国际(00842) - 2023 - 年度业绩