Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 10,483,933 thousand, a decrease of 16.8% compared to RMB 12,595,607 thousand in 2022[13] - Gross profit increased by 14.1% to RMB 1,036,999 thousand from RMB 908,488 thousand year-on-year[13] - Net profit for the year rose significantly by 73.5% to RMB 69,456 thousand, compared to RMB 40,038 thousand in the previous year[13] - Profit attributable to owners of the company increased by 3.8% to RMB 23,477 thousand from RMB 22,611 thousand[13] - Basic and diluted earnings per share improved by 2.9% to RMB 0.71 from RMB 0.69[13] - The final dividend was increased by 66.7% to 0.5 HK cents from 0.3 HK cents[13] - Adjusted EBIT for the year was RMB 77,461 thousand, compared to RMB 46,597 thousand in the previous year[6] - The company reported a total comprehensive income of RMB 80,458 thousand for the year, up from RMB 52,488 thousand in 2022[6] Revenue Breakdown - Total revenue for 2023 was RMB 10,483,933 thousand, a decrease of 16.7% compared to RMB 12,595,607 thousand in 2022[22] - Sales of engines and related components amounted to RMB 2,479,958 thousand, down from RMB 2,896,038 thousand in the previous year[22] - Sales of vehicles, including new energy vehicles, reached RMB 5,246,576 thousand, showing an increase from RMB 5,122,212 thousand in 2022[22] - The total revenue from external customers in the automotive parts segment was RMB 10,483,933 thousand, with a breakdown of RMB 2,479,958 thousand from one segment and RMB 6,129,795 thousand from another[43] - The total revenue of the automotive power systems segment for the year ending December 31, 2023, was RMB 2,479,958,000, showing a slight decrease compared to the previous year[173] - The total revenue of Faurecia (Liuzhou) Automotive Seating Co., Ltd. decreased by 10.9% to RMB 275,562,000, compared to RMB 309,412,000 in the previous year[199] - Faurecia (Liuzhou) Automotive Interior Systems Co., Ltd. maintained total revenue of RMB 369,991,000, a slight increase of 1% from RMB 367,590,000 in the previous year, with a significant net profit increase of 121% to RMB 42,368,000[200] Assets and Liabilities - The company's net assets increased to RMB 2,950,707 thousand in 2023, compared to RMB 2,879,881 thousand in 2022[17] - Cash and cash equivalents rose to RMB 2,616,795 thousand, up from RMB 1,974,617 thousand in the previous year[16] - The company reported a decrease in inventory to RMB 806,403 thousand from RMB 1,250,225 thousand in 2022, reflecting a reduction of 35.5%[16] - The total non-current liabilities decreased to RMB 1,074,408 thousand from RMB 894,108 thousand in 2022, indicating a rise of 20.1%[17] - The total liabilities decreased to RMB 11,025,659 thousand from RMB 11,771,427 thousand, a reduction of 6.3%[16] - As of December 31, 2023, the company's current liabilities exceeded current assets by approximately RMB 477 million, compared to RMB 933 million as of December 31, 2022[34] Operational Highlights - The company plans to expand its market presence in the automotive sector, focusing on manufacturing and trading automotive power systems and components[18] - The company has invested in new technologies and product development to enhance its competitive edge in the market[18] - The adjusted EBIT for the automotive parts segment was RMB 207,884 thousand, reflecting the profitability of the segment[43] - The company has sufficient financial resources to meet its obligations in the foreseeable future, supported by internal cash generation and available bank financing[34] - The company is positioning itself as a multi-faceted automotive power system supplier, integrating traditional and new energy power technologies[176] Research and Development - Research and development expenses accrued were RMB 148,287,000, up from RMB 104,004,000, reflecting an increase of 42.5%[105] - The company has launched multiple upgraded non-road vehicle models, such as sightseeing buses and golf carts, which received positive feedback from overseas markets[163] - The company is actively optimizing product and customer structure to capture the trend of automotive transformation towards new energy[185] - The introduction of advanced and efficient hybrid power systems is expected to contribute to the segment's profitability in the coming years[181] Market and Sales Performance - The automotive power systems division sold approximately 246,000 engines in the year, a slight increase of about 7.0% compared to last year[143] - Sales to core customer SAIC-GM-Wuling amounted to approximately RMB 1,342,526,000, a decrease of about 25.3% year-on-year, primarily driven by the launch of the M20B high-efficiency engine[144] - Sales to other customers increased slightly to approximately RMB 1,137,432,000, accounting for about 45.9% of the division's total revenue, driven by the successful launch of new products[145] - The division successfully developed and launched the M20B high-efficiency engine in 2023, which is expected to contribute positively to business performance in the coming years[148] - The new energy vehicle segment is expected to benefit from the successful launch of new models in both domestic and international markets starting in the second half of 2023[196] Strategic Initiatives - The company has implemented measures to control operating costs and expenses in response to a challenging and competitive business environment[174] - The company believes that the automotive power systems division will strengthen its profitability in the coming years, driven by the trends in the automotive industry[150] - The company aims to maintain a significant market share in existing popular vehicle models while exploring future growth opportunities[163] - The company completed a fundraising activity totaling RMB 390,000,000, with RMB 360,000,000 contributed by independent third-party investors[172]
五菱汽车(00305) - 2023 - 年度业绩