SAIC MOTOR(600104)2024-03-29 16:00Financial Performance - Total revenue for 2023 was RMB 744.705 billion, a slight increase of 0.09% compared to 2022[16] - Net profit attributable to shareholders was RMB 14.106 billion, a decrease of 12.48% year-on-year[16] - Operating cash flow surged by 345.41% to RMB 42.334 billion in 2023[16] - Total assets reached RMB 1.00665 trillion, up 1.67% from the previous year[16] - Revenue from core business operations (operating income) increased by 0.72% to RMB 726.199 billion[16] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 11.71% to RMB 10.044 billion[16] - Shareholders' equity attributable to the parent company grew by 2.54% to RMB 286.318 billion[16] - Basic earnings per share decreased by 12.43% to 1.226 yuan per share in 2023 compared to 1.400 yuan per share in 2022[17] - Net cash flow from operating activities increased by 345.41% due to adjustments in loan scale by the subsidiary Shanghai Automotive Group Finance Co., Ltd[17] - Operating revenue for Q4 2023 reached 221.36 billion yuan, the highest among all quarters[19] - Net profit attributable to shareholders in Q2 2023 was 4.30 billion yuan, the highest quarterly figure[19] - Non-recurring gains and losses totaled 4.06 billion yuan in 2023, a decrease from 7.13 billion yuan in 2022[21] - Government subsidies accounted for 4.05 billion yuan of non-recurring gains in 2023[21] - The fair value of trading financial assets increased by 1.46 billion yuan to 46.69 billion yuan at the end of 2023[22] - Other current assets - interbank certificates of deposit saw a significant increase of 21.71 billion yuan to 47.85 billion yuan[22] - Other non-current financial assets increased by 6.15 billion yuan to 22.78 billion yuan, contributing 1.16 billion yuan to current profit[22] - The company's total operating revenue in 2023 was RMB 744.705 billion, a slight increase of 0.09% year-on-year, while net profit attributable to shareholders decreased by 12.48% to RMB 14.106 billion[30] - Automotive manufacturing revenue decreased by 0.72% to 726.2 billion RMB, with a gross margin increase of 0.58 percentage points to 10.19%[33] - Financial sector revenue decreased by 19.80% to 18.5 billion RMB, with a gross margin increase of 5.44 percentage points to 85.47%[33] - Total revenue increased by 0.09% to 744.7 billion RMB, with a gross margin increase of 0.27 percentage points to 12.06%[33] - Vehicle sales decreased by 5.31% to 5,020,865 units, with inventory decreasing by 5.61% to 5,025,295 units[34] - Overseas revenue increased by 34.37% to 112.04 billion RMB, with a gross margin decrease of 1.72 percentage points to 6.30%[33] - Net cash flow from operating activities increased by 345.41% to 42.33 billion yuan in 2023[47] - Accounts receivable financing increased by 44.73% to 16.72 billion yuan[48] - Other debt investments surged by 441.91% to 4.57 billion yuan[48] - Overseas assets amounted to 97.44 billion yuan, representing 9.68% of total assets[49] - The company's long-term equity investment balance increased by 3.18% to 66.701 billion yuan at the end of 2023[62] - The fair value of financial assets measured at fair value at the end of the period was RMB 152.31 billion, with a total change in fair value of RMB 117.58 billion during the period[64] - The company's trading financial assets increased from RMB 45.23 billion at the beginning of the period to RMB 46.69 billion at the end of the period, with a fair value change loss of RMB 183.41 million during the period[64] - The company's other equity instrument investments decreased from RMB 17.19 billion at the beginning of the period to RMB 13.71 billion at the end of the period, with a fair value change loss of RMB 2.76 billion during the period[64] - The company's investment in China Merchants Bank (stock code: 600036) had an initial investment cost of RMB 3.68 billion and a year-end book value of RMB 8.63 billion, with a cumulative fair value change of RMB -2.93 billion included in equity[65] - The company's total investment in securities was RMB 12.34 billion at the beginning of the period and RMB 9.01 billion at the end of the period, with a total fair value change loss of RMB 116.66 million during the period[65] - The company's Qingdao SAIC Innovation Upgrade Industrial Equity Investment Fund had a total investment of RMB 13.5 billion, with a cumulative investment of RMB 11.71 billion in 23 projects and 6 sub-funds as of December 31, 2023[67] - The company's Jiaxing SAIC Chuangyong Equity Investment Fund had a total investment of RMB 3 billion, with a cumulative investment of RMB 2.23 billion in 33 projects and 4 sub-funds as of December 31, 2023[68] - The company's Shandong Shangqi Shandong High-Tech Power Equity Investment Fund had a total investment of RMB 807 million, with a cumulative investment of RMB 706 million in 15 projects as of December 31, 2023[69] - The company's Nanjing Junhong Tianyin Equity Investment Fund had a total investment of RMB 1.55 billion, with a cumulative investment of RMB 1.2 billion in 24 projects as of December 31, 2023[70] - The Henan Shangqi Huirong Shangcheng No. 1 Industrial Fund increased its total subscribed capital from RMB 3.3734 billion to RMB 4.2625 billion, with SAIC Finance increasing its subscription from RMB 980 million to RMB 1.33 billion, holding a 31.20% share[72] - As of December 31, 2023, the Henan Shangqi Huirong Shangcheng No. 1 Industrial Fund had a cumulative paid-in capital of RMB 2.131 billion and invested in 23 projects totaling RMB 1.496 billion[72] - The Jiaxing Chuangqi Venture Capital Fund was established with an initial subscribed capital of RMB 5 billion, with SAIC Changzhou Innovation Fund subscribing RMB 4.999 billion, holding a 99.98% share[73] - As of December 31, 2023, the Jiaxing Chuangqi Venture Capital Fund had a cumulative paid-in capital of RMB 1.97 billion and invested in 1 project totaling RMB 1.97 billion[73] - The Shanghai SAIC Xinju Venture Capital Fund was established with an initial size of RMB 6.012 billion, with SAIC Group subscribing RMB 6 billion, holding a 99.80% share[74] - As of December 31, 2023, the Shanghai SAIC Xinju Venture Capital Fund had a cumulative paid-in capital of RMB 321 million and invested in 1 project totaling RMB 198 million[74] - The company realized a settlement gain of RMB 4.1613 million through forward foreign exchange contracts during the reporting period[75] - The company's derivative trading limit was set at USD 9.4 billion or equivalent in other currencies, with no over-limit situations occurring as of December 31, 2023[76] - SAIC Motor's total assets reached 111.03 billion yuan, with a net profit attributable to the parent company of 3.13 billion yuan[78] - SAIC General Motors' total assets amounted to 87.48 billion yuan, with a net profit attributable to the parent company of 2.54 billion yuan[78] - Huayu Automotive's total assets stood at 176.10 billion yuan, with a net profit attributable to the parent company of 7.21 billion yuan[78] - SAIC Finance's total assets reached 301.14 billion yuan, with a net profit attributable to the parent company of 5.70 billion yuan[78] - SAIC-GM-Wuling's total assets were 60.29 billion yuan, with a net profit attributable to the parent company of 930.57 million yuan[78] - The company aims to achieve annual vehicle sales of 5.45 million units in 2024, with expected operating revenue exceeding 790 billion yuan[83] - Domestic new energy vehicle sales in China are projected to reach 10.8 million units in 2024, a 30% year-on-year increase[81] - The company plans to focus on the development of new energy vehicles, leveraging technologies like DMH super hybrid and the Galaxy Full Stack 3.0 intelligent vehicle solution[82] - The company will accelerate the transformation and upgrading of its parts business to align with the trends of electrification and intelligent networking[83] - The company faces risks from intense domestic price competition and potential trade protection measures in overseas markets[84] - The company held 1 general meeting of shareholders in 2023, with resolutions including the 2022 annual board report, profit distribution plan, and financial audit institution appointment[87][90] - The board of directors consists of 8 members, including 2 external directors and 3 independent directors, with 6 board meetings held during the reporting period[87] - The company received visits from over 150 investment institutions and 2,300 individuals, and participated in 88 investor exchange meetings organized by securities firms[87] - 4 periodic reports and 66 interim announcements were disclosed throughout the year, with no correction announcements issued[87] - The company revised 6 basic management systems, including the articles of association, shareholder meeting rules, and related party transaction management system[87] - The board approved the "Further Deepening of Professional Manager Compensation System Reform Implementation Plan" and the "Incremental Performance Incentive Plan 2022 Implementation Plan"[88] - The company held 3 earnings briefings and received 650 consultation calls during the reporting period[87] - The board's strategic and ESG sustainable development committee held 1 meeting, while the audit committee and nomination, compensation, and assessment committee held 5 and 4 meetings respectively[87] - The total pre-tax compensation for the Board Secretary in 2023 was 1.4541 million yuan[94] - The total pre-tax compensation for the former Vice President in 2023 was 2.7351 million yuan[94] - The total pre-tax compensation for the former Employee Representative Director in 2023 was 1.1644 million yuan[94] - The total pre-tax compensation for the former Employee Representative Supervisor in 2023 was 789,300 yuan[94] - The total pre-tax compensation for the former Supervisor Chairman in 2023 was 0 yuan[94] - The total pre-tax compensation for the Board of Directors and Supervisors in 2023 was 33.9704 million yuan[94] - The number of shares held by the former Employee Representative Supervisor remained unchanged at 800 shares from the beginning to the end of the year[94] - The total number of shares held by the Board of Directors and Supervisors remained unchanged at 9,180 shares from the beginning to the end of the year[94] - The total pre-tax compensation for the Employee Representative Supervisor in 2023 was 0 yuan[94] - The total pre-tax compensation for the former Vice President in 2023 was 2.7351 million yuan[94] - The total actual remuneration received by all directors, supervisors, and senior management at the end of the reporting period was 33.97 million RMB[101] - Independent directors receive an annual pre-tax allowance of 100,000 RMB, with necessary and reasonable expenses incurred during their duties covered by the company[100] - The company's senior management's performance-based compensation is linked to the company's performance and individual performance evaluation results[100] - The company's "1+5" rolling development plan for 2023-2027 was approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual profit distribution plan and financial final report were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual report and summary were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual social responsibility report and internal control evaluation report were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual board of directors work report and president work report were approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual independent directors' work report was approved during the 8th Board of Directors' 13th meeting[103] - The company's 2022 annual board of directors audit committee work report was approved during the 8th Board of Directors' 13th meeting[103] - The company approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - The company's board of directors held 6 meetings in 2023, with 5 conducted via telecommunication and 1 in person[108] - The company's strategic and ESG sustainable development committee includes members such as Chen Hong, Wang Xiaoqiu, and Wang Jian[109] - The company's audit committee reviewed and approved the "1+5" rolling development plan (2023-2027), focusing on high-quality development and expanding overseas business[110] - The company approved the addition of Huang Jian as a director, with his term aligned with the eighth board of directors[107] - The company's board of directors approved the 2023 semi-annual report and internal control evaluation report[104] - The company's board of directors approved the 2023 third-quarter report and the implementation plan for the salary determination mechanism reform (2023-2026)[104] - The company's board of directors approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - The company's board of directors approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - The company's board of directors approved the establishment of SAIC-Qingtao New Energy Technology Co., Ltd., indicating a strategic move into the new energy sector[104] - Total number of employees in the parent company and major subsidiaries is 207,001, with 14,087 in the parent company and 192,914 in major subsidiaries[115] - Number of technical personnel in the parent company is 8,596, accounting for 61% of the total parent company employees[115] - Number of employees with postgraduate education or above in the parent company is 4,539, accounting for 32.2% of the total parent company employees[116] - The company implemented a salary linkage mechanism with economic benefits, ensuring timely and full payment of salaries and social insurance[117] - The company awarded 18 employees with honors such as "Shanghai Outstanding Technical Leader" and "China Automotive Industry Outstanding Young Scientific Talent" in 2023[117] - The company conducted a total of 2.19 million training sessions, accumulating approximately 940,000 training days in 2023[118] - The company completed 177 automotive engineering training classes, training over 20,000 professionals in 2023[118] - The company integrated 130 new courses, bringing the total to over 1,000 courses in emerging technology fields such as electronic and electrical architecture, software development, and intelligent cockpits[118] - The company added 32 new instructors, bringing the total number of instructors to over 280[118] - The company promoted over 2,500 skilled workers through vocational training and certification, with more than 800 achieving senior technician or higher levels[119] - The company has built training bases with a total construction area of approximately 35,500 square meters since 2011[119] - The company approved a cash dividend of RMB 3.69 per 10 shares, totaling RMB 4.23 billion[120] - The cash dividend accounted for 30% of the net profit attributable to shareholders, with a total dividend payout ratio of 31.83%[123][124] - The company established 203 management systems and 127 internal control sub-processes by the end of 2023[126] - The company's internal control system was effectively executed, with no significant or material weaknesses identified in financial or non-financial reporting[127] - Environmental protection investment during the reporting period was 4,456 million yuan[130] - The company has 27 wastewater discharge outlets and 873 exhaust gas discharge outlets[133] - The actual emissions of major pollutants: COD 327 tons, NH3-N 17 tons, NOx 118 tons, SO2 9 tons[133] - The company reduced CO2 equivalent emissions by 144,217 tons[143] - The company established a dual-carbon working group to promote carbon reduction throughout the product lifecycle[143] - The company strictly complies with national and local environmental standards for wastewater and exhaust emissions[132] - The company has installed online monitoring devices for atmospheric pollutant emissions at key emission points[135] - The company implements a "three simultaneous" system for environmental protection facilities in construction projects[136] - The company has developed emergency response plans for environmental incidents and conducts regular training and drills[137] - The company promotes green manufacturing and energy efficiency benchmarking projects to build green factories and products[142] - Total social responsibility investment reached 24.3562 million yuan, including 12.1319 million yuan in funds and 12.2243 million yuan in material donations, benefiting 213,716 people[146] - Total investment in poverty alleviation and rural revitalization projects amounted to 25.6722 million yuan, with 25.3647 million yuan in funds and 307,500 yuan in material donations, benefiting 27,794 people[147] - The company changed its accounting firm from Deloitte Touche Tohmatsu to PricewaterhouseCoopers, with a total annual remuneration not exceeding 4 million yuan, including 400,000 yuan for internal control audit fees[152] - The company's audit fees decreased by more than 20% compared to the previous year due to a competitive bidding process[152] - The company and its controlling shareholders maintained good integrity status during the reporting period[155] - The total expected amount for the "Commod