上纬新材(688585) - 2023 Q4 - 年度财报

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.21 per share (tax included) for 2023, totaling RMB 8,468,670.15 (tax included), representing 11.94% of the distributable profit for the year[6] - The company plans to distribute a cash dividend of 0.21 yuan per 10 shares, totaling 8,468,670.15 yuan, accounting for 11.94% of the distributable profit for 2023[189] Share Structure - The total number of shares outstanding as of December 31, 2023, is 403,270,007[6] Corporate Governance - The company has no special arrangements for corporate governance and no instances of non-operational fund occupation by controlling shareholders or related parties[7][8] - The company has not violated any decision-making procedures in providing external guarantees, and all directors have confirmed the authenticity, accuracy, and completeness of the annual report[8] - The company strictly adhered to the "Insider Information Registration Management System" during the reporting period, ensuring minimal disclosure of insider information and accurate registration of all insiders[153] - The company's board of directors held 7 meetings in 2023, all of which were conducted through a combination of on-site and communication methods, reflecting its governance practices[177] - The company's board committees, including the Audit Committee, Strategy Committee, and Nomination and Compensation Committee, are composed of specific members, indicating structured governance[179] - The company held 6 audit committee meetings in 2023, all proposals were passed unanimously[180] - The company held 2 strategic committee meetings in 2023, all proposals were passed unanimously[181][182] - The company held 2 nomination and remuneration committee meetings in 2023, all proposals were passed unanimously[183] Risk Management - The company has issued a risk warning regarding forward-looking statements, emphasizing that future plans and strategies do not constitute a substantive commitment to investors[7] - The company faces risks related to rapid product updates and the need to continuously develop new technologies to meet customer demands[79] - The company is exposed to risks of core technology leakage, which could weaken its competitiveness[79] - The company is vulnerable to fluctuations in raw material prices, particularly for key inputs like epoxy resin and styrene[80] - The company has implemented safety measures but remains at risk of potential accidents due to the handling of hazardous chemicals[80] - The company faces risks from intensified market competition and potential price declines in the wind turbine blade resin industry[84] - The company's accounts receivable represent a significant portion of current assets, posing a risk if clients face financial difficulties[81] - The company is expanding its overseas supply chain with investments in Turkey and Malaysia, increasing exposure to foreign exchange and geopolitical risks[82] - Environmental policy tightening could increase operational costs, potentially impacting the company's financial performance[85] Financial Performance - Revenue for 2023 was RMB 1,399,590,537.28, a decrease of 24.74% compared to the previous year[23] - Net profit attributable to shareholders was RMB 70,942,133.30, down 15.69% year-on-year[23] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 66,767,438.24, a decrease of 21.23% compared to the previous year[23] - Basic earnings per share decreased by 14.29% to RMB 0.18[24] - Operating cash flow increased significantly to RMB 321,591,837.32, compared to a negative RMB 37,583,040.03 in the previous year[23] - Total assets at the end of 2023 were RMB 1,784,246,913.41, a decrease of 2.17% from the previous year[23] - Revenue in Q4 2023 was RMB 379,363,972.04, the highest among all quarters[26] - Net profit attributable to shareholders in Q3 2023 was RMB 30,248,937.96, the highest among all quarters[26] - Operating cash flow in Q3 2023 was RMB 211,717,632.46, the highest among all quarters[26] - Revenue for 2023 decreased by 24.74% to 1,399.59 million RMB compared to the previous year[33] - Net profit attributable to shareholders decreased by 15.69% to 70.94 million RMB in 2023[33] - Non-recurring gains and losses amounted to 4,174,695.06 RMB in 2023, a significant increase from -612,641.92 RMB in 2022[29] - Government subsidies received in 2023 totaled 1,047,589.00 RMB, up from 913,470.11 RMB in 2022[27] - Total assets at the end of 2023 were 1,784.25 million RMB, a decrease of 2.17% from the beginning of the year[33] - Shareholders' equity increased by 5.85% to 1,213.52 million RMB by the end of 2023[33] - Revenue for the reporting period was 1,399,590,537.28 yuan, a decrease of 24.74% year-on-year[86] - Net profit attributable to shareholders was 70,942,133.30 yuan, a decrease of 15.69% year-on-year[86] - Operating costs decreased by 27.09% year-on-year to 1,180,125,321.39 yuan, mainly due to lower raw material prices and reduced revenue[89] - Gross margin for the chemical industry increased by 2.71 percentage points to 15.68%[91] - Revenue from wind turbine blade materials decreased by 42.76% year-on-year to 528,693,624.89 yuan[91] - Revenue from environmentally friendly high-performance corrosion-resistant materials increased slightly by 0.03% to 703,814,671.93 yuan[91] - Total revenue for 2023 was 1,399,590,537.28 yuan, a decrease of 24.74% year-over-year, with a corresponding decrease in operating costs by 27.09%[92] - Revenue from the Chinese mainland decreased by 33.26%, primarily due to intensified price competition in the wind power industry and fluctuations in raw material prices[93] - Revenue from direct sales decreased by 35.22%, and operating costs decreased by 39.60%, mainly due to reduced shipments influenced by declining raw material prices and increased market competition[93] - Revenue from wind turbine blade materials decreased by 42.76%, with operating costs decreasing by 43.50%, driven by lower product prices and reduced shipments[94] - Production of environmentally friendly high-performance corrosion-resistant materials increased by 30.63%, while inventory increased by 113.23% due to higher demand[95] - Direct material costs for the chemical industry decreased by 28.22%, accounting for 93.40% of total costs[97] - Revenue from environmentally friendly high-performance corrosion-resistant materials increased by 0.03%, while operating costs decreased by 2.90%[94] - Revenue from resale and other activities decreased by 35.23%, with operating costs decreasing by 33.97%, primarily due to reduced resale demand[94] - The top five customers accounted for 30.17% of total annual sales, with no sales to related parties[99] - Customer one and customer five are long-term clients, with customer one being a major client for wind turbine blade materials and customer five being a new entrant to the top five clients in 2023[101] - The top five suppliers accounted for 44,135.64 million yuan, representing 41.06% of the total annual procurement, with associated party procurement amounting to 5,985.70 million yuan, or 5.57% of the total[102][103] - Sales expenses increased by 7.81% to 38,171,402.22 yuan, while management expenses decreased by 25.38% to 47,889,116.81 yuan, and R&D expenses decreased by 3.33% to 32,137,468.94 yuan[105] - Net cash flow from operating activities was 321,591,837.32 yuan, a significant improvement from -37,583,040.03 yuan in the previous year, primarily due to increased bill circulation and cash receipts[106] - Monetary funds increased by 90.09% to 358,711,367.71 yuan, accounting for 20.10% of total assets, mainly due to the collection of matured bills[109] - Accounts receivable financing decreased by 65.93% to 32,300,828.70 yuan, primarily due to the collection of matured bills and reduced revenue[109] - Prepayments increased by 39.12% to 7,409,594.58 yuan, mainly due to increased prepayments for raw material bids[109] - Other current assets surged by 1,796.12% to 134,948,930.79 yuan, largely due to unredeemed financial products[109] - Construction in progress increased by 245.87% to 43,573,379.77 yuan, driven by the expansion of ongoing projects[109] - Accounts payable increased by 32.36% to 270,240,912.68 yuan, reflecting enhanced supply chain management and optimized payment terms[109] - Overseas assets amounted to 48,713.38 million yuan, representing 27.30% of the total assets[113] - The company's investment in the reporting period amounted to RMB 6,636,309.42, with no comparative data from the previous year[133] - The company's financial derivatives had a fair value change loss of RMB 10,787.66, with a total purchase amount of RMB 377,974.83 and a total sale/redemption amount of RMB 252,884.73, resulting in a net decrease of RMB 124,865.76[136] - The company's subsidiary, Shanghai Wei (Tianjin) Wind Power Materials Co., Ltd., reported a net loss of RMB 1,079,520, with total assets of RMB 51,424,030 and total revenue of RMB 30,732,580[138] - The company's subsidiary, Shanghai Wei (Jiangsu) New Materials Co., Ltd., reported a net profit of RMB 1,427,970, with total assets of RMB 37,674,430 and total revenue of RMB 43,448,730[138] - The company's subsidiary, Shanghai Wei Xingye Co., Ltd., reported a net profit of RMB 5,352,030, with total assets of RMB 40,585,050 and total revenue of RMB 54,263,030[138] - Total compensation for directors, supervisors, and senior management at the end of the reporting period was RMB 4.8683 million[172] - Total compensation for core technical personnel at the end of the reporting period was RMB 2.0328 million[172] R&D and Innovation - R&D expenditure accounted for 2.30% of revenue, an increase of 0.51 percentage points from the previous year[24] - The company obtained 15 new patents in 2023, bringing the total number of authorized patents to 122[34] - The company's R&D projects undergo strict approval and feasibility studies to ensure they meet environmental requirements and align with business development plans[37] - The company successfully developed and applied EzCiclo recyclable thermosetting epoxy resin in large wind turbine blades, marking a significant breakthrough in domestic large blade trials[41] - The company is promoting a low dielectric epoxy resin hardener made from over 80% waste plastic, which improves the electrical properties of FR4 boards and increases the recyclable material content in PCBs[43] - The company's SWANCOR HYVER 2250 free radical modified epoxy resin is used in rotor sails, which can save 5-25% of fuel on average and reduce CO2 emissions[45] - The company's core technologies are independently developed and maturely applied in mass production, with clear ownership[48] - The company's nano-toughening technology uniformly disperses nano-rubber elastomers in epoxy resin using polymer self-assembly technology, achieving excellent fracture toughness even in high-temperature environments[49] - The resin-fiber interface wetting technology optimizes modification conditions by introducing suitable silane functional groups and tracking reactions with relevant instruments, enhancing fiber wetting performance[49] - The thermoplastic epoxy synthesis technology retains epoxy characteristics while improving fiber wetting, allowing the use of existing thermoset prepreg impregnation equipment[49] - The company's vinyl ester resin molecular design and synthesis technology features precise control of water content, methyl acrylic acid addition reaction, and acid value adjustment, enhancing chemical corrosion resistance[49] - The dispersion and wetting technology for glass flakes and vinyl ester resin maintains large-diameter glass flakes as corrosion-resistant fillers, ensuring long-term uniform dispersion and storage stability[50] - The flame-retardant vinyl ester resin synthesis technology optimizes the organic acid end-capping reaction process, producing high-activity, long-shelf-life flame-retardant products[50] - The company's para-unsaturated resin molecular design and synthesis technology uses terephthalic acid and polyols to create high crosslink density and corrosion-resistant resins, meeting UL1316 and UL1746 standards[50] - The low-shrinkage agent continuous production technology employs a solvent-based process with recyclable solvents, achieving green production without wastewater or by-products[50] - The resin thickening and UV curing application technology uses high-reactivity resins and long-wavelength UV light sources, achieving curing in 20-30 minutes while addressing delamination issues[50] - The resin air-drying modification technology improves air-drying properties through grafting reactions on the main chain, enhancing the performance of traditional vinyl ester resins[50] - The company has developed a modified epoxy resin technology that enhances mechanical properties and fatigue resistance, particularly for low-cost, high-performance wind turbine blades[12] - A new modified resin technology has been introduced for the 5G industry, addressing challenges with high viscosity and poor processability of traditional materials[13] - The company has developed a recyclable thermosetting resin technology that allows for 100% recycling, addressing environmental concerns with traditional methods[14] - As of December 31, 2023, the company has accumulated 122 authorized patents, with 15 new patents added in 2023[53] - The company participated in the drafting of 11 industry standards, focusing on green energy, environmental protection, and sustainable materials[53] - Total R&D investment for 2023 was RMB 32,137,468.94, a decrease of 3.33% compared to the previous year[55] - R&D investment as a percentage of revenue increased to 2.30%, up by 0.51 percentage points from the previous year[55] - The HYVER resin project for ship and yacht applications has completed client-side testing and meets performance requirements, with a total investment of RMB 4 million[58] - The company has developed a low-viscosity resin for pre-impregnated materials used in automotive leaf springs, achieving a weight reduction of 60%-70% compared to steel springs[58] - Completed development of multiple resin formulations, achieving performance and process validation, with applications in bicycles and golf clubs[60] - Developed recyclable resin with performance comparable to existing products, enabling degradation and separation of fibers for reuse[60] - Successfully developed winding resin for Type IV hydrogen storage cylinders, achieving high safety, hydrogen storage density, and cost-effectiveness[60] - Hydrogen fuel cell bipolar plate resin development completed, with mechanical properties meeting requirements and offering long operation cycles to reduce customer costs[60] - Recyclable resin for dry-type transformers passed customer material-level testing, enabling metal coil and resin separation for recycling[61] - Wind turbine blade recyclable resin application completed, with 86m, 75.7m, and 108m blade prototypes undergoing static and fatigue testing[61] - Recyclable resin for wind turbine blades maintains product characteristics comparable to traditional epoxy resins, addressing environmental pollution and resource waste issues[61] - Domestic hydrogen fuel cell vehicle market is in early development, with resin demand expected to reach 2,000 tons/year by 2030[60] - Type IV hydrogen storage cylinders are expected to become the preferred energy storage solution for hydrogen fuel cell passenger vehicles[60] - Recyclable resin for dry-type transformers and wind turbine blades supports circular economy and aligns with environmental policies[61] - The HYVER resin project has completed 82m blade production, with a focus on low viscosity and high impregnation efficiency, significantly improving blade production efficiency[63] - HYVER resin has been successfully applied in large wind turbine blades, with the first set completing static and fatigue tests, entering small-batch trial production[63] - The company has developed a low-density, high-toughness adhesive for large wind turbine blades, reducing weight and improving production efficiency, suitable for both onshore and offshore applications[63] - The low-temperature resin for aftermarket maintenance has been mass-produced, meeting customer needs for operation in environments below -15℃, improving efficiency[65] - The offshore wind adhesive project is under development, targeting low density, appropriate working time, and high toughness to enhance blade quality and production efficiency[65] - The company is developing a degradable infusion resin for offshore wind turbine blades, aiming to recycle composite materials and address future blade disposal challenges[65] - The HYVER resin has demonstrated excellent mechanical properties and fatigue resistance, meeting the requirements for 80m+ large blade production[63] - The adhesive for large wind turbine blades has entered small-batch trial production, showing stable performance and high toughness, with a fast Tg establishment during thermal curing[63] - The low-temperature resin for aftermarket maintenance is the first of its kind in China, with leading technology and broad market prospects[65] - The offshore wind adhesive is designed for ultra-large offshore blades, featuring low density, low exothermic temperature, and high toughness to ensure blade performance and stability[65] - The company has developed a cost-effective hand lay-up resin with a viscosity suitable for manual application, reducing costs compared to the original hand lay-up resin[67] - A degradable hand lay-up resin formula is under development, aiming to enable full blade recycling and reduce carbon emissions[67] - The company has successfully developed a low-viscosity pultrusion resin with a gelation time exceeding 8 hours, improving production stability and reducing manual labor[67] - The company's R&D team consists of 60 employees, accounting for 17.34% of the total workforce, with an average salary of RMB 277,900[71] - The company has a strong R&D and technical advantage, with a history of innovation since 1992 and a focus on high-performance resin products[72] - The company has developed vinyl ester resin with food-grade certification and excellent anti-corrosion properties, successfully used in the biomedical industry[73] - The company has a DNV-certified and CNAS-accredited standard laboratory, providing precise and rapid testing capabilities to support ongoing R&D[73] - The company has accumulated 122