NEWAY(SH:603699)2024-04-12 16:00Financial Performance - The company's operating revenue for 2023 reached ¥5,544,461,501.44, representing a 36.59% increase compared to ¥4,059,217,042.09 in 2022[28]. - Net profit attributable to shareholders for 2023 was ¥721,797,065.72, a 54.85% increase from ¥466,116,291.53 in the previous year[28]. - The net profit after deducting non-recurring gains and losses was ¥744,184,939.27, reflecting a 67.85% increase compared to ¥443,370,883.53 in 2022[28]. - The company's total assets as of the end of 2023 amounted to ¥7,878,593,957.95, a 13.03% increase from ¥6,970,346,475.01 at the end of 2022[28]. - The net assets attributable to shareholders increased by 15.05% to ¥3,740,809,747.30 from ¥3,251,389,902.64 in 2022[28]. - Basic earnings per share for 2023 were ¥0.96, up 54.84% from ¥0.62 in 2022[29]. - The net cash flow from operating activities for 2023 was ¥637,004,797.59, a 13.16% increase from ¥562,930,516.54 in 2022[28]. - The company achieved operating revenue of 554,446.15 million RMB, a 36.59% increase from 405,921.70 million RMB in the previous year[100]. - The total profit reached 84,897.18 million RMB, reflecting a growth of 54.77% compared to 54,854.94 million RMB last year[100]. - The net profit attributable to shareholders was 72,179.71 million RMB, up 54.85% from 46,611.63 million RMB in the previous year[100]. Market and Product Development - The company is actively expanding its market presence in both domestic and international energy sectors, focusing on power, marine engineering, and shipbuilding industries[68]. - The company has developed new products including flanges, gearboxes, and tire molds, which have opened up numerous potential markets domestically and internationally[78]. - The company has achieved breakthroughs in high-pressure emergency shut-off ball valves and ultra-high pressure shut-off valves for BDO (butanediol) applications[82][83]. - The company received approval for the design and manufacturing licenses for civil nuclear safety equipment, enhancing its capabilities in the nuclear power sector[88]. - The company is increasing the use of specialized equipment such as plasma welding and automatic pump testing devices to improve production efficiency and reduce costs[79]. - The company is exploring innovative cooperation models with global energy clients, enhancing long-term partnerships and customer confidence[79]. - The company plans to continue focusing on product upgrades and innovations in various application fields, including new energy and nuclear power[157]. - The company aims to enhance its market position in high-end valve products and expand into new energy sectors, including LNG and hydrogen energy[172]. Research and Development - The company has a strong R&D team of over 200 people and has set up research centers in China, Italy, and the USA[96]. - The company’s R&D investment totaled ¥185,801,919.88, which is 3.35% of its revenue[137]. - Significant advancements were made in the development of large-diameter valves, including successful pressure testing and compliance with API standards[157]. - The company has made significant progress in R&D projects, including the successful development of liquid hydrogen valves and high-pressure gas shut-off valves[138]. - The company is committed to maintaining R&D investment and focusing on technological breakthroughs in niche markets such as nuclear power and fine chemicals, which will drive sustainable growth[189]. - The company emphasizes talent development as a core strategy, establishing a competency model that combines general capabilities with professional skills to foster a high-quality workforce[190]. Operational Efficiency - The vertical integration of raw material production and the promotion of lean management methods were highlighted as key operational strategies[124]. - The average weight reduction of conventional GGC castings is 8%[12]. - The process yield rate has improved by an average of 5% through optimized design[13]. - The scrap rate for castings has been reduced to less than 1% due to improved control parameters[14]. - The scrap rate for high-pound C12A castings has decreased by 90%[15]. - The cost of surface coating materials has been reduced by 50% through the development of alternative materials[16]. Risks and Challenges - The company faces risks including cyclical fluctuations in the oil and gas industry and rising costs, which may impact future performance[21]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[21]. - The company reported a foreign exchange loss of approximately RMB 83.69 million from forward foreign exchange settlements[75]. - The company faces risks including cyclical fluctuations in the oil and gas industry, rising costs, and currency exchange rate volatility[191][193][194]. Sales and Revenue Breakdown - Domestic sales revenue reached ¥2.45 billion, with a year-on-year growth of 48.28%, while gross margin decreased by 5.02 percentage points to 31.28%[149]. - International sales revenue was approximately ¥3.03 billion, reflecting a year-on-year increase of 27.41%, with gross margin increasing by 5.9 percentage points to 32.02%[149]. - The top five customers contributed ¥113,609.62 million, accounting for 20.49% of total annual sales[135]. - The company's sales expenses rose by 21.67% to ¥432.96 million, primarily due to increased sales-related costs[152]. Financial Management - The company's financial expenses improved, showing a net income of -¥41,203,860.97 compared to -¥74,426,749.84 in the previous year[124]. - The company reported a year-on-year increase of 45.97% in bank deposits, indicating improved liquidity[180]. - The net cash outflow from investment activities was ¥249 million, mainly due to a decrease in net inflow from bank financial products[162].