TENGDA CONST.(600512)2024-04-15 09:36Financial Performance - Net profit for the parent company in 2023 was RMB 98,888,642.04, with a 10% statutory surplus reserve of RMB 9,888,864.20 deducted[5] - Total cash dividends distributed to shareholders in 2023 amounted to RMB 31,978,056.64, based on a distribution of RMB 0.20 per 10 shares[5] - Revenue for 2023 was RMB 4,064,238,950.32, a decrease of 30.42% compared to 2022[22] - Net profit attributable to shareholders of the listed company in 2023 was RMB 47,072,294.90, an increase of 185.08% compared to 2022[22] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses in 2023 was RMB 145,021,228.05, a decrease of 58.72% compared to 2022[22] - Net cash flow from operating activities in 2023 was RMB -185,214,369.78, a decrease of 164.95% compared to 2022[22] - Basic earnings per share in 2023 were RMB 0.03, an increase of 200.00% compared to 2022[23] - Weighted average return on equity in 2023 was 0.77%, an increase of 0.5 percentage points compared to 2022[23] - Revenue in Q4 2023 was RMB 1,458,203,099.24, the highest among all quarters[25] - Net profit attributable to shareholders of the listed company in Q4 2023 was RMB -100,013,096.51, the lowest among all quarters[25] - Non-recurring gains and losses in 2023 amounted to RMB -97,948,933.15, compared to RMB -334,759,317.20 in 2022[28] - Revenue for the reporting period was 4,064,238,950.32 yuan, a decrease of 30.42% year-on-year, primarily due to reduced construction income and a significant decline in real estate sales[50] - Net profit attributable to equity holders of the parent company was 47,072,294.90 yuan, an increase of 185.08% year-on-year, driven by reduced floating losses from trust investments and lower sales profits from real estate projects[50][51] - Operating cash flow was -185,214,369.78 yuan, a decrease of 164.95% year-on-year, mainly due to land payment for Taizhou Luqiao[53] - Investment cash flow was 861,083,764.11 yuan, a significant improvement from -1,184,669,860.91 yuan in the previous year, due to the recovery of trust product investments[53] - Financing cash flow was -531,121,699.47 yuan, a decrease of 270.58% year-on-year, primarily due to the repayment of trust financing[53] - Gross profit margin for real estate development decreased by 5.10 percentage points to 34.50%, as real estate sales declined by 80.1% year-on-year[56] - Total operating revenue decreased by 30.7% to 4,027,192,310.31 yuan, with a corresponding decrease in operating costs by 28.4% to 3,628,131,152.62 yuan[57] - Gross profit margin decreased by 2.86 percentage points to 9.91%[57] - Engineering construction revenue decreased by 22.2% to 3,766,843,159.48 yuan, with a gross profit margin increase of 0.18 percentage points to 7.97%[57] - Real estate development revenue decreased by 80.1% to 175,998,230.92 yuan, with a gross profit margin decrease of 5.10 percentage points to 34.50%[57] - Bridge operation revenue increased by 0.3% to 73,368,711.33 yuan, with a gross profit margin increase of 0.18 percentage points to 47.87%[57] - Top five customers accounted for 49.69% of total sales, amounting to 2,019,702,000 yuan[61] - Top five suppliers accounted for 38.85% of total purchases, amounting to 1,417,620,800 yuan[61] - R&D investment totaled 165,270,440.71 yuan, accounting for 4.07% of operating revenue[64] - Net cash flow from operating activities was -185,214,369.78 yuan, a decrease of 164.95% compared to the previous year[67] - Net cash flow from investing activities was 831,083,764.11 yuan, primarily due to the recovery of trust product investments[67] - Trading financial assets decreased by 63.90% to RMB 539.745 million, accounting for 4.84% of total assets, due to the maturity and liquidation of some trust products[68] - Accounts receivable increased by 15.20% to RMB 2.329 billion, accounting for 20.90% of total assets, due to accumulated receivables within the warranty period of completed projects[68] - Inventory increased by 17.83% to RMB 2.237 billion, accounting for 20.07% of total assets, primarily due to the acquisition of land use rights in Taizhou[68] - Long-term equity investments increased by 17.53% to RMB 1.624 billion, accounting for 14.58% of total assets, driven by increased external investments[68] - Total revenue for 2023 reached 17.637 billion, with a significant increase to 24.995 billion, reflecting strong growth[104] - The company's financial performance shows a notable increase in revenue, with a rise from 17.637 billion to 24.995 billion, indicating a substantial growth trajectory[104] Corporate Governance and Leadership - The company's legal representative is Yang Jiuru[14] - The company's board secretary is Wang Shijin, and the securities affairs representative is Jiang Yijie[15] - The company's board of directors and senior management remained stable, with no significant changes in leadership during the reporting period[103] - The company's governance structure complies with regulatory requirements, with no significant deviations from legal and regulatory standards[100] - Key executives hold multiple positions across various subsidiaries, such as Yang Jiuru serving as Chairman of Yunnan Tengda Yuntong Real Estate Co., Ltd. and Executive Director of Kunming Tengda Commercial Operation Management Co., Ltd.[105] - The company has expanded its leadership roles, with Ye Hongli appointed as Executive Director and Manager of Ningbo Jingheng Investment Management Co., Ltd. since August 2022[105] - Strategic appointments include Sun Jiuchun as Executive Director of Shanghai Tengda Chuangke Engineering Technology Consulting Co., Ltd. since July 2023[105] - The company's leadership structure is diversified, with Ye Lichun serving as Executive Director and Manager of Shanghai Bojia Trading Co., Ltd. since January 2005[105] - Ye Shujian holds the position of Supervisor at Taizhou Huixin Haicheng Road Investment Co., Ltd. since March 2018, indicating a long-term commitment to governance[105] - Xu Yaozheng is appointed as Supervisor of Shanghai Tengda Chuangke Engineering Technology Consulting Co., Ltd. since July 2023, reflecting ongoing leadership development[105] - Wang Gui serves as Supervisor of Taizhou Huixin Haicheng Road Investment Co., Ltd. since March 2018, highlighting a stable leadership presence[105] - Wang Zhengchu holds the role of Vice Chairman of Yunnan Tengda Yuntong Real Estate Co., Ltd. since December 2023, indicating strategic leadership expansion[105] - Total actual remuneration for all directors, supervisors, and senior management at the end of the reporting period was 13.0788 million yuan[107] - The company's Board of Directors approved the "2023 Restricted Stock Incentive Plan (Draft)" and related implementation assessment measures during the 3rd meeting of the 10th Board of Directors[108] - The company's Board of Directors approved the 2023 Q1, Q2, and Q3 reports during the 4th, 6th, and 7th meetings of the 10th Board of Directors[109] - The Audit Committee held 6 meetings in 2023, reviewing annual reports, internal control evaluations, and audit-related matters[113] - The company's Board of Directors approved the "Securities Investment, Futures, and Derivatives Trading Management System" during the 7th meeting of the 10th Board of Directors[109] - The company's Board of Directors approved the "2023 Restricted Stock Incentive Plan" and granted restricted stocks to incentive targets during the 5th meeting of the 10th Board of Directors[109] - The company's Board of Directors approved the "2022 Annual Report" and related financial reports during the 3rd meeting of the 10th Board of Directors[108] - The company's Board of Directors approved the use of surplus funds from the 2015 and 2016 private placement projects as permanent working capital during the 3rd meeting of the 10th Board of Directors[108] - The company's Board of Directors approved the "2023 Restricted Stock Incentive Plan Implementation Assessment Measures" during the 3rd meeting of the 10th Board of Directors[108] - The company's Board of Directors approved the "2023 Restricted Stock Incentive Plan (Draft)" and related implementation assessment measures during the 3rd meeting of the 10th Board of Directors[108] - The company implemented a restricted stock incentive plan, with key executives receiving shares: Ye Lijun (1,642,500 shares), Yang Jiuru (1,642,500 shares), Sun Jiuchun (1,314,000 shares), and others[103] - The company's 2022 annual financial report and profit distribution plan were approved during the 2023 shareholders' meeting[100] - The company completed the settlement of the 2016 private placement fundraising project and permanently supplemented working capital with the remaining funds[100] - The company strengthened internal control systems and optimized business processes to enhance corporate governance[100] - No insider trading incidents occurred during the reporting period, and the company strictly enforced insider information management[100] - The company proposed a 2023 restricted stock incentive plan and its implementation assessment measures[100] - The company renewed the appointment of its auditing firm during the 2023 shareholders' meeting[100] - Key executives' annual pre-tax compensation ranged from ¥130,000 to ¥1,825,000, with most receiving shares under the incentive plan[103] Shareholder Information and Equity - The company's total share capital as of December 31, 2023, was 1,598,902,832 shares[5] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 600512[18] - The total number of ordinary shareholders at the end of the reporting period was 73,461, an increase from 71,684 at the end of the previous month[186] - The largest shareholder, Ye Linfu, holds 132,047,177 shares, representing 8.26% of the total shares[188] - The top 10 shareholders collectively hold approximately 22.12% of the company's total shares[188] - The company's largest shareholder and their concerted parties hold a combined 16.31% of the total shares[193] - Feng Yunhao increased his shareholding by 5,518,000 shares during the reporting period, bringing his total to 18,583,000 shares (1.16%)[188] - Huang Heling reduced her shareholding by 38,621 shares, leaving her with 15,006,700 shares (0.94%)[188] - The company has no controlling shareholder, with the largest shareholder holding only 8.26% of shares[193] - The company's actual controller is Ye Linfu, who holds 8.26% of shares directly and 16.31% including concerted parties[194][196] - The top 10 shareholders include 9 individuals and no institutional investors[188] - The company has no shares pledged, marked, or frozen among its top 10 shareholders[188] - The company's annual report for 2023 does not contain any relevant information regarding corporate bonds, company bonds, or non-financial corporate debt financing tools[199] - The annual report for 2023 does not provide any details on convertible corporate bonds[200] - The financial report section of the 2023 annual report is not applicable for the current analysis[200] Operational Highlights and Projects - The company achieved a record high in new contract awards with a total of 9.252 billion yuan, a year-on-year increase of 169.08%[31] - The company acquired a land plot in Taizhou, Zhejiang for 1.127 billion yuan with a premium rate of only 1.08%[32] - The company's construction projects received 3 national quality awards, 1 national safety award, 5 provincial quality awards, and 7 municipal quality awards[33] - The company was awarded the "User Satisfactory Enterprise" title and won 10 provincial and 4 municipal safety standard construction site awards[33] - The company established a "Zhejiang Provincial Postdoctoral Workstation" and was recognized as a "Zhejiang Provincial Key Enterprise Research Institute"[34] - The company obtained 2 new invention patents and 93 new utility model patents[34] - The company participated in the compilation of 5 group standards, with 3 already released[34] - The company implemented the first phase of a restricted stock incentive plan to motivate key personnel[34] - The company focused on digital and intelligent construction technologies, developing new equipment and systems for underground structures and slurry treatment[33] - The company's "Restricted Space Large-Span Prestressed Beam Bridge Cantilever Assembly Construction Key Technology" was recognized as internationally advanced by industry experts[33] - Construction business revenue accounted for 92.68% of the company's total revenue[38] - The company has 119 enterprises nationwide with special-grade qualifications for municipal public engineering construction, with large and extra-large central enterprises and local state-owned enterprises accounting for over 60%[36] - The company is one of the earliest private enterprises engaged in rail transit construction, participating in Shanghai rail transit construction since 1996[36] - The company was recognized as a "National High-tech Enterprise" in 2019 and a "Zhejiang Provincial Enterprise Research Institute" in 2022[36] - The company has developed the "Tengda Center" project, which has become a landmark in Taizhou City and accumulated brand recognition for future projects[37] - The company has obtained multiple national-level awards, including the Luban Award and the Zhan Tianyou Award, and holds numerous patents and software copyrights[37] - The company has a technical advantage in soft soil deep foundation pit control, achieving international advanced levels in certain areas[44] - The company has developed the "Super Large Diameter Slurry Shield Situation Awareness System," successfully applied in the Hangzhou Zhijiang Road Large Shield Project[44] - The company holds special-grade qualifications for municipal public engineering construction and first-grade qualifications for construction and highway engineering[45] - The company's qualifications enhance its competitiveness in municipal engineering and provide a platform for business expansion[45] - The company completed 10 domestic projects with a total value of RMB 1.209 billion during the reporting period[73] - The company has 68 ongoing projects with a total value of RMB 21.819 billion, all located domestically[73] - The company signed 17 new projects during the reporting period, with a total value of RMB 9.252 billion[74] - The company's total order backlog at the end of the reporting period was RMB 21.819 billion, including RMB 1.431 billion for projects not yet started and RMB 10.168 billion for ongoing projects[75] - The company holds equity in 31 enterprises, including 15 wholly-owned subsidiaries, 4 controlled subsidiaries, and 7 joint ventures[76] - Significant equity investments include RMB 156.8 million in Zhejiang Tengxin Construction Co., Ltd. and RMB 40 million in Changsha Jiren Tianxiang Equity Investment Fund[77] - Trust products had a beginning balance of 1,495,316,967.19 RMB, with a fair value change of 955,571,732.15 RMB during the period, resulting in an ending balance of 539,745,235.04 RMB[78] - Shanghai Tengda Investment Co., Ltd. reported a net loss of 5,903,250 RMB with total assets of 1,267,565,000 RMB and net assets of 1,262,559,100 RMB[79] - Yunnan Tengda Yuntong Real Estate Co., Ltd. generated revenue of 110,814,200 RMB and a net profit of 16,052,500 RMB, with total assets of 834,986,600 RMB and negative net assets of 761,497,500 RMB[79] - Zhejiang Tengda Construction Real Estate Co., Ltd. reported a net loss of 1,278,700 RMB with total assets of 716,983,800 RMB and net assets of 86,136,600 RMB[79] - Hangzhou Qianjiang Fourth Bridge Operation Co., Ltd. achieved revenue of 73,368,700 RMB and a net profit of 22,313,800 RMB, with total assets of 263,985,900 RMB and net assets of 258,471,100 RMB[79] - Taizhou Tengda Hui Real Estate Development Co., Ltd. reported a net loss of 117,022,000 RMB with total assets of 909,123,300 RMB and net assets of 615,035,400 RMB[81] - Zhejiang Taizhou Coastal Expressway Co., Ltd. reported a net loss of 1,343,090,600 RMB with total assets of 17,990,978,400 RMB and net assets of 4,867,957,700 RMB[81] - Taizhou Bank Co., Ltd. generated revenue of 12,552,301,000 RMB and a net profit of 4,831,168,100 RMB, with total assets of 401,496,211,700 RMB and net assets of 32,710,685,200 RMB[82] - The company's subsidiary, Ningbo Huihao, controls the Shaanxi International Trust·Jucai No. 3 Securities Investment Collective Fund Trust Plan, which is included in the consolidated financial statements[86] - The company's strategy focuses on the Yangtze River Delta as the core, with coastal and riverine regions as the two wings, targeting high-difficulty and high-tech projects[89] - In 2024, the company plans to enhance market development capabilities, focusing on key cities and optimizing market layout within the province[91] - The company aims to improve quality and safety management in 2024, emphasizing project progress,