NBGF(603788)2024-04-19 09:08Financial Performance - Net profit attributable to parent company owners in 2023 was RMB 162,642,948.60, with a 10% statutory surplus reserve of RMB 16,035,721.78 extracted[5] - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares, totaling RMB 133,839,040.80, accounting for 82.29% of the net profit attributable to shareholders[5] - Basic earnings per share (EPS) for 2023 was RMB 0.73, a 40.38% increase compared to 2022[32] - Diluted EPS for 2023 was RMB 0.73, also a 40.38% increase compared to 2022[32] - Weighted average return on equity (ROE) for 2023 was 8.25%, an increase of 2.34 percentage points compared to 2022[32] - Net profit attributable to shareholders increased by 41.54% year-over-year to 162.64 million yuan[55] - Operating cash flow decreased by 22.71% year-over-year to 102.23 million yuan[55] - Total assets increased by 8.93% year-over-year to 2.52 billion yuan[55] - Q4 revenue reached 386.29 million yuan, the highest quarterly revenue in 2023[57] - Q4 net profit attributable to shareholders reached 51.38 million yuan, the highest quarterly profit in 2023[57] - Revenue for the reporting period reached 1,263.48 million yuan, a year-on-year increase of 21.79%[62] - Net profit attributable to shareholders of the listed company was 162.64 million yuan, a year-on-year increase of 41.54%[62] - The company achieved a net profit of 162,430,300 RMB, a year-on-year increase of 41.57%[89] - Operating income for the year reached 1,263,478,100 RMB, a year-on-year increase of 21.79%[89] Revenue and Profitability - Revenue increased by 21.79% due to higher sales of transmission controllers and electronic throttle pedals driven by market share growth[91] - Operating costs rose by 20.26%, primarily due to increased revenue[91] - The gross profit margin of the main business increased by 1.57 percentage points compared to the same period last year[63] - Revenue from automotive parts reached 1,243,344,060.59 RMB, a year-on-year increase of 22.86%[77] - Gross profit margin for automotive parts increased by 1.57 percentage points to 24.41%[77] - Revenue from electronic throttle products grew by 23.13% to 231,424,744.20 RMB, with gross profit margin increasing by 5.20 percentage points to 24.22%[77] - Domestic revenue accounted for 1,243,344,060.59 RMB, with a gross profit margin of 24.41%[77] - The company's main products, transmission controllers and electronic throttle pedals, saw increased sales, contributing to a 1.57 percentage point rise in gross margin[95] R&D and Innovation - R&D investment totaled 62.44 million yuan, accounting for 4.94% of revenue[43] - 182 R&D personnel obtained 4 invention patents and 4 utility model patents[43] - The company's R&D expenses increased by 11.03% to 56.24 million yuan[72] - R&D expenses increased by 11.03%, attributed to higher salaries for R&D personnel and material costs[91] - Development phase expenditures are capitalized as intangible assets if specific criteria are met; otherwise, they are expensed[200] Market and Industry Trends - The automotive industry faced intense competition in 2023, with traditional fuel vehicle manufacturers and new energy vehicle manufacturers both under pressure[41] - China's new energy vehicle production and sales reached 9.587 million and 9.495 million units respectively, with year-on-year growth of 35.8% and 37.9%[67] - The market share of Chinese brand passenger vehicles reached 56%, an increase of 6.1 percentage points from the previous year[67] - China's automobile production and sales exceeded 30 million units in 2023, with a year-on-year growth of 11.6% and 12% respectively[83] - The automotive industry is expected to continue "price competition" in 2024, with intense competition as companies enter the "final round" of price wars[193] Product Sales and Production - Electronic gear shifter sales reached 2.36 million units, a nearly 100% year-over-year increase[42] - Electronic throttle pedal sales reached 5.74 million units, a 31.85% year-over-year increase[42] - Production of transmission controllers and soft shafts increased by 30.02% to 5,557,346 units, while sales grew by 24.31% to 5,435,745 units[77] - Sales volume of key products: 524,851 units of transmission controllers and shafts, 3,417,701 units of automotive cables, and 599,380 units of electronic throttle pedals[105] - Sales of transmission controllers and cables increased by 24.31%, while production rose by 30.02% compared to the previous year[161] Subsidiaries and Investments - The company's subsidiary, Gaofa Electronics, is expected to gradually put its factory into use by 2025[65] - The company established a wholly-owned subsidiary, Ningbo Gaofa New Energy Vehicle Components Co., Ltd., in December 2023[99] - The company established a wholly-owned subsidiary, Ningbo Gaofa New Energy Vehicle Components Co., Ltd., in December 2023[144] - Construction in progress balance surged by 390.19% due to ongoing investments in the factory construction of the wholly-owned subsidiary, Gaofa Electronics[155] Costs and Expenses - The company's sales expenses increased by 18.65% to 38.67 million yuan[72] - Sales expenses increased by 18.65%, mainly due to higher warehousing, entertainment, and rental costs[91] - Management expenses rose by 27.18%, driven by increased employee compensation and entertainment expenses[91] - Direct material costs for transmission controllers and shafts increased by 36.54%, while labor and manufacturing costs rose by 31.52%[99] - The company faced significant cost pressure from OEMs due to intense market competition, leading to higher price demands from suppliers[100] Financial Assets and Liabilities - The company's trading financial assets decreased by RMB 213,262,300.92 in 2023, totaling RMB 531,875,861.70[37] - The balance of trading financial assets at the end of the reporting period decreased by 40.10% compared to the end of the previous year, mainly due to the reduction in the balance of financial products held by the company after the redemption and repurchase of financial products during the reporting period[153] - The balance of accounts receivable at the end of the reporting period increased by 51.23% compared to the end of the previous year, mainly due to the significant increase in operating income in the fourth quarter of the reporting period compared to the same period last year, resulting in a higher balance of accounts receivable within the repayment period[153] - The balance of receivables financing at the end of the reporting period increased compared to the end of the previous year, mainly due to the transfer of bank acceptance bills with good credit ratings to this category for reporting during the reporting period[153] - The balance of construction in progress at the end of the reporting period increased by 390.19% compared to the end of the previous year, reflecting significant capital expenditure in this area[153] - The balance of deferred tax assets at the end of the reporting period increased by 52.40% compared to the end of the previous year[153] - The balance of accounts payable at the end of the reporting period increased by 57.74% compared to the end of the previous year[153] - The balance of contract liabilities at the end of the reporting period increased by 44.62% compared to the end of the previous year[153] - The balance of other current liabilities at the end of the reporting period decreased by 54.58% compared to the end of the previous year[153] - The balance of estimated liabilities at the end of the reporting period increased by 30.62% compared to the end of the previous year[153] - Investment property balance increased due to the transfer of leased operating real estate into this category[155] - Notes payable increased by 30.83% due to higher material procurement driven by increased revenue[155] - Lease liabilities increased as unpaid lease amounts for newly leased factories were recognized, while previous lease payments were fully settled[155] - Provisions for liabilities increased by 30.62% due to higher product quality assurance liabilities[155] Revenue Recognition and Accounting Policies - Revenue is recognized when control of goods or services is transferred to the customer, considering factors like variable consideration and significant financing components[185] - For performance obligations satisfied over time, revenue is recognized based on progress, using output or input methods, unless progress cannot be reasonably determined[186] - The company acts as a principal if it controls goods or services before transfer, recognizing revenue based on total consideration; otherwise, it acts as an agent, recognizing revenue based on commissions or fees[187] - Incremental costs of obtaining a contract are capitalized as an asset if they are expected to be recovered[189] - The company recognizes government grants when the conditions are met and the grant is receivable[191] - Fixed assets are recognized when future economic benefits are probable and costs can be reliably measured, with depreciation methods and rates varying by asset type[194][195] - Intangible assets with finite useful lives are amortized over their economic benefit period, while those with indefinite lives are not amortized[197][198] - The company uses the midpoint of a range to determine the best estimate when outcomes within that range are equally likely, and adjusts the carrying amount of provisions if evidence suggests the current best estimate differs[183][184] Non-Recurring Items - Non-recurring gains and losses for 2023 amounted to RMB 16,704,143.44, including government subsidies of RMB 10,157,274.03[35] Customer and Market Expansion - The company expanded its customer base by collaborating with brands such as Xiaomi Auto, NIO, and BYD[81] Cost Control Measures - The company implemented cost control measures, including product optimization and procurement cost reduction, to enhance profitability[80]