屹通新材(300930) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥393,390,757.22, representing a 1.67% increase compared to ¥386,937,172.77 in 2022[16]. - The net profit attributable to shareholders for 2023 decreased by 44.84% to ¥50,507,476.44 from ¥91,560,879.53 in 2022[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥51,436,509.25, down 33.62% from ¥77,486,399.76 in 2022[16]. - The net cash flow from operating activities was negative at -¥66,698,455.36, a decline of 153.45% compared to ¥124,790,127.53 in 2022[16]. - The total assets at the end of 2023 increased by 12.43% to ¥952,040,575.41 from ¥846,804,865.64 at the end of 2022[16]. - The net assets attributable to shareholders rose by 5.06% to ¥840,454,880.42 at the end of 2023, compared to ¥799,990,940.11 at the end of 2022[16]. - The basic earnings per share for 2023 was ¥0.51, down 44.57% from ¥0.92 in 2022[16]. - The weighted average return on equity decreased to 6.16% in 2023 from 12.07% in 2022, a drop of 5.91%[16]. - The company reported a total of -¥929,032.81 in non-recurring gains and losses for 2023, compared to ¥14,074,479.77 in 2022[22]. Dividend Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares to all shareholders, based on a total of 100,000,000 shares[4]. - The company's distributable profit as of December 31, 2023, is 307,575,947.96 yuan, with a cash dividend accounting for 100% of the profit distribution[173]. - The net profit attributable to ordinary shareholders for the year is 50,507,476.44 yuan, after a 10% allocation for statutory surplus reserves[174]. - The total number of shares for the dividend distribution is 100,000,000 shares, with no stock dividends or capital reserve transfers planned[173]. Market Position and Industry Insights - The company operates in the metal powder industry, which is expected to see growth driven by advancements in technology and new applications in various sectors[28]. - The company ranks among the top three domestic enterprises in iron-based powder sales, with a reported sales volume of 603,800 tons in 2022[30]. - The company has established business partnerships with leading domestic new energy battery companies, including Ningde Times and Hunan Youneng, focusing on high-purity iron powder production[31]. - The company is positioned as a leader in the domestic iron-based powder industry and a pioneer in import substitution[34]. - The global market for metal powder is projected to grow from USD 9 billion in 2021 to USD 19.3 billion by 2032, with a CAGR of 7.4%[103]. - The demand for metal powder is expected to increase significantly due to advancements in manufacturing processes in sectors like new energy vehicles, photovoltaics, and aerospace[103]. Research and Development - The company has maintained a strong focus on R&D, with a provincial-level high-tech enterprise research and development center and a provincial-level post-doctoral workstation established to enhance innovation capabilities[48]. - The company has developed 24 patents, including 5 invention patents, with key technologies that break foreign barriers in high-end metallurgical powders, laying a solid foundation for future market expansion[53]. - The company has a research and development team of 41 members, including 2 with doctoral degrees and 3 senior engineers, enhancing its innovation capabilities[58]. - The company operates a state-of-the-art iron-based powder R&D testing platform, recognized as a provincial high-tech enterprise research and development center[59]. - The company completed the development of high-strength water-atomized iron powder, which aims to enhance product competitiveness by replacing imports[73]. Operational Challenges and Risks - The company emphasizes the importance of risk awareness regarding future operational challenges as disclosed in the management discussion section[4]. - The company faces risks from market demand fluctuations in existing products, particularly in the new energy battery sector, which could impact revenue[118]. - Competition in the clean energy equipment and soft magnetic powder markets is intensifying, posing risks to the company's market position[119]. - Raw material price volatility, particularly in scrap steel, could significantly impact procurement costs and profit margins[120]. - The company faces inherent uncertainties in the iron-based powder industry, which may lead to mismatches between R&D directions and future market demands, potentially reducing overall competitiveness[122]. Corporate Governance - The company has established a comprehensive internal control system to ensure effective governance and operational efficiency, aligning with relevant laws and regulations[133]. - The board of directors consists of 7 members, including 3 independent directors, and has held 6 meetings during the reporting period, adhering to legal and regulatory requirements[130]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, ensuring a complete and independent business structure[136]. - The company has a dedicated audit committee responsible for overseeing internal and external audits, enhancing transparency and accountability[133]. - The company has a complete corporate governance structure with a shareholder meeting participation rate of 75% during the annual general meeting held on May 9, 2023[143]. Investment and Future Plans - The company is focusing on expanding its production capacity for alternative materials, targeting an annual output of 7,000 tons[87]. - The company plans to continue utilizing raised funds for the smart manufacturing project and the construction of the new materials research institute[93]. - The company aims to enhance its product quality and variety in the metal powder sector, striving to become a leading international provider of metal powders[108]. - In 2024, the company will focus on "promoting growth, controlling costs, and increasing efficiency" to meet its operational goals, leveraging the advantages of new facilities[109]. - The company plans to increase production capacity to 130,000 tons of iron and copper-based new materials, improving its scale and specialization to meet market demand[112].