CCA(603100)2024-04-24 11:31Financial Performance - Revenue for 2023 reached 7,410.84 million yuan, a year-on-year increase of 16.34%[132] - Net profit attributable to shareholders of the listed company in 2023 was 743.83 million yuan, up 28.44% year-on-year[132] - Operating cash inflow in 2023 was 6,574.22 million yuan, accounting for 84.50% of total cash inflow, an increase of 14.37% year-on-year[129] - Weighted average return on equity (ROE) in 2023 was 20.42%, an increase of 2.91 percentage points year-on-year[131] - Revenue from sales of goods and services in 2023 was 6,471.26 million yuan, a year-on-year increase of 14.75%[129] - Net profit attributable to shareholders of the listed company was RMB 7,438.298 million, a year-on-year increase of 28.44%[148] - Operating revenue reached RMB 74,108.434 million, a year-on-year increase of 16.34%[148] - Net cash flow from operating activities was RMB -9,929.40 million, compared to RMB 11,965.94 million in the previous period[134] - Non-recurring profit and loss amounted to RMB 987.049 million, compared to RMB 498.667 million in the previous year[134] - The company achieved operating revenue of 74.11 billion yuan and net profit attributable to shareholders of 7.44 billion yuan in 2023[197] Investment and Cash Flow - Investment income in 2023 was 199.0875 million yuan, accounting for 24.38% of total profit, with 165.5143 million yuan from the joint venture Yokogawa Sichuan Instrument[5] - The company's operating cash outflow in 2023 was RMB 586,632.81 million, an increase of RMB 68,686.73 million, or 13.26%, accounting for 89.18% of total cash outflows, an increase of 16.65 percentage points year-on-year[87] - The company's investment cash outflow in 2023 was RMB 17,399.48 million, a decrease of RMB 97,873.70 million, or 84.91%, accounting for 2.64% of total cash outflows, a decrease of 13.50 percentage points year-on-year[87] - The company's financing cash outflow in 2023 was RMB 53,842.20 million, a decrease of RMB 27,065.04 million, or 33.45%, accounting for 8.18% of total cash outflows, a decrease of 3.15 percentage points year-on-year[87] - Fair value change income increased by RMB 4,408.62 million year-on-year, mainly due to the rise in stock prices of Chongqing Bank and Yunnong Commercial Bank[90] - The company's investment activities generated a cash inflow of RMB 1,005.8793 million in 2023, an increase of RMB 685.5261 million, up 213.99% year-on-year, accounting for 12.93% of total cash inflows, an increase of 8.10 percentage points[103] - Financing activities cash inflow was RMB 200 million in 2023, a decrease of RMB 359.4254 million, down 64.25% year-on-year, accounting for 2.57% of total cash inflows, a decrease of 5.87 percentage points[103] - Operating cash outflow was RMB 5,866.3281 million in 2023, accounting for 89.18% of total cash outflows, an increase of 16.65 percentage points year-on-year[103] - Investment cash outflow was RMB 173.9948 million in 2023, accounting for 2.64% of total cash outflows, a decrease of 13.50 percentage points year-on-year[103] - Financing cash outflow was RMB 538.422 million in 2023, accounting for 8.18% of total cash outflows, a decrease of 3.15 percentage points year-on-year[103] - Total cash outflow was RMB 6,578.7449 million in 2023, a decrease of 7.88% year-on-year[103] - Investment activities generated a cash inflow of 1,005.88 million yuan in 2023, a significant increase of 213.99% year-on-year[129] Dividends and Share Repurchase - Total cash dividends for 2023 were 296.17 million yuan, representing 39.82% of the net profit attributable to ordinary shareholders[29] - The company distributed a cash dividend of 7.50 yuan per 10 shares and a stock dividend of 3 shares per 10 shares[29] - The company repurchased and canceled 5,000 restricted shares on July 6, 2023[31] - The company plans to distribute a cash dividend of RMB 7.50 per 10 shares (tax included) and a capital reserve of 3 shares per 10 shares, with a total cash dividend of RMB 296.1731 million (tax included)[109] - The company's available distributable profit as of December 31, 2023, was RMB 2,078,117,653.11[109] R&D and Innovation - R&D investment in 2023 amounted to 524.45 million yuan, accounting for 7.08% of total revenue[23] - R&D personnel accounted for 21.60% of the company's total workforce, with 1,141 employees engaged in R&D[125] - The company's R&D team consists of 11 PhDs, 393 master's degree holders, and 604 bachelor's degree holders[125] - The company's R&D expenses in 2023 were 524 million yuan, a year-on-year increase of 15.26%, accounting for 7.08% of revenue[152] - The company completed 43 national and provincial-level technology projects and added 153 patents (including 33 invention patents) and 76 software copyrights[152] - The company launched over 20 new products, including high-end intelligent diagnostic pressure transmitters and high-parameter electro-hydraulic actuators[144] - The company's nuclear power products, such as 1E-level pressure and differential pressure transmitters, achieved international advanced levels, with some indicators leading globally[144] - The company's intelligent pressure transmitter completed software V&V design certification, laying a foundation for expanding into the nuclear power market[149] - The company successfully developed and industrialized ultra-low temperature control valves, meeting the needs of liquid hydrogen (-253°C) and liquid helium (-269°C) applications[149] - The company's digital business expanded, with the completion of the Changfeng Chemical safety risk and emergency intelligent management platform project[151] - The company has a strong R&D focus, with core technologies including dynamic force balance positioning, PHB high-speed bus, intelligent frequency control, and high-parameter valve control[177] - The company has developed 4 world-class products including intelligent pressure transmitters, intelligent electromagnetic flow meters, intelligent electric actuators, and intelligent valve positioners[194] - The company has accumulated 946 valid patents (including 308 invention patents) and 268 software copyrights[194] - The company has built 43 intelligent production lines, 7 Chongqing municipal digital workshops, and 2 Chongqing municipal innovative demonstration smart factories[195] - Production capacity of intelligent field instruments increased by 10%-37% during the reporting period[195] - The company's products have achieved import substitution in over 30 products and first-time applications in over 20 products in various industries[194] Corporate Governance and Compensation - The company's board of directors, supervisors, and internal institutions operate independently, with no interference from controlling shareholders in decision-making or operations[9] - The total actual remuneration for all directors, supervisors, and senior management at the end of the reporting period was 4.1822 million yuan[15] - Independent directors receive an annual allowance of 80,000 yuan per person, while non-executive directors and supervisors receive 30,000 yuan and 25,000 yuan respectively[15] - Senior management compensation includes annual salary, tenure incentives, medium- and long-term incentives, and special incentives, with a performance evaluation and compensation management plan effective from January 1, 2022[15] - The company's board of directors approved the 2022 remuneration and performance evaluation results for directors and senior management on April 17, 2023[25] - The company's board of directors approved the 2023 performance responsibility agreements for the chairman and management team on November 13, 2023[25] - The company's board of directors approved the performance evaluation and remuneration management plan for senior management (non-professional managers) on July 3, 2023[25] - The company's board of directors approved the 2022 performance evaluation and remuneration settlement for the chairman and management team on November 13, 2023[25] - The company revised over 80 corporate governance, party building, and operational management systems[161] - The company achieved a 100% response rate to investor inquiries and disclosed 4 periodic reports and 72 interim announcements during the reporting period[161] - The company established a Board Science and Technology Innovation Committee to enhance decision-making in technological innovation strategies[161] Environmental and Social Responsibility - The company's wastewater treatment system has a daily processing capacity of 100 tons, treating pollutants such as COD, NH3-N, pH, suspended solids, petroleum, and anionic surfactants[47] - The company plans to complete the renovation of the wastewater treatment station at the Caijia Instrumentation Base by 2024 to improve its processing capacity[48] - The company has built 12 sets of waste gas treatment facilities with a total processing capacity of 450,000 standard cubic meters per hour, targeting pollutants such as particulate matter, non-methane total hydrocarbons, hydrogen chloride, sulfuric acid mist, and nitrogen oxides[52] - The company has implemented carbon reduction measures, including the use of carbon reduction technologies and the development of new products that aid in carbon reduction[54] - The company donated RMB 200,000 to support rural revitalization in Wushan County, focusing on environmental improvement and industrial development[72] - The company upgraded its VOC treatment process for the painting process at Chongqing Chuanyi Control Valve Co., Ltd., improving the efficiency of the waste gas treatment system[71] Industry and Market Trends - The company's main products, including intelligent transmitters and valves, saw growth in industries such as petrochemicals, equipment manufacturing, and new energy[132] - The company secured multiple contracts in the hydrogen energy sector, including PERIC alkaline water electrolysis hydrogen production skid equipment and Haiwang Hydrogen organic liquid hydrogen storage projects[139] - The company's lithium battery material orders grew rapidly, and it maintained stable new orders in the nuclear power sector[139] - The company's main products, including smart transmitters, smart control valves, and smart flow meters, saw significant revenue growth, with new orders increasing by 9.6% year-on-year[156] - The company launched 3 new intelligent production lines, 1 digital workshop, and completed the construction of 2 smart factories, increasing production capacity by 10%-37% for key products[157] - The company participated in 27 high-end industry summits and exhibitions, held over 70 specialized exchange meetings, and conducted more than 1,800 on-site technical and product exchanges[153] - The company signed strategic cooperation agreements with key clients in the metallurgical industry, including China Tianchen and Dexin Steel[156] - The company's subsidiary, Chuanyi Control Valve, passed the re-evaluation as a national-level "Little Giant" specialized and innovative enterprise[152] - Traditional industries account for over 80% of China's manufacturing sector, highlighting the importance of upgrading these industries[164] - The government aims to complete 5 major petrochemical projects by the end of 2024 to promote high-end, green, and intelligent development in the industry[165] - The company operates in the industrial automatic control system manufacturing industry, which is classified under the strategic emerging industries and plays a key role in national economic development and security[184] - Industrial automation control systems and engineering services accounted for 89% of the company's total operating revenue, while electronic information functional materials and devices accounted for 10%[188] - The company has 8 national high-tech enterprises, 4 national-level "little giant" specialized and sophisticated enterprises, and 1 State-owned Assets Supervision and Administration Commission world-class professional leading demonstration enterprise[194] - The company's core products include intelligent actuators, intelligent transmitters, intelligent control valves, and intelligent flow meters[188] - The company's products are widely used in industries such as petroleum, chemical, metallurgy, power, coal chemical, pharmaceutical, water, nuclear, and new energy[188] Asset and Financial Management - Long-term equity investment balance increased by 17.17% to RMB 4,448.842 million, mainly due to increased investment in Yokogawa Chuanyi[146] - Construction in progress increased by 50.50% to RMB 852.220 million, driven by investments in the Instrumentation Base Caijia Phase III project and nuclear power experimental device projects[147] - The company's fixed assets increased by 753.781 million yuan to 6,984.314 million yuan, a growth of 12.10%, mainly due to the optimization of the intelligent production line for control valves, the construction of a digital factory for electronic information materials, and equipment upgrades[172] - The fair value of the company's financial assets increased by 1,103.87 million yuan, with stocks accounting for 15,465.76 million yuan and trust products remaining at 3.71 million yuan[175] - The company's stock investment in Chongqing Iron and Steel (601005) decreased by 21.53 million yuan to 157.49 million yuan, while the investment in Chongqing Bank (601963) increased by 290.34 million yuan to 11,226.12 million yuan[175] - The company's initial public offering (IPO) fundraising projects were completed, and the remaining funds were used to permanently supplement working capital for daily operations[94] - The company changed its annual financial and internal control audit firm to ZhongShen ZhongHuan Certified Public Accountants (Special General Partnership) to comply with regulatory requirements[68] Shareholder and Investor Relations - As of the end of the reporting period, the total number of ordinary shareholders was 12,919, a decrease of 538 from the previous month[101] - The top ten shareholders include GF Securities Co., Ltd. - Zhonggeng Small Cap Value Stock Fund (14,537,013 shares), Huatai Securities Co., Ltd. - Zhonggeng Value Leading Hybrid Fund (12,716,310 shares), and China Construction Bank Corporation - Orient Red Qidong Three-Year Holding Hybrid Fund (12,393,414 shares)[102] - The company's internal control system was deemed effective as of December 31, 2023, by ZhongShen ZhongHuan Certified Public Accountants[33] - The company achieved a 100% response rate to investor inquiries and disclosed 4 periodic reports and 72 interim announcements during the reporting period[161] Technology and Product Development - The company's core technologies include chromatography analysis, gas sampling, and laser gas analysis, applied in industries such as petroleum, chemicals, and environmental protection[168] - The company's temperature measurement technologies are used in industries including petroleum, chemicals, and nuclear power[168] - The company's level measurement technologies are applied in industries such as power, metallurgy, and environmental protection[168] - The company's control devices utilize self-developed TCP communication and redundant bus technologies, applied in industries like power and petrochemicals[168] - The company has a comprehensive product matrix covering industrial automation instruments and control devices, with a focus on temperature, pressure, flow, level, and online analysis instruments, as well as control valves and systems[180] - The company's new employees in 2023 included 28% with master's degrees or higher, and the company has implemented various talent development programs, including restricted stock incentive plans[182] Operational Efficiency and Capacity - Completed the first phase of the 5G+ multi-plant energy management project, enabling real-time collection of electricity data and effective monitoring and control of equipment power usage, enhancing the professionalism and precision of energy management[35] - Labor outsourcing totaled 1,222,070 hours, with a total payment of 52.79 million yuan[28] - The company's operating income for Q4 2023 was 1,928.13 million yuan, with a net profit attributable to shareholders of 209.50 million yuan[115] - The company's products have achieved import substitution in over 30 products and first-time applications in over 20 products in various industries[194] - The company has built 43 intelligent production lines, 7 Chongqing municipal digital workshops, and 2 Chongqing municipal innovative demonstration smart factories[195] - Production capacity of intelligent field instruments increased by 10%-37% during the reporting period[195]