CHERVON-AUTO(603982)2024-04-24 11:41Financial Performance - The company's operating revenue for 2023 reached ¥2,134,750,973.85, representing a year-on-year increase of 22.37% compared to ¥1,744,540,675.89 in 2022[22]. - The net profit attributable to shareholders of the listed company was -¥564,525,855.29, a significant decline from -¥154,345,174.56 in the previous year[22]. - The total assets of the company at the end of 2023 amounted to ¥6,793,670,818.69, reflecting a 7.99% increase from ¥6,291,047,374.19 at the end of 2022[23]. - The net assets attributable to shareholders decreased to ¥2,310,981,285.88, down 18.98% from ¥2,852,474,612.28 in 2022[23]. - The cash flow from operating activities showed a net outflow of -¥328,016,985.14, an improvement from -¥527,473,199.92 in the previous year[22]. - The company's basic earnings per share for 2023 was -2.1503 CNY, a significant decline from -0.7499 CNY in 2022[24]. - The weighted average return on equity decreased to -21.89% in 2023 from -8.34% in 2022, a drop of 13.55 percentage points[24]. - The company reported a net profit attributable to shareholders of -99,405,169.76 CNY in Q1 2023, with a gradual recovery to 185,499,513.4 CNY by Q4 2023[27]. - The net profit for the entire year was impacted by increased financial expenses and high R&D costs, leading to a further expansion of losses compared to 2022[25]. Revenue Sources - Revenue from the new energy vehicle components business grew by 81.68% compared to 2022, contributing to an overall revenue increase of 22.37%[24]. - In 2023, the company achieved a revenue of 2.135 billion yuan, a year-on-year increase of 22.37%, with the new energy business accounting for 55% of total revenue[33]. - The sales volume of new energy vehicle parts increased by 54.06% year-on-year, reaching 1,011.72 million units, with production rising by 37.32% to 1,081.04 million units[90]. - The company is focusing on larger-sized components for new energy vehicles, which typically have a higher unit value compared to traditional automotive parts[34]. Costs and Expenses - Operating costs rose to 2.14 billion RMB, reflecting a 35.00% increase compared to the previous year[53]. - Research and development expenses amounted to 173.56 million RMB, accounting for 8.13% of total revenue, indicating a strong commitment to innovation[48]. - The company's sales expenses surged by 334.50% to 35.48 million RMB, indicating increased investment in marketing and sales efforts[53]. - Financial expenses surged by 166.88% to ¥108,915,391.85 compared to the previous year[76]. Investments and Expansion - The company invested 3,885.96 million euros in the Hungary production base in 2023, with a cumulative investment of 12,101.01 million euros[92]. - The total investment for the Anhui Ma'anshan production base project is 2.05 billion yuan, with 23,121.21 million yuan invested in 2023 and a cumulative investment of 164,660.52 million yuan[93][94]. - The company completed the construction of its Hungary production base, which will enhance its integration into the European supply chain[36]. Market Trends and Risks - The penetration rate of new energy vehicles is expected to continue increasing, supported by government policies promoting electric vehicle purchases and infrastructure[40]. - The automotive parts industry is experiencing steady growth, driven by advancements in core technologies and a shift towards electrification and intelligence[41]. - The company has faced significant risks, which are detailed in the report, and investors are advised to pay attention to these risks[8]. - The company faces risks from market fluctuations, with its top five customers accounting for 59.85% of total revenue, indicating a high customer concentration risk[116]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, ensuring effective governance and oversight[122]. - The company has established various specialized committees under the board, including a strategic committee and an audit committee, to enhance operational efficiency[122]. - The company has not engaged in any significant related party transactions that could affect its independence, maintaining a clear operational boundary[123]. - The company is committed to continuously improving its corporate governance structure in line with regulatory requirements[123]. Environmental Commitment - The company invested ¥5.43 million in environmental protection during the reporting period[163]. - The company achieved a "green rating (integrity)" in the environmental credit evaluation, with a score of 12 points[170]. - The company reduced carbon emissions by 2,782 tons through measures such as using photovoltaic clean energy and energy-saving modifications to equipment[172]. - The company has implemented a detailed self-monitoring plan for environmental compliance, with third-party testing confirming adherence to national standards[171]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the 2023 fiscal year[6]. - The cash dividend policy stipulates that at least 30% of the average distributable profit over the last three years should be distributed in cash if conditions are met[155]. - The company has a share lock-up commitment for 36 months post-IPO, with specific conditions for share transfer and reduction thereafter[178].