TQM(002510)2024-04-25 08:27Financial Performance - The company's operating revenue for 2023 was CNY 2,796,174,263.25, representing a 9.56% increase compared to CNY 2,552,168,358.71 in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 83,619,353.03, a 4.28% increase from CNY 80,184,453.73 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 53.08% to CNY 26,872,599.75 from CNY 57,273,623.57 in 2022[19]. - The net cash flow from operating activities improved significantly to CNY 54,172,956.40, a 666.48% increase from a negative CNY 9,563,118.44 in 2022[19]. - Total assets at the end of 2023 were CNY 6,117,957,907.53, up 6.43% from CNY 5,748,083,318.14 at the end of 2022[19]. - The net assets attributable to shareholders increased by 4.53% to CNY 2,112,626,128.45 from CNY 2,021,025,443.79 in 2022[19]. - The weighted average return on net assets for 2023 was 4.05%, slightly down from 4.07% in 2022[19]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.30 per 10 shares, based on a total of 942,058,125 shares[4]. - The company distributed a cash dividend of RMB 0.30 per 10 shares, totaling RMB 28,261,743.75, which represents 100% of the distributable profit[121]. Market and Industry Trends - The automotive industry in China saw a production and sales increase of 11.6% and 12% respectively in 2023, with new energy vehicles growing by 35.8% in production[29]. - The sales volume of stamping parts decreased by 10.99% year-on-year, with a notable decline in SUV-related products by 32.89%[33]. - Domestic revenue accounted for 83.06% of total revenue, increasing by 16.36% year-on-year, while international revenue decreased by 14.84%[42]. Subsidiary Performance - The subsidiary Tianjin Tianqi Mould Zhizhong Co., Ltd. achieved operating revenue of RMB 1,285.62 million and net profit of RMB 42.44 million during the reporting period[79]. - The subsidiary Wuhan Tianqi Mould Zhixin Co., Ltd. reported a significant loss due to rising costs and impairment provisions, impacting its profitability[80]. - The subsidiary Shenyang Tianqi Mould Aviation Parts Co., Ltd. generated sales revenue of RMB 88.64 million and net profit of RMB 17.80 million, showing strong growth compared to the previous year[80]. Research and Development - The company holds 145 software copyrights and 214 patents, including 179 utility model patents and 35 invention patents as of the end of 2023[36]. - Research and development expenses increased by 3.42% to ¥99,168.96 million, indicating ongoing investment in innovation[49]. - The number of R&D personnel increased to 876 in 2023, a rise of 3.67% from 845 in 2022[52]. Risk Management - The company faces risks including economic cycle adjustments affecting the automotive mold industry and market risks[4]. - The company has a significant amount of accounts receivable, primarily from large, reputable automotive manufacturers, which mitigates the risk of bad debts[85]. - The company faces foreign exchange risks due to its export sales being predominantly settled in USD or EUR, which could impact its operating performance if currency fluctuations occur[85]. Corporate Governance - The company adheres to corporate governance standards, ensuring that shareholder rights are respected and that decision-making processes are transparent[92]. - The board of directors consists of 5 members, including 2 independent directors, complying with legal requirements[93]. - The company has established a performance management system for key positions to ensure talent retention and enhance operational efficiency[87]. Environmental and Social Responsibility - The company has established an ISO 14001 environmental management system, achieving a 100% compliance rate for major pollutant emissions monitored by authorities[134]. - The company donated 150,000 RMB to support the installation of eye-protecting lighting in a vocational school in Gansu Province, reflecting its commitment to social responsibility[135]. - The company has not faced any administrative penalties for environmental issues during the reporting period, indicating effective compliance with environmental regulations[131]. Future Outlook and Strategy - The company aims to enhance production efficiency and reduce costs by improving the large-angle edge forming process[51]. - Future strategies include potential market expansion and investment in new technologies to enhance competitiveness[102]. - The company is committed to sustainability initiatives, planning to invest 4.87% of revenue into eco-friendly technologies[149].