Vatti(002035)2024-04-25 13:17Financial Performance - The company's operating revenue for 2023 reached ¥6,232,580,420.38, an increase of 7.12% compared to ¥5,818,510,575.82 in 2022[19] - Net profit attributable to shareholders surged to ¥447,154,320.51, marking a significant increase of 212.50% from ¥143,090,191.51 in the previous year[19] - The net profit after deducting non-recurring gains and losses was ¥411,949,633.43, reflecting a 362.75% increase from ¥89,021,877.72 in 2022[19] - The cash flow from operating activities amounted to ¥1,149,011,329.57, a remarkable increase of 190.83% compared to ¥395,075,115.88 in the prior year[19] - Basic earnings per share rose to ¥0.5275, up 212.50% from ¥0.1688 in 2022[19] - The total assets of the company at the end of 2023 were ¥7,198,730,829.19, representing a 7.45% increase from ¥6,699,400,967.65 at the end of 2022[19] - The net assets attributable to shareholders increased by 10.39% to ¥3,644,092,141.20 from ¥3,301,034,078.65 in the previous year[19] - The company's weighted average return on equity improved to 12.90%, up from 4.39% in 2022, indicating enhanced profitability[19] Market Trends and Product Development - The kitchen appliance market in China saw a retail volume of 69.87 million units in 2023, with a retail value of CNY 99.8 billion, reflecting a 6.5% year-on-year increase[27] - The demand for dishwashers grew significantly, with retail volume reaching 1.94 million units and retail value of CNY 11.2 billion, marking a 9.6% increase in revenue[30] - The integrated cooking center market experienced a retail revenue growth of 139.6% online and 22.6% offline in 2023, indicating a strong market trend towards high-end integrated products[32] - The company anticipates that the dishwasher market will continue to grow, projecting a retail volume of 2.15 million units and a retail value of CNY 12.6 billion in 2024, representing an 11.0% increase in volume[31] - The integrated stove market faced challenges, with a retail revenue decline of 4.0% to CNY 24.9 billion in 2023, alongside a retail volume drop of 4.2%[32] - The company launched several new products in 2023, including the integrated cooking center, steam and bake integrated machine, and ultra-thin range hood, which received positive market feedback and industry recognition, with the integrated cooking center V series winning the "2023 Red Top Award"[36] Sales and Revenue Channels - The online channel revenue was 2.189 billion yuan, reflecting a year-on-year growth of 23.44%[65] - The offline channel revenue reached 2.834 billion yuan, with a year-on-year increase of 10.94%[64] - The revenue from the down-market channels was 965 million yuan, showing a substantial growth of 58.6% year-on-year[67] - The company's integrated cooking center products generated revenue of 0.36 million yuan, contributing to a 23.31% year-on-year increase in integrated stove revenue, outperforming the industry[69] Research and Development - The company has established a comprehensive R&D system, focusing on product innovation and diversification, with a commitment to independent research and development[41] - The company has received 32 awards in 2023, including 19 international awards, highlighting its strong brand influence and innovation capabilities in the kitchen appliance sector[46] - The company added 846 new patents in 2023, bringing the total patent count to 4,862, emphasizing its commitment to technological innovation and product quality improvement[71] - Research and development expenses decreased by 4.36% to 247.57 million yuan, attributed to a decline in export business[61] Corporate Governance and Compliance - The company has established a comprehensive internal control system covering all levels, ensuring effective risk management and compliance with laws and regulations[179] - There were no significant internal control deficiencies identified during the reporting period, with all financial and non-financial reporting controls deemed effective[182] - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[137] - The company strictly adheres to information disclosure requirements, ensuring accurate and timely communication with investors through various channels[138] Future Outlook and Strategic Initiatives - The company aims to enhance its core competitiveness in marketing, product development, and operations to drive steady growth and narrow the gap with benchmark competitors in 2024[112] - The company plans to maintain its high-end brand positioning and implement a retail-driven growth strategy, focusing on the "fashionable scientific kitchen appliance brand" initiative[113] - The company will continue to strengthen its traditional product advantages in range hoods, cookers, and gas water heaters while promoting the development of integrated and smart kitchen products[114] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million yuan for potential deals[158] Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥3 per 10 shares, totaling ¥249,321,400.8, based on a total share capital of 831,071,336 shares after accounting for treasury shares[177] - The company has committed to a cash dividend policy in accordance with its articles of association and dividend management system, ensuring compliance with regulations[193] - The company has committed to a cash dividend distribution of no less than 10% of the distributable profit for the year, with a cumulative cash distribution of at least 30% over three consecutive years from 2022 to 2024[194]