中航光电(002179) - 2024 Q1 - 季度财报

Main Financial Data Core Financial Indicators The company experienced a significant year-over-year decline in Q1 2024 revenue and net profit, despite improved operating cash flow and slight growth in total assets and equity Core Financial Indicators (CNY) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,013,364,008.24 | 5,342,014,790.70 | -24.87 | | Net Profit Attributable to Shareholders | 750,886,082.59 | 993,316,742.83 | -24.41 | | Net Cash Flow from Operating Activities | -144,904,942.11 | -442,585,322.81 | 67.26 | | Basic Earnings Per Share (CNY/share) | 0.3645 | 0.4752 | -23.30 | | Weighted Average Return on Net Assets (%) | 3.57 | 5.48 | Decrease by 1.91 percentage points | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Year-End (%) | | Total Assets | 35,610,504,201.91 | 35,569,904,322.27 | 0.11 | | Total Equity Attributable to Shareholders | 21,534,535,351.97 | 20,496,289,780.79 | 5.07 | Non-Recurring Gains and Losses Analysis Non-recurring gains and losses totaled CNY 14.74 million, mainly from government grants and other non-operating income and expenses Non-Recurring Gains and Losses (CNY) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 8,408,964.01 | | Other Non-Operating Income and Expenses | 11,591,953.37 | | Gains/Losses from Disposal of Non-Current Assets | -1,032,771.44 | | Total | 14,739,407.74 | Major Financial Item Changes and Reasons Significant fluctuations occurred in financial items, including a 54.15% decrease in short-term borrowings, a 628.17% surge in other income, and reductions in sales and administrative expenses Major Financial Item Changes and Reasons (%) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Balance Sheet Items | | | | Short-Term Borrowings | -54.15 | Due to loan repayment | | Taxes Payable | 117.89 | Due to increased corporate income tax payable in the period | | Long-Term Payables | 216.33 | Due to increased R&D investment in the period | | Income Statement Items | | | | Sales Expenses | -42.03 | Due to business expenses fluctuating with revenue | | Administrative Expenses | -46.87 | Due to business expenses fluctuating with revenue | | Asset Impairment Losses | -86.74 | Due to decreased provision for inventory impairment losses | | Other Income | 628.17 | Due to tax incentives for advanced manufacturing VAT deductions | Shareholder Information Shareholding Structure The company had 73,003 common shareholders with a highly concentrated equity structure, dominated by state-owned entities including the largest shareholder holding 36.74% - As of the end of the reporting period, the company had 73,003 common shareholders[7] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | AVIC Jonhon Optronic Technology Co., Ltd. | State-owned Legal Entity | 36.74 | 778,663,507.00 | | Henan Investment Group Co., Ltd. | State-owned Legal Entity | 7.98 | 169,118,704.00 | | China Airborne Missile Academy | State-owned Legal Entity | 1.46 | 30,969,843.00 | | E Fund Defense & Military Industry Mixed Securities Investment Fund | Other | 1.38 | 29,163,264.00 | | China Life Insurance Company Limited | Other | 1.07 | 22,680,334.00 | - Among the top ten shareholders, AVIC Jonhon Optronic Technology Co., Ltd., Sawei Avionics Technology Co., Ltd., and China Airborne Missile Academy are all affiliated companies of Aviation Industry Corporation of China, indicating related party relationships[8] Other Significant Matters Senior executives increased their shareholdings through the secondary market, signaling confidence in the company's future, with one vice general manager planning further acquisitions - On February 2, 2024, Mr. Liang Guowei, the company's Chief Legal Officer, and Mr. Wang Yuefeng, Vice General Manager, increased their shareholdings by 20,000 shares and 5,000 shares respectively[9] - Vice General Manager Mr. Wang Yuefeng plans to cumulatively increase his shareholding by no less than 6,000 shares and no more than 10,000 shares within six months from February 2, 2024[9] Quarterly Financial Statements This section provides the unaudited Q1 2024 consolidated financial statements, including the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of March 31, 2024, total assets were CNY 35.61 billion (up 0.11%), total liabilities decreased, and equity attributable to parent company owners grew 5.07% to CNY 21.54 billion Consolidated Balance Sheet (CNY) | Item | Period-End Balance (CNY) | Period-Start Balance (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 35,610,504,201.91 | 35,569,904,322.27 | +0.11 | | Total Liabilities | 12,519,003,521.67 | 13,555,459,170.82 | -7.65 | | Total Equity Attributable to Parent Company Owners | 21,534,535,351.97 | 20,496,289,780.79 | +5.07 | | Total Owners' Equity | 23,091,500,680.24 | 22,014,445,151.45 | +4.89 | Consolidated Income Statement Q1 2024 operating revenue decreased 24.87% to CNY 4.01 billion, resulting in a 23.70% decline in operating profit and a 24.41% drop in net profit attributable to parent company owners Consolidated Income Statement (CNY) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,013,364,008.24 | 5,342,014,790.70 | -24.87 | | Operating Profit | 892,204,120.87 | 1,169,337,063.47 | -23.70 | | Total Profit | 903,268,925.07 | 1,177,113,228.73 | -23.26 | | Net Profit Attributable to Parent Company Owners | 750,886,082.59 | 993,316,742.83 | -24.41 | | Basic Earnings Per Share (CNY/share) | 0.3645 | 0.4752 | -23.30 | Consolidated Cash Flow Statement Operating cash flow significantly improved, with net outflow narrowing to CNY -145 million (67.26% improvement), but net cash and cash equivalents decreased by CNY 879 million due to investing and financing outflows Consolidated Cash Flow Statement (CNY) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -144,904,942.11 | -442,585,322.81 | | Net Cash Flow from Investing Activities | -334,864,790.66 | -509,749,946.95 | | Net Cash Flow from Financing Activities | -402,809,870.39 | 209,411,769.50 | | Net Increase in Cash and Cash Equivalents | -879,115,990.14 | -751,178,161.94 |