Silver Basis Technology(002786)2024-04-28 07:55Financial Performance - Revenue for 2023 decreased by 10.60% to 2,321,850,945.46 yuan compared to 2,597,003,537.29 yuan in 2022[23] - Net profit attributable to shareholders in 2023 was 244,790,653.93 yuan, a significant increase of 194.97% from a loss of 257,743,733.47 yuan in 2022[23] - Operating cash flow increased by 104.22% to 106,583,153.25 yuan in 2023 from 52,191,090.16 yuan in 2022[23] - Total assets at the end of 2023 increased by 2.79% to 4,118,498,547.38 yuan compared to 4,006,867,328.97 yuan at the end of 2022[23] - Shareholders' equity at the end of 2023 increased by 104.62% to 493,636,920.63 yuan from 241,243,454.92 yuan at the end of 2022[23] - Revenue after deduction of non-core business income was 2,273,590,168.38 yuan in 2023, compared to 2,525,167,280.45 yuan in 2022[24] - Q4 2023 revenue was 600,550,748.06 yuan, the highest among all quarters[28] - Q4 2023 net profit attributable to shareholders was 387,954,240.05 yuan, a significant improvement compared to losses in previous quarters[28] - Non-recurring gains from disposal of non-current assets in 2023 were 633,197,031.80 yuan, a major turnaround from losses in previous years[30] - Government subsidies in 2023 amounted to 26,466,218.13 yuan, an increase from 17,835,211.24 yuan in 2022[30] - Non-recurring gains and losses for the year totaled RMB 654,387,480.51, with other non-operating income and expenses amounting to RMB -9,408,661.58[31] - The company achieved annual revenue of 2,321,850,945.46 yuan in 2023, a year-on-year decrease of 10.6%[54] - Net profit attributable to shareholders of the listed company was 244,790,653.93 yuan, a year-on-year increase of 194.97%[54] - Non-recurring gains and losses impacted net profit by 654,387,480.51 yuan, mainly due to asset disposal and relocation compensation from the urban renewal project[56] - Total revenue for 2023 was 2,321,850,945.46 yuan, a decrease of 10.60% compared to 2022[58] - Industrial sector revenue accounted for 98.38% of total revenue, amounting to 2,284,298,132.99 yuan, a decrease of 9.98% year-over-year[58] - Plastic products revenue increased by 1.71% to 1,246,227,492.68 yuan, representing 53.67% of total revenue[59] - Domestic sales accounted for 84.83% of total revenue, totaling 1,969,560,903.30 yuan, a decrease of 10.99% compared to 2022[59] - Gross margin for industrial sector was 8.99%, a slight decrease of 0.38% from the previous year[60] - Sales volume of mold products decreased by 3.20% to 2,236 units, while production volume decreased by 1.98% to 2,233 units[61] - Sales volume of plastic products increased by 3.06% to 152,650 units, with production volume up by 6.36% to 154,600 units[61] - R&D expenses decreased by 11.60% to 151,901,981.14 yuan compared to 2022[69] - Net cash flow from operating activities increased by 104.22% from 52,191,090.16 yuan in 2022 to 106,583,153.25 yuan in 2023, mainly due to reduced external procurement and internal cost expenditures[76] - Cash inflow from investment activities surged by 2,726.83% from 2,752,027.37 yuan in 2022 to 77,795,035.68 yuan in 2023, driven by increased cash received from investment recovery and asset disposals[76] - Cash outflow from investment activities decreased by 76.26% from 208,882,944.91 yuan in 2022 to 49,588,440.75 yuan in 2023, primarily due to reduced payments for fixed assets, intangible assets, and other long-term assets[76] - Net cash flow from financing activities decreased by 200.04% from -44,639,428.58 yuan in 2022 to -133,936,992.82 yuan in 2023, mainly due to reduced net financing inflows[76] - Net increase in cash and cash equivalents rose by 100.98% from -200,924,738.51 yuan in 2022 to 1,974,121.38 yuan in 2023, driven by increased net inflows from operations and investments[76] - Inventory decreased by 5.99% from 1,132,493,561.68 yuan in 2022 to 917,245,522.84 yuan in 2023, with the proportion of inventory to total assets dropping from 28.26% to 22.27%[80] - Fixed assets increased by 3.34% from 1,002,244,976.90 yuan in 2022 to 1,167,788,021.83 yuan in 2023, with the proportion of fixed assets to total assets rising from 25.01% to 28.35%[80] - Overseas assets accounted for 25.13% of the company's net assets, with a net loss of 27,566,300 yuan, primarily located in Hong Kong, the United States, India, and Vietnam[80] - The company sold land and buildings for 818.11 million yuan, increasing net profit attributable to the parent company by approximately 640 million yuan, accounting for 274.77% of the total net profit[98] - Guangdong Yinbaoshan, a subsidiary, reported a total asset of 1.66 billion yuan, a net asset of 402.09 million yuan, and a net loss of 230.25 million yuan[100] - Nantong Yinbaoshan, another subsidiary, reported a total asset of 145.17 million yuan, a net asset of 17.24 million yuan, and a net profit of 39.53 million yuan[100] Corporate Governance and Leadership - The company held a total of 6 shareholders' meetings during the reporting period, all of which complied with legal regulations[110] - The Board of Directors consists of 9 members, including 1 chairman, 1 vice chairman, and 3 independent directors, and held 10 meetings during the reporting period[110] - The Supervisory Board consists of 5 members, including 3 employee representatives, and held 9 meetings during the reporting period[111] - The company maintains independence in assets, personnel, finance, organization, and business operations from its controlling shareholders and actual controllers[113][115][116] - The company has a complete and independent production and operation system, with no同业竞争情况 during the reporting period[116] - The 2023 Annual General Meeting had an investor participation rate of 45.46%[117] - The company ensures information disclosure through designated media and maintains investor relations through various channels such as visits, phone consultations, and online interactions[111] - The company's governance structure complies with relevant laws and regulations, with no significant differences from regulatory requirements[112] - The company has established specialized committees under the Board of Directors, including Audit, Strategy, Nomination, and Compensation Committees, to support decision-making[110] - The company's financial system is independent, with separate bank accounts and tax compliance, and no shared accounts with controlling shareholders[115] - Total shares held by directors and executives at the end of the period: 2,000,000 shares[120] - No changes in shareholdings for Chairman He Fei and Vice Chairman Hu Zuohuan, both holding 1,000,000 shares each[120] - Resignation of Director Zhu Fang and Supervisor Long Xiaoqiu due to personal reasons, effective from their resignation dates[121] - New appointments of directors and supervisors effective from August 14, 2023, including Liu Hong, Liu Rong, and Tang Wei[120] - Independent directors Lan Peizhen, Liu Shoubao, and Wu Xiaoyu appointed on August 14, 2023[120] - Supervisors Yu Wenhui, Gao Guoli, Li Ling, and Wang Haifei appointed on August 14, 2023[120] - Vice Presidents Huang Fusheng and Wang Kun continue to hold 1,000,000 shares each with no changes[120] - New Vice Presidents Zou Yanping, Gu Xiaoping, Wang Sichao, and Wei Yanfeng appointed on August 22, 2023[120] - Resignation of former Director Sun Weidong and Supervisor Ma Liying, effective from their respective resignation dates[120] - Total shares held at the beginning and end of the period remained unchanged at 2,000,000 shares[120] - New board members elected on August 14, 2023, including He Fei as Chairman and Tang Wei as Director and General Manager[122] - Hu Zuohuan transitioned from General Manager to Vice Chairman and Director on August 14, 2023[122] - Liu Hong, elected as Director and Audit Committee member, has extensive experience in investment and management roles[124] - Pan Guoqing, elected as Director, holds multiple board positions across various companies and has a strong background in asset management[125] - Tang Wei, the new General Manager, has a long history with the company, including roles as factory manager and business unit head[126] - Lan Peizhen, Independent Director, brings expertise in finance and investment, currently serving as Investment Director at Guoneng Investment[127] - Liu Shoubao, Independent Director, has a legal and academic background, currently serving as Director at Beijing Puhua Law Firm[128] - Wu Xiaoyu, Independent Director, is a professor at Shenzhen University with a strong academic and engineering background[128] - Peng Xu, Chairman of the Supervisory Board, has been serving as the Chairman of Daishan Zhongchang Shipping Co., Ltd. since March 2021 and as a Director of Oriental Bangxin Capital Management Co., Ltd. since July 2021[129] - Yu Wenhui, Supervisor, served as the Deputy General Manager of Shenzhen Yinbaoshan New Technology Co., Ltd. from February 2012 to August 2023[129] - Gao Guoli, Supervisor, has been serving as the Supervisor of Changsha Yinbaoshan New Auto Parts Co., Ltd. since October 2012 and as the Supervisor of Wuhan Yinbaoshan New Mould Technology Co., Ltd. since April 2017[130] - Li Ling, Supervisor, has been serving as the Chairman of Shenzhen Yinbaoshan New Enterprise Management Consulting Co., Ltd. since November 2018 and as the Executive Director of Shenzhen Yinbaoshan New Intelligent Manufacturing Technology Co., Ltd. since September 2020[130] - Wang Haifei has been serving as the Project Manager, Sales Director, and Business Unit General Manager at Shenzhen Yinbaoshan New Technology Co., Ltd. since 2011[131] - Huang Fusheng, Deputy General Manager, has been serving as the Supervisor of Shenzhen Baoshanxin Investment Development Co., Ltd. since December 2017 and as the Chairman and Director of Huizhou Yinbaoshan New Technology Co., Ltd. since June 2023[132] - Wang Kun, Deputy General Manager and Board Secretary, has been serving as the Deputy General Manager and Board Secretary of Shenzhen Yinbaoshan New Technology Co., Ltd. since October 2021[132] - He Meiqin, Deputy General Manager and Financial Director, has been serving as the Director of Tianjin Yinbaoshan New Technology Co., Ltd. since December 2020 and as the Director of Nantong Yinbaoshan New Technology Co., Ltd. since January 2021[133] - Zou Yanping, Deputy General Manager, has been serving as the Director of the General Office and General Manager of the International Market Department at Huizhou Yinbaoshan New Technology Co., Ltd. since October 2022[133] - Gu Xiaoping, Deputy General Manager, has been serving as the General Manager of Shenzhen Yinbaoshan New Enterprise Management Consulting Co., Ltd. since November 2018 and as the Chairman of Shenzhen Qingding Equipment Co., Ltd. since August 2019[134] - The company's procurement center has undergone leadership changes, with the current general manager appointed in July 2021[136] - The company's board members and senior management received a total of 6.7357 million yuan in pre-tax compensation in 2023[140] - The company's independent directors each received 50,000 yuan in compensation[139] - The company's vice chairman and director received 858,000 yuan in pre-tax compensation[139] - The company's general manager received 313,400 yuan in pre-tax compensation[139] - The company's independent directors received 30,000 yuan in compensation each[140] - The company's vice presidents received compensation ranging from 211,200 yuan to 583,200 yuan[140] - The company's board of directors and senior management did not receive any penalties from securities regulatory authorities in the past three years[137] - The company held a total of 10 board meetings in 2023, with the 5th Board of Directors holding 6 meetings from August to December[141] - All directors attended the required board meetings, with no instances of consecutive absences[142][144] - The Audit Committee held 4 meetings in 2023, reviewing financial reports, audit work, and fundraising projects[147] - The Strategic Decision Committee held 1 meeting in July 2023 to review the termination of fundraising projects and reallocation of funds[147] - The company's directors actively provided suggestions and opinions, which were adopted to improve corporate governance and decision-making[145] - The 5th Board of Directors reviewed and approved the Q1, Q2, and Q3 2023 financial reports during their meetings[147] - The company's directors strictly complied with Shenzhen Stock Exchange regulations and fulfilled their duties diligently[145] - The Nomination Committee held 1 meeting in July 2023 to review the qualifications of director candidates[147] - The company's Audit Committee reviewed and approved the 2022 annual financial report and 2023 audit work plan[147] - The company's directors attended 1-6 shareholder meetings during the reporting period[142] Strategic Transformation and Business Focus - The company's core business is the R&D and manufacturing of automotive molds and automotive parts, serving clients such as BMW, Nissan, Toyota, and Huawei[40] - The company was awarded the "Jingmo Award" by the China Die & Mould Industry Association, including 1 first prize, 2 second prizes, and 2 third prizes from 2020 to 2023[41] - The mold industry is expected to benefit from global economic recovery and the rise of emerging markets, with technological innovation and quality service improvements driving growth[34] - The consumer electronics industry is experiencing rapid growth due to rising consumer demand and technological advancements, with 5G, IoT, and AI driving industry transformation[36] - The high-end equipment manufacturing sector is advancing towards automation, integration, and informatization, with increasing demand for robotics and smart manufacturing equipment[39] - The company's strategic transformation focuses on high-end equipment, including semiconductor equipment, aerospace, and IoT robotics, serving clients like ASM and DEK[40] - The company aims to enhance its production and business capabilities to become a professional supplier of lightweight automotive parts and intelligent component assemblies[40] - The company plans to focus on its core business, achieve transformation and upgrading, and shift towards high-value-added products and high-end customer groups[102] - The company aims to optimize its operational management model to reduce costs and increase efficiency by consolidating production units and streamlining organizational structures[103] - The company faces risks from economic environment changes, market competition, and fluctuations in raw material prices, and has strategies in place to mitigate these risks[104][105][106] Innovation and Technology - The company owns 741 patents, including 53 invention patents, 489 utility model patents, 32 design patents, and 167 software copyrights[53] - The company's core competitiveness includes advanced mold manufacturing standards and intelligent automation production capabilities[46][47] - The company has leading capabilities in composite molding and high-end mold design, particularly in automotive lightweight and energy-saving technologies[48] - The company has developed automated production lines for plastic and metal product assembly, enhancing production efficiency[50] - The company's ultrasonic processing technology enables precision machining of hard and brittle materials, supporting aerospace and high-end automotive industries[51] - The company successfully developed a thin-wall tire cover mold, which is lightweight and meets the automotive lightweight requirements, contributing to reduced fuel consumption and promoting the design and product upgrade of domestic automotive parts[71] - The company's automotive mold complex inclined top manufacturing auxiliary device technology has improved processing efficiency, enhanced quality, and reduced processing costs, with a single plate processing time reduced to a maximum of 20 hours[71] - The company's automotive air conditioning single-cavity two-color mold design and development project has simplified the mold structure, reduced material and cost, and shortened the molding cycle time, with the mold only needing to open once during the two-color injection process[71] - The company's automotive front upper cover plate translation-type two-color mold design and development project has reduced the mold volume and difficulty, improving the first-time success rate of the product and reducing design, production, and re-design costs[71] - High-gloss injection molding technology reduces secondary processing, lowers costs, and improves production efficiency and product quality[72] - The new no-ejector-plate mold structure reduces mold size and cost, especially for medium and large molds[72] - The new double-seal adjustable valve pin sleeve technology reduces maintenance costs by 50%, saving approximately 300,000 RMB[72] - The high-gloss steam grille molding process eliminates surface weld lines, achieving a high-gloss, seamless surface finish[72] - The no-ejector-plate mold uses air ejection instead of traditional ejector pins, reducing mold complexity and cost[72] - The new double-seal adjustable valve pin sleeve improves reliability and reduces maintenance for hot runner systems[72] - The high-gloss steam grille molding process reduces environmental pollution by eliminating the need for surface spraying[72] - The new double-seal adjustable valve pin sleeve technology enhances product quality and supports energy-saving