Hoshion(002824)2024-04-28 08:14Financial Performance - The company's operating revenue for 2023 was CNY 2,905,054,716, a decrease of 3.14% compared to CNY 2,999,274,330 in 2022[21] - The net profit attributable to shareholders for 2023 was CNY 141,787,952.13, down 30.70% from CNY 204,597,163.36 in 2022[21] - The net cash flow from operating activities was negative CNY 132,728,127.13, a decline of 438.63% compared to CNY 159,280,936.93 in 2022[21] - Basic earnings per share decreased by 32.00% to CNY 0.51 from CNY 1.08 in 2022[21] - Total revenue for 2023 was approximately ¥2.91 billion, a decrease of 3.14% compared to ¥2.99 billion in 2022[66] - Automotive parts revenue decreased by 5.98% to ¥1.93 billion, accounting for 66.54% of total revenue[68] - Electronic consumer products revenue increased by 6.64% to ¥543.75 million, representing 18.72% of total revenue[68] - The company reported a significant increase in other business income by 34.60% to ¥180.90 million, which constituted 6.23% of total revenue[67] Assets and Liabilities - Total assets at the end of 2023 were CNY 3,631,114,186, representing a 19.40% increase from CNY 3,041,151,787 at the end of 2022[22] - The net assets attributable to shareholders increased by 6.71% to CNY 1,676,286,504.40 from CNY 1,570,807,883.28 in 2022[22] - Cash and cash equivalents increased to ¥250,810,512.63, representing 6.91% of total assets, up from 6.81% at the beginning of the year[83] - Accounts receivable decreased to ¥826,491,532.51, accounting for 22.76% of total assets, down from 33.27%, a reduction of 10.51%[83] - Inventory increased to ¥459,041,412.52, making up 12.64% of total assets, compared to 14.74% previously, a decrease of 2.10%[83] - Short-term borrowings surged to ¥533,943,908.32, constituting 14.70% of total assets, up from 4.87%, an increase of 9.83%[83] - Long-term borrowings increased to ¥298,700,000.00, accounting for 8.23% of total assets, down from 8.65%, a decrease of 0.42%[84] Market and Industry Trends - The global sales of new energy vehicles reached 14.653 million units in 2023, a year-on-year increase of 35.4%, with China's production and sales at 9.587 million and 9.495 million units, respectively[32] - The global shipment of energy storage lithium batteries was 225 GWh in 2023, marking a 50% year-on-year growth, with China's share at 206 GWh, representing 91.6% of the total[32] - The new energy vehicle market is projected to exceed 50% market share by 2035, with fuel cell vehicle ownership reaching around 1 million units[39] - The consumption electronics sector saw a slight recovery in Q3 2023, with global smartphone shipments totaling 1.17 billion units, a decrease of 3.2% year-on-year[35] Research and Development - The company aims to enhance its core competitiveness through continuous technological innovation and has 191 authorized patents[58] - The company plans to continue increasing R&D investment in material science and production processes to enhance its position in the consumer electronics sector[37] - R&D investment amounted to ¥145,566,165.81 in 2023, a decrease of 8.58% compared to ¥159,224,475.25 in 2022, representing 5.01% of operating revenue[77] - Research and development investments increased by 30%, totaling 150 million yuan, aimed at enhancing product quality and technology[139] Corporate Governance - The company has established a governance structure comprising the shareholders' meeting, board of directors, supervisory board, and management, all operating independently[125] - The board of directors consists of 7 members, including 3 independent directors, and held 10 meetings during the reporting period[115] - The supervisory board has 3 members, including 1 employee supervisor, and convened 8 meetings, ensuring compliance with legal requirements[116] - The company maintained a high level of attendance and engagement from its board members throughout the reporting period[146] Risk Management - The company acknowledges risks related to macroeconomic cycles and policy changes, which could adversely affect profitability, and plans to adjust its operational policies accordingly[103] - The company faces geopolitical risks as some countries develop local electric vehicle industries in response to China's growth in this sector[103] - The company is exposed to raw material price volatility, particularly for aluminum ingots, and will employ flexible pricing mechanisms and cost management strategies to mitigate this risk[103] - The company has implemented a hedging strategy to mitigate raw material price fluctuations, ensuring stable procurement costs and maintaining profit levels despite market volatility[90] Employee and Talent Management - The total number of employees at the end of the reporting period is 4,757, with 1,678 in the parent company and 3,079 in major subsidiaries[153] - The company has implemented a training program aimed at enhancing employee skills and professional development, aligning with its strategic goals[155] - The company has a total of 480 employees with a bachelor's degree or higher, indicating a commitment to educational qualifications within its workforce[153] Shareholder Engagement - The company plans to continue its dividend policy, proposing a distribution of 0.5 RMB per share for the fiscal year 2023[151] - The company distributed a cash dividend of 3.131637 RMB per 10 shares, totaling 62,610,589.73 RMB (including tax) based on a total share capital of 199,929,256 shares[157] - The proposed cash dividend for 2024 is 1.90 RMB per 10 shares, amounting to 53,189,128.77 RMB (including tax), with no stock dividends or capital reserve transfers planned[160] Compliance and Internal Control - The internal control system has been continuously improved to ensure compliance and asset security, with no significant internal control deficiencies reported during the period[167] - The internal control audit report indicates that the company maintained effective financial reporting internal controls as of December 31, 2023[172] - The company did not face any administrative penalties related to environmental issues during the reporting period[174]