SNAT(600841)2024-04-29 12:18Financial Performance - The company's operating revenue for Q1 2024 was ¥1,827,778,947.26, representing a decrease of 9.11% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥284,381,216.32, with a significant reduction in losses compared to -¥479,680,000 in the previous year[7]. - Basic earnings per share for the period were -¥0.20, an improvement from -¥0.29 in the same period last year[8]. - The company reported a net loss of CNY 3,599,240,799.77, compared to a loss of CNY 3,314,859,583.45 in the previous year[21]. - The company reported a total comprehensive loss of -293,289,904.97 CNY in Q1 2024, compared to -470,692,015.52 CNY in Q1 2023, showing a significant improvement[25]. - The company’s total comprehensive income for Q1 2024 was 7,502,238.00 RMB, compared to 39,373,584.41 RMB in the same period last year, indicating a decline[34]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥612,571,417.90, indicating a worsening cash flow situation[3]. - Cash and cash equivalents decreased to CNY 5,419,913,442.81 from CNY 6,215,232,329.26, a decline of 12.8%[19]. - The company incurred total cash outflows from operating activities of 1,313,314,169.87 RMB in Q1 2024, compared to 1,749,717,496.68 RMB in Q1 2023, reflecting a 25% decrease[35]. - The company reported a decrease in cash inflows from operating activities, totaling 860,167,053.91 RMB in Q1 2024, compared to 1,106,110,209.05 RMB in Q1 2023, a decline of 22.3%[35]. - The company’s cash flow from financing activities showed a net outflow of -9,174,311.93 RMB in Q1 2024, with no cash inflows reported[36]. - The company has been actively managing accounts receivable to improve cash flow and reduce financial pressure[15]. Assets and Liabilities - Total assets at the end of the reporting period were ¥17,512,383,979.88, down 3.39% from the previous year-end[3]. - The company's equity attributable to shareholders decreased by 5.31% to ¥5,235,219,667.80 compared to the previous year-end[4]. - Total liabilities decreased to CNY 12,277,164,312.08 from CNY 12,598,882,087.12, a reduction of 2.5%[21]. - Cash and cash equivalents at the end of Q1 2024 were 5,279,934,829.07 CNY, down from 5,829,228,489.30 CNY at the end of Q1 2023, a decrease of approximately 9.4%[28]. - Total assets decreased to CNY 17,512,383,979.88 from CNY 18,127,416,719.48, a decline of 3.4%[20]. Sales and Market Performance - The company reported an increase in vehicle sales and improved collection of accounts receivable, contributing to reduced losses[7]. - In Q1 2024, the company sold 38,200 diesel engines, a year-on-year decrease of 24.43%[12]. - The subsidiary, SAIC Hongyan, achieved revenue of 627 million RMB in Q1 2024, a year-on-year increase of 38.82%[12]. - Total revenue from sales of goods and services in Q1 2024 was 834,882,665.12 RMB, down 22.7% from 1,080,803,714.33 RMB in Q1 2023[35]. Expenses and Cost Management - Total operating costs for Q1 2024 were CNY 2,116,484,065.26, down from CNY 2,411,964,635.81 in Q1 2023, reflecting a reduction of 12.2%[23]. - Research and development expenses decreased to 92,198,362.37 CNY in Q1 2024 from 108,839,979.71 CNY in Q1 2023, a reduction of approximately 15.4%[24]. - Sales expenses were 97,782,397.59 CNY in Q1 2024, down from 121,237,800.60 CNY in Q1 2023, reflecting a decrease of about 19.3%[24]. - The company incurred financial expenses of 9,985,997.27 CNY in Q1 2024, significantly lower than 27,759,093.71 CNY in Q1 2023, a reduction of about 64.0%[24]. Market Risks and Competition - The company faces risks from macroeconomic fluctuations, which could impact customer demand and overall performance[12]. - The company is experiencing increased competition in the heavy truck and diesel engine markets, affecting business expansion and performance[13]. - The stock price is influenced by various unpredictable factors, including market demand and economic policies, posing investment risks[16]. Future Outlook and Strategy - The company plans to enhance its product development in new energy heavy trucks and environmentally friendly engines to capture market opportunities[16].