晶澳科技(002459) - 2023 Q4 - 年度财报

Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.63 per 10 shares (tax included) to all shareholders[4] - A cash dividend of 0.563 yuan per share was proposed, totaling 2.112 billion yuan including share repurchases, representing 30% of net profit[112] - The company plans to distribute cash dividends of RMB 5.63 per 10 shares, totaling RMB 1,851,923,026.48[152] - The total cash dividends, including share repurchases, amount to RMB 2,111,851,755.10, representing 30% of the net profit attributable to shareholders[152] Company Address and Stock Listing - The company's registered address was changed from "No. 3, Tianshan North Road, Qinhuangdao Economic and Technological Development Zone" to "No. 123, Xinxing Road, Ningjin County, Hebei Province" on April 23, 2020[9] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 002459[9] Annual Report and Financial Statements - The company's annual report for 2023 was released in April 2024[1] - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report[3] - The company's future plans and business objectives in the report are forward-looking statements and do not constitute a substantive commitment to investors[3] - The company's annual report includes detailed descriptions of potential risks in its operations in the "Management Discussion and Analysis" section[3] - The company's annual report is available at the Securities Affairs Department located at Building 8, Node Center, No. 1, Automobile Museum East Road, Fengtai District, Beijing[6] - The company's annual report includes financial statements signed by the company's responsible person, the person in charge of accounting work, and the accounting institution[6] - The company's annual report includes an audit report with the seal of the accounting firm and the signature of the certified public accountant[6] Financial Performance - Revenue for 2023 reached RMB 81.56 billion, an increase of 11.74% compared to 2022[18] - Net profit attributable to shareholders in 2023 was RMB 7.04 billion, up 27.21% year-on-year[18] - Operating cash flow surged by 51.72% to RMB 12.41 billion in 2023[18] - Total assets grew by 47.15% to RMB 106.59 billion at the end of 2023[19] - Basic earnings per share increased by 25.15% to RMB 2.14 in 2023[18] - Q4 2023 revenue was RMB 21.58 billion, the highest among all quarters[21] - Q4 2023 net profit attributable to shareholders was RMB 274.66 million, the lowest among all quarters[21] - Q4 2023 operating cash flow was RMB 5.26 billion, the highest among all quarters[21] - Weighted average return on equity decreased by 1.65% to 22.52% in 2023[19] - Non-current asset disposal losses amounted to -213,483,538.13 in 2023, primarily due to the disposal of obsolete assets for technological upgrades[23] - Government subsidies recognized in 2023 totaled 627,197,400.18, a significant increase from 339,784,651.05 in 2022[23] - Fair value changes and disposal losses of financial assets and liabilities resulted in a loss of -425,313,440.17 in 2023, mainly due to foreign exchange hedging losses[23] - The company achieved annual revenue of 81.556 billion yuan, an increase of 11.74% year-on-year[111] - Net profit attributable to shareholders was 7.039 billion yuan, up 27.21% compared to the previous year[111] Global PV Market Trends - Global PV installations reached a record high of 444GW in 2023, a 76% year-on-year increase[24] - By 2030, global renewable energy capacity needs to reach over 11,000GW, with solar PV and wind power accounting for 90% of new renewable energy capacity[24] - The number of countries with GW-level PV installations increased to 32 in 2023, with projections of 39 in 2024 and 53 in 2025[24] - Global PV cumulative installations are expected to reach at least 5.4TW by 2030, requiring an additional 4.3TW from 2023-2030, with an annual growth of 544GW[25] - By 2027, global PV cumulative installations are projected to surpass coal, becoming the largest power source[26] - China's PV installations are expected to reach 190-220GW in 2024, with cumulative installations exceeding 810GW[26] - EU PV installations grew by 55.9GW in 2023, with cumulative installations reaching 263GW, a 27% increase[27] - US PV installations reached 32.4GW in 2023, a year-on-year increase of over 50%, accounting for more than half of all new power installations[29] - China's PV new installations in 2023 reached 216.88GW, a year-on-year increase of 148.1%, with distributed PV installations at 96.29GW and centralized PV installations at 120.59GW[30] - China's PV manufacturing output in 2023: polysilicon 1.43 million tons (+66.9%), silicon wafers 622GW (+67.5%), PV cells 545GW (+64.9%), and PV modules 499GW (+69.3%)[30] - China's PV product export value in 2023 was approximately $48.48 billion, a year-on-year decrease of 5.4%, with Europe accounting for 42% of exports[30] Company's PV Business and Industry Position - The company's PV module shipments ranked among the top four globally from 2022 to 2023, maintaining a leading industry position[32] - The company operates a vertically integrated PV industry chain, with production facilities in China and Vietnam, focusing on silicon wafers, cells, modules, and PV power station development[33] - The company established the "Smart Energy Division" to expand investments in downstream PV applications and explore various PV power generation scenarios[33] - The company focuses on R&D to improve the photoelectric conversion efficiency of crystalline silicon solar cells and reduce production costs[32] - The company was recognized as a "National Manufacturing Champion" in March 2024, reaffirming its industry leadership[32] - The company's "Photovoltaic New Materials Division" strengthens R&D in PV materials and equipment to support the main industry chain and reduce costs[33] - The latest n-type Bycium+ battery technology has achieved a mass production conversion efficiency of 26.3%[34] - DeepBlue 4.0 Pro component power reaches 635W with an efficiency exceeding 22.8%[36] - DeepBlue 4.0 Pro reduces BOS costs by 2%-4.5% and LCOE by 2.5%-6% compared to p-type components[36] - The company's photovoltaic power station scale reached 2.165GW by the end of 2023[37] - The company's silicon rod and wafer production costs have significantly decreased, reaching industry-leading levels[34] - DeepBlue 4.0 Pro reduces BOS costs by 1.4%-2.8% and LCOE by 0.7%-1.6% compared to previous n-type components[36] - The company's battery production costs have significantly decreased, achieving industry-leading levels in conversion efficiency and production costs[34] - The company's photovoltaic product business group adopts a "sales-to-production" order-based production model[39] - The company's R&D model includes independent R&D and third-party collaborative R&D[40] - The company's overseas sales teams are localized to provide efficient product sales and technical services[40] - The company's photovoltaic module production capacity reached 95GW by the end of 2023, with silicon wafer and battery capacities at approximately 90% of module capacity[45] - The company has established 13 overseas sales companies, with a sales and service network covering 165 countries and regions[46] - The company's global layout strategy helps mitigate the impact of market fluctuations and international trade frictions, maintaining a stable development trend[47] - The company's energy storage center develops outdoor cabinet and prefabricated cabin energy storage systems using self-developed 1500V liquid cooling platform technology[43] - The company's photovoltaic new materials division adopts a "sales-to-production, moderate inventory" production model to better respond to market changes[44] - The company's centralized photovoltaic power stations adopt a "full grid connection" sales model, with electricity uniformly dispatched and settled by the grid[41] - The company's distributed commercial and industrial power stations use "self-consumption with surplus grid connection" or "full grid connection" sales models[41] - The company's household distributed power stations combine "full grid connection" with "roof leasing" models to promote rural economic development[42] - The company's photovoltaic new materials division focuses on independent R&D, continuously improving production processes and reducing costs[44] - The company's global layout includes vertical integration production factories in Southeast Asia and component factories in the United States to ensure overseas market supply[46] - The latest mass-produced n-type Bycium+ battery has achieved a conversion efficiency of 26.3%[48] - The company's component capacity reached 95GW by the end of 2023, with silicon wafer and battery capacity reaching about 90% of component capacity[49] - The company plans to further integrate production capacity in 2024, with each segment's capacity exceeding 100GW[49] - The company has been awarded the "Top Performer" component supplier by PVEL for the eighth time in 2023[48] - The company holds 1,263 authorized patents, including 285 invention patents, as of the end of 2023[48] - The company has been recognized as a "Top PV Brand" by EuPD Research in multiple countries and regions[50] - The company has been awarded the "Overall Best Performance" honor by RETC for four consecutive years from 2020 to 2023[50] - The company has been rated as a Tier 1 bankable brand by BloombergNEF and has received the PV ModuleTech Bankability AAA rating[50] - The company has implemented AGV vehicles, 5G networks, and AI technologies in production factories, significantly reducing the number of front-line employees[52] - The company has developed a self-developed production line fault management system, enabling rapid identification of production line issues and fault warnings[52] - Revenue reached 81,556.177 million yuan, a year-on-year increase of 11.74%, and net profit attributable to shareholders was 7,039.4905 million yuan, a year-on-year increase of 27.21%[54] - Battery module shipments reached 57.094GW, with overseas component shipments accounting for 48% and distribution shipments accounting for 27%[55] - R&D investment was 4.446 billion yuan, accounting for 5.45% of revenue, and the company has 1,263 authorized patents, including 285 invention patents[56] - Component production capacity exceeded 95GW, with silicon wafer and battery production capacity at about 90% of component capacity, and n-type battery production capacity exceeded 57GW[57] - Successfully issued convertible bonds raising 8.96 billion yuan for new production projects[59] - Initiated the issuance of public REITs to accelerate asset turnover and optimize the company's asset-liability structure[60] - Repurchased 12,483,600 shares for a total of 259.92872862 million yuan to establish a long-term incentive mechanism[62] - Six bases were awarded the national "Green Factory" title, and the company donated 20 million yuan for flood relief and reconstruction in Hebei Province[63] - Total operating revenue increased by 11.74% to 81,556,177,236.98 yuan in 2023 compared to 2022[64] - Revenue from the photovoltaic module segment grew by 11.13% to 78,174,617,903.22 yuan, accounting for 95.86% of total revenue[64] - Domestic revenue surged by 27.27% to 37,128,416,721.90 yuan, representing 45.53% of total revenue[64] - Revenue from the Americas increased by 36.48% to 13,571,634,350.71 yuan, making up 16.64% of total revenue[64] - Direct sales revenue rose by 25.98% to 59,428,565,574.59 yuan, accounting for 72.87% of total revenue[64] - Sales volume of photovoltaic modules increased by 39.47% to 53,145.46 MW in 2023[67] - Production volume of photovoltaic modules grew by 49.72% to 59,953.47 MW in 2023[67] - Inventory of photovoltaic modules surged by 113.01% to 9,073.91 MW in 2023[67] - Top five customers accounted for 20.48% of total sales, with the top customer contributing 7.11%[71] - Top five suppliers accounted for 27.74% of total procurement, with the top supplier contributing 8.55%[72] - Sales expenses increased by 31.43% to 1,380,055,285.54 yuan, mainly due to increased personnel costs, quality assurance deposits, travel expenses, and bidding costs[74] - Management expenses rose by 37.32% to 2,345,294,394.91 yuan, driven by higher personnel costs, share-based payments, start-up costs, and consulting audit fees[74] - R&D expenses grew by 13.44% to 1,142,079,441.86 yuan, primarily due to increased R&D personnel costs and material expenses[74] - The number of R&D personnel increased by 8.57% to 2,471, while the proportion of R&D personnel decreased by 2.06% to 4.92%[75] - R&D investment decreased by 3.52% to 4,445,889,371.64 yuan, accounting for 5.45% of revenue, down from 6.31% in 2022[76] - Net cash flow from operating activities surged by 51.72% to 12,414,145,385.75 yuan, driven by increased sales and collections[77] - Net cash flow from investing activities dropped by 146.20% to -17,793,483,177.69 yuan, mainly due to increased cash outflows for long-term asset purchases[77] - Net cash flow from financing activities increased by 507.98% to 5,960,352,904.17 yuan, attributed to the issuance of convertible bonds and reduced debt repayments[77] - Asset impairment losses amounted to -2,306,180,736.94 yuan, primarily due to inventory write-downs and fixed asset impairment[79] - Other income reached 733,371,268.20 yuan, mainly from government subsidies[79] - The company's monetary funds decreased by 1.82% to RMB 15,988,433,550.07 at the end of 2023, accounting for 15.00% of total assets[80] - Accounts receivable decreased by 2.92% to RMB 9,165,987,673.61, representing 8.60% of total assets[80] - Inventory decreased by 2.86% to RMB 14,471,851,729.28, accounting for 13.58% of total assets[81] - Fixed assets increased by 4.98% to RMB 36,865,874,794.59, representing 34.59% of total assets, mainly due to project construction investments[81] - Construction in progress increased by 5.47% to RMB 9,740,436,205.07, accounting for 9.14% of total assets, primarily due to increased project construction investments[81] - The company's total investment in the reporting period was RMB 31,281,090,982.03, a 197.52% increase compared to the same period last year[85] - The company invested RMB 2,345,000,000.00 in JA Solar Investment (China) Co., Ltd., holding a 100% stake[86] - The company invested RMB 2,345,000,000.00 in JA Solar Smart Distributed Energy Technology (Hainan) Co., Ltd., holding a 100% stake[86] - The company invested RMB 2,714,658,300.00 in JA Solar New Energy Vietnam Co., Ltd., holding a 100% stake[87] - The company invested a total of 19.89 billion yuan in photovoltaic projects during the reporting period, with cumulative actual investments reaching 21.23 billion yuan[89] - The Ningjin 5GW slicing and 6GW high-efficiency battery project has been put into production with an investment of 1.77 billion yuan[88] - The Hefei 11GW high-power module expansion project has been completed with an investment of 917 million yuan[88] - The Qujing 10GW high-efficiency battery and 5GW module project has been put into production with an investment of 3.40 billion yuan[88] - The Baotou Jingao (Phase III) 20GW crystal pulling and 20GW slicing project has been completed with an investment of 3.37 billion yuan[88] - The Yangzhou 10GW high-efficiency battery project has been put into production with an investment of 1.75 billion yuan[88] - The Shijiazhuang annual 10GW slicing and 10GW battery project has been completed with an investment of 3.66 billion yuan[89] - The Dongtai annual 10GW battery and 10GW module project has been put into production with an investment of 4.80 billion yuan[89] - The company's derivative investments for hedging purposes amounted to 1.26 billion yuan, accounting for 35.78% of the company's net assets at the end of the reporting period[91] - The company reported a fair value change income of 12.56 million yuan and a settlement loss of 55.10 million yuan from derivative investments[91] - Total funds raised in 2020 through non-public stock issuance: RMB 5,199,999,991.50[95] - Net funds raised in 2020 after deducting underwriting and other fees: RMB 5,158,236,660.00[95] - Total funds raised in 2021 through non-public stock issuance: RMB 4,999,