SJA(600609)2024-05-27 10:21Financial Performance - The company's operating revenue for 2023 was CNY 5,139,573,631.82, a decrease of 8.73% compared to CNY 5,631,242,048.68 in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 121,593,873.36, down 18.89% from CNY 149,917,576.82 in 2022[22]. - The net profit after deducting non-recurring gains and losses was CNY 82,964,540.96, a decline of 39.91% from CNY 138,060,164.22 in 2022[22]. - Basic earnings per share for 2023 were CNY 0.090, down 18.18% from CNY 0.110 in 2022[23]. - The weighted average return on equity decreased by 5.28 percentage points to 12.24% in 2023 from 17.52% in 2022[23]. - The company achieved operating revenue of 5.14 billion RMB, a year-on-year decrease of 8.73%[31]. - The net profit attributable to shareholders was 122 million RMB, down 18.89% year-on-year[31]. - The company's total revenue for the period was approximately CNY 4.83 billion, with a gross margin of 18.09%, reflecting a decrease of 6.56% in revenue compared to the previous year[43]. - The company reported a total profit of RMB 407,672,939.39 for 2023, up from RMB 312,134,278.02 in 2022, marking a growth of 30.6%[188]. - The total comprehensive income for 2023 was RMB 354,435,590.01, compared to RMB 297,632,054.73 in 2022, an increase of 19.1%[188]. Cash Flow and Assets - The net cash flow from operating activities increased by 142.83% to CNY 850,791,471.93 from CNY 350,368,302.78 in 2022[22]. - The total assets at the end of 2023 were CNY 4,022,981,036.53, a decrease of 8.83% from CNY 4,412,748,994.83 at the end of 2022[22]. - The net assets attributable to shareholders increased by 13.46% to CNY 1,058,163,759.09 from CNY 932,635,311.09 at the end of 2022[22]. - The company's current assets decreased to ¥2,575,210,873.39 from ¥2,897,414,991.32, reflecting a decline of about 11.1%[181]. - The total liabilities decreased to ¥2,669,331,114.86 from ¥3,143,192,210.18, marking a reduction of about 15.1%[182]. - The company's equity attributable to shareholders rose to ¥1,058,163,759.09 from ¥932,635,311.09, an increase of approximately 13.5%[182]. Research and Development - R&D expenses increased by 29.23% to 315 million RMB, reflecting the company's commitment to new product design and development[37]. - A total of 33 new patents were added during the reporting period, including 2 invention patents and 31 utility model patents[32]. - The company established a unified R&D data management platform and implemented industrial internet and digital workshop applications for quality monitoring and data collection[36]. - The company received 33 authorized patents in 2023, including 2 invention patents and 31 utility model patents, with several more pending[37]. Operational Highlights - The company secured stable orders from BMW, which is considered a key factor for its development[31]. - The company completed the delivery of tooling samples for the F78 project, meeting all customer requirements[31]. - The company sold 479,400 sets of interior parts, a decrease of 5.78%, and 270,000 sets of seats, a decline of 17.81%[38]. - The company has a strong reputation as a first-class supplier in the technology field, supported by a team of 128 R&D personnel with extensive experience[36]. Governance and Management - The company emphasizes the importance of party leadership and internal control management to ensure effective governance and operational oversight[73]. - The company has established a governance mechanism that ensures clear responsibilities and effective decision-making among its decision-making, supervisory, and operational bodies[73]. - The total remuneration for the board members during the reporting period amounted to 487.17 million CNY[77]. - The company has maintained a stable governance structure with independent directors ensuring oversight[77]. Environmental Responsibility - The company invested 655,000 RMB in environmental protection during the reporting period[110]. - The subsidiary Shenyang Jinbei Lear Automotive Seating Co., Ltd. was listed as a key pollutant discharge unit in Shenyang for 2023[111]. - The company has implemented pollution prevention facilities, including regular maintenance of wastewater and industrial waste gas treatment systems[117]. - The company has obtained environmental impact assessment approvals and relevant permits for its subsidiaries[118]. Market Outlook and Strategy - The automotive market in China is expected to grow by over 3% in 2024, supported by government policies promoting consumption and the development of the new energy vehicle industry[65]. - The company's strategic focus for 2024 includes a "1+4" investment strategy aimed at expanding scale and enhancing quality, with a commitment to high-quality development[66]. - Key operational measures for 2024 include strengthening core business with BMW orders, upgrading product structure, and enhancing cooperative efforts to uncover new growth opportunities[67]. Risks and Challenges - The company faces risks related to cost control, quality assurance, market share retention, and a shortage of high-end talent, which could impact its operational efficiency[69]. - To mitigate risks, the company plans to expand production scale, implement lean management practices, and enhance quality control measures to improve profitability[70]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 46,687[151]. - The largest shareholder, Shenyang Automotive Industry Asset Management Co., Ltd., holds 242,967,345 shares, accounting for 18.53% of total shares[155]. - The company has not reported any changes in the shareholding for its directors and senior management during the reporting period[77]. Audit and Compliance - The audit opinion confirms that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2023[173]. - The audit report indicates that the company has maintained necessary internal controls to prevent material misstatements due to fraud or error[176]. - The audit identified key audit matters, including the assessment of bad debt provisions, which are significant due to their reliance on management's judgments[174].