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迪威尔(688377) - 2023 Q4 - 年度财报(更正)
DEVELOPDEVELOP(SH:688377)2024-06-24 08:26

Financial Performance - The net profit attributable to the parent company for the year 2023 is CNY 142,432,629.62, with an accumulated undistributed profit of CNY 547,149,813.41 at year-end[4]. - The proposed cash dividend is CNY 2.30 per 10 shares (including tax), amounting to a total of CNY 44,490,906.06, which represents 31.24% of the net profit attributable to shareholders[4]. - The company's operating revenue for 2023 reached ¥1,210,066,911.38, representing a year-on-year increase of 23.12% compared to ¥982,818,478.98 in 2022[23]. - Net profit attributable to shareholders was ¥142,432,629.62, up 17.26% from ¥121,462,580.80 in the previous year[23]. - The net profit after deducting non-recurring gains and losses increased by 27.60%, totaling ¥137,055,635.14 compared to ¥107,407,135.42 in 2022[23]. - The net cash flow from operating activities improved significantly, reaching ¥199,422,928.38, a recovery from a negative cash flow of ¥21,732,744.03 in 2022[23]. - Basic earnings per share rose to ¥0.74, reflecting a growth of 17.46% from ¥0.63 in 2022[24]. - The company’s total assets increased by 9.72% to ¥2,524,982,807.85, compared to ¥2,301,361,531.84 in 2022[23]. - The overall gross profit for 2023 was ¥22,110.03 million, up from ¥17,276.77 million in 2022, reflecting a growth of 27.36%[111]. - The company's revenue for the reporting period increased by 23.12% year-on-year, reaching approximately ¥1.21 billion, primarily due to the effective operation of the 70MN deep-sea oil and gas underwater production system project launched last year[95]. Dividend and Profit Distribution - The board of directors has approved the profit distribution plan, which will be submitted to the 2023 annual general meeting for review[5]. - The proposed cash dividend is CNY 2.30 per 10 shares (including tax), amounting to a total of CNY 44,490,906.06, which represents 31.24% of the net profit attributable to shareholders[4]. Audit and Compliance - The company has received a standard unqualified audit report from the auditing firm Tianye[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not reported any violations of decision-making procedures regarding external guarantees[7]. - The company has not disclosed any special arrangements for corporate governance[7]. Market and Industry Trends - The oil and gas industry is experiencing a gradual recovery, with stable growth in exploration and development investments despite ongoing market competition[35]. - The global oil and gas market is gradually recovering, with exploration and development investments stabilizing, aligning with the company's sales growth trends[107]. - The average Brent crude oil price was $82.64 per barrel, a decrease of 18.4% year-on-year, while domestic crude oil production increased by 2.1% to 20.9 million tons[51]. - The company anticipates a continued increase in global oil demand in 2024, with an expected average oil price of $83 per barrel and a 5.7% increase in upstream exploration and development capital expenditure[52]. - The domestic oil and gas service market is expected to maintain a positive trend, supported by government strategies to enhance oil and gas exploration and production[53]. Research and Development - Research and development expenses accounted for 3.57% of operating revenue, a decrease of 0.49 percentage points from 4.06% in 2022[24]. - Research and development investment totaled ¥43,162,276.92, representing an 8.21% increase from the previous year[61]. - The company has obtained a total of 115 patents, including 4 international patents and 45 domestic invention patents, along with 10 software copyrights[56]. - The company has filed for 9 invention patents and 2 utility model patents during the reporting period[59]. - The company emphasizes continuous technological R&D and rich manufacturing experience as core competitive advantages[70]. Production and Sales - The company produces over 90,000 products annually, with nearly 10,000 specifications, reflecting a small-batch, multi-variety production model that requires high-quality management and timely delivery[73]. - The total production of oil and gas production system components was 90,567 units in 2023, with a sales volume of 88,490 units, reflecting a production increase of 26.52%[120]. - The company’s foreign sales accounted for 65% of total revenue, exposing it to exchange rate risks, particularly with the appreciation of the RMB leading to foreign exchange losses[86]. - The company has expanded its domestic market presence by collaborating with leading local oil and gas equipment manufacturers, positioning itself as a key supplier of high-pressure, corrosion-resistant forged components[75]. Customer and Supplier Relationships - Sales to the top ten customers account for over 80% of the company's revenue, indicating a significant risk of performance decline if these relationships are affected[78]. - The company’s top five customers accounted for 70.01% of total sales, with the largest customer contributing ¥34,158.40 million, or 28.23% of total sales[127]. - The top five suppliers account for 53.55% of total procurement, with Supplier A contributing 28.25% and Supplier B 9.90%[136]. - The company has established long-term strategic partnerships with major oil and gas service companies such as TechnipFMC and SLB, enhancing its market position[39]. Risks and Challenges - The company faces challenges from increasing global economic uncertainty and competition from clean energy markets, necessitating ongoing investment in R&D and product quality improvements[54]. - The company faces risks related to new product development, including high costs and the potential for failure in meeting performance and quality standards, which could impact profitability[79]. - The geopolitical landscape and international trade tensions pose risks that could lead to reduced production orders and impact future performance[92][94]. - The company is at risk of significant quality issues that could lead to customer penalties or loss of future orders, impacting its operational performance and reputation[84]. Cash Flow and Liquidity - Operating cash flow improved significantly, with a net cash flow from operating activities of approximately ¥199.42 million, compared to a negative cash flow in the previous year[95]. - The company reported a net cash inflow from operating activities of 1.99 billion yuan, a significant turnaround from a net outflow of 0.22 billion yuan in 2022[152]. - The accounts receivable balance increased to CNY 41,653.94 million by December 31, 2023, compared to CNY 37,894.38 million in 2022, while the provision for bad debts rose to CNY 2,117.71 million from CNY 1,942.36 million[177]. Strategic Focus - The company aims to rapidly implement key projects related to deep-sea oil and gas development and nickel-based alloy welding to enhance its competitive position in the international high-end market[54]. - The company is committed to maintaining strategic focus while adapting to market changes, ensuring steady and healthy development[54]. - The company plans to enhance its manufacturing capabilities with a new 350MN multi-directional forging hydraulic press, aimed at improving product quality and cost efficiency for deep-sea and fracturing equipment[50]. - The company is committed to enhancing its research and development infrastructure to support the development of high-value, specialized oil and gas equipment[200].