图南股份(300855) - 2024 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions Important Notices The board ensures report accuracy and proposes a dividend of RMB 1 per 10 shares - The company's management guarantees the authenticity, accuracy, and completeness of the report's content and assumes legal responsibility[1] - The proposed profit distribution plan for H1 2024 is a cash dividend of RMB 1 (tax inclusive) per 10 shares, with no bonus shares or capitalization of public reserves[1] Definitions This section defines key terms used in the report, including company entities and industry-specific terminology - The reporting period is defined as January 1, 2024, to June 30, 2024, and the prior-year period is January 1, 2023, to June 30, 2023[4] - "Two engines" refers to aero-engines and gas turbines, which are key application areas for the company's products[4] Company Profile and Key Financial Indicators Company Profile Jiangsu Tunan Alloy Co, Ltd (stock code: 300855) is listed on the Shenzhen Stock Exchange | Item | Content | | :--- | :--- | | Stock Name | Tunan Co, Ltd | | Stock Code | 300855 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wan Bofang | Key Accounting Data and Financial Indicators The company's revenue and net profit grew steadily, with a significant improvement in operating cash flow Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 731.47 million | 689.64 million | 6.07% | | Net Profit Attributable to Shareholders (RMB) | 191.32 million | 178.61 million | 7.11% | | Net Profit after Non-recurring Items (RMB) | 192.20 million | 172.56 million | 11.38% | | Net Cash Flow from Operating Activities (RMB) | 231.44 million | -66.00 million | 450.65% | | Basic Earnings Per Share (RMB/share) | 0.48 | 0.45 | 6.67% | | Weighted Average ROE | 10.04% | 11.26% | -1.22% | | Indicator | As of 2024-06-30 | As of 2023-12-31 | Change from Year-End | | Total Assets (RMB) | 2.37 billion | 2.19 billion | 8.19% | | Net Assets Attributable to Shareholders (RMB) | 1.90 billion | 1.83 billion | 4.13% | Non-recurring Profit and Loss Items and Amounts The company reported a total non-recurring loss of RMB 0.88 million, mainly from fair value changes in financial assets Non-recurring Profit and Loss Items for H1 2024 | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -37,545.84 | | Government Grants Recognized in Current P&L | 399,000.00 | | Fair Value Gains/Losses on Financial Assets/Liabilities | -2,011,761.42 | | Net Other Non-operating Income and Expenses | 100,934.26 | | Other P&L Items Defined as Non-recurring | 479,271.14 | | Income Tax Impact | -147,148.54 | | Total | -883,247.29 | Management Discussion and Analysis Business Overview The company specializes in high-performance alloys for the aerospace, gas turbine, and nuclear power sectors - The company's main business is high-performance alloy materials like superalloys and special stainless steels, and it is one of the few domestic enterprises capable of mass-producing both wrought and cast superalloys[17] - Products are primarily used in aero-engines, gas turbines, and nuclear power equipment for military and high-end civil applications[18] - The business model is mainly "production-to-order" combined with "production-to-plan", with sales conducted through direct sales and buyout distribution, and pricing based on a cost-plus model[22][23][25] - The company is a key domestic supplier of large, complex, thin-walled superalloy structural components for aero-engines and seamless tubes for aircraft and engines[27] Core Competency Analysis Core competencies include a strong customer base, advanced R&D, a complete industry chain, and stringent quality control - Customer Advantage: Long-term stable partnerships with major domestic aero-engine manufacturers (Group A, Group B) and large enterprises like Shanghai Electric[34] - Certification Advantage: One of the few domestic superalloy producers with dual military and civil certifications (e.g., GJB9001C, AS9100D)[35] - Technology Advantage: Mastery of core technologies such as ultra-pure superalloy melting and near-net-shape investment casting, holding 40 national invention patents[36] - Industry Chain Advantage: Full-chain capability from master alloys to precision castings and wrought products, enhancing customer stickiness[37] Analysis of Main Business Operations Business growth was driven by wrought superalloys, while operating cash flow improved significantly due to timely collections Key Financial Data YoY Changes | Item | H1 2024 | H1 2023 | YoY Change | Key Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 731M | RMB 690M | 6.07% | No significant change | | Financial Expenses | -RMB 0.79M | RMB 0.27M | -393.10% | Increased foreign exchange gains | | R&D Investment | RMB 35.63M | RMB 19.86M | 79.42% | Increased investment in R&D projects | | Net Operating Cash Flow | RMB 231.44M | -RMB 66.00M | 450.65% | Timely sales collections and note settlements | | Net Investment Cash Flow | -RMB 62.70M | -RMB 127.85M | 51.15% | Slowdown in fixed asset investment | Operating Revenue by Product (Unit: RMB) | Product Segment | Operating Revenue | Operating Cost | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Cast Superalloys | 279,291,407.73 | 137,321,836.37 | 50.83% | -19.45% | | Wrought Superalloys | 277,458,630.38 | 192,943,215.56 | 30.46% | 30.79% | | Special Stainless Steels | 38,838,278.86 | 22,580,965.89 | 41.86% | -5.40% | | Other Alloy Products | 87,525,713.78 | 76,065,270.03 | 13.09% | 21.13% | Analysis of Assets and Liabilities Total assets grew, with significant changes in cash, accounts receivable, and notes receivable due to business activities Key Changes in Balance Sheet Items | Item | Closing Balance (RMB) | Change from Opening | Key Reason | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 341,594,705.67 | 56.54% | Timely sales collections and note settlements | | Accounts Receivable | 244,327,797.44 | 345.30% | Increased sales leading to higher receivables | | Notes Receivable | 40,436,742.88 | -82.95% | Decrease in commercial acceptance bills | | Prepayments | 9,763,514.86 | 663.61% | Increased prepayments for raw materials | | Long-term Borrowings | 126,115,833.00 | 57.64% | Bank loans for subsidiary funding needs | | Non-current Liabilities Due within One Year | 27,551,111.11 | 33419.43% | Reclassification of maturing long-term debt | Investment Analysis Investment activities slowed as major projects neared completion, with ongoing investment in automated production lines - Total investment during the reporting period was RMB 62.72 million, a decrease of 51.14% YoY, mainly due to a slowdown in fixed asset investment[49] - The company is proceeding with two major projects for automated production lines for small and medium-sized aviation components, with a cumulative investment of RMB 496 million[50][51] - During the period, the company invested RMB 5 million of its own funds in bank wealth management products, all of which have matured[56] Risks and Countermeasures The company faces risks from customer concentration, military market development, technology, and raw material prices - High Customer Concentration: Key customers are major domestic aero-engine manufacturers; the company is mitigating this by expanding into the civil market[61] - Military Market Development Risk: Military product R&D has long cycles and high investment; the company diversifies risk by developing multiple models and products[62] - Technology Risk: Faces risks of technology leakage and obsolescence; countered by strengthening confidentiality, incentive mechanisms, and R&D investment[64][65][66] - Raw Material Price Fluctuation Risk: Prices of key materials like electrolytic nickel can impact gross margins; the company manages this through bulk purchasing and price linkage mechanisms[67] Corporate Governance Profit Distribution and Capitalization of Capital Reserves The board proposes a cash dividend of RMB 1.00 per 10 shares for the first half of 2024 H1 2024 Profit Distribution Proposal | Item | Details | | :--- | :--- | | Cash Dividend per 10 Shares (RMB, tax incl) | 1.00 | | Bonus Shares per 10 Shares | 0 | | Capitalization of Capital Reserves | 0 | | Total Cash Dividend (RMB, tax incl) | 39,530,725.00 (Estimated) | | Distributable Profit (RMB) | 906,240,657.83 | Implementation of Equity Incentive Plans The company is executing its 2022 restricted stock incentive plan, with the first vesting period completed - The company is implementing its 2022 restricted stock incentive plan, granted to 19 management and core technical personnel[75] - In August 2023, the conditions for the first vesting period were met, and 227,500 shares were registered for vesting, with a listing date of September 12, 2023[76][77] Environmental and Social Responsibility Environmental Protection As a key pollutant-discharging unit, the company complies with all environmental regulations and invests in protection measures - The company is listed as a key pollutant-discharging unit by environmental protection authorities[79] - The company holds valid environmental permits, including a Pollutant Discharge Permit (valid until January 22, 2029) and a Radiation Safety Permit[81] - During the reporting period, environmental protection investment totaled RMB 1.68 million, environmental taxes paid were RMB 27,900, and no environmental penalties were incurred[87][88] Social Responsibility The company actively fulfills its social responsibilities in governance, investor relations, employee rights, and community engagement - The company adheres to regulations to perfect its corporate governance and protect the rights of minority shareholders[90] - Actively manages investor relations through various channels, responding to 41 investor questions and hosting 6 institutional research visits during the period[92] - Emphasizes shareholder returns by proposing a semi-annual cash dividend for 2024 following the 2023 annual dividend[93] - Complies with labor laws, providing employees with social insurance, supplementary commercial insurance, competitive compensation, and career development paths[94] Important Matters Material Guarantees The company provided guarantees for its subsidiaries, with the total balance representing 5.18% of net assets Guarantees for Subsidiaries | Guaranteed Party | Guarantee Limit (RMB 10k) | Actual Guarantee Amount (RMB 10k) | Guarantee Type | | :--- | :--- | :--- | :--- | | Tunan Components | 9,000 | 9,000 | Joint and Several Liability | | Tunan Intelligent Manufacturing | 30,000 | 861.58 | Joint and Several Liability | | Total | 39,000 | 9,861.58 | - | - At the end of the reporting period, the total actual guarantee amount accounted for 5.18% of the company's net assets[109] Other Important Matters The company reports no material litigation, related-party transactions, or other significant events during the period - The company had no material litigation or arbitration matters during the reporting period[101] - No material related-party transactions related to daily operations occurred during the reporting period[102] Share Capital Changes and Shareholder Information Changes in Share Capital The total share capital remained unchanged, while the structure shifted due to executive share unlocking and lock-ups - The total share capital remained unchanged during the period at 395,307,250 shares[115] - Share structure changes were mainly due to: 1) Annual 25% unlocking of shares held by directors, supervisors, and senior management; 2) Lock-up of shares for 6 months following the departure of certain executives[115][116] Number of Shareholders and Shareholding Status The company had 10,782 shareholders, with the founding family maintaining controlling interest - As of the end of the reporting period, the total number of shareholders was 10,782[120] Top 10 Shareholders (as of period-end) | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Wan Bofang | 27.63% | 109,242,900 | | Chen Jianping | 6.67% | 26,354,250 | | Wan Jinyi | 5.23% | 20,666,100 | | E Fund Defense and Military Industry Mixed Fund | 4.36% | 17,244,354 | | Chen Jie | 4.19% | 16,545,750 | - The company's actual controllers are Wan Bofang and Wan Jinyi, who collectively control 34.44% of the voting rights through direct and indirect holdings[345][346] Financial Report Auditor's Report The semi-annual financial report for 2024 is unaudited - This semi-annual financial report has not been audited[126] Financial Statements This section presents the unaudited consolidated and parent company financial statements for the period Consolidated Balance Sheet Total assets reached RMB 2.37 billion with an asset-liability ratio of 19.61% as of June 30, 2024 Consolidated Balance Sheet Key Items (2024-06-30) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 2,368,308,191.20 | | Total Current Assets | 1,280,128,947.21 | | Total Non-current Assets | 1,088,179,243.99 | | Total Liabilities | 464,391,455.08 | | Total Current Liabilities | 297,894,289.54 | | Total Non-current Liabilities | 166,497,165.54 | | Total Equity | 1,903,916,736.12 | Consolidated Income Statement The company achieved a net profit of RMB 191.32 million on total revenue of RMB 731.47 million in H1 2024 Consolidated Income Statement Key Items (H1 2024) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 731,468,692.85 | | Operating Profit | 219,063,919.34 | | Total Profit | 219,167,013.79 | | Net Profit | 191,320,238.91 | | Net Profit Attributable to Parent Company Shareholders | 191,320,238.91 | | Basic Earnings Per Share | 0.48 | Consolidated Cash Flow Statement Operating cash flow was a net inflow of RMB 231.44 million, a significant improvement from the prior year Consolidated Cash Flow Statement Key Items (H1 2024) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 231,435,508.67 | | Net Cash Flow from Investing Activities | -62,704,413.70 | | Net Cash Flow from Financing Activities | -46,469,045.92 | | Net Increase in Cash and Cash Equivalents | 123,377,775.79 | Notes to Consolidated Financial Statements This section provides detailed explanations for key items in the consolidated financial statements Supplementary Information This section details non-recurring items and provides calculations for ROE and EPS Details of Non-recurring Profit and Loss | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -37,545.84 | | Government Grants Recognized in Current P&L | 399,000.00 | | Fair Value Gains/Losses on Financial Assets/Liabilities | -2,011,761.42 | | Other Non-operating Income/Expenses & Defined Items | 620,000.00 | | Less: Income Tax Impact | -147,148.54 | | Total | -883,247.29 | Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE | Basic EPS (RMB/share) | Diluted EPS (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 10.04% | 0.48 | 0.48 | | Net Profit after Non-recurring Items | 10.09% | 0.49 | 0.49 |