经纬辉开(300120) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the reporting period was 1,598,154,584.47 yuan, a decrease of 1.37% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was 48,184,667.98 yuan, an increase of 7.23% year-on-year[11] - Operating cash flow increased significantly by 178.95% to 82,046,746.24 yuan compared to the same period last year[11] - Basic earnings per share increased by 0.36% to 0.0839 yuan per share[11] - Revenue for the reporting period was 1,598,154,584.47 yuan, a year-on-year decrease of 1.37%[19] - Net profit attributable to shareholders of the listed company was 48,184,667.98 yuan, a year-on-year increase of 7.23%[19] - R&D investment increased by 11.32% to 41,860,087.90 yuan compared to the same period last year[24] - Net cash flow from operating activities increased by 178.95% to 82,046,746.24 yuan[24] - Net cash flow from financing activities decreased by 115.63% to -134,057,079.02 yuan[24] - Total operating revenue for the first half of 2024 was 1,598,154,584.47 yuan, a slight decrease from 1,620,409,541.10 yuan in the same period of 2023[93] - Net profit for the first half of 2024 was 48,184,667.98 yuan, an increase from 44,451,933.08 yuan in the same period of 2023[94] - R&D expenses for the first half of 2024 were 41,860,087.90 yuan, up from 37,604,492.84 yuan in the same period of 2023[93] - Interest income for the first half of 2024 was 7,751,379.75 yuan, an increase from 4,055,724.91 yuan in the same period of 2023[94] - Credit impairment loss for the first half of 2024 was 9,958,520.22 yuan, a significant increase from 2,306,931.29 yuan in the same period of 2023[94] - Basic earnings per share for the first half of 2024 were 0.0839 yuan, slightly up from 0.0836 yuan in the same period of 2023[96] - Total comprehensive income for the first half of 2024 was 55,018,530.05 yuan, a decrease from 61,464,942.22 yuan in the same period of 2023[96] - Parent company's operating income for the first half of 2024 was 12,046,241.78 yuan, a significant decrease from 106,970,106.72 yuan in the same period of 2023[97] - Net profit for the first half of 2024 was RMB 14,094,367.22, a significant increase from RMB 3,594,277.80 in the same period last year[98] - Total comprehensive income for the first half of 2024 was RMB 12,779,067.22, compared to RMB 3,536,722.80 in the same period last year[99] - Cash flow from operating activities for the first half of 2024 was RMB 82,046,746.24, a positive shift from a negative RMB 103,926,929.40 in the same period last year[100] - Cash flow from investing activities for the first half of 2024 was negative RMB 26,317,124.60, an improvement from negative RMB 94,444,821.04 in the same period last year[101] - Cash flow from financing activities for the first half of 2024 was negative RMB 134,057,079.02, compared to a positive RMB 857,620,982.67 in the same period last year[101] - Total cash and cash equivalents at the end of the first half of 2024 were RMB 944,416,066.03, down from RMB 1,061,280,985.12 at the end of the same period last year[101] - Basic earnings per share for the first half of 2024 were RMB 0.0222, up from RMB 0.0062 in the same period last year[99] - Diluted earnings per share for the first half of 2024 were RMB 0.0222, up from RMB 0.0062 in the same period last year[99] - Credit impairment loss for the first half of 2024 was negative RMB 753,984.84, compared to negative RMB 237,036.73 in the same period last year[98] - Asset disposal income for the first half of 2024 was RMB 16,451,944.42[98] - The net cash flow from operating activities for the first half of 2024 was RMB 32,077,078.23, a significant improvement from the negative RMB 58,074,248.92 in the same period last year[102] - The net cash flow from investing activities for the first half of 2024 was RMB 1,988,632.00, compared to RMB 53,520,526.00 in the same period last year[102] - The net cash flow from financing activities for the first half of 2024 was negative RMB 144,417,347.22, compared to positive RMB 751,005,765.97 in the same period last year[102] - The total cash and cash equivalents at the end of the first half of 2024 were RMB 599,327,602.90, a decrease from RMB 709,676,545.93 at the beginning of the period[102] - The company's total equity at the end of the first half of 2024 was RMB 3,000,351,770.15, an increase from RMB 2,956,123,973.42 at the beginning of the period[104] - The company's comprehensive income for the first half of 2024 was RMB 41,350,805.91[104] - The company's undistributed profit at the end of the first half of 2024 was RMB 70,272,528.93, an increase from RMB 22,087,860.95 at the beginning of the period[104] - The company's capital reserve at the end of the first half of 2024 was RMB 2,288,370,009.18, unchanged from the beginning of the period[104] - The company's other comprehensive income for the first half of 2024 was negative RMB 6,833,862.07[104] - The company's special reserve at the end of the first half of 2024 was RMB 2,876,990.82, an increase from RMB 14,534,616.31 at the beginning of the period[104] - Total comprehensive income for the period was RMB 17,013,009.15[107] - Owner's equity increased by RMB 110,000,000.00 due to the issuance of ordinary shares[107] - Total owner's equity at the end of the period was RMB 3,276,574,780.79[108] - Undistributed profits increased by RMB 14,094,367.22 during the period[110] - Other comprehensive income decreased by RMB 1,315,300.00[110] - Total owner's equity at the end of the period was RMB 2,998,195,863.91[111] - Share capital increased by 1.1 billion yuan, reaching 5.74 billion yuan at the end of the period[113][114] - Capital reserve increased by 590.34 million yuan, totaling 2.27 billion yuan at the end of the period[113][114] - Comprehensive income for the period was 3.54 million yuan[113] - Profit distribution to owners (or shareholders) amounted to 28.72 million yuan[113] - Total owner's equity at the end of the period was 3 billion yuan[114] Assets and Liabilities - Total assets at the end of the reporting period were 4,795,244,495.47 yuan, an increase of 2.09% compared to the end of the previous year[11] - Total assets as of the end of the reporting period were 4,795,244,495.47 yuan, a year-on-year increase of 2.08%[20] - Inventory increased by 3.62% to 934.65 million yuan, accounting for 19.49% of total assets[26] - Long-term loans increased by 206.37 million yuan, accounting for 5.73% of total assets[26] - Accounts receivable increased slightly by 0.02% to 693.93 million yuan, accounting for 14.47% of total assets[26] - Short-term loans decreased by 111.66 million yuan, accounting for 12.44% of total assets[26] - Restricted assets totaled 833.40 million yuan, including 150.89 million yuan in cash and 246.53 million yuan in fixed assets[29] - Total raised funds amounted to 715 million yuan, with no funds used during the reporting period[30] - Total liabilities as of the first half of 2024 were 228,434,501.01 yuan, a significant decrease from 367,977,312.67 yuan in the same period of 2023[92] - Total owner's equity as of the first half of 2024 was 2,998,195,863.91 yuan, slightly up from 2,985,416,796.69 yuan in the same period of 2023[92] - Total assets increased to 4,795,244,495.47 yuan, up from 4,697,236,244.95 yuan in the previous period[87][89] - Current liabilities decreased to 1,393,175,844.76 yuan from 1,557,691,653.99 yuan[88] - Long-term liabilities increased significantly to 401,716,880.56 yuan from 183,420,617.54 yuan[88] - Owner's equity rose to 3,000,351,770.15 yuan from 2,956,123,973.42 yuan[89] - Short-term borrowings decreased to 596,382,312.42 yuan from 708,042,913.76 yuan[87] - Accounts payable increased to 362,001,675.42 yuan from 259,806,465.33 yuan[87] - Fixed assets decreased to 681,329,550.41 yuan from 704,181,508.71 yuan[87] - Long-term receivables remained stable at 11,087,282.70 yuan compared to 11,018,675.59 yuan[87] - Inventory decreased to 790,444.00 yuan from 540,561.51 yuan[90] - Prepaid expenses increased to 95,098,485.26 yuan from 84,430,030.11 yuan[90] - Total monetary funds at the end of the period amounted to 1,095,306,216.40 yuan, a slight decrease from the initial balance of 1,104,331,026.56 yuan[86] - Accounts receivable increased to 693,932,841.50 yuan from 678,800,132.82 yuan at the beginning of the period[86] - Inventory rose significantly to 934,651,195.43 yuan compared to the initial balance of 745,507,940.20 yuan[86] - Derivative financial assets decreased to 297,085.43 yuan from 2,079,647.09 yuan at the start of the period[86] - Notes receivable dropped to 22,072,546.39 yuan from 122,026,717.68 yuan[86] - Prepayments increased to 85,537,845.41 yuan from 76,651,387.95 yuan[86] - Other receivables surged to 39,036,110.31 yuan from 11,232,433.63 yuan[86] - Funds held overseas totaled 75,704,678.38 yuan, up from 72,385,925.64 yuan at the beginning of the period[197] - Restricted monetary funds increased to 150,890,150.37 yuan from 123,090,423.61 yuan, primarily due to higher bank acceptance bill guarantees and loan guarantees[197] - The balance of bank acceptance bills decreased significantly to 22,072,546.39 yuan from 99,889,928.93 yuan at the beginning of the period[199] - The total balance of notes receivable dropped to 22,072,546.39 yuan from 122,026,717.68 yuan, with commercial acceptance bills completely cleared[199] - The provision for bad debts on notes receivable was 1,165,094.14 yuan, representing 0.95% of the total notes receivable balance[200] - The company maintained a 0% bad debt provision rate for bank acceptance bills, which accounted for 100% of the current notes receivable[200] - The balance of derivative financial assets decreased to 297,085.43 yuan from 2,079,647.09 yuan, indicating reduced hedging activities[199] Business Operations - The company's main business includes R&D, production, and sales of liquid crystal displays, touch display modules, and electromagnetic wires[15] - The company's products are mainly used in automotive displays, home electronics, medical devices, industrial control, and power sectors[15] - The company's sales model for touch display products is direct sales, covering regions such as the US, Europe, and Asia[16] - The company's electromagnetic wire business operates on an order-based production model, with a focus on quality control and customer service[17] - The company's core competitiveness lies in its technological R&D advantages, with continuous investment in innovation and product improvement[21] - The company has a strong market position with stable partnerships with well-known manufacturers and high market recognition[18] - The company's main business includes R&D, production, and sales of LCD and touch display modules, as well as electromagnetic wires[115] - The company's products are primarily used in the power industry, automotive displays, home electronics, medical devices, and industrial control fields[115] - The company is entering a new business segment with the development of composite copper (aluminum) foil manufacturing, aiming to create new profit points[42] - Expansion of new projects increases the company's asset and business scale, requiring enhanced management capabilities[45] Subsidiaries and Investments - The company's major subsidiary, New Huikai Technology (Shenzhen) Co., Ltd., reported a net profit of 134.82 million yuan, with total assets of 2.36 billion yuan and revenue of 1.13 billion yuan[37] - The company sold a land use right to Tianjin Jingwei Zhengneng Electrical Equipment Co., Ltd. for 24.31 million yuan, contributing 31.22% to the company's net profit[36] - The company's subsidiary, Changsha Yushun Display Technology Co., Ltd., reported a net profit of 57.32 million yuan, with total assets of 135.33 million yuan and revenue of 1.37 million yuan[37] - The company's subsidiary, Hunan Jingwei Huikai Technology Co., Ltd., reported a net profit of 65.02 million yuan, with total assets of 392.00 million yuan and revenue of 73.59 million yuan[37] - The company's subsidiary, Tianjin Jingwei Power Technology Co., Ltd., reported a net profit of 122.06 million yuan, with total assets of 606.01 million yuan and revenue of 427.16 million yuan[38] - The company's overseas sales, primarily managed by its subsidiaries in the US and Hong Kong, account for a significant portion of its revenue, exposing it to risks from foreign exchange fluctuations[39] - The company's major subsidiaries collectively reported a net profit of 279.63 million yuan, with total assets of 3.49 billion yuan and revenue of 1.64 billion yuan[37][38] - The subsidiary New Vision Display, Inc. invested USD 22,140,646.79 in ReviverMX, Inc. by converting receivables into D-series preferred shares[64] - The company's subsidiaries, including Shenzhen New Vision Display and Yongzhou New Vision Display, have been re-certified as high-tech enterprises, allowing them to enjoy a reduced corporate income tax rate of 15%[194][195] - The company's subsidiary, Jingwei Power, obtained high-tech enterprise certification in 2023, qualifying for a 15% corporate income tax rate for three years[195] - The company's subsidiary, Jingxin Copper, qualifies for a reduced corporate income tax rate of 20% under the small and micro-profit enterprise policy, applicable from 2023 to 2027[195] Risks and Challenges - The company faces exchange rate fluctuation risks due to its international business, with a significant portion of revenue in foreign currencies such as USD, JPY, and HKD[40] - Raw material prices, including copper, aluminum, and touch display module components, have risen significantly due to global monetary easing, increasing procurement costs[41] - The company completed a private placement in 2023 to fund semiconductor projects, but faces risks such as market demand changes and technological shifts[43] - The company is involved in a patent infringement lawsuit with a claimed amount of 300.7 million yuan, currently in the second trial phase[57] Corporate Governance and Policies - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[3] - The company's registered address, office address, and contact information remained unchanged during the reporting period[9] - The company held its 2024 first extraordinary general meeting with an 11.32% investor participation rate and its 2023 annual general meeting with a 21.49% participation rate[48] - Several board members, including the vice chairman and independent directors, completed their terms and were replaced in January 2024[49] - The company plans no cash dividends, stock dividends, or capital reserve to share capital conversion for the first half of the year[51] - The company is not listed as a key pollutant discharge unit by environmental protection authorities and has not received any environmental penalties during the reporting period[52] - The company adheres to green, low-carbon, and sustainable environmental practices, with no high-risk or heavy pollution incidents reported[52] - The company maintains a stable profit distribution policy and ensures investor returns, with no major shareholder or related party misappropriation of funds[53] - The company prioritizes employee rights, health, and safety, and continuously improves its compensation and benefits systems[54] - The company emphasizes environmental protection and sustainable development, integrating it into its long-term strategy[54] -