保隆科技(603197) - 2024 Q2 - 季度财报

Financial Performance - The company achieved a revenue of RMB 3,183,696,046.17 for the first half of 2024, representing a year-on-year increase of 21.68% compared to RMB 2,616,477,670.45 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was RMB 148,315,053.31, which is a decrease of 19.40% from RMB 184,012,241.97 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 118,598,144.11, a decrease of 18.62% compared to the previous year[16]. - The net cash flow from operating activities was CNY 93,884,947.66, down 39.80% year-on-year[16]. - Basic earnings per share for the first half of the year were CNY 0.71, a decline of 20.22% year-on-year[17]. - The diluted earnings per share were CNY 0.71, down 19.32% compared to the same period last year[17]. - The weighted average return on net assets was 4.97%, a decrease of 2.24% from the previous year[17]. - The company reported a net profit of ¥70,129,827.30 for the first half of 2024, a decrease from ¥155,409,764.67 in the same period of 2023[89]. - The total comprehensive income for the first half of 2024 was CNY 157,517,822.89, compared to CNY 233,676,208.90 in the first half of 2023, showing a decrease of approximately 32.5%[92]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 44,532,121.20, which accounts for 30.03% of the net profit attributable to shareholders[3]. - A cash dividend of RMB 0.21 per share will be distributed to all shareholders, totaling RMB 44,532,121.20, which accounts for 30.03% of the net profit attributable to ordinary shareholders[59]. - The company achieved a net profit of RMB 50,434,219.43 for the first half of 2024, with retained earnings at RMB 155,409,764.67 as of the beginning of 2024[58]. - The retained earnings decreased by 135,714,156.80 CNY due to profit distribution[110]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 9,218,213,881.02, reflecting an 8.77% increase compared to the previous year[16]. - The net assets attributable to shareholders at the end of the reporting period were CNY 3,031,117,239.90, an increase of 2.63% from the end of the previous year[16]. - Total liabilities rose to ¥5,866,020,147.94 from ¥5,224,289,714.81, which is an increase of approximately 12.3%[85]. - The total equity attributable to shareholders increased to ¥3,031,117,239.90 from ¥2,953,444,558.25, showing a growth of approximately 2.6%[86]. - The company’s total assets reached 1,846,264,001.69 CNY at the end of the reporting period[111]. Market and Industry Overview - The global automotive production and sales for the first half of 2024 were 41,982,200 units and 42,489,700 units, respectively, showing a year-on-year decline of 3.6% in production and a slight increase of 0.8% in sales[21]. - In the first half of 2024, total automotive sales in China reached 14.04 million units, representing a year-on-year growth of 6.09%[23]. - The production of passenger vehicles in China for H1 2024 was 11.88 million units, with a year-on-year increase of 5.44%[24]. - The sales of new energy vehicles (NEVs) in China reached 4.69 million units in H1 2024, marking a 31.5% increase year-on-year, contributing to 33.4% of total automotive sales[27]. - The overall automotive market in China showed resilience with a total production of 13.89 million units in H1 2024, indicating a stable growth trajectory[23]. Research and Development - The company holds 670 valid authorized patents globally as of June 30, 2024, with R&D investment accounting for 8.52% of operating income in H1 2024[34]. - The company’s R&D expenses increased by 38.81% to RMB 271.27 million in H1 2024, compared to RMB 195.42 million in H1 2023, reflecting a commitment to innovation[44]. - Research and development expenses increased to CNY 37,726,563.26 in the first half of 2024, up from CNY 20,424,518.22 in the first half of 2023, reflecting a growth of approximately 84.9%[93]. Risk Management - The report includes a detailed description of potential risks that the company may face in the future[5]. - The company faces significant market competition risks in the automotive parts industry, which may adversely affect performance growth[53]. - The company is exposed to foreign exchange risks due to high overseas sales revenue, which could impact operating performance[54]. - The company has established long-term relationships with key raw material suppliers to mitigate risks related to price fluctuations and supply shortages[54]. Corporate Governance - The financial report has been declared accurate and complete by the company's management, including the responsible persons[2]. - The board of directors and supervisory board members were present at the meeting to approve the report[2]. - The company has not reported any significant litigation or arbitration matters during the reporting period[67]. - The integrity status of the company and its controlling shareholders remains good during the reporting period[67]. Investment and Financing - The total amount of raised funds is CNY 918 million, with a net amount of CNY 902.22 million after deducting issuance costs[71]. - The company plans to use up to CNY 130 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months[74]. - The company has completed the issuance of 102,000 new shares, increasing the total share capital to 212,057,720 shares[75]. Taxation - The company has a corporate income tax rate of 25% for Shanghai Baolong Automotive Technology Co., Ltd. and 15% for several subsidiaries, including Baolong Hofu (Shanghai) Electronics Co., Ltd. and Anhui Toposi Automotive Parts Co., Ltd.[168]. - The company has obtained high-tech enterprise certification for multiple subsidiaries, allowing them to apply a reduced corporate income tax rate of 15% for a period of three years[170]. - The VAT rate for the company's domestic sales of products is 13%, while the VAT rate for technology development services is 6%[167]. Inventory and Receivables - The inventory balance at the end of the period is CNY 1,849,132,297.18, with a provision for inventory depreciation of CNY 53,899,387.10[192]. - The total accounts receivable at the end of the period reached ¥1,687,281,529.13, up from ¥1,485,007,118.93 at the beginning, indicating an increase of about 13.6%[175]. - The provision for bad debts for accounts receivable was reported at ¥30,525,773.56, which is about 1.81% of the total accounts receivable[176].