PRET(SZ:002324)2014-04-17 16:00Financial Performance - The company's operating revenue for 2013 was CNY 1,709,885,044.89, representing a 41.12% increase compared to CNY 1,211,690,148.01 in 2012[21] - The net profit attributable to shareholders for 2013 was CNY 197,286,016.53, which is a 24.37% increase from CNY 158,622,279.56 in 2012[21] - The basic earnings per share for 2013 was CNY 0.73, up 23.73% from CNY 0.59 in 2012[21] - The net profit for 2013 was 197 million yuan, reflecting a growth of 24.37% year-on-year[29] - The net profit attributable to ordinary shareholders for 2013 was CNY 197.29 million, representing a year-on-year increase of 24.37%[91] - The net profit after deducting non-recurring gains and losses was CNY 171.27 million, with a year-on-year growth of 16.78%[91] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 7,930,085.30, a turnaround from a negative cash flow of CNY -63,461,465.97 in 2012, marking a 112.50% increase[21] - The cash flow from operations was 7.93 million yuan, an increase of 71.39 million yuan year-on-year[29] - Operating cash inflow from activities rose by 54.36% to ¥1,263,041,115.24, while cash outflow increased by 42.35% to ¥1,255,111,029.94, resulting in a net cash flow of ¥7,930,085.30[39] - The net cash flow from operating activities was 7,930,085.30 CNY, a significant improvement compared to a net outflow of 63,461,465.97 CNY in the previous year[200] Assets and Liabilities - Total assets at the end of 2013 reached CNY 2,024,519,779.57, a 31.59% increase from CNY 1,538,448,687.91 at the end of 2012[21] - The company's total liabilities increased to CNY 579,102,814.74 from CNY 271,081,139.61, reflecting a growth of approximately 114.8%[187] - The total equity attributable to shareholders rose to CNY 1,445,416,964.83 from CNY 1,267,367,548.30, indicating an increase of about 14.1%[187] - Cash and cash equivalents at the end of 2013 were CNY 233,896,301.80, up from CNY 178,927,176.14 at the beginning of the year, marking a growth of approximately 30.7%[185] - Accounts receivable increased significantly to CNY 619,143,234.78 from CNY 411,690,842.71, which is an increase of about 50.4%[185] - Short-term borrowings surged to CNY 297,147,059.70 from CNY 111,734,794.49, representing an increase of about 166.5%[186] Research and Development - R&D expenses for the year totaled 55.74 million yuan, accounting for 3.26% of the total sales revenue[28] - The company has 91 invention patents authorized and 81 more pending, highlighting its commitment to innovation[28] - The company invested 29.7 million yuan in the construction of a high-performance composite material production project, with a total investment of 60 million yuan in the Chongqing Pulit New Materials Company[62] - The company is committed to advancing research and development in advanced polymer materials, high-performance fibers, and nanomaterials[66] Market and Sales - The company sold 118,800 tons of products, an increase of 54.49% compared to the previous year[29] - Over 95% of the company's revenue came from the automotive industry, indicating a strong market focus[30] - The automotive sector generated revenue of ¥1,638,924,815.53, with a gross margin of 20.92%, a decrease of 1.70 percentage points year-on-year[42] - The company achieved over 1.7 billion in revenue in 2013, capturing less than 7% of the high-end composite materials market, which exceeds 25 billion[64] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares to all shareholders, based on the total share capital as of December 31, 2013[5] - The total distributable profit for the year 2013 is reported at 521,797,397.01 RMB[76] - The cash dividend distribution plan for the last three years includes consistent payments of 1 RMB per 10 shares for 2011 and 2012, and 2 RMB per 10 shares for 2013[76] Governance and Compliance - The company has undergone governance improvements, including the election of a new board of directors and management team in November 2013[79] - The company has maintained compliance with the Company Law and relevant regulations, with no discrepancies reported in corporate governance[138] - The independent directors attended the board meetings and shareholder meetings, with no instances of consecutive absences reported[143] - The company has not faced any penalties from the China Securities Regulatory Commission or other relevant authorities[114] Employee and Management - The company has implemented a broad salary system based on five incentive measures to enhance employee motivation and retention[72] - Total compensation for directors, supervisors, and senior management during the reporting period amounted to CNY 452.56 million[124] - The company employed a total of 396 staff in the parent company, with 26.52% in R&D and technical roles, and 47.47% in production[127] - The total number of employees in the parent company and its subsidiary is 812, with a significant portion in production roles[127][128] Future Outlook - The company aims for a revenue growth of over 30% in 2014, targeting a 50% increase[69] - The company plans to sell 300 tons of liquid crystal polymer (LCP) materials in 2014, generating revenue of 15 million[67] - The company is considering strategic acquisitions to enhance its product portfolio and market presence[118] - The company provided a future outlook with a revenue guidance of 1.8 billion RMB for the next quarter, representing a 20% increase[118]