Dare Auto(SZ:300473)2016-04-08 16:00Financial Performance - The company's operating revenue for 2015 was CNY 694,569,353.38, representing a year-on-year increase of 2.98% compared to CNY 674,476,088.29 in 2014[25]. - The net profit attributable to shareholders of the listed company was CNY 138,214,149.19, an increase of 2.61% from CNY 134,694,819.40 in the previous year[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 133,953,832.36, reflecting a growth of 7.08% compared to CNY 125,091,657.80 in 2014[25]. - The net cash flow from operating activities was CNY 160,908,380.26, which is a 15.93% increase from CNY 138,801,362.89 in the previous year[25]. - The total assets at the end of 2015 reached CNY 1,880,689,334.98, marking a significant increase of 73.73% from CNY 1,082,515,943.92 at the end of 2014[25]. - The net assets attributable to shareholders of the listed company were CNY 1,500,194,030.45, up 106.35% from CNY 726,999,959.30 in 2014[25]. - The basic earnings per share decreased by 12.04% to CNY 1.5796 from CNY 1.7959 in the previous year[25]. - The weighted average return on net assets was 12.52%, down from 19.53% in 2014, indicating a decline of 7.01%[25]. Revenue and Sales Growth - The company achieved a total revenue of ¥69,456.94 million in 2015, representing a year-on-year growth of 2.98%, with main business revenue increasing by 3.36% to ¥68,752.69 million[35]. - The steering pump business revenue increased by 4.49% year-on-year, reflecting the company's strong competitive position in technology and product quality[35]. - The company’s automotive steering pump sales accounted for 93.52% of total revenue, with a year-on-year growth of 4.49%[52]. - The electric hydraulic pump revenue surged by 14,095.52%, reaching CNY 7.18 million, reflecting strong demand and successful product development[52]. Research and Development - The company has accumulated over 90 patents, showcasing its strong technological research and development capabilities[40]. - The company has invested significantly in R&D for electric hydraulic pumps, EPS motors, and transmission oil pumps, with multiple projects entering mass production stages[47]. - Research and development expenses amounted to ¥27.30 million in 2015, representing 3.93% of total operating revenue, with an increase in R&D personnel to 230, up from 188 in 2014[63]. Market Position and Strategy - The company is actively pursuing the development of key components for new energy and intelligent vehicles, aligning with national strategic initiatives[36]. - The company has established long-term strategic partnerships with major automotive manufacturers, enhancing its customer resource advantage[46]. - The company aims to solidify its position as a leading supplier in the hydraulic steering industry while expanding into related automotive electronic components, enhancing its market competitiveness[89]. - The company plans to increase production and sales of new products to mitigate the pressure from the accelerated replacement of existing products, particularly in the context of the shift from hydraulic power steering (HPS) to electric power steering (EPS)[90]. Financial Management and Investments - The total investment amount for the reporting period was RMB 130,494,940.07, representing a year-on-year increase of 236.32% compared to RMB 38,800,499.00 in the same period last year[72]. - The company raised a total of RMB 719,000,000.00 through the issuance of 25 million A shares at an issue price of RMB 28.76 per share, with a net amount received of RMB 672,850,000.00 after deducting related fees[76]. - The investment progress for the automotive steering assist pump expansion and technology upgrade project was 43.08% as of the reporting period[80]. - The company plans to continue using the raised funds for the originally committed investment projects[75]. Risk Management - The company faces risks related to product replacement and industry growth, particularly with the shift towards electric power steering systems[6][7]. - The company has acknowledged potential management capability risks due to increased operational scale following its listing on the Shenzhen Stock Exchange[12]. - The company emphasizes strict quality management and compliance with ISO/TS16949:2009 standards to mitigate product quality risks and potential recall issues[93]. - The company acknowledges potential risks related to the inability to achieve expected benefits from fundraising projects due to construction periods and market environment changes[93]. Shareholder and Governance - The company plans to distribute cash dividends of 10.00 yuan per 10 shares, totaling 100 million yuan (including tax), based on a total share capital of 100 million shares for the 2015 fiscal year[97]. - The cash dividend accounted for 100% of the total profit distribution, with a distributable profit of 402,645,324.73 yuan[98]. - The company has fulfilled its commitments regarding stock transfer restrictions and management of shares held prior to the public offering[101]. - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management[165]. Operational Efficiency - The company aims to enhance production efficiency and product quality while reducing production costs through improved product structure design and cost control measures[92]. - The company has successfully transitioned some project implementation locations to optimize operational efficiency, including changes for the PEPS project[81]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs over the next year[154]. Compliance and Legal Matters - The company has maintained compliance with all legal and regulatory commitments during the reporting period[111]. - The audit opinion was a standard unqualified opinion, confirming that the financial statements fairly represent the company's financial position[185]. - There were no significant lawsuits or arbitration matters during the reporting period[109]. - The company did not engage in any related party transactions during the reporting period[113].