Soling Industrlal(SZ:002766)2025-03-19 13:50Financial Performance - The company's operating revenue for 2024 reached ¥1,397,835,789.94, representing a year-on-year increase of 10.95% compared to ¥1,259,881,545.12 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥60,067,614.66, an increase of 84.26% from ¥32,599,807.79 in 2023[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥49,892,212.33, up 48.90% from ¥33,507,168.20 in 2023[6]. - Basic earnings per share increased to ¥0.0708, reflecting an 83.42% rise from ¥0.0386 in 2023[6]. - Total assets at the end of 2024 were ¥1,158,406,237.66, a decrease of 9.60% from ¥1,281,399,478.50 at the end of 2023[6]. - The net assets attributable to shareholders increased by 15.00% to ¥810,989,854.38 from ¥705,189,470.94 at the end of 2023[6]. - The automotive electronics segment generated ¥1,368,751,635.49, accounting for 97.92% of total revenue, with a year-on-year growth of 12.29%[57]. - Domestic revenue decreased by 22.74% to ¥346,101,234.95, while international revenue increased by 29.54% to ¥1,051,734,554.99, representing 75.24% of total revenue[57]. - The company achieved total operating revenue of ¥1,397,835,789.94 in 2024, representing a year-on-year increase of 10.95%[56]. - Net profit attributable to shareholders reached ¥60,067,614.66, marking an impressive growth of 84.26% compared to the previous year[56]. Business Operations - The company has not experienced any changes in its main business operations since its establishment[18]. - The company’s major shareholder changed in December 2019, with Zhongshan Lexing becoming the controlling shareholder[18]. - The company has undergone three changes in registered address since its listing, with the latest change occurring on April 14, 2022[14]. - The company focuses on two core business areas: automotive intelligence and IoT communication, with a strong emphasis on "smart connected" and "smart cockpit" technologies[33]. - The company has developed a comprehensive suite of products including TBOX and OBU for smart connected vehicles, and has established partnerships with major domestic and international automotive manufacturers[34]. - The company has a production capacity exceeding 1.5 million units annually, supported by advanced manufacturing facilities and a national-level ISO/IEC 17025 laboratory[52]. - The company is actively developing new products such as 5G terminals and smart cockpit controllers, aiming to enhance its product portfolio in the IoT and automotive sectors[36]. - The company has established a strategic partnership model with OEMs and Tier 1 suppliers to leverage stable sales channels and foster mutual growth[50]. - The company is focusing on the integration of AI and 5G technologies to enhance its IoT solutions and expand its market presence in smart cities and industrial IoT[32]. Research and Development - The company has invested significantly in R&D, with a team of 290 personnel across four major R&D centers, focusing on automotive electronics, IoT, and autonomous driving technologies[52]. - Research and development expenses increased by 18.08% to ¥89,215,687.34 in 2024 from ¥75,556,207.25 in 2023[70]. - R&D investment increased to ¥135,703,526.10 in 2024, up 52.77% from ¥88,828,474.59 in 2023[74]. - R&D expenditure as a percentage of revenue rose to 9.71% in 2024 from 7.05% in 2023, an increase of 2.66%[74]. - Capitalized R&D investment surged by 250.26% to ¥46,487,838.76 in 2024 from ¥13,272,267.34 in 2023[74]. - The number of R&D personnel increased by 6.62% from 272 in 2023 to 290 in 2024, with a notable rise in the number of master's degree holders by 46.15%[73]. - The company is focusing on the rapid development of mid-to-high-end intelligent driving controllers, which are expected to provide a stable long-term revenue source and support sustainable development[71]. Market Trends - In 2024, the automotive industry in China saw production and sales of 31.28 million and 31.43 million vehicles, respectively, with year-on-year growth of 3.7% and 4.5%[30]. - New energy vehicle production and sales exceeded 10 million units in 2024, marking a year-on-year increase of 34.4% and 35.5%[30]. - The global IoT market is projected to grow at a rate of 21.3% in 2024, driven by policy support and consumer demand[31]. - The electronic rearview mirror market is anticipated to experience rapid growth, driven by technological and regulatory advancements, with the company aiming to leverage its innovations to capture market share[71]. Financial Management - The company's cash flow from operating activities showed a significant decline, with a net amount of ¥17,612,868.67, down 90.98% from ¥195,172,777.72 in 2023[6]. - The net cash flow from financing activities fell by 64.61% to ¥10,312,583.98 in 2024, down from ¥29,137,643.30 in 2023[76]. - Total cash and cash equivalents decreased by ¥95,059,612.44 in 2024, contrasting with an increase of ¥189,543,736.15 in 2023[76]. - The proportion of monetary funds to total assets fell from 30.51% at the beginning of 2024 to 22.66% at the end of 2024, a decrease of 7.85%[80]. - Investment activities generated a net cash outflow of ¥130,808,494.81 in 2024, a decline of 274.70% from -¥34,910,373.08 in 2023[77]. Corporate Governance - The governance structure has been improved to comply with regulatory requirements, ensuring equal treatment of all shareholders and enhancing information disclosure practices[106]. - The company has established a performance evaluation and incentive mechanism linking senior management compensation to company performance metrics[108]. - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance[111]. - The company has a dedicated internal audit department that regularly checks financial status and major investments[109]. - The board of directors consists of two independent directors, accounting for one-third of the total board members[107]. - The company has implemented a risk-oriented internal control system that is continuously improved to adapt to changing external environments and internal management requirements[160]. Employee Management - The total number of employees at the end of the reporting period is 706, with 15 in the parent company and 691 in major subsidiaries[147]. - The professional composition includes 157 production personnel, 35 sales personnel, 290 technical personnel, 25 financial personnel, and 199 administrative personnel[148]. - The educational background of employees shows 76 with a master's degree or above, 294 with a bachelor's degree, 145 with a college diploma, and 191 with high school or below[148]. - The company has implemented a competitive compensation system combining basic and performance-based pay to enhance employee motivation and retention[149]. Strategic Initiatives - The company aims to enhance operational efficiency through supply chain optimization and has committed to increasing R&D investment in smart cockpit and connected vehicle technology platforms[93]. - The strategic focus includes expanding overseas market advantages while increasing domestic market share, emphasizing differentiated competition in the domestic market[95]. - The company plans to strengthen its core competencies in smart cockpit hardware and software, and develop a cloud service ecosystem centered on vehicle-road collaboration[93]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million RMB allocated for potential deals[131]. Shareholder Engagement - The company held its annual general meeting with a participation rate of 34.56% on April 16, 2024[118]. - The first extraordinary general meeting of 2024 had a participation rate of 23.71% on August 12, 2024[118]. - The second extraordinary general meeting of 2024 had a participation rate of 35.64% on October 15, 2024[118]. - The company reported a total of 4,934,700 shares held by executives at the end of the reporting period[120]. Risk Management - The company acknowledges risks related to dependence on the automotive industry, market competition, and potential loss of core technical personnel, and plans to address these through proactive measures[97][98][99]. - The company has not reported any significant deficiencies in internal controls during the reporting period[161]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[165].