Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 6,082,391,000, an increase of 13.9% from RMB 5,340,830,000 in 2023[2] - Gross profit for the same period was RMB 183,557,000, reflecting a growth of 4.8% compared to RMB 175,866,000 in the previous year[2] - The net profit for the year was RMB 38,171,000, down 7.0% from RMB 41,071,000 in 2023[2] - The company reported a total comprehensive income of RMB 38,135,000 for the year, compared to RMB 41,093,000 in the previous year[4] - The basic and diluted earnings per share for the year were RMB 0.030, down from RMB 0.032 in 2023[4] - The pre-tax profit for 2024 was RMB 42,378,000, down from RMB 48,515,000 in 2023, indicating a decrease of about 12.5%[34] - The group recorded a pre-tax profit of approximately RMB 42.38 million in 2024, down from RMB 48.52 million in 2023[69] Assets and Liabilities - The company’s total assets as of December 31, 2024, were RMB 5,413,715,000, a slight decrease from RMB 5,500,803,000 in 2023[6] - Current liabilities amounted to RMB 3,293,002,000, compared to RMB 3,308,163,000 in the previous year, indicating a reduction in short-term obligations[8] - The group’s total liabilities have increased from RMB 1,083,000,000 in 2023 to RMB 1,200,000,000 in 2024, representing a growth of approximately 10.8%[48] - The company’s total borrowings, including bank and other loans, amount to RMB 602,904,000 in 2024, compared to RMB 550,824,000 in 2023, indicating an increase of about 9.5%[48] - The company’s lease liabilities have decreased from RMB 537,834,000 in 2023 to RMB 399,942,000 in 2024, indicating a decline of approximately 25.7%[47] - The debt-to-equity ratio is approximately 2.12, down from 2.21 as of December 31, 2023, primarily due to a reduction in lease liabilities[75] - The asset-liability ratio is approximately 34.37% as of December 31, 2024, compared to 35.01% as of December 31, 2023, mainly due to an increase in equity attributable to the owners[75] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to RMB 85,570,000 from RMB 23,839,000 in 2023, showing improved liquidity[6] - The company believes it has sufficient financial resources to meet its financial obligations for the foreseeable future, based on cash flow forecasts covering a one-year period from the date of approval of the financial statements[16] - The company plans to monitor production activities to meet forecasted output and sales, implement cost control measures, and seek other feasible financial arrangements to improve liquidity[17] - The income tax expense for 2024 was RMB 4,207,000, a decrease from RMB 7,444,000 in 2023, indicating a reduction of approximately 43%[34] Revenue Breakdown - The total revenue from external customers for the year ended December 31, 2024, was RMB 6,082,391,000, with gasoline engines contributing RMB 5,281,673,000, diesel engines RMB 114,640,000, and engine parts RMB 686,078,000[19] - Major customer revenue for 2024 includes Customer A at RMB 5,046,531,000, a significant increase from RMB 1,392,114,000 in 2023[26] - The engine business segment saw a revenue increase of approximately 16.02%, rising from RMB 46.5114 billion in 2023 to RMB 53.9631 billion in 2024, with engine sales increasing by about 24.46% to approximately 519,000 units[64] Expenses and Costs - The total sales and distribution expenses for the year were RMB 20,290,000, reflecting the company's cost management efforts[20] - The financing costs decreased to RMB 47,749,000 in 2024 from RMB 57,309,000 in 2023, indicating a reduction of approximately 16%[30] - Total employee costs increased to RMB 145,763,000 in 2024 from RMB 138,173,000 in 2023, representing a rise of approximately 5.5%[35] - The total depreciation and amortization expenses for the year were RMB 277,781,000, compared to RMB 265,278,000 in the previous year, marking an increase of about 4.7%[35] Market Outlook - In 2024, the total vehicle sales in China are projected to reach approximately 31.4 million units, representing a year-on-year growth of 4.5%[52] - New Energy Vehicle (NEV) sales are anticipated to rise by 35.5% to 12.87 million units, accounting for approximately 40.9% of total vehicle sales in 2024[52] - The NEV market is expected to continue its rapid growth, with projections indicating that NEV sales could account for half of total vehicle sales by 2025 or earlier[53] - The commercial vehicle market is projected to have total sales of around 4 million units in 2024, with new energy commercial vehicles expected to account for 15% to 20% of that, representing a significant growth opportunity[57] Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[2] - The company has allocated resources towards research and development for new technologies to drive future growth[2] - The company aims to capture growth opportunities through acquisitions or collaborations within the automotive industry[53] - The group plans to continue exploring potential acquisition opportunities and partnerships to enhance its product portfolio and core competitiveness[62] Corporate Governance - The company has maintained compliance with all corporate governance codes as of December 31, 2024[89] - The auditors have agreed that the preliminary announcement aligns with the consolidated financial statements for the year ending December 31, 2024[91] - The audit committee has reviewed the accounting principles and practices used by the group, discussing matters related to auditing, internal controls, and financial reporting for the year ending December 31, 2024[92]
新晨动力(01148) - 2024 - 年度业绩