电工合金(300697) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥2,592,742,987.25, an increase of 8.37% compared to ¥2,392,422,318.91 in 2023[17]. - The net profit attributable to shareholders for 2024 was ¥130,682,109.89, a decrease of 3.62% from ¥135,597,326.65 in 2023[17]. - The total revenue for 2024 was CNY 2,592.74 million, representing an 8.37% increase from CNY 2,392.42 million in 2023[77]. - The copper processing industry accounted for 97.83% of total revenue, with a revenue of CNY 2,536.58 million, up 8.01% year-on-year[77]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[171]. - The net profit for 2023 was 200 million RMB, which is a 10% increase compared to the previous year[171]. - The company achieved a net profit attributable to shareholders of 130,682,109.89 CNY for the fiscal year 2024, with the parent company reporting a net profit of 123,430,344.59 CNY[180]. Dividend and Share Distribution - The company plans to distribute a cash dividend of 1.8 RMB per 10 shares (including tax) and issue 3 bonus shares per 10 shares (including tax) based on a total of 33.28 million shares[3]. - The total cash dividend distributed amounted to 59,904,000 CNY, representing 100% of the total profit distribution[179]. - The company plans to distribute 3 shares for every 10 shares held and pay a dividend of 1.8 CNY per 10 shares[179]. - The board approved the 2023 annual report and financial statements, including a profit distribution plan[165]. Operational Highlights - The company has established a comprehensive quality control system, ensuring that product performance indicators exceed national standards by more than 5%[62]. - The company has a clear governance structure with a board of directors and supervisory board overseeing its operations[5]. - The company has established long-term stable partnerships with major railway construction units, becoming a designated supplier for the China Railway Electrification Bureau Group[59]. - The company has a strong production organization capability, allowing for rapid and reasonable production organization after winning bids[65]. - The company has established a wholly-owned subsidiary in Xiamen and a subsidiary in Mexico to enhance its production capacity and expand overseas markets[74]. Research and Development - The company is actively involved in research and development, aiming to enhance its technological capabilities and product innovation[60]. - The company applied for 12 new patents in 2024, including 3 invention patents, and initiated 11 independent research projects[75]. - The company is developing a high-precision copper strip to meet increasing customer demands, which is expected to significantly enhance production capabilities in the electric vehicle sector[89]. - The company has completed the development of a production process for 800V high-pressure fast charging connectors, which will expand its market presence[89]. - The company plans to increase investment in technology research and development to optimize product performance and quality[71]. Market and Competitive Landscape - The company aims to capture more market share in the upcoming wave of domestic electrified railway construction, driven by national support for electrification projects[71]. - The company acknowledges the risk of increased market competition in the copper and copper alloy products sector, particularly in the electrified railway contact network and copper busbar markets[119]. - The company faces raw material price fluctuation risks, as electrolytic copper constitutes over 90% of its production costs, and it employs a pricing model to mitigate these risks[120]. Governance and Compliance - The company has established a complete corporate governance structure, ensuring clear responsibilities and effective operation among the shareholders' meeting, board of directors, supervisory board, and management[128]. - The company emphasizes transparency and timely information disclosure, utilizing designated platforms for investor relations[134]. - The company has not engaged in any related party transactions that could lead to unfair competition with its controlling shareholder[141]. - The company has a governance structure that does not include differential voting rights for shareholders[144]. - The company has maintained its current management team, with no significant changes in executive roles aside from the re-elections[147]. Environmental and Social Responsibility - The company is committed to environmental and social responsibilities, as outlined in its annual report[5]. - The company emphasizes environmental protection and has implemented measures such as installing ventilation and dust removal equipment, and promoting clean production[189]. - The company installed a 2.2 MW photovoltaic solar power station to reduce carbon emissions and improve energy efficiency[190]. - The company has established a new committee to oversee sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025[171]. Financial Management - The company ensures financial independence by establishing an independent financial department and accounting system, maintaining separate bank accounts, and making independent financial decisions[199]. - The company maintains a stable financial policy, ensuring the safety of assets and funds while protecting the interests of both shareholders and creditors[191]. - The company has a long-term commitment to not transferring more than 25% of its shares during the tenure of its directors and senior management, ensuring stability in shareholding[199]. - The company prioritizes cash dividends when conditions permit, reflecting its commitment to shareholder returns[199].