Qijing Machinery(SH:603677)2025-03-21 12:15Financial Performance - The company's operating revenue for 2024 reached ¥2,004,224,384.18, representing a 13.11% increase compared to ¥1,772,001,731.17 in 2023[23] - The net profit attributable to shareholders of the listed company was ¥67,445,649.14, a decrease of 2.47% from ¥69,153,866.99 in the previous year[23] - The net cash flow from operating activities decreased by 39.02% to ¥124,539,782.22 from ¥204,220,226.51 in 2023[23] - The total assets of the company increased by 5.43% to ¥2,261,070,833.52 at the end of 2024, compared to ¥2,144,597,630.40 at the end of 2023[23] - The net assets attributable to shareholders of the listed company slightly decreased by 0.21% to ¥1,154,703,424.78 from ¥1,157,126,268.03 in the previous year[23] - Basic earnings per share for 2024 is CNY 0.3510, a decrease of 2.47% compared to CNY 0.3599 in 2023[25] - Operating income increased by 13.11% year-on-year, reaching CNY 2.004 billion, while net profit decreased by 2.47% to CNY 67.45 million due to intensified market competition[34] - The company achieved a weighted average return on net assets of 5.78% in 2024, down from 6.11% in 2023, a decrease of 0.33 percentage points[26] - The total profit for the company was 70.14 million yuan, which is a decrease of 4.78% compared to the previous year[56] - The net profit attributable to the parent company was 67.45 million yuan, reflecting a decline of 2.47% year-on-year[56] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥2.5 per 10 shares (before tax) for the 2024 fiscal year, pending approval at the annual shareholders' meeting[7] - The cash dividend amount (including tax) for the reporting period is CNY 48,150,216.25, which accounts for 71.39% of the net profit attributable to ordinary shareholders in the consolidated financial statements[165] - A total cash dividend of 38,429,514.60 CNY was distributed based on 192,147,573 shares, with each share receiving 0.2 CNY (including tax) on April 25, 2024[161] Operational Efficiency and Market Strategy - The company optimized its organizational structure to enhance operational efficiency in response to market competition[36] - The company plans to continue expanding its market presence and investing in new product development to meet increasing consumer demand[60] - The company aims to deepen domestic market engagement while exploring new emerging markets and high-end customer segments to boost brand influence[110] - The company plans to enhance internal management and operational efficiency to reduce costs and increase output, emphasizing automation and quality control[109] - The company is set to expand production capacity in Thailand for both clutch and automotive parts, while also launching new projects for drone components[111] Research and Development - Research and development expenses rose by 11.83% to ¥68,147,711.72, attributed to an increase in R&D projects[59] - The number of R&D personnel was 348, making up 12.52% of the total workforce[75] - The company is investing heavily in R&D, with a budget increase of 25% to enhance product innovation and technology[196] Awards and Recognition - The company was recognized with several awards, including "National Digital Pilot Demonstration Enterprise" and "National Manufacturing Single Champion" in 2024[36] - The company received multiple awards, including "Global Supplier of the Year" from BorgWarner and "Cost Co-Creation Award" from Haier, indicating strong product recognition[37] Environmental and Social Responsibility - The company invested CNY 2,381,000 in environmental protection during the reporting period[174] - The company has established a comprehensive waste management system, ensuring that all solid waste, including hazardous waste, is stored and disposed of in compliance with environmental regulations[178] - The company actively engages in social responsibility initiatives, focusing on charitable donations and community support[184] Governance and Compliance - The company has established a robust corporate governance structure in compliance with relevant laws and regulations, ensuring the protection of investor interests[119] - The company has not reported any significant differences in governance compared to the requirements set by the China Securities Regulatory Commission[119] - The company is committed to improving its governance structure in response to new regulatory requirements, ensuring compliance and effective information disclosure[112] Risks and Challenges - The company faces various risks as outlined in the management discussion and analysis section of the report[8] - The company faces risks related to raw material price fluctuations, customer concentration, and market competition, which could impact profitability and operational stability[115] - The company faces significant risks from exchange rate fluctuations, particularly as its export business grows and is primarily priced and settled in USD, while raw material costs are mostly in RMB[116] Subsidiaries and Investments - The company has four wholly-owned subsidiaries, with total assets of 3,197.29 million and a net profit of 271.77 million reported by Anhui Qijing Machinery Co., Ltd.[99] - The company plans to increase its investment in Qijing Industrial (Thailand) by 330 million Thai Baht, raising its registered capital from 300 million to 630 million Thai Baht[100] - The company’s subsidiary, Boswei Precision Industry (Ningbo), reported a net profit of 21.96 million with total assets of 3,006.17 million[99] Market Trends - In 2024, the domestic washing machine sales reached 44.82 million units, a year-on-year increase of 6.70%, while exports reached 45.11 million units, growing by 17.33%[40] - The total washing machine sales for 2024 were 89.93 million units, reflecting an overall growth of 11.78% compared to the previous year[40] - The automotive industry showed a steady growth trend, with production and sales reaching 31.28 million and 31.44 million vehicles respectively, up by 3.7% and 4.5% year-on-year[43] Employee Development - The company launched a talent training program, successfully establishing a backup talent training class to ensure long-term development[38] - The company emphasizes employee development through diverse training opportunities and a structured talent cultivation mechanism[158]