GUILIN FUDA (SH:603166)2025-03-26 15:00Financial Performance - The company achieved a consolidated net profit of RMB 185,280,977.88 for the year 2024, representing a 78.96% increase compared to RMB 103,533,629.13 in 2023[5]. - Total operating revenue for 2024 was RMB 1,647,567,445.74, marking a 21.83% increase from RMB 1,352,319,134.60 in 2023[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 179,598,167.89, an increase of 82.59% from RMB 98,364,059.80 in the previous year[21]. - The net cash flow from operating activities reached RMB 472,984,819.90, a significant increase of 135.73% compared to RMB 200,645,678.98 in 2023[21]. - Total assets at the end of 2024 amounted to RMB 4,088,693,972.05, reflecting a 19.12% increase from RMB 3,432,556,617.40 at the end of 2023[21]. - The company's net assets attributable to shareholders increased to RMB 2,392,799,427.91, a 3.24% rise from RMB 2,317,751,853.62 in 2023[21]. - The basic earnings per share increased to 0.29 yuan, up 81.25% compared to 0.16 yuan in 2023[22]. - The weighted average return on equity rose to 7.84%, an increase of 3.47 percentage points from 2023[22]. Dividend Policy - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares to all shareholders, as part of its commitment to enhance investor returns[5]. - The total cash dividend for the fiscal year 2024 is planned to be ¥126,617,890.20, which is 68.34% of the net profit attributable to ordinary shareholders in the consolidated financial statements[168]. - The company has implemented a cash dividend policy, distributing at least 15% of the distributable profit as cash dividends annually, with a minimum of 80% of the distribution in the absence of significant capital expenditures[160][161]. - In the reporting period, the company distributed cash dividends amounting to RMB 62,948,945.10, which represents 85.59% of the net profit attributable to shareholders[162]. Operational Highlights - The company launched 16 new fuel vehicle crankshaft products, with 5 projects entering small batch production[30]. - The company reported a significant 38% growth in aftermarket sales for its clutch products[31]. - The production of new energy hybrid crankshafts and electric drive gears has become a major focus, contributing to the company's strategic shift[30]. - The company successfully completed the development and sample delivery of 10 new products for various clients, including BYD and Chery[31]. - The sales volume of new energy vehicles exceeded 10 million units, accounting for over 40% of total vehicle sales in 2024[29]. - The company achieved a 12% reduction in internal quality waste loss rate through strengthened internal quality management[32]. - The company’s finished goods inventory decreased by 16% year-on-year, indicating effective inventory management[35]. - The company’s production line upgrades resulted in a 70% increase in production speed and a 15.9% increase in mold lifespan, enabling an annual production capacity of 1 million crankshaft blanks[36]. Market Trends - In 2024, China's automobile production and sales reached 31.28 million and 31.44 million units, respectively, marking a year-on-year growth of 3.7% and 4.5%[38]. - The new energy vehicle sales surpassed 10 million units for the first time, accounting for over 40% of total sales, indicating a shift towards high-quality development[38]. - The production and sales of new energy vehicles (NEVs) reached 12.888 million and 12.866 million units, with year-on-year growth of 34.4% and 35.5%[40]. - NEVs accounted for 40.9% of total new car sales in 2024, an increase of 9.3 percentage points compared to 2023[40]. - The market for multi-cylinder gasoline engines is expected to reach 20.02 million units in 2024, with a growth rate of 0.30%[89]. Research and Development - Research and development expenses amounted to RMB 961.97 million, an increase of 10.16% year-on-year, reflecting the company's commitment to innovation[62]. - The company has accumulated over 300 patents, including 74 invention patents, and actively participates in the formulation of 10 national and industry standards[58]. - The company has established partnerships with several prestigious universities and research institutions, enhancing its technological development capabilities[58]. - The number of R&D personnel is 436, accounting for 15.88% of the total workforce[73]. Corporate Governance - The company's governance structure complies with modern corporate governance standards, ensuring shareholder rights and effective decision-making processes[129]. - The board of directors consists of 9 members, including 3 independent directors, and has held 12 meetings during the reporting period[130]. - The company adheres to strict information disclosure practices, ensuring transparency and equal access to information for all shareholders[131]. - The company emphasizes investor relations management, enhancing communication through regular performance briefings, analyst meetings, and roadshows[132]. Environmental Responsibility - The company has invested in advanced wastewater treatment facilities with a capacity of 1,440 tons per day, ensuring compliance with national discharge standards[180]. - The company has adopted a comprehensive hazardous waste management system, detailing responsibilities and operational standards for waste handling[179]. - The company has been recognized as a national "green factory" for its outstanding achievements in green development[186]. - The company has implemented waste management initiatives, including a comprehensive waste classification system and resource recycling, significantly reducing waste emissions[182]. Legal Matters - The company is involved in a lawsuit with a claim amount of 21.51 million yuan, which may impact its net profit significantly[200]. - The court ruled that the company must pay a total of 17,396,719.40 yuan, including penalties, which will be paid cumulatively by the end of December 2024[200]. - The company disputes the court's decision and is currently seeking a review from the higher court[200]. - The lawsuit relates to discrepancies in electricity billing from 2011 to 2015, with the company claiming that the billing was not accurately calculated[200].