JIN LEI(SZ:300443)2025-03-27 12:40Financial Performance - In 2024, the net profit attributable to shareholders decreased by 58.03% compared to the previous year, primarily due to intensified competition in the wind power industry and a decline in product prices, particularly for castings[5]. - The company reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a 15% increase compared to RMB 1.04 billion in 2023[27]. - The company's operating revenue for 2024 was CNY 1,967,369,124.16, representing a 1.11% increase compared to CNY 1,945,847,812.58 in 2023[32]. - The net profit attributable to shareholders for 2024 decreased by 58.03% to CNY 172,824,478.16 from CNY 411,796,815.46 in 2023[32]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 173,990,590.67, down 55.68% from CNY 392,605,019.39 in 2023[32]. - The net cash flow from operating activities for 2024 was CNY 328,056,182.55, a decrease of 16.42% compared to CNY 392,525,945.53 in 2023[32]. - The total assets at the end of 2024 were CNY 6,650,231,567.30, down 5.09% from CNY 7,006,990,361.02 at the end of 2023[32]. - The weighted average return on equity for 2024 was 2.84%, a decline of 5.61% from 8.45% in 2023[32]. - The gross margin improved to 35% in 2024, up from 30% in 2023, reflecting better cost management[27]. - Wind power sector revenue decreased by 11.06% to ¥1,439,238,442.86, accounting for 73.15% of total revenue, while other forging and casting sectors saw a 48.01% increase to ¥409,116,294.13, representing 20.80% of total revenue[70]. Market Outlook and Strategy - The company plans to increase its efforts in the casting market and expects cost normalization in 2025, alongside a rise in offshore wind demand and stabilization of bidding prices, which will drive both volume and price increases for wind power products[5]. - The offshore wind market is expected to recover due to supportive government policies, but the company remains cautious about potential market adjustments and changes in major clients' operations[9]. - The company provided a future outlook, projecting a revenue growth of 20% for 2025, targeting RMB 1.44 billion[27]. - The company plans to expand its market presence in Southeast Asia, aiming for a 30% market share by 2026[27]. - The wind power business is expected to maintain long-term growth driven by increasing global demand for clean energy and technological innovations, with a focus on enhancing market share in large-scale wind turbine main shafts[111]. Research and Development - The company has invested RMB 200 million in R&D for new technologies in renewable energy[27]. - The company has developed the capability to produce core casting components for large wind turbines ranging from 5MW to 25MW[53]. - The company has completed the development of high toughness forgings based on steel ingot segregation control technology, aiming to improve the uniformity of steel ingot composition and enhance product performance[80]. - The company has successfully developed three new technologies related to the casting process of large megawatt wind turbine main shafts, improving material performance and reducing production costs[82]. - The company has established close collaborations with research institutions, driving product development and technological innovation[58]. Production and Operational Efficiency - The company has implemented measures to manage raw material price volatility, including optimizing procurement plans and enhancing inventory management[12]. - The company has implemented lean management strategies to optimize inventory and reduce costs, further strengthening its position in the wind power forged main shaft sector[53]. - The company has optimized its production processes and supply chain management, ensuring timely delivery and high customer satisfaction[68]. - The company has made significant improvements in production efficiency and product quality through technological innovations, including the development of a new casting technology for large offshore wind power components[58]. - The company is focused on reducing production costs and increasing economic benefits through various technological advancements in forging processes[80]. Corporate Governance and Shareholder Engagement - The company has maintained an A rating in information disclosure for eight consecutive years, reflecting its commitment to transparency[119]. - The company has established a market value management system to enhance investor confidence and protect shareholder interests[116]. - The company is committed to improving corporate governance and internal control systems, having revised several key internal regulations in 2024[119]. - The company has established specialized committees under the board to provide professional opinions and references for decision-making[122]. - The company plans to conduct a self-evaluation report on internal controls for the year 2023, ensuring compliance and operational integrity[147]. Environmental Responsibility - The company has implemented strict compliance with environmental protection laws and regulations, including the Environmental Protection Law of the People's Republic of China[185]. - The company has obtained a pollution discharge permit valid for five years, issued on September 24, 2024[185]. - The company has invested in advanced environmental protection equipment to reduce carbon emissions and improve energy efficiency[189]. - The company has established a self-monitoring plan for pollutants, with all monitoring values meeting standards during the reporting period[188]. - The company emphasizes green development and has implemented measures to reduce production costs and pollutant emissions through process improvements and equipment efficiency upgrades[197]. Talent Development and Human Resources - The company has a strong focus on talent acquisition and development, combining internal training with external recruitment to enhance its technical and innovative capabilities[63]. - The number of R&D personnel increased to 221 in 2024, up by 1.38% from 218 in 2023, with a notable rise in the number of bachelor's degree holders to 132, a 14.78% increase[84]. - The company emphasizes competitive compensation for key talents, linking salaries to performance evaluations to enhance employee motivation and productivity[160]. - The company has implemented a comprehensive training plan focusing on management skills, operational skills, and professional technical level improvements to develop a high-quality talent team[162]. - The total number of employees at the end of the reporting period is 2,184, with 1,391 in the parent company and 793 in major subsidiaries[159].