龙泉股份(002671) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥1,146,495,048.32, representing a 3.52% increase compared to ¥1,107,543,064.36 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥65,589,387.70, a significant increase of 136.10% from ¥27,780,798.99 in 2023[26]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥63,267,721.02, reflecting a remarkable growth of 557.56% compared to ¥9,621,642.79 in 2023[26]. - The net cash flow from operating activities for 2024 was ¥124,840,200.76, an increase of 28.57% from ¥97,095,901.07 in 2023[26]. - The total assets at the end of 2024 amounted to ¥2,945,847,182.65, which is a 13.12% increase from ¥2,604,160,022.91 at the end of 2023[26]. - The weighted average return on net assets for 2024 was 4.02%, up from 1.75% in 2023, indicating improved profitability[26]. - The company reported a basic earnings per share of ¥0.12 for 2024, a 140.00% increase from ¥0.05 in 2023[26]. - The company achieved operating revenue of 1,146.495 million yuan, a year-on-year increase of 3.52%[61]. - PCCP and related pipeline business revenue was 970.9038 million yuan, accounting for 84.68% of total revenue, with a year-on-year growth of 11.05%[61]. - Metal pipe fittings business revenue was 152.8005 million yuan, accounting for 13.33% of total revenue, with a year-on-year decline of 30.45%[61]. - The company reported a 7.60% increase in production volume in the construction materials sector, totaling 207.27 thousand meters, despite a 7.12% decrease in sales volume[65]. - The main business cost for the construction materials industry in 2024 was CNY 665,411,685.74, accounting for 83.92% of total operating costs, an increase of 7.29% compared to CNY 620,220,241.02 in 2023[71]. - The main business cost for the metal pipe fittings industry decreased by 37.69% to CNY 116,860,861.57 in 2024, representing 14.74% of total operating costs, down from 23.15% in 2023[71]. Strategic Initiatives - In 2024, the company focused on high-quality development and improved operational performance amid a complex external environment[2]. - The acquisition of Nantong Power Station Valve Company is expected to enhance the company's capabilities in high-end metal valve manufacturing and strengthen its service capacity in the energy equipment market[3]. - The company aims to increase the order rate for large projects and the proportion of high value-added businesses through technological innovation and resource integration in 2025[4]. - The company plans to continue building a "3+1" systematic capability to strengthen its internal capabilities and resist cyclical fluctuations[7]. - The company plans to enhance overseas business investments and explore new business cooperation trials as part of its 2025 management plan[93]. - The company aims to expand its market and improve order delivery under the "1+N" operational strategy[93]. Market Trends and Demand - The PCCP industry is expected to see increased demand due to the national water network construction plan, which aims to enhance water resource management and infrastructure[35]. - The government has outlined plans to accelerate the construction of a national water network by 2025, which will drive market demand for PCCP products[36]. - The underground pipeline management market is expected to see stable growth due to increasing urbanization and the need for pipeline repair and maintenance[42]. - The domestic market for 3PE anti-corrosion steel pipes is growing, with increasing demand in oil, gas, and municipal engineering sectors[47]. - The company’s performance is primarily driven by an order-driven model, relying on the quantity and quality of orders obtained[53]. Innovation and Quality Improvement - The company has maintained its focus on innovation and quality improvement in the PCCP manufacturing process, aligning with national infrastructure goals[35]. - The company focuses on the production and sales of prestressed concrete pipes (PCCP) and high-pressure alloy metal fittings, expanding into new businesses such as steel pipes and underground pipeline lifecycle management services[44]. - The company has made significant contributions to the development of industry standards and has a strong technical foundation in PCCP equipment and design[59]. Operational Efficiency - The company achieved a reduction in costs and an increase in per capita efficiency through optimized management processes and digital empowerment[5]. - The company has implemented cost reductions in operating costs, sales expenses, management expenses, and financial expenses, leading to an 88.96% increase in operating profit[61]. - The company has established a comprehensive service system for the entire lifecycle management of underground pipelines, enhancing its competitive edge[54]. Governance and Management - The company emphasizes the importance of trust and responsibility in driving long-term value creation[3]. - The company is committed to transparent communication and creating long-term value for investors through steady operations and innovative breakthroughs[7]. - The company has improved its internal control system to enhance governance and risk prevention capabilities[102]. - The company actively communicates with stakeholders to balance interests and promote sustainable development[104]. - The company has established a transparent performance evaluation system for senior management and has implemented multiple stock incentive plans since its listing[104]. Environmental Responsibility - The company invested approximately RMB 1.5793 million in environmental governance and protection during the reporting period[152]. - The company paid approximately RMB 16,000 in environmental protection tax during the reporting period[152]. - The company has established long-term strategic partnerships with key suppliers, enhancing supplier management systems[155]. - The company adheres to environmental protection laws and invests in eco-friendly production processes, contributing to local ecological balance[155]. Employee Management - The total number of employees at the end of the reporting period was 1,155, with 336 in the parent company and 819 in major subsidiaries[128]. - The company plans to conduct various training programs to enhance the skills of its employees, including management training and technical qualifications[130]. - The employee compensation policy is based on economic performance, production output, and various salary standards[129]. - The company has 273 employees with a bachelor's degree or higher, representing approximately 23.6% of the total workforce[128]. Shareholder Relations - The company will not distribute cash dividends or issue bonus shares in the current fiscal year[10]. - The participation rate for the 2024 first extraordinary general meeting was 42.13%[108]. - The participation rate for the 2024 second extraordinary general meeting was 40.06%[108]. - The participation rate for the 2023 annual general meeting was 42.12%[108]. - The participation rate for the 2024 third extraordinary general meeting was 43.40%[109]. - The participation rate for the 2024 fourth extraordinary general meeting was 42.54%[109]. Risk Management - The company faces risks related to the release schedule of large water transfer and petrochemical projects, which could significantly impact its operating performance[95]. - The company faces risks from fluctuations in raw material prices, particularly steel and cement, which have adversely affected cost control[96]. - The company has a significant amount of accounts receivable due to long construction periods, with clients typically required to reserve 5%-25% of contract amounts as guarantees[96]. - The company aims to improve cash efficiency by strictly controlling accounts receivable and inventory levels[97].