AVIC AVIONICS(SH:600372)2025-03-28 15:10Financial Performance - The company's operating revenue for 2024 is RMB 23,879,725,151.63, representing a decrease of 17.68% compared to RMB 29,006,921,223.99 in 2023[19]. - The net profit attributable to shareholders of the listed company decreased by 44.83% to approximately CNY 1.04 billion compared to the previous year[20]. - The total profit for 2024 was 1.308 billion yuan, down 42.02% from 2.257 billion yuan in the previous year[40]. - The company's operating cash flow turned negative, with a net cash flow of approximately -CNY 1.99 billion, a decline of 95.50% year-on-year[20]. - The net profit after deducting non-recurring gains and losses also fell by 43.05% to about CNY 833 million[20]. - Basic earnings per share dropped by 50.78% to CNY 0.2151, while diluted earnings per share showed the same decline[21]. - The weighted average return on net assets decreased by 3.32 percentage points to 2.83%[21]. - The company's operating revenue decreased by 17.68% to CNY 23.88 billion compared to the same period last year[41]. - The net profit attributable to shareholders decreased by 44.83% to CNY 1.04 billion, reflecting a significant decline in revenue and gross margin[42]. - Research and development expenses were reduced by 21.34% to CNY 2.74 billion, indicating a strategic shift in investment priorities[51]. Governance and Compliance - The audit report issued by Da Xin Certified Public Accountants is a standard unqualified opinion[3]. - The company has confirmed that all board members attended the board meeting, ensuring the integrity of the annual report[3]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The governance structure is aligned with regulatory requirements, ensuring the protection of shareholder rights and promoting sustainable development[80]. - The company emphasizes strict adherence to information disclosure regulations, ensuring all shareholders have equal access to information[84]. - The actual controller and major shareholder maintain independence in assets, personnel, finance, and operations, with no interference in company decisions[85]. - The company has a structured approach to managing related party transactions, ensuring fairness and transparency[84]. - The company’s governance practices align with legal and regulatory requirements, with no significant discrepancies noted[84]. - The company has established a performance assessment method for senior management remuneration, ensuring alignment with market standards[98]. - The internal control evaluation report indicates that the company's governance structure and internal management systems are in compliance with regulatory requirements[106]. Risk Management - The company has described potential risks in the management discussion and analysis section of the report[4]. - The company faces market competition risks due to the entry of new competitors and the increasing demands for pricing and delivery timelines from users[75]. - There are potential risks related to technological innovation, including challenges in meeting performance indicators and managing research and development costs[75]. - Cash flow risks are present due to high accounts receivable and inventory levels, leading to increased operational cash outflows[76]. - The company has established a quality management system to ensure compliance with strict quality requirements in the production of airborne defense equipment[76]. Research and Development - The company invested nearly 100 million yuan in research and development related to the low-altitude economy in 2024, forming a relatively complete product line for low-altitude airborne products[31]. - The company is focusing on technological innovation and has made breakthroughs in several key aviation airborne technologies, supporting product development and production delivery[31]. - The company has established systematic and component-level cooperative relationships with several leading eVTOL enterprises in the low-altitude economy sector[31]. - R&D investment accounted for 11.49% of total revenue[52]. - The number of R&D personnel is 7,796, representing 23.66% of the total workforce[53]. Environmental Responsibility - The company has invested 37.504 million yuan in environmental protection during the reporting period[130]. - The company has established 61 sets of exhaust gas purification facilities and 3 sets of online monitoring equipment, ensuring compliance with national emission standards[133]. - The company operates 2 comprehensive wastewater treatment stations with a capacity of 600 tons/day and 2 electroplating wastewater treatment stations with a capacity of 140 tons/day[135]. - All subsidiaries have implemented environmental self-monitoring plans, with monitoring results meeting standard requirements[139]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[140]. - The company has completed 6 environmental impact assessments for new projects in accordance with environmental regulations[136]. - The company has established a comprehensive environmental emergency management system and conducted over 10 emergency drills during the reporting period[137]. - The company has built a hazardous waste storage facility in compliance with standards, ensuring proper treatment and disposal of hazardous waste[135]. - The company has maintained a pollution discharge management system that complies with national laws and regulations, with no environmental pollution incidents reported[132]. - The company has reduced carbon emissions by 21,515.81 tons through various measures, including energy management and equipment upgrades[143]. Strategic Development - The company aims to enhance its supply chain management and improve delivery rates and quality to meet production targets[29]. - The company is actively pursuing the development of new technologies, including breakthroughs in quantum science and artificial intelligence, to enhance airborne systems[68]. - The company plans to strengthen its strategic investment in military aviation and expand its market presence in civil aviation services[71]. - The company is committed to improving resource allocation efficiency and enhancing core competitiveness through professional integration of its subsidiaries[69]. - The company aims to achieve an operating revenue of 24.271 billion yuan in 2025, representing a year-on-year growth of 1.64%[74]. - The defense business revenue is expected to slightly increase, while the civil aviation business is anticipated to maintain a growth trend[74]. - The company plans to enhance its competitiveness in the airborne systems industry by the end of the 14th Five-Year Plan, focusing on professional integration and innovation capabilities[72]. - The company is positioned as a leading domestic airborne systems supplier, supporting the development of low-altitude economy products such as helicopters and drones[72]. Shareholder Information - The proposed cash dividend is RMB 0.70 per 10 shares, totaling RMB 338,722,764.10, which accounts for 32.55% of the net profit attributable to shareholders in 2024[4]. - The total cash dividend distributed over the last three accounting years amounted to RMB 1,519,413,541.82, with a cumulative buyback and cancellation amount of RMB 150,735,168.02, leading to a total of RMB 1,670,148,709.84[121]. - The average net profit over the last three accounting years was RMB 1,266,352,973.15, resulting in a cash dividend ratio of 131.89%[121]. - The company has a total of 353,857,040 shares issued, with 271,762,208 shares currently in circulation[191]. - The total number of ordinary shareholders as of the end of the reporting period is 190,393, an increase from 184,679 at the end of the previous month[193]. - The top shareholder, AVIC Aircraft Systems Co., Ltd., holds 1,242,768,901 shares, representing 25.68% of the total shares[195]. - The second-largest shareholder, AVIC Aviation Industry Corporation, holds 798,476,553 shares, accounting for 16.5% of the total shares[195]. Investment and Financing - The company raised a total of RMB 496,524.99 million through stock issuance, with a cumulative investment of RMB 357,205.29 million by the end of the reporting period, achieving an investment progress of 71.94%[177]. - The "Aviation Air Supply Subsystem and Other Onboard Products Capacity Enhancement Project" has a total investment of RMB 72,110.00 million, with RMB 13,654.56 million invested this year, representing 18.94% of the total investment[177]. - The company approved the use of RMB 28,752.27 million of raised funds to replace pre-invested project funds and cover issuance costs, which has been completed by the end of the reporting period[181]. - The company plans to continue using up to RMB 17 billion of temporarily idle raised funds for cash management, with a focus on safe and liquid investment products[183]. - The company has signed deposit agreements with three banks for managing the raised funds, ensuring interest payments at agreed rates[183].