Hainan Jinpan Smart Technology (SH:688676)2025-04-02 12:45Financial Performance - The company achieved a net profit attributable to ordinary shareholders of RMB 574,421,452.41 for the fiscal year 2024[8]. - The proposed cash dividend is RMB 5.06 per 10 shares, totaling RMB 23,014.93 million (including tax) for the actual participating shares[9]. - The total amount of cash dividends and share repurchase reached RMB 32,813.73 million, accounting for 57.12% of the net profit attributable to shareholders[9]. - As of December 31, 2024, the company's distributable profits amounted to RMB 1,094,379,414.45[8]. - The company reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-over-year growth of 15%[18]. - The net profit attributable to shareholders was CNY 574,421,452.41, reflecting a growth of 13.82% compared to the previous year[26]. - Basic earnings per share for 2024 were CNY 1.29, up 9.32% from CNY 1.18 in 2023[25]. - The cash flow from operating activities was negative CNY 36,981,276.98, a decline of 118.04% year-on-year[26]. - The company achieved total operating revenue of CNY 6,900,859,224.75, a year-on-year increase of 3.50%[26]. - The company achieved a main business revenue of 6,842.66 million RMB, a year-on-year increase of 3.27%[41]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[18]. - The company is focusing on expanding into emerging markets to drive domestic business growth in 2025[51]. - The company plans to continue expanding into international markets and investing in new product development across various industries[175]. - The company has implemented a "dual-wheel drive" customer strategy, increasing the contribution rate of long-term customer orders to 45% and adding 890 new customers from 20 countries by the end of 2024[54]. Research and Development - The company is investing RMB 200 million in R&D for new technologies in energy storage solutions[18]. - The company’s R&D team consists of 408 personnel, accounting for 17.60% of the total workforce, with 121 core technologies and 284 valid patents[59]. - The total R&D investment for the year reached CNY 355,625,807.12, an increase of 1.30% compared to the previous year[142]. - The company has consistently increased its R&D investment, successfully launching a series of high-performance products with independent intellectual property rights, reinforcing its competitive position in the market[116]. - The company holds a total of 284 valid patents, including 36 domestic invention patents and 5 overseas invention patents[140]. Operational Efficiency and Digital Transformation - The company has established seven digital factories in China, integrating advanced technologies such as AI, cloud computing, and big data to enhance its core competitiveness[121]. - The company’s digital transformation efforts have led to the completion of multiple digital factories, enhancing overall production capacity[52]. - The company has developed a comprehensive digital factory solution, enhancing operational efficiency through self-developed web service middleware[138]. - The digital factory solutions include automation, software architecture planning, and intelligent logistics systems, enhancing manufacturing competitiveness[80]. Sustainability and Environmental Commitment - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability goals[18]. - The company has achieved 100% use of green electricity across its factories in Haikou, Guilin, Wuhan, and Shanghai, contributing to the national "dual carbon" strategy[61]. - Jinpan Technology has been recognized as one of the top 50 typical cases for green and low-carbon development among private enterprises in 2024, reflecting its commitment to ESG responsibilities[62]. Risks and Challenges - The company has detailed various operational risks in the report, which can be found in the management discussion and analysis section[6]. - The company is subject to a forward-looking statement risk, indicating that future plans and strategies do not constitute a commitment to investors[10]. - The company is facing risks related to intensified market competition and potential declines in gross margins due to price pressures in the renewable energy sector[161]. - The company is under pressure to attract and retain technical and management talent, which is critical for its product innovation and sustainable development[162]. Product Development and Innovation - New product launches include a state-of-the-art energy management system, expected to enhance operational efficiency by 30%[18]. - The company has developed a series of energy-efficient transformers for the renewable energy sector, demonstrating advanced domestic technology levels[144]. - The company has developed a virtual power plant aggregation platform, including energy dispatch control algorithms and load forecasting algorithms, enhancing its capabilities in data asset formation[146]. - The company has developed multiple series of products for outdoor high-voltage cabinets and box transformers, with IEC-CB certification received for typical prototypes[148]. Customer and Supplier Relationships - The company has formed long-term stable business relationships with renowned international companies such as General Electric, Siemens, and Vestas, enhancing its brand influence[159]. - The total procurement from the top five suppliers was ¥1,013,628,651.12, accounting for 20.27% of the annual total procurement[197].