GATD(SH:688239)2025-04-07 10:55Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 188,609,112.82, representing a profit distribution plan of RMB 2.20 per 10 shares[8]. - The total undistributed profits as of December 31, 2024, amount to RMB 567,436,879.23, with a capital reserve of RMB 1,111,519,017.25[8]. - The proposed cash dividend distribution totals RMB 32,347,977.86, which accounts for 30.41% of the net profit attributable to shareholders[8]. - The company's operating revenue for 2024 was CNY 1,805,371,965.70, a decrease of 14.19% compared to 2023[28]. - The net profit attributable to shareholders for 2024 was CNY 188,609,112.82, reflecting a year-on-year increase of 1.63%[28]. - The net cash flow from operating activities for 2024 was CNY 144,387,714.87, showing a slight increase of 1.12% from the previous year[28]. - The total assets at the end of 2024 reached CNY 4,286,635,290.67, an increase of 25.75% compared to the end of 2023[28]. - The net assets attributable to shareholders increased by 8.70% to CNY 1,834,202,898.40 at the end of 2024[28]. - The basic earnings per share for 2024 remained stable at CNY 1.30, while diluted earnings per share decreased by 0.78% to CNY 1.28[29]. - The company's gross margin for its main business increased by 1.03 percentage points compared to the previous year, despite a challenging external market environment[49]. Revenue Breakdown - Overseas main business revenue reached 763.34 million yuan, a year-on-year increase of 25.11%, accounting for 45.24% of the annual main business revenue[43]. - Domestic main business revenue was 923.79 million yuan, a decrease of 34.02%, accounting for 54.76% of the annual main business revenue[43]. - The company had a total order backlog of approximately 4.848 billion yuan, a year-on-year increase of 6.88%[44]. - Revenue from gas turbine forgings increased by 20.70%, with its proportion of annual main business revenue rising to 11.89%[43]. - The company achieved operating revenue of 1,805.37 million yuan, a decrease of 14.19% compared to the same period last year, while net profit attributable to shareholders increased by 1.63% to 188.61 million yuan[42]. Operational Strategy - The company plans to continue focusing on new project investments and improving cash flow management in the upcoming periods[31]. - The company is expanding into emerging sectors such as nuclear power, hydrogen energy, and marine equipment, completing multiple supplier certifications in the nuclear power field[45]. - The company is actively preparing for the construction of a large ring forging precision manufacturing industrial park for aerospace applications in 2024, aiming to enhance production capacity and expand its customer base[46]. - The company has identified over 30 management improvement projects to enhance operational efficiency and decision-making processes in 2024[47]. - The company employs a "make-to-order" production model to meet the diverse and customized demands of its clients, focusing on non-standard products[57]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 4.26% in 2024, up from 3.90% in 2023[30]. - The company reported a total R&D expenditure of ¥76,945,029.31, a decrease of 6.27% compared to the previous year, with R&D expenditure accounting for 4.26% of revenue[87]. - The company has received multiple patents during the reporting period, enhancing its intellectual property portfolio in advanced manufacturing technologies[83]. - The company is currently working on six key R&D projects, with total expected investments ranging from ¥1,366.00 to ¥3,912.50 million, focusing on stability and quality control in aviation engine components[89]. - The company has developed key technologies for precise control of the manufacturing process of ring forgings, addressing issues like internal metallurgical quality and low material utilization[80]. Market Position and Industry Trends - The company is a key supplier for the C919 aircraft engine and is involved in the production of critical components, maintaining a leading global market share in several part numbers[45]. - The global passenger turnover (RPKs) is expected to grow at an annual rate of 3.75% over the next 20 years, reaching 20.83 trillion passenger kilometers by 2043, driven by a global economic growth rate of approximately 2.6% per year until 2040[67]. - The gas turbine market in the Asia-Pacific region is expected to grow from approximately $9.445 billion in 2023 to $19.96 billion by 2033, with a compound annual growth rate of 7.8%[73]. - The company has become a major supplier of high-quality ring forgings for mainstream aircraft engine manufacturers in the Asia-Pacific region, focusing on high-end equipment for aircraft engines[66]. - The company is positioned to benefit from the increasing demand for gas turbines, with new orders expected to exceed $137 billion over the next decade[73]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring the integrity of the report[6]. - The company has not disclosed any special arrangements for corporate governance[11]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute substantive commitments to investors[11]. - The company has established independent operational capabilities, ensuring no interference from controlling shareholders[179]. - The company actively engages with stakeholders, respecting their rights and promoting sustainable development[182]. Risk Management - The company faces challenges in achieving uniformity and stability in the properties of ring forgings, which directly impacts the lifespan and reliability of aircraft components[61]. - The company must continuously meet international certification standards to maintain its supplier qualifications, which are critical for ongoing operations[106]. - The company faces risks related to customer concentration, with a high dependency on its top five clients for revenue, which could impact future performance if client strategies change[108]. - There is a risk of raw material price fluctuations affecting profit margins, as raw materials constitute a significant portion of the cost structure[105]. - The company has established strict internal control systems to mitigate operational risks associated with derivative trading[158]. Shareholder and Management Changes - The company held a total of 6 shareholder meetings in 2024, with all resolutions passed without any rejections[184]. - The company has appointed several key executives, including the chairman and general manager, to strengthen its leadership team[189]. - The total remuneration for key management personnel amounted to 1,439.79 million yuan[188]. - The company continues to implement stock incentive plans to align management interests with shareholder value[187]. - The company has undergone changes in its board members, with several resignations due to personal reasons and new appointments made by the board[197].