JSCQ(SH:688182)2025-04-07 11:50Financial Performance - The company achieved operating revenue of CNY 410.90 million in 2024, representing a year-on-year growth of 11.09% compared to CNY 369.89 million in 2023[23]. - Net profit attributable to shareholders reached CNY 57.79 million, up 23.66% from CNY 46.74 million in the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 33.44 million, a significant increase of 66.31% compared to CNY 20.10 million in 2023[23]. - The net cash flow from operating activities surged by 240.47% to CNY 113.58 million, compared to CNY 33.36 million in the previous year[23][25]. - Basic earnings per share increased to CNY 0.14, reflecting a growth of 16.67% from CNY 0.12 in 2023[24]. - The company’s total assets grew by 9.24% to CNY 2.57 billion at the end of 2024, compared to CNY 2.35 billion at the end of 2023[23]. - The gross profit margin for the main business in 2024 is 29.43%, up by 2.15 percentage points from 2023, driven by increased margins in filters and antennas[112]. - The company reported a revenue of 2,914,995.0 million, showing a growth compared to the previous period[86]. - The company reported a revenue of 3,947,871.7 million in the latest quarter, indicating strong demand in the automotive sector[87]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.75 RMB per 10 shares, totaling 30,000,000 RMB, which represents 51.91% of the net profit attributable to shareholders for the fiscal year 2024[6]. - The cumulative cash dividend over the last three fiscal years amounts to CNY 81,500,000, with an average net profit of CNY 61,046,172.97, resulting in a cash dividend ratio of 133.51%[183]. Research and Development - Research and development expenses accounted for 9.63% of operating revenue, a decrease from 10.55% in the previous year[24]. - The R&D model is centered on independent innovation, with dedicated teams for various product categories, including ceramic materials and filters, guided by market trends and demands[46]. - The company has developed over 170 ceramic powder formulas, with more than 80 achieving commercial mass application, covering dielectric constants from 4 to 150[55]. - R&D investment totaled approximately ¥39.56 million in the current year, representing a 1.40% increase from the previous year[83]. - The company is investing $10 million in R&D for new technologies aimed at enhancing product efficiency[156]. Market Position and Strategy - The company has established a strong customer base of over a thousand clients, including major players in the aerospace and defense sectors, enhancing its market position[36]. - The company is actively expanding into new markets such as renewable energy and semiconductors, while also enhancing existing customer collaborations[37]. - The company has successfully developed and mass-produced dielectric waveguide filters for 5G base stations since 2018, becoming a key supplier in the global communication industry[35]. - The company plans to expand its market presence in the aerospace and defense sectors, targeting a growth rate of 20% in the next fiscal year[90]. - The company aims to enhance its technological capabilities in HTCC electronic ceramic products to meet the growing domestic demand and achieve import substitution[66]. Corporate Governance - The company has established a scientific and standardized corporate governance structure to enhance management efficiency and ensure orderly operations[148]. - The company has implemented various internal control systems and governance rules to comply with legal and regulatory requirements[148]. - The governance structure includes a board of directors with specialized committees to ensure efficient decision-making and transparency[192]. Environmental Responsibility - The company has achieved ISO14001-2015 environmental management system certification and actively controls pollutant emissions during production[190]. - The company emphasizes social responsibility and has established a party branch to strengthen community engagement and corporate culture[191]. - The company has implemented cost-reduction and efficiency-enhancement measures, improving product yield and reducing energy consumption per unit[199]. - The company’s emissions of VOCs and dust are limited, and wastewater is treated before discharge[198]. Risks and Challenges - The company faces risks related to raw material price fluctuations, particularly for silver paste, PCB boards, and ceramic powders, which could impact production costs and gross margins[101]. - The company is at risk of fixed asset impairment if order volumes do not meet expectations due to market competition and rising raw material costs[104]. - Changes in government subsidy policies could affect the company's operational performance and cash flow stability[104]. Employee and Management Structure - The total employee count is 28,500,009, indicating a significant workforce size[154]. - The company emphasizes employee training, focusing on professional skills and management capabilities[175]. - The management team has extensive experience in both technical and executive roles, contributing to the company's strategic direction[154].