Tianqin Equipment(SZ:300922)2025-04-09 10:30Financial Performance - The company's operating revenue for 2024 reached ¥230,539,547.17, representing a 49.14% increase compared to ¥154,579,356.21 in 2023[5]. - Net profit attributable to shareholders for 2024 was ¥41,680,765.73, up 29.49% from ¥32,188,855.93 in 2023[5]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥38,746,728.38, a 44.68% increase from ¥26,781,358.15 in 2023[5]. - The company's total assets at the end of 2024 were ¥1,044,767,829.21, an 8.23% increase from ¥965,296,355.87 at the end of 2023[5]. - The basic earnings per share for 2024 was ¥0.27, reflecting a 28.57% increase from ¥0.21 in 2023[5]. - The weighted average return on equity for 2024 was 4.68%, up from 3.69% in 2023[5]. - The net cash flow from operating activities for 2024 decreased by 25.28% to ¥75,731,965.43 from ¥101,347,816.98 in 2023[5]. - The company achieved operating revenue of CNY 230.54 million in 2024, representing a year-on-year increase of 49.14%[80]. - The net profit attributable to shareholders was CNY 41.68 million, up 29.49% year-on-year, while the net profit excluding non-recurring gains and losses was CNY 38.75 million, an increase of 44.68%[69]. - The net cash flow from operating activities decreased by 25.28% to CNY 75.73 million[69]. Dividend Distribution - The company plans to distribute a cash dividend of 1.80 RMB per 10 shares (including tax) to all shareholders, based on a total share capital of 155,269,900 shares after deducting repurchased shares[5]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans, as detailed in the management discussion and analysis section[5]. - The company has outlined potential risks and countermeasures in its future development outlook section[5]. - The company has implemented measures to manage accounts receivable risks, including credit assessments and regular communication with clients[153]. Research and Development - The company is involved in the development of advanced materials and technologies, including polymer material modification and finite element analysis technology[16]. - The company aims to expand its research and development efforts to meet diverse market demands for both defense and civilian protective devices[44]. - The company has a dedicated R&D department that follows a structured process for product development, ensuring thorough evaluation and testing at each stage[65]. - R&D investment amounted to ¥8,147,014.36 in 2024, representing 3.53% of operating revenue, a decrease from 5.69% in 2023[95]. - The number of R&D personnel decreased by 4.76% from 21 in 2023 to 20 in 2024, with a significant drop in master's degree holders by 75%[95]. - The company plans to focus on the development of new defense equipment and protective products, leveraging a favorable policy environment for defense equipment construction[134]. - The company aims to enhance its research and development capabilities in polymer materials, resin-based composite materials, and metal products for defense applications[135]. - The company is focusing on enhancing its technical capabilities through the development of new materials and products, which are projected to lead to substantial value growth[94]. Market Position and Strategy - The company has established a strong market position as a major supplier of specialized protective devices and equipment components in the defense industry[34]. - The strategic focus on "small core, large collaboration" has allowed the company to effectively leverage market advantages and provide quality products and services to major manufacturers[34]. - The company has developed multiple proprietary core technologies and has received the National Defense Science and Technology Progress Award (Special Prize) from the Ministry of Industry and Information Technology[36]. - The company aims to improve its R&D system, enhancing technical reserves and product innovation to strengthen its core competitiveness[140]. - The company is actively expanding into new military and civilian markets to reduce the risk associated with high customer concentration in the defense equipment sector[150]. Production and Operations - The production process is strictly regulated under national standards, with both in-house and outsourced production methods employed to enhance efficiency and reduce fixed asset investments[60]. - The company utilizes advanced production equipment, including injection molding machines from Haitian International, enhancing production efficiency and quality[78]. - The company has established a qualified supplier list to ensure the procurement of materials meets quality standards, with suppliers undergoing a rigorous approval process[58]. - The company has established long-term stable partnerships with various defense equipment research and manufacturing units, contributing to the combat readiness and operational response capabilities of the military[37]. Corporate Governance - The company has a total of 7 board members, including 3 independent directors, ensuring compliance with relevant laws and regulations[163]. - The company held 4 shareholder meetings during the reporting period, all convened by the board of directors, ensuring legal compliance in procedures[161]. - The company has a monitoring committee consisting of 3 supervisors, ensuring effective oversight of major matters and financial conditions[165]. - The financial department operates independently, with a standardized accounting system and separate bank accounts from the controlling shareholder[172]. - The company’s main business focuses on the R&D, production, and sales of specialized protective devices and equipment components, ensuring operational independence from the controlling shareholder[174]. Investment and Funding - The total amount of funds raised in the initial public offering (IPO) was RMB 449.43 million, with a net amount of RMB 407.01 million after deducting related issuance costs[120]. - The company has utilized RMB 117.38 million of the excess raised funds for permanent working capital, with RMB 19.52 million used in the current reporting period[122]. - The company has established a special account for the management of raised funds, with a balance of RMB 16.49 million as of December 31, 2024[122]. - The company plans to leverage capital markets for funding through mergers, public offerings, and private placements to support business development and industry expansion[144]. Human Resources - The company will increase investment in human resources, improving recruitment mechanisms and providing a conducive work environment to attract high-end talent for sustainable development[142]. - The company has established a scientific and reasonable compensation system to retain core technical personnel and mitigate the risk of talent loss in a competitive industry[147]. Shareholder and Director Changes - The chairman reduced his shareholding by 10,920,000 shares, leaving him with 43,478,260 shares[178]. - An independent director resigned due to holding positions in more than three listed companies[179]. - Independent director Zhu Qingbin resigned on May 10, 2024, due to personal reasons[181]. - The company is undergoing changes in its board and supervisory members, indicating potential strategic shifts[181][182].