BVEA(SH:600379)2025-04-11 03:50Financial Performance - The company's operating revenue for 2024 reached ¥1,464,198,681.28, representing an increase of 8.51% compared to ¥1,349,419,062.39 in 2023[26] - The net profit attributable to shareholders for 2024 was ¥90,359,213.41, a growth of 27.93% from ¥70,629,196.29 in 2023[26] - The basic earnings per share for 2024 was ¥0.2736, reflecting a year-on-year increase of 27.91% from ¥0.2139 in 2023[25] - The total assets of the company at the end of 2024 were ¥1,764,158,401.90, which is a 15.37% increase from ¥1,529,096,458.50 at the end of 2023[26] - The company's net assets attributable to shareholders increased by 6.74% to ¥752,322,529.92 at the end of 2024, compared to ¥704,831,390.14 at the end of 2023[26] - The weighted average return on equity for 2024 was 12.40%, an increase of 1.95 percentage points from 10.45% in 2023[25] - The company achieved significant breakthroughs in core technologies, including the first domestic 126kV large-capacity column circuit breaker and a GIS switch 126kV arc extinguishing chamber that reached international leading standards[40] - The company reported a total revenue of 30.4 billion with a net profit of 655.975 million, indicating a strong financial performance[119] Cash Flow and Dividends - The net cash flow from operating activities decreased by 55.27% to ¥35,049,575.29 in 2024, down from ¥78,366,065.65 in 2023[26] - The company plans to distribute a cash dividend of ¥0.4645 per 10 shares, totaling approximately ¥15,337,862.65 for the year 2024[8] - The cumulative cash dividend for 2024, including previous distributions, is projected to be ¥36,143,863.20, which accounts for 40% of the net profit attributable to shareholders[8] - The company aims to maintain a cash dividend of no less than 30% of the net profit attributable to shareholders for the mid-term of 2025[9] - The company approved a cash dividend distribution plan for 2023, amounting to 21.4631 million yuan, which represents 30.39% of the net profit attributable to shareholders[156] - For the first half of 2024, the company plans to distribute a cash dividend of 13.8685 million yuan, accounting for 30.19% of the net profit attributable to shareholders[156] - The total cash dividend for 2024 is projected to be 36.1439 million yuan, which is 40% of the net profit attributable to shareholders for the year[158] Market and Product Development - The market share of the main products further increased, with the production of vacuum arc extinguishing chambers rising by 15.40% and sales increasing by 17.87% year-on-year[37] - The company plans to acquire Kaysail Technology to expand market share[37] - The overseas business structure is being optimized, focusing on developing the European and Middle Eastern markets, with significant progress achieved[38] - The company is implementing a dual-track system of "direct sales + agents" to enhance overseas business channel capabilities[38] - The new energy business, centered on energy storage and hydrogen energy, has shown healthy development and significant progress in strategic emerging industries[36] - The company is targeting international business expansion, particularly in the Middle East and Southeast Asia, to leverage opportunities from industry chain transfers and grid upgrades[87] Research and Development - The company invested ¥54,115,243.07 in R&D, which accounts for 3.70% of its operating revenue[68] - R&D efforts led to a 25% increase in domestic patents compared to the same period last year, with the number of invention patents authorized doubling[41] - The company is focusing on R&D innovation and has implemented incentives for core R&D personnel to drive technological advancements[163] - The company plans to increase R&D investment to accelerate the delivery capability of 126kV and 145kV vacuum interrupters, with a focus on achieving mass production of 252kV vacuum interrupters[85] Corporate Governance and Compliance - The company’s board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements and effective governance[98] - The company held 1 annual general meeting and 4 extraordinary general meetings during the reporting period, with a total of 25 resolutions passed, demonstrating active shareholder participation[96] - The company has received an "A" rating for its information disclosure practices from the Shanghai Stock Exchange, reflecting its commitment to transparency and compliance[104] - The company has established a transparent performance evaluation and incentive mechanism to motivate employees and ensure the achievement of strategic goals[102] - The company has established a comprehensive internal control system, ensuring no significant defects in financial reporting or internal controls as of December 31, 2024[107] Sustainability and Social Responsibility - The company is committed to sustainable development and has published its 2024 ESG report[184] - The company has implemented 11 energy-saving projects, resulting in a reduction of carbon emissions by 3,871 tons[182] - The company was recognized as a "Green Factory" by the Shaanxi Provincial Industrial and Information Technology Department in 2024[181] - Total social responsibility investment amounted to 27.6 million yuan, benefiting 1 employee in need of medical assistance[185] - The company engaged in poverty alleviation projects with a total investment of 350.6 million yuan, benefiting 900 individuals[186] Risk Management - The company anticipates risks related to domestic grid construction speed and high voltage product policy development, which could impact demand for traditional products[91] - The company faces cost control risks due to fluctuations in the prices of key raw materials such as copper and silver, which are directly linked to international commodity prices[93] - The company is implementing strategies to mitigate risks from intensified industry competition, including product differentiation and focusing on high-value products with strong technical barriers[93] Leadership and Management Changes - The company appointed Peng Dapeng as the new Vice President effective June 28, 2024, following the resignation of Yin Zhe[124] - The company has seen a leadership change with the resignation of several key executives, including the Secretary of the Board and General Counsel, who was replaced by Zhang Hongyu[124] - The company has appointed new directors and supervisors during the reporting period, including the election of Yuan Ruitao and An Sisi[132] Internal Controls and Audits - The internal control system has been evaluated as effective, with no significant deficiencies reported[167] - The audit committee held 8 meetings during the reporting period, approving the 2023 annual audit report and internal control audit report[141] - The company plans to implement a comprehensive credit limit with banks for the year 2024, as approved in the 25th board meeting on April 10, 2024[134]