VEICHI(SH:688698)2025-04-15 11:20Financial Performance - The company reported a revenue of 1.2 billion RMB for the fiscal year 2024, representing a 15% increase compared to the previous year[17]. - The company's operating revenue for 2024 reached ¥1,640,174,010.89, representing a year-on-year increase of 25.70% compared to ¥1,304,882,452.80 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥245,027,269.43, up 28.42% from ¥190,801,582.92 in 2023[24]. - The net profit after deducting non-recurring gains and losses increased by 31.46% to ¥239,592,014.31 in 2024 from ¥182,250,783.47 in 2023[24]. - The gross margin improved to 35%, up from 30% in the previous year, due to cost optimization strategies[17]. - The company achieved total revenue of 1,640.17 million RMB, a year-on-year increase of 25.70%[36]. - The basic earnings per share for 2024 were ¥1.16, a 13.73% increase from ¥1.02 in 2023[25]. - The company’s net cash flow from operating activities surged by 3,705.80% to ¥201,027,309.26, primarily due to increased cash receipts from sales[26]. - The company’s total assets as of the end of 2024 were ¥3,073,967,764.61, reflecting a 20.82% increase from ¥2,544,181,035.50 at the end of 2023[24]. Dividend Distribution - The company plans to distribute a cash dividend of 2.70 RMB per 10 shares, totaling approximately 56.84 million RMB, which represents 35.41% of the net profit attributable to shareholders for the fiscal year 2024[5]. - The total cash dividend for the year, including interim distributions, amounts to approximately 86.76 million RMB[5]. - The profit distribution plan for 2024 has been approved by the board and is pending shareholder meeting approval[5]. Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has received a standard unqualified audit report from Da Xin Accounting Firm[4]. - The company has not disclosed any special arrangements for corporate governance[6]. - The company has not reported any instances where more than half of the board members could not guarantee the accuracy and completeness of the annual report[8]. - The company is committed to maintaining compliance with legal regulations and enhancing investor relations through effective communication strategies[52]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[17]. - A strategic acquisition of a local competitor is anticipated to be finalized by Q2 2024, which is expected to increase market share by 5%[17]. - The company is actively expanding its servo systems and control systems business, which has shown rapid growth due to increased investment in machinery across various industries[145]. - The company is focusing on expanding its market presence through innovative product development and strategic patent applications[104]. - The company is focusing on expanding its market presence in the residential and commercial energy storage sectors[125]. Research and Development - The company is investing 100 million RMB in R&D for advanced automation technologies over the next two years[17]. - Research and development expenses accounted for 13.25% of operating revenue in 2024, an increase of 0.70 percentage points from 12.55% in 2023[25]. - Total R&D investment for the year reached ¥217,341,812.39, a 32.71% increase from ¥163,772,310.97 in the previous year, representing 13.25% of operating revenue[116][118]. - The R&D team has increased personnel and project investments, focusing on breakthroughs in core technologies[118]. - The company has achieved key technological breakthroughs in electric drive and industrial control, enhancing its competitive edge[131]. Product Development and Innovation - New product development includes the launch of a next-generation programmable logic controller (PLC) expected to enhance market competitiveness[17]. - The company has developed new products in emerging fields, including hollow cup motors, frameless torque motors, hydrogen power supplies, photovoltaic energy storage inverters, and surgical power systems[53]. - The company has developed advanced motor control algorithms, including vector control technology for various types of motors[131]. - The company has developed a high-performance battery testing system with a dynamic response time of 5ms and 20ms, achieving a precision of 0.02% at 25℃±10℃[125]. - The company is focusing on high-end equipment, robotics, medical, and new energy sectors for R&D investments to drive new business resources and profit growth[130]. Risks and Challenges - The company is facing risks related to the reliance on imported electronic components, such as IC chips and IGBT modules, which could impact production if supply chains are disrupted[146]. - There is a risk of declining gross margins due to potential increases in raw material prices and competitive pricing pressures in the market[149]. - Future performance may be affected by changes in export tax rebate policies, which could impact the company's profitability as it expands its overseas sales[150]. - The company is exposed to foreign exchange risks as its sales are primarily denominated in foreign currencies, which could affect its financial results[152]. - The competitive landscape in the industrial automation sector is intensifying, with both domestic and foreign players vying for market share, posing a risk to the company's market position[154]. Awards and Recognition - The company has received multiple awards, including the 2022 User Satisfaction Brand in Motion Control and the 2023 Excellent Investor Relations Award, reflecting its strong market presence and customer satisfaction[54]. - The company has established itself as a national high-tech enterprise and has received recognition as a model enterprise in industrial internet development in Jiangsu Province[54].