Xi'an Actionpower Electric (688719)2025-04-17 11:05Financial Performance - The company's operating revenue for 2024 reached CNY 97,227.44 million, representing a 17.70% increase compared to CNY 82,606.33 million in 2023[22]. - Net profit attributable to shareholders decreased by 47.26% to CNY 7,312.42 million from CNY 13,864.35 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses fell by 51.95% to CNY 6,014.02 million, down from CNY 12,516.62 million in 2023[22]. - The net cash flow from operating activities increased by 55.25% to CNY 6,996.31 million, compared to CNY 4,506.40 million in 2023[25]. - The company's total assets as of the end of 2024 were CNY 237,436.04 million, a 3.57% increase from CNY 229,256.00 million at the end of 2023[22]. - Basic earnings per share decreased by 56.76% to CNY 0.64 from CNY 1.48 in 2023[23]. - The weighted average return on net assets dropped to 4.04%, a decrease of 14.00 percentage points from 18.04% in 2023[24]. - The company reported a revenue of 1,300,000.00 for the MW-level mobile power supply, with a production phase currently in batch production[121]. - The company reported a total revenue of 477,155,000.00 RMB, with a net profit of 127,362,594.09 RMB, indicating a significant increase in performance compared to the previous period[129]. Research and Development - Research and development expenses accounted for 14.60% of operating revenue, up from 10.80% in 2023, indicating a 3.80 percentage point increase[24]. - The company plans to continue increasing its R&D investment to enhance competitiveness in the market[24]. - The company achieved a total R&D investment of approximately ¥141.91 million, representing a 59% increase compared to the previous year[114]. - R&D investment accounted for 14.60% of total revenue, an increase of 3.80 percentage points from the previous year[114]. - The company has initiated multiple new R&D projects to expand market space, leading to increased business expenses related to these projects[116]. - The company is currently developing 28 R&D projects, which are crucial for future business development, including projects like the "P series bidirectional programmable power supply technology iteration" and "plasma sputtering power supply" among others[130]. - The company has achieved significant advancements in core technologies, with key performance indicators meeting or exceeding industry standards, and some reaching international advanced levels[135]. - The company has established a leading R&D infrastructure with 4,000 square meters of laboratory space and various testing stations, enabling comprehensive testing capabilities for high-power AC and DC power sources[140]. Corporate Governance - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[5]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[5]. - The company has not reported any special arrangements in corporate governance[7]. - The company has not faced any violations in decision-making procedures regarding external guarantees[9]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. Market and Competitive Position - The company operates in the power electronics industry, focusing on the research, production, and sales of power electronic conversion and control equipment, positioned in the midstream of the industry chain[63]. - The company has established offices or subsidiaries in multiple locations, including Hong Kong, to enhance local marketing capabilities and improve customer response speed[38]. - The company is expanding its distribution network to increase market share, particularly benefiting from the growth in the renewable energy and electric vehicle sectors[160]. - The company has a significant presence in the new energy vehicle sector, with clients including the top-selling electric vehicle manufacturer B Company and leading component manufacturer Huichuan Technology[72]. - The company has accumulated a high level of recognition in the special power supply market, being a large-scale producer in multiple fields[73]. Risks and Challenges - The company faces risks related to the loss of core technical personnel, which could impact its competitive advantage in the technology-intensive power electronics industry[150]. - The company is experiencing seasonal fluctuations in sales due to the procurement planning of major clients, which may affect cash flow management[154]. - The company acknowledges the risk of management challenges arising from its scale expansion, necessitating timely adjustments to organizational structure and management systems[158]. - The company faces risks from reliance on imported raw materials and potential price increases due to global semiconductor supply chain issues[168]. - The company is exposed to risks from changes in industry policies and macroeconomic conditions that could impact demand for its products[169]. Awards and Recognition - The company received multiple awards for its technological advancements, including the third prize for technological progress from the China Machinery Industry Association[36]. - The company has received multiple awards for technological progress, including two National Science and Technology Progress Awards and twelve industry association awards[42]. - The company has received multiple awards for its innovative technologies, including the 2023 China Power Society Science and Technology Award for outstanding product innovation[98]. Financial Management - The company has reported a decrease in cash and cash equivalents by 74.98% to 29,168.88 million RMB, attributed to unexpired financial products and project expenditures[190]. - The cash flow from investment activities showed a net outflow of 840,706,580.46 RMB, primarily due to investments in new headquarters and projects[188]. - The company's financial expenses decreased significantly by 375.31% due to increased bank interest income[174]. - The company has a tax rate benefit of 15% for high-tech enterprises, which may be affected by future changes in tax policies[171]. Production and Operations - The production strategy includes MTS (Make to Stock), ATO (Assemble to Order), and MTO (Make to Order) models, optimizing production efficiency based on product characteristics[60]. - The company has developed a complete product line for precision testing power supplies, achieving output precision and dynamic response times comparable to leading international brands like AMETEK[72]. - The company is focused on improving production efficiency and delivery speed through the development of programmable power supplies and other innovative technologies[119]. - The company has achieved a power factor of PF≥0.99 and total harmonic distortion (THD) ≤5% for its products, exceeding industry standards[122].