HXGF(SH:603115)2025-04-17 11:25Financial Performance - The company's operating revenue for 2024 reached RMB 1,927,965,255.64, representing a year-on-year increase of 7.68% compared to RMB 1,790,465,276.78 in 2023[22]. - The net profit attributable to shareholders of the listed company was RMB 160,904,727.93, up 17.63% from RMB 136,788,665.07 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was RMB 147,014,962.85, reflecting a 24.82% increase from RMB 117,785,533.22 in 2023[22]. - The basic earnings per share for 2024 was RMB 0.67, an increase of 17.54% compared to RMB 0.57 in 2023[24]. - The total assets of the company at the end of 2024 amounted to RMB 2,620,332,357.18, a 9.43% increase from RMB 2,394,547,881.99 at the end of 2023[23]. - The company's net assets attributable to shareholders increased by 2.39% to RMB 2,036,666,648.99 compared to RMB 1,989,143,910.57 at the end of 2023[23]. - The company plans to distribute a cash dividend of RMB 6.0 per 10 shares, totaling RMB 143,520,000, which accounts for 89.20% of the net profit for 2024[6]. - The weighted average return on net assets increased to 8.04% from 6.86% in the previous year, indicating improved profitability[24]. - The company reported a significant decrease in cash flow from operating activities, which was RMB 61,304,470.53, down 66.00% from RMB 180,293,481.42 in 2023[22]. Revenue Breakdown - The total operating revenue for the first quarter of 2024 was CNY 403.35 million, with net profit attributable to shareholders of CNY 15.28 million[27]. - The total operating revenue for the second quarter of 2024 was CNY 495.53 million, with net profit attributable to shareholders of CNY 35.53 million[27]. - The total operating revenue for the third quarter of 2024 was CNY 509.78 million, with net profit attributable to shareholders of CNY 53.23 million[27]. - The total operating revenue for the fourth quarter of 2024 was CNY 519.32 million, with net profit attributable to shareholders of CNY 56.86 million[27]. Research and Development - The company has a research and development team of 127 people, accounting for 14.06% of the total workforce, with 73 invention patents and 205 utility model patents[36]. - The company plans to allocate 6.82% of its operating revenue to research and development expenses in 2024[45]. - The company aims to enhance production capacity and optimize product structure, focusing on applications in new energy and AI servers[73]. - The company plans to increase R&D investment and strengthen collaboration with research institutions to boost technological innovation and accelerate domestic substitution[73]. Market Trends and Opportunities - The demand for aluminum electrolytic capacitors, which use electrode foil as a core material, is expected to grow significantly due to the rapid development of new energy vehicles and AI servers[42][41]. - The market for AI servers is projected to grow from 21.1 billion USD in 2023 to 31.79 billion USD by 2025, with a CAGR of 22.7%[42]. Governance and Compliance - The company has a robust governance structure, holding 1 annual and 4 extraordinary shareholder meetings during the reporting period[78]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements[79]. - The company disclosed 4 periodic reports and 61 temporary announcements during the reporting period, ensuring timely and accurate information for investors[80]. - The company actively established and optimized internal control systems to enhance risk prevention capabilities and operational standards[80]. - The company maintained independence from its controlling shareholders and actual controllers, with no significant impacts from related business activities[80]. Environmental Initiatives - The company invested 67.25 million yuan in environmental protection during the reporting period[121]. - The average concentration of COD in wastewater for Nantong Haixing Electronics Co., Ltd. was 15.9 mg/L, with a total annual discharge of 39.05 tons, below the control indicator of 119.91 tons[122]. - The company has established a comprehensive environmental monitoring program, ensuring all pollutant discharge indicators meet standards[127]. - The company has reduced carbon emissions by 4,865.15 tons through various carbon reduction measures[130]. Financial Management - The total amount of guarantees provided by the company, excluding subsidiaries, is 336,000,000.00 RMB, which accounts for 16.50% of the company's net assets[147]. - The total amount of guarantees provided to subsidiaries during the reporting period is 416,000,000.00 RMB[147]. - The company has engaged in cash asset management through entrusted financial products, with a total investment of 30,000.00 RMB[149]. - The expected annual yield for entrusted financial products ranges from 1.3% to 3.2176%[149]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 12,186, down from 14,649 at the end of the previous month[163]. - The largest shareholder, Nantong Xinhai Star Investment Group Co., Ltd., holds 141,180,000 shares, representing 59.02% of the total shares[165]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders alone accounting for over 65%[165]. Risk Factors - The company faces market competition risks, particularly from peers in the electrode foil industry, which may impact its competitive position[75]. - Fluctuations in raw material and energy prices pose risks to the company's profitability, particularly due to the reliance on aluminum and electricity[76]. - Changes in macroeconomic conditions and national industrial policies could adversely affect the company's future performance if not addressed promptly[76].