晶盛机电(300316) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 17,576,612,657.90, a decrease of 2.26% compared to CNY 17,983,185,712.27 in 2023[18]. - The net profit attributable to shareholders for 2024 was CNY 2,509,729,984.52, down 44.93% from CNY 4,557,514,076.03 in 2023[18]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 2,458,544,919.99, a decrease of 43.80% compared to CNY 4,374,890,333.95 in 2023[18]. - The net cash flow from operating activities for 2024 was CNY 1,773,443,635.01, down 42.57% from CNY 3,087,793,255.29 in 2023[18]. - The basic earnings per share for 2024 was CNY 1.92, a decline of 44.99% from CNY 3.49 in 2023[18]. - The total assets at the end of 2024 were CNY 31,550,179,908.08, a decrease of 14.29% from CNY 36,808,359,204.06 at the end of 2023[18]. - The net assets attributable to shareholders at the end of 2024 were CNY 16,621,271,326.50, an increase of 11.08% from CNY 14,963,146,218.89 at the end of 2023[18]. - The weighted average return on equity for 2024 was 15.97%, down 19.59% from 35.56% in 2023[18]. - The company's revenue for the reporting period was CNY 1,757.66 million, a year-on-year decrease of 2.26%, while the net profit attributable to shareholders was CNY 250.97 million, down 44.93% year-on-year[71]. Dividend Distribution - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total share capital of 1,309,533,797 shares, excluding repurchased shares[4]. - The company plans to distribute a cash dividend of 7.00 RMB per 10 shares, totaling approximately 915.15 million RMB, based on a total share capital of 1,307,359,813 shares[167]. - The total distributable profit for the year is 9,719,176,168.52 RMB, with cash dividends accounting for 100% of the profit distribution[169]. - The company’s cash dividend distribution plan is in line with the regulatory requirement that at least 20% of profits should be distributed as cash dividends during growth phases[170]. Risks and Challenges - The company acknowledges various risks including industry volatility, market competition, and technology development risks, which could impact future performance[4]. - The company faces industry volatility risks due to dependence on semiconductor demand and policies, which may impact performance[127]. - The company is aware of market competition risks as new entrants increase in the semiconductor industry, necessitating continuous innovation and quality maintenance[127]. - The company recognizes the risk of technological R&D challenges, emphasizing the need for timely product launches to maintain market competitiveness[128]. - The company is addressing the risk of talent loss by creating a supportive work environment and implementing incentive systems to retain key technical personnel[129]. - The company is managing order fulfillment risks by focusing on large, financially stable clients and maintaining strict credit management practices[130]. Market Outlook and Growth - The global semiconductor equipment sales are projected to reach USD 109 billion in 2024, reflecting a year-on-year growth of 3.4%[29]. - The domestic photovoltaic installation is expected to reach 278 GW in 2024, representing a year-on-year increase of 28%[31]. - The market for silicon wafer manufacturing equipment is expected to grow significantly, with domestic equipment gradually achieving localization[30]. - The company anticipates strong growth in the compound semiconductor equipment market, with the silicon carbide wafer manufacturing equipment market projected to reach USD 3.5 billion in 2024[30]. - The global SiC substrate market is projected to grow from $824 million in 2024 to $2.414 billion by 2031, with a compound annual growth rate (CAGR) of 14.38%[32]. - The global LED lighting market is expected to increase by 4% to $60.9 billion in 2024, driven by the replacement demand for aging LED fixtures[33]. Research and Development - The company has a strong R&D and management team, supported by various national and provincial research platforms, enhancing its continuous innovation capabilities[67]. - Research and development expenses amounted to ¥1,119,190,489.64, a slight decrease of 2.29% compared to the previous year[92]. - The company plans to increase its R&D budget by 25% in 2024 to support innovation and product development[9]. - The company aims to strengthen R&D investment and technological innovation, focusing on the semiconductor industry chain and enhancing technical advantages[124]. - The company is focused on R&D driven by technological innovation and deep customer demand analysis, ensuring a competitive edge in the industry[60]. Corporate Governance - The governance structure includes a board of directors, supervisory board, and various committees, ensuring compliance with legal and regulatory requirements[136]. - The company has not encountered any legal or regulatory violations during the reporting period, indicating effective governance practices[136]. - The company maintains strict independence from its controlling shareholders in terms of assets, personnel, finance, and operations[138]. - The company has a structured approach to investor communication and information disclosure, aiming to improve transparency and trust[134]. - The company has a total of 6,111 employees, with 3,913 in production, 1,588 in technical roles, and 124 in sales[164]. Strategic Initiatives - The company has established a comprehensive supply chain management system to ensure efficient procurement and production processes[59]. - The company has implemented a dual-mode manufacturing management model, focusing on "steady batch" and "flexible rapid" production to enhance efficiency and quality[70]. - The company is advancing its digital transformation strategy, integrating smart manufacturing and digital management to improve operational efficiency[78]. - The company has established a closed industrial chain for core equipment in the photovoltaic sector, being recognized as a dual leader in technology and scale[64]. - The company has expanded its international market presence, entering countries such as Turkey, Norway, Mexico, and Vietnam, enhancing its global brand influence[66]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions and promote green development in response to national "dual carbon" strategies[181]. - The company actively supports rural revitalization and poverty alleviation through targeted procurement of local agricultural products and partnerships with rural enterprises[182]. - The company has set clear environmental management goals and tracks their achievement annually[181]. - The company has no administrative penalties related to environmental issues during the reporting period[181]. Employee Relations - The company has established a comprehensive labor contract system in compliance with national labor laws, ensuring employee rights and benefits[165]. - The company has implemented a fair performance evaluation mechanism to ensure competitive salary adjustments based on market conditions[165]. - The company plans to conduct ongoing training programs through its "Jingsheng Academy" to enhance technical and management skills, focusing on equipment process capabilities and quality management[166]. - The company has a total of 46 employees with doctoral degrees and 560 with master's degrees, reflecting a strong educational background among its workforce[164].