屹通新材(300930) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥502,493,491.17, representing a 27.73% increase compared to ¥393,390,757.22 in 2023[15]. - The net profit attributable to shareholders for 2024 was ¥50,946,286.90, a slight increase of 0.87% from ¥50,507,476.44 in the previous year[15]. - The net cash flow from operating activities showed a significant decline, amounting to -¥201,785,821.87, which is a 202.53% decrease compared to -¥66,698,455.36 in 2023[15]. - Total assets at the end of 2024 were ¥1,266,655,879.53, marking a 33.05% increase from ¥952,040,575.41 at the end of 2023[15]. - The company's basic earnings per share remained stable at ¥0.51, unchanged from the previous year[15]. - The weighted average return on net assets decreased to 5.92% in 2024 from 6.16% in 2023, reflecting a decline in profitability[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥50,818,415.42, a decrease of 1.20% from ¥51,436,509.25 in 2023[15]. Dividend Distribution - The company plans to distribute a cash dividend of ¥1 per 10 shares to all shareholders, based on a total of 100,000,000 shares[3]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (including tax), totaling 10,000,000 yuan, which represents 19.63% of the net profit attributable to the parent company for 2024[182]. - The total distributable profit as of December 31, 2024, is 343,427,606.17 yuan, with a cash dividend amounting to 10,000,000 yuan, accounting for 100% of the profit distribution[181]. - The cash dividend distribution plan is based on a total share capital of 100,000,000 shares[182]. Market and Industry Trends - The market for hybrid electric vehicles (PHEV) is projected to grow from 231.77 billion in 2023 to 478.33 billion by 2029, with a CAGR of 12.83%[28]. - The overall metal powder industry in China is expected to continue growing, driven by advancements in production technology and increasing demand for high-end products[25]. - The demand for iron powder is expected to accelerate due to the application of high-pressure compacted lithium iron phosphate (LFP) in battery materials, which is projected to enhance energy density and charging rates[29]. - The domestic market for iron powder is anticipated to grow rapidly as leading companies in lithium iron phosphate production primarily utilize iron powder methods[30]. - The soft magnetic alloy powder market is driven by the increasing demand in power management, signal processing, and electromagnetic shielding applications, with China holding approximately 50% of the global market share[31]. Research and Development - The company has established a strong R&D platform, recognized as a provincial high-tech enterprise research center, focusing on customer-driven and cutting-edge technology development[59]. - The company has increased R&D investment to enhance its core competitiveness, leading to steady growth in business scale and customer acquisition[61]. - The company holds 31 patents, including 10 invention patents, reflecting its strong technological capabilities in the iron-based powder industry[63]. - The company has actively collaborated with renowned research institutions to enhance its technical level and innovation capabilities[69]. - The company is actively developing new products, including high-strength nickel-molybdenum alloy powders and low-loss soft magnetic powders, aimed at enhancing competitiveness in their respective markets[82]. Operational Challenges - The net cash flow from operating activities decreased by 202.53% to -¥201,785,821.87, compared to -¥66,698,455.36 in the previous year[83]. - The company acknowledges potential risks in future operations as disclosed in the management discussion and analysis section of the report[3]. - The project for producing 70,000 tons of alternative materials to replace imported iron and copper has been put into production, but has not yet met expected revenue due to intense market competition, resulting in a decrease in gross margin[99]. - The company faces risks related to market demand fluctuations in existing products, particularly in the new energy battery and appliance sectors[124]. - Raw material prices, primarily scrap steel, significantly impact product sales prices, posing a risk of increased procurement costs and profit margin pressure if price volatility occurs[127]. Corporate Governance - The company has established an independent audit committee to oversee the implementation of internal controls and the accuracy of financial disclosures[140]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations, ensuring a complete and independent operational capability[143]. - The company has a fully independent financial accounting system and does not share bank accounts with its controlling shareholders, operating as an independent taxpayer[146]. - The annual shareholders' meeting had a participation rate of 74.96% on May 14, 2024, indicating strong shareholder engagement[150]. - The company has a complete procurement, research and development, and sales business system, independent from its controlling shareholders, with no significant related party transactions[149]. Employee and Management Changes - The company has a total of 302 employees at the end of the reporting period, with 214 in production, 9 in sales, 47 in technical roles, 7 in finance, and 25 in administration[175]. - The company has established a clear and transparent cash dividend policy, ensuring the protection of minority shareholders' rights[180]. - The company has implemented a training plan that includes safety training, qualification training, and professional knowledge training for new employees[178]. - The company has a comprehensive salary assessment system that determines overall salary levels based on operational performance, goal achievement, and industry salary standards[176]. - The company plans to enhance training programs in 2025 focusing on equipment and materials business, including process quality and production management capabilities[178]. Investment and Financing - Cash inflow from financing activities increased by ¥280,000,000.00, primarily due to increased bank borrowings[84]. - The company has invested a total of approximately ¥263.16 million in various projects, with a cumulative investment of about ¥715.22 million by the end of the reporting period[100]. - The company raised a total of RMB 32,775.00 million through the issuance of 25 million shares at RMB 13.11 per share, with a net amount of RMB 28,043.39 million after deducting issuance costs[105]. - The company reported a balance of RMB 2,125.19 million in unutilized raised funds, which will be permanently allocated to supplement working capital[105]. - The company has not reported any changes in the use of raised funds during the reporting period[110]. Environmental and Social Responsibility - The company is not classified as a key pollutant discharge unit by environmental protection authorities and has not faced any administrative penalties for environmental issues during the reporting period[188]. - The company has implemented a distributed rooftop photovoltaic power generation project in collaboration with a joint venture, aiming to increase green electricity sources[188]. - The company has adhered to social responsibilities and complied with relevant laws and regulations[189]. - The company has not engaged in targeted poverty alleviation efforts during the reporting period[190].