Hoshion(002824)2025-04-24 11:20Financial Performance - The company's operating revenue for 2024 was CNY 3,333,074,867.74, representing a 14.73% increase compared to CNY 2,905,054,716.43 in 2023[19] - The net profit attributable to shareholders for 2024 decreased by 43.25% to CNY 80,465,597.51 from CNY 141,787,952.13 in 2023[19] - The net cash flow from operating activities improved significantly to CNY 418,543,742.18, a 415.34% increase from a negative CNY 132,728,127.13 in 2023[19] - Total assets at the end of 2024 reached CNY 3,999,790,271.74, up 10.15% from CNY 3,631,114,186.57 at the end of 2023[19] - The company's net assets attributable to shareholders increased by 1.62% to CNY 1,703,450,653.95 from CNY 1,676,286,504.40 in 2023[19] - The diluted earnings per share for 2024 was CNY 0.29, down 43.14% from CNY 0.51 in 2023[19] - The weighted average return on equity for 2024 was 4.77%, a decrease of 3.94% from 8.71% in 2023[19] Market and Industry Trends - The global sales of new energy vehicles (NEVs) are projected to reach 18.24 million units in 2024, representing a year-on-year growth of 24.4%[29] - China's NEV sales are expected to hit 12.87 million units in 2024, with a year-on-year increase of 35.5%, raising its global market share from 64.8% in 2023 to 70.5%[29] - The global energy storage battery shipment is forecasted to reach 369.8 GWh in 2024, reflecting a 64.9% year-on-year growth, with Chinese companies accounting for 93.5% of the total shipments[30] - The global smartphone shipment is expected to reach 1.24 billion units in 2024, marking a 6.4% increase, indicating a recovery in the consumer electronics market[33] Company Strategy and Operations - The company is focusing on expanding its market presence and enhancing product development to drive future growth[19] - The company is positioned as a leading manufacturer of battery structural components in the NEV sector, focusing on battery boxes, module structural components, and cell casings[35] - The company plans to increase R&D investment in basic materials science to meet emerging customer needs and enhance its market position in the consumer electronics industry[35] - The company focuses on high-end industrial aluminum alloys for the new energy and consumer electronics sectors, providing integrated solutions through various manufacturing processes[40] - The company adopts a customized production model, producing based on customer orders to optimize inventory and improve capital efficiency[48][51] Research and Development - The R&D strategy emphasizes technological innovation, with a focus on developing new materials and components for the new energy and consumer electronics industries[49] - The company plans to continue enhancing its R&D efforts to maintain competitive advantages and meet market demands[57] - Research and development expenses increased by 7.80% to 156,916,131.03, highlighting the company's commitment to innovation[70] - The number of R&D personnel remained stable at 514, with a slight increase in the proportion of personnel holding bachelor's degrees to 30.93%[72] Financial Management and Investments - The company reported a significant increase in net cash flow from operating activities by 415.34%, primarily due to a 13.96% rise in cash received from sales[75] - Investment cash inflow surged by 1,593.81% to ¥687,367,863.58, although investment cash outflow increased by 270.10% to ¥992,945,925.33, leading to a net cash flow from investment activities of -¥305,578,061.75[74] - The company has engaged in hedging activities with aluminum futures, with an initial investment amount of ¥374.65 and a purchase amount of ¥16,180.9 during the reporting period[88] - The company reported a net profit from hedging activities of ¥305.33 million, indicating effective risk management[89] Governance and Compliance - The board of directors consists of 7 members, including 3 independent directors, and has held 12 meetings during the reporting period, adhering to legal and regulatory requirements[109] - The supervisory board comprises 3 members, including 1 employee supervisor, and has conducted 10 meetings, ensuring compliance with legal obligations[110] - The company has established diverse communication channels for investors, including on-site visits, investor hotlines, and interactive platforms, ensuring fair access to information[111] - The company has not provided undisclosed information to controlling shareholders or actual controllers, maintaining compliance with governance norms[111] Employee and Compensation Management - The total number of employees at the end of the reporting period is 4,625, with 1,702 in the parent company and 2,923 in major subsidiaries[142] - The company has a clear and competitive compensation policy that aligns employee remuneration with their contributions and market standards[145] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.1578 million[131] Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of CNY 1.70 per 10 shares, totaling CNY 47,000,000 based on 279,114,081 shares[4] - The cash dividend distribution represents 100% of the total profit distribution amount for the reporting period[149] - The company held its 2023 annual general meeting on May 20, 2024, where the election of the fifth board of directors and the fifth supervisory board was approved, with a term of three years starting from the date of election[193] Risk Management - The company faces risks related to macroeconomic cycles, geopolitical tensions, and fluctuations in raw material prices, particularly aluminum ingots, and plans to adopt flexible pricing mechanisms and hedging strategies to mitigate these risks[102] - The company has established a standardized product quality management process to mitigate risks associated with product quality and potential claims from downstream customers[103] - The company has implemented strict risk control measures for its hedging activities to mitigate potential risks associated with price fluctuations and operational errors[89]