JINGWEI ELECTRIC WIRE(SZ:300120)2025-04-24 14:51Financial Performance - The company's operating revenue for 2024 was ¥3,261,054,184.44, a decrease of 5.03% compared to ¥3,433,749,695.28 in 2023[18]. - The net profit attributable to shareholders for 2024 was ¥21,457,431.52, representing a significant increase of 107.42% from a loss of ¥289,302,023.44 in 2023[18]. - The net cash flow from operating activities improved to ¥91,530,301.53, a 228.18% increase from a negative cash flow of ¥71,410,208.38 in 2023[18]. - The basic earnings per share for 2024 was ¥0.0374, compared to a loss of ¥0.5380 in 2023, marking a 106.95% improvement[18]. - Total assets at the end of 2024 were ¥4,526,286,680.30, a decrease of 3.64% from ¥4,697,236,244.95 at the end of 2023[18]. - The net assets attributable to shareholders increased by 0.81% to ¥2,980,204,869.50 at the end of 2024, compared to ¥2,956,123,973.40 at the end of 2023[18]. - The company did not distribute cash dividends or bonus shares for the year[4]. - The company reported a weighted average return on equity of 0.53% for 2024, recovering from -10.43% in 2023[18]. Revenue Segmentation - The touch display segment accounted for 68.77% of total revenue, while the electromagnetic wire segment contributed 30.77%[57]. - The company reported a 1.91% increase in revenue from the electromagnetic wire segment, totaling CNY 1,003,420,406.79[57]. - The company's foreign sales represented 65.47% of total revenue, while domestic sales accounted for 34.53%[58]. - The company's total revenue for the reporting period was approximately ¥4.36 billion, with a year-on-year increase of 1.24% in the electromagnetic wire segment and a decrease of 7.86% in the touch display segment[60]. Research and Development - The company continues to focus on technology innovation and R&D as core competitive advantages[50]. - Research and development expenses for the year were approximately ¥79.18 million, reflecting a decrease of 3.26% compared to the previous year[74]. - The number of R&D personnel increased by 2.84% to 290 in 2024, accounting for 19.77% of the total workforce, up from 15.42% in 2023[78]. - R&D expenditure amounted to ¥79,175,524.47 in 2024, representing 2.43% of operating revenue, compared to 2.38% in 2023 and 3.28% in 2022[78]. Market Trends and Industry Outlook - The touch display industry is experiencing a weak recovery in 2024, driven by increased demand for smart devices due to advancements in AI technology and the growth of the electric vehicle market[28]. - The electromagnetic wire industry is expected to see growth in sales due to increasing electricity demand driven by economic development and investments in clean energy[35]. - National policies are supporting the development of new display technologies, which is expected to enhance the company's R&D and application capabilities in the display sector[32]. Governance and Compliance - The company has established a comprehensive governance structure, including various committees to provide professional opinions and recommendations for decision-making[123]. - The company maintains independence in its operations, assets, and finances, ensuring no reliance on controlling shareholders or related parties[125]. - The company has not reported any instances of related party transactions affecting its financial independence[130]. - The company has a robust internal management and control system in place to support its operational independence[130]. Management and Leadership Changes - The company experienced a change in its board and management, with several directors and supervisors leaving due to term expiration on January 26, 2024[139]. - New appointments include three elected directors and a new vice general manager, indicating a shift in leadership structure[139]. - The company aims to leverage its leadership changes to drive future growth and operational efficiency[139]. - The management team includes professionals with diverse backgrounds in engineering, finance, and law, which may strengthen the company's strategic direction[141][143]. Investment and Acquisitions - The company established a wholly-owned subsidiary, Jingwei Huikai Semiconductor Technology (Jiangsu) Co., Ltd., with a registered capital of ¥10 million, focusing on electronic components and integrated circuit manufacturing[66]. - The company acquired a 95.5573% stake in Tianjin Economic and Technological Development Zone Nuoxin Enterprise Management Consulting Partnership (Limited Partnership) for ¥12.38 million, expanding its consulting services[66]. - The company is in the process of acquiring 100% equity of New Hui Kai Technology (Shenzhen) Co., Ltd. through a combination of issuing shares and cash payment[191]. Risk Management - The company faces risks from overseas operations and currency fluctuations, with a significant portion of revenue coming from international sales, particularly in the US, Europe, and Asia[109]. - To mitigate currency risk, the company will optimize its overseas sales structure, manage accounts receivable effectively, and consider short-term financing options like export financing and dollar loans[110]. - The company is monitoring raw material price fluctuations, particularly for copper and aluminum, and has established a forward purchasing and hedging system to manage procurement costs[111]. Employee and Labor Relations - The total number of employees at the end of the reporting period is 1,467, with 2,727 employees receiving salaries[162]. - The company has established a comprehensive training program to enhance employee skills and competencies[164]. - The company emphasizes employee rights protection, adhering to labor laws and continuously improving compensation and welfare systems[184]. Environmental and Social Responsibility - The company maintains a strong commitment to environmental protection, implementing measures to mitigate potential environmental risks and enhance sustainability[186]. - The company and its subsidiaries are not classified as key pollutant discharge units and have not faced any administrative penalties for environmental issues during the reporting period[179].