BRILLIANT(000628)2025-04-24 15:55Financial Performance - The company's operating revenue for 2024 was ¥7,127,243,789.62, a decrease of 11.00% compared to ¥8,008,118,403.35 in 2023[18]. - The net profit attributable to shareholders for 2024 was ¥61,369,738.21, down 83.23% from ¥365,937,536.58 in 2023[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥16,214,169.58, a decline of 91.96% from ¥201,593,557.47 in 2023[18]. - The net cash flow from operating activities was -¥660,348,201.20, compared to -¥527,288,751.94 in 2023[18]. - Basic earnings per share for 2024 were ¥0.174, down 83.25% from ¥1.039 in 2023[18]. - Total assets at the end of 2024 were ¥14,718,057,855.18, an increase of 8.12% from ¥13,612,432,347.72 at the end of 2023[18]. - The net assets attributable to shareholders at the end of 2024 were ¥2,115,162,080.62, a slight increase of 0.38% from ¥2,107,137,625.68 at the end of 2023[18]. Strategic Initiatives - The company is undergoing a strategic transformation to expand into power semiconductor and digital energy businesses, which are currently in the cultivation phase[16]. - The company has completed the transfer of controlling interest in a futures company in September 2023, marking a significant shift in its business focus[16]. - The company aims to enhance its core competitiveness and innovation capabilities by integrating advanced manufacturing technologies with construction projects[39]. - The company is focusing on expanding its business in Chengdu High-tech Zone, leveraging opportunities in infrastructure and urban development[31]. - The company plans to expand its market presence and enhance its product offerings through new technology development[69]. Market Trends and Industry Insights - The construction industry in China is projected to grow by 3.85% in total output value in 2024, with a decline in real estate development investment by 10.6%[29]. - The global IGBT market size reached $9 billion in 2023, expected to grow to $12.1 billion by 2026, with China being the largest consumer market at $3.2 billion in 2023, projected to reach $4.2 billion by 2026[34]. - The power semiconductor industry is in a "bottom recovery" phase in 2024, with inventory destocking being the main theme for the past two years, leading to intense price competition[33]. - The digital energy market in China grew from ¥654.42 billion in 2015 to ¥1,105.15 billion in 2022, indicating rapid development supported by government policies[36]. Project and Contract Management - As of December 31, 2024, the company has signed 149 uncompleted contracts with a total value of approximately ¥31.659 billion, ensuring future revenue and profit sources[40]. - The total project amount for engineering general contracting (EPC) was ¥23,226,961,697.78, with revenue recognized at ¥18,520,938,025.98[71]. - The cumulative recognized revenue for unfinished EPC projects was ¥9,528,926,096.82, with an outstanding amount of ¥14,715,215,829.79[72]. - Major completed projects included the Chengdu High-tech Zone rental housing project, amounting to ¥1,529,013,116.54, with revenue recognized at ¥1,402,764,327.10[71]. Research and Development - The company has established a professional R&D team in the digital energy sector, with over 30% of its employees engaged in R&D, possessing rich experience in virtual power plants and energy storage[53]. - The power semiconductor subsidiary, Senwei Technology, has been granted 53 patents, showcasing its strong innovation capabilities in IGBT chip design technology[52]. - The company has successfully designed and stabilized the production of a new 1200V 200A IGBT chip, enhancing its technology competitiveness in the IGBT chip design field[90]. - R&D investment increased by 23.74% to ¥49,533,146.28 in 2024, compared to ¥40,031,145.49 in 2023, with R&D expenditure accounting for 0.69% of operating revenue[92]. Governance and Compliance - The company has established independent financial management and accounting systems, ensuring clear asset ownership[136]. - The company has revised multiple internal control systems to enhance governance and compliance[132]. - The board of directors held a total of 3 formal meetings and 8 temporary meetings during the reporting period[164]. - The company has no incidents of major decision-making interference by controlling shareholders, ensuring the protection of minority shareholders' rights[174]. Shareholder Returns - The company plans to distribute a cash dividend of 0.55 RMB per 10 shares for the 2024 fiscal year, amounting to 19,375,400 RMB, which represents 31.57% of the net profit attributable to shareholders[186]. - The cumulative cash dividends from 2022 to 2024 amount to 81,728,960 RMB, accounting for 39.14% of the average annual net profit attributable to shareholders over the past three years[186]. - The company has established a three-year shareholder return plan for 2024-2026, focusing on returning value to shareholders[125]. Operational Challenges - The company reported a significant increase in accounts receivable, impacting cash flow management, with plans to enhance receivables management going forward[95]. - The company faces risks from industry cyclicality, market competition, and fluctuations in production factor prices, which could impact sales and profitability[114][115][116]. - The company reported a significant decrease in sales expenses by 51.44%, totaling CNY 34,914,560.52 in 2024, primarily due to the exclusion of sales expenses from the futures company and its subsidiaries[88].