STEC(600820)2025-04-25 09:20Financial Performance - The company's operating revenue for 2024 was CNY 68.82 billion, a decrease of 7.28% compared to CNY 74.22 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 2.84 billion, down 3.54% from CNY 2.95 billion in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 2.61 billion, a decrease of 3.84% compared to CNY 2.71 billion in 2023[23]. - The company's basic earnings per share for 2024 is CNY 0.90, a decrease of 4.26% compared to CNY 0.94 in 2023[25]. - The weighted average return on equity decreased to 9.40% in 2024 from 10.33% in 2023, a reduction of 0.93 percentage points[25]. - The net profit attributable to shareholders for the first quarter of 2024 was CNY 442.75 million, with a total revenue of CNY 14.13 billion[26]. - The company reported a net profit of RMB 863,514,752.10 from Shanghai Tunnel Engineering Co., Ltd., contributing 29.21% to the company's total net profit[108]. Cash Flow and Assets - Cash flow from operating activities increased by 44.22% to CNY 4.59 billion in 2024, compared to CNY 3.18 billion in 2023[23]. - The total assets at the end of 2024 were CNY 172.74 billion, reflecting a 6.68% increase from CNY 161.93 billion at the end of 2023[24]. - The total balance of financial assets increased from CNY 810.32 million to CNY 1.31 billion, with a net change of CNY 497.14 million during the reporting period[33]. - The company reported a significant increase of 245.95% in net cash flow from investing activities, totaling ¥2.54 billion[82]. - The company's total liabilities reached CNY 2.87 billion, indicating a leverage ratio that may impact future financial stability[190]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2.20 per 10 shares, totaling CNY 691.70 million based on the total share capital of 3,144,096,094 shares[4]. - The cumulative cash dividend over the last three fiscal years amounts to approximately 2.89 billion RMB, with an average cash dividend ratio of 101.28% of the average annual net profit[160]. - For the fiscal year 2023, the company plans to distribute a cash dividend of 2.3 RMB per 10 shares, totaling approximately 723.14 million RMB[153]. - The cash dividend for the first half of 2024 is set at 1.00 RMB per 10 shares, amounting to approximately 314.41 million RMB[154]. Business Operations and Projects - The total amount of new signed construction, design, and operation business orders reached CNY 103.016 billion, an increase of 8.01% year-on-year[31]. - Major project wins include the CNY 7.193 billion Nanshan Xinchangyuan infrastructure project and the CNY 3.563 billion Wuxi to Yixing urban rail transit project[31]. - The company achieved significant growth in municipal and energy engineering projects, with both categories exceeding a 30% increase compared to the previous year[31]. - The company has completed, is constructing, or is operating 52 large and medium-sized projects under BT, BOT, and PPP models[36]. - The company has undertaken 32 large-diameter tunnel projects, showcasing its expertise in advanced construction methods such as shield tunneling[39]. Research and Development - The company established five major innovation centers focusing on urban renewal, digital shield tunneling, smart operations, new materials, and dual carbon initiatives to enhance technological innovation capabilities[56]. - The company is increasing investment in research and development to strengthen its technological barriers and core competitiveness[115]. - The company employed 3,345 R&D personnel, making up 19.1% of the total workforce[80]. - The company's R&D expenses totaled ¥2.63 billion, representing 3.91% of total revenue[79]. Risk Management and Compliance - There are no significant risks reported for the company during the reporting period[8]. - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[6]. - The company emphasizes risk management in engineering, focusing on centralized procurement and supplier management to mitigate project risks[113]. - The company is actively managing legal risks associated with contract signing and intellectual property rights to avoid disputes[119]. Environmental and Social Responsibility - The company invested 22,292.5 million RMB in environmental protection during the reporting period[168]. - The company faced a total of 10 administrative penalties related to environmental issues, with fines totaling 1,000,000 RMB for failing to prepare construction waste disposal plans[169]. - The company has established a comprehensive environmental management system covering resource conservation and pollution reduction[172]. - The company committed CNY 5.3082 million to poverty alleviation and rural revitalization projects, primarily in cash[175]. Strategic Initiatives and Future Outlook - The company plans to expand into the low-altitude economy, which is projected to form a trillion-level market by 2030[88]. - The company aims for a revenue growth of 5-10% and a net profit growth of 5-10% compared to 2024[112]. - The company is focusing on digital transformation in urban planning, aligning with national strategies for smart city development[89]. - The company plans to explore both "certain demand" and "potential demand" in the market to drive innovation and resource integration[113]. Governance and Management - The company has undergone changes in its board of directors, with new appointments including Ge Yiheng as Chairman and President due to work changes[135]. - The company has a structured salary system for senior management linked to annual performance evaluations[134]. - The board has established specialized committees including audit, nomination, remuneration and assessment, and strategic & ESG committees[140]. - The company has independent directors serving in various capacities across multiple organizations, enhancing governance and oversight[133].