CWB(SH:605005)2025-04-25 09:40Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 265,827,836.27, with a total distributable profit of RMB 437,854,840.27[6] - The proposed cash dividend is RMB 2 per 10 shares, totaling RMB 80,200,000.00, which accounts for approximately 30.17% of the net profit attributable to shareholders[6] - The company's operating revenue for 2024 reached ¥1,711,788,060.44, representing a 2.73% increase compared to ¥1,666,275,938.69 in 2023[21] - Net profit attributable to shareholders was ¥265,827,836.27, a 17.97% increase from ¥225,333,063.45 in the previous year[21] - The basic earnings per share for 2024 was ¥0.66, up 17.86% from ¥0.56 in 2023[22] - The total assets of the company increased to ¥2,459,124,441.88, reflecting a 6.93% growth from ¥2,299,781,499.07 in 2023[21] - The cash flow from operating activities for 2024 was ¥401,707,670.37, slightly down by 0.38% from ¥403,257,371.96 in 2023[21] - The weighted average return on equity increased to 14.34% in 2024, compared to 13.47% in 2023, marking an improvement of 0.87 percentage points[22] - The net assets attributable to shareholders at the end of 2024 were ¥1,954,184,480.44, a 10.56% increase from ¥1,767,568,511.13 in 2023[21] Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm[5] - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[3] - The company has established a strict information disclosure management system to ensure transparency and compliance with regulations[105] - The company has a standard unqualified opinion on its internal control audit for the 2024 financial report[144] Corporate Governance - The company elected a new board of directors, including 4 non-independent directors and 2 independent directors, during the 2023 annual general meeting[104] - The supervisory board consists of 3 members, including one employee representative, ensuring compliance with legal and regulatory requirements[105] - The company maintains independence from its controlling shareholders, with no reported conflicts of interest or illegal benefits derived from control[105] - The board committees, including the audit and strategy committees, are chaired by independent directors to enhance governance[104] Research and Development - R&D expenditure totaled 100.75 million yuan, an increase of 4.71% compared to the previous year[31] - The number of new projects launched increased by over 30% compared to previous years, focusing on automotive electronic components[31] - The company received 18 new patents in 2024, including 9 invention patents, enhancing its core competitiveness[32] - The company has established a strong R&D capability with multiple patents and has set up R&D centers in both China and Germany to enhance its technological innovation[53] Market and Industry Trends - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, with year-on-year growth of 3.7% and 4.5%[41] - New energy vehicle (NEV) sales accounted for 40.9% of total new car sales, a 9.3 percentage point increase from 2023, with NEV production and sales growing by 34.4% and 35.5% year-on-year, reaching 12.89 million units[41] - The global connector market is projected to grow from $86.86 billion in 2023 to $90.68 billion in 2024, with a compound annual growth rate (CAGR) of 4.4% expected from 2025 to 2032[44] - The automotive industry is experiencing intensified competition, with new energy vehicles becoming the dominant market force, leading to a significant shift towards electrification[91] Risk Management - The company has detailed potential risks in the report, which investors should review[10] - The company faces macroeconomic risks, including potential slowdowns in the automotive market due to economic fluctuations[99] - Raw material price volatility poses a risk to production costs, with recent fluctuations in copper and plastic prices impacting performance[99] - Increased competition in the automotive electronics sector may threaten market share if the company cannot maintain its competitive advantages[100] Shareholder Engagement - The company has actively engaged with investors, achieving a 100% response rate to 29 investor inquiries in 2024[38] - The company is committed to protecting shareholder rights, ensuring compliance with legal regulations and maintaining transparent communication with investors[154] - The total number of ordinary shareholders increased from 9,542 to 11,074 during the reporting period, reflecting growing investor interest[200] Environmental and Social Responsibility - The company invested 2.5928 million yuan in environmental protection during the reporting period[145] - The company generates approximately 4 million kWh of clean energy annually from solar power[151] - The company has installed solar photovoltaic panels to aid in carbon reduction efforts[150] - The company has created additional job opportunities and actively participates in charitable activities, contributing approximately 588,400 CNY in cash donations by the end of December 2024[154] Future Plans - The company plans to invest up to 3 million euros to establish a wholly-owned subsidiary in Germany for production facilities[84] - Significant investments will be made in R&D for new energy and intelligent driving vehicles, collaborating with leading suppliers to maintain a technological edge[95] - The company plans to establish production and R&D bases overseas, particularly in Europe, to expand into international markets[95]