威迈斯(688612) - 2024 Q4 - 年度财报

Profit Distribution and Financial Performance - The company reported a profit distribution plan to pay a cash dividend of 3.59 CNY per 10 shares (including tax) for the 2024 fiscal year[5]. - The net profit attributable to shareholders for 2024 was RMB 40,018.39 million, a decrease of 20.34% compared to the previous year[24]. - The basic earnings per share for 2024 were RMB 0.95, down 25.20% from RMB 1.27 in 2023[23]. - The net profit after deducting non-recurring gains and losses was RMB 35,545.48 million, down 25.62% from the previous year[24]. - The total cash dividend amount (including tax) for the reporting period is ¥172,608,995.13, accounting for 43.13% of the net profit attributable to ordinary shareholders[197]. - Cumulative cash dividends over the last three accounting years amount to ¥258,451,111.64, with a cash dividend ratio of 64.58%[199]. Revenue and Growth - The company's operating revenue for 2024 reached RMB 637,241.96 million, representing a year-on-year growth of 15.39%[23]. - The company's main business revenue reached 606,187.93 million yuan, an increase of 18.47% year-on-year, with automotive power products generating 510,652.54 million yuan, up 3.53%[113]. - The electric drive system products achieved revenue of 95,535.38 million yuan in 2024, marking a significant growth of 418.39%[113]. - The company achieved operating revenue of CNY 637,241.96 million in 2024, representing a year-on-year growth of 15.39%[106]. Research and Development - Research and development expenses accounted for 6.05% of operating revenue, up from 4.87% in 2023[23]. - The company's R&D investment amounted to 38,528.94 million RMB, representing a year-on-year increase of 43.24%[35]. - The company achieved a total R&D investment of 385.29 million RMB in 2024, representing a 43.24% increase compared to the previous year, and accounting for 6.05% of total revenue[83]. - The company has accumulated 16 core technologies in the application of power electronics in the new energy vehicle sector, enabling efficient responses to customer customization needs[89]. Operational Efficiency and Production - The net cash flow from operating activities increased by 41.24% to RMB 102,733.56 million, driven by higher business scale[24]. - The company's total assets as of the end of 2024 were RMB 769,071.83 million, an increase of 6.36% from the previous year[24]. - The company's inventory decreased by 23.97% year-on-year to 88,562.52 million yuan[131]. - The production volume of automotive power products was 254.74 thousand units, reflecting a year-on-year increase of 10.12%, while sales volume increased by 20.36% to 242.17 thousand units[114]. Market Position and Competition - The company's market share in the passenger car onboard charger market in China is 19.00%, ranking second, while its market share in the third-party supply market is 29.41%, ranking first[75]. - The company faces risks from intensified market competition in the new energy vehicle parts sector, which may impact profitability if it fails to compete effectively[104]. - The company is focusing on high-voltage systems, with 800V systems expected to improve charging efficiency significantly compared to conventional 400V systems[76]. Corporate Governance and Compliance - The company has a standard unqualified audit report from Tianjian Accounting Firm[4]. - The company has declared that all board members can guarantee the authenticity, accuracy, and completeness of the annual report[8]. - The company has established a robust investor relations management system to facilitate effective communication with investors and ensure their rights are protected[161]. - The company has implemented a comprehensive quality control system, achieving certifications such as ISO 9001 and IATF 16949, which are crucial for maintaining supplier qualifications[97]. Strategic Partnerships and Expansion - The company is actively expanding its global footprint, with the construction of a production base in Thailand underway to enhance international supply capabilities[38]. - The company has formed strategic partnerships with major automakers, including Li Auto, Xpeng Motors, and Changan Automobile, enhancing its market position[75]. - The company plans to enter the European market by Q2 2024, targeting a revenue contribution of $300 million[170]. Talent Development and Management - The company emphasizes talent development and has a structured annual training plan to enhance employee capabilities[192]. - The number of R&D personnel is 659, which constitutes 17.42% of the total workforce, with an average salary of 36.02 thousand RMB[87]. - The company has a strong talent pool with 78.15% of R&D personnel holding a bachelor's degree or higher, supporting technological innovation and industry exploration[88]. Risks and Challenges - The company faces risks related to technological upgrades and R&D failures, particularly in the areas of integration, high voltage, and third-generation semiconductor applications[93]. - The company relies on international suppliers for key raw materials, making it vulnerable to price fluctuations due to geopolitical tensions and trade policies[100]. - The company has not faced any significant risks that could materially impact its operations during the reporting period[3].