BROAD-OCEAN MOTOR(SZ:002249)2025-04-25 17:15Financial Performance - The company reported a revenue of 2.5 billion RMB for the fiscal year 2024, representing a year-over-year growth of 15%[22]. - The company's operating revenue for 2024 reached ¥12,113,408,111.24, representing a 7.31% increase compared to ¥11,288,224,085.92 in 2023[26]. - Net profit attributable to shareholders for 2024 was ¥887,549,113.20, a significant increase of 40.82% from ¥630,263,736.62 in 2023[26]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥836,567,560.53, up 48.12% from ¥564,806,307.26 in 2023[26]. - The net cash flow from operating activities for 2024 was ¥2,472,959,787.76, an increase of 27.46% compared to ¥1,940,228,040.98 in 2023[26]. - The total assets at the end of 2024 were ¥17,941,361,026.95, reflecting an 11.48% increase from ¥16,094,258,484.29 at the end of 2023[26]. - The basic earnings per share for 2024 was ¥0.37, a 42.31% increase from ¥0.26 in 2023[26]. - The weighted average return on equity for 2024 was 9.87%, up from 7.41% in 2023, indicating improved profitability[26]. - The company achieved a sales revenue of approximately ¥1.83 billion from new energy vehicle powertrain systems during the reporting period[73]. - The vehicle rotating electrical appliances business generated revenue of 311,929.04 million yuan, marking an 11.20% increase year-on-year, achieving a historical high[91]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 1.30 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[14]. - For the 2024 semi-annual profit distribution, the company approved a cash dividend of 0.6 CNY per 10 shares (including tax), totaling 144 million CNY distributed[196]. - The total cash dividend distributed, including other methods, amounted to approximately 460 million CNY, representing 100% of the total profit distribution[198]. - The company has established a shareholder return plan for 2024-2026, focusing on sustainable development while ensuring reasonable returns to investors[195]. - The cash dividend distribution plan was approved in the board meetings held on April 19, 2024, and June 18, 2024[196]. Business Expansion and Market Presence - The company has expanded its business into the automotive and hydrogen sectors, covering products such as electric motors for building ventilation, fuel vehicle rotating electrical appliances, and hydrogen fuel cell systems[11]. - The company operates in over 80 countries and regions, facing international trade risks due to fluctuating commodity prices and geopolitical tensions[7]. - The company is expanding its market presence in North America, with plans to increase production capacity by 30% in the next fiscal year[22]. - The company has established subsidiaries and production bases in various countries including the USA, Mexico, UK, Vietnam, India, Morocco, and Thailand, enhancing its global market competitiveness[81]. - The company is actively expanding its product applications in emerging areas such as data centers and energy storage, which are expected to drive further business growth[46]. Research and Development - Research and development investments have increased by 25%, focusing on electric vehicle components and hydrogen fuel cell technology[20]. - The company has applied for a total of 4,258 patents, including 370 PCT patents, with 3,232 authorized patents as of December 31, 2024[74]. - The company has established three national laboratories and three CNAS-certified laboratories, enhancing its R&D capabilities[75]. - The company is focusing on the integration of electric drive systems and hydrogen fuel cell technologies to create a complete industrial chain[77]. - The company is committed to improving the quality and automation of its electric drive assembly R&D processes through various technology platform projects[89]. Strategic Acquisitions and Partnerships - The company has made acquisitions to improve its competitive position, including Wuhu Jienuori and Shanghai Electric Drive, which have resulted in goodwill that may face impairment risks if future performance does not meet expectations[14]. - A strategic acquisition of a local competitor is in progress, aimed at enhancing the company's technological capabilities and market share[22]. - The company has established strategic partnerships with leading domestic and international brands, enhancing its market competitiveness and customer satisfaction[55]. - The company has established partnerships with numerous Fortune 500 companies, enhancing its market presence and customer service efficiency globally[142]. Operational Efficiency and Cost Management - The company is enhancing its human resources policies to address rising labor costs and is focusing on automation and digital transformation to improve efficiency[5]. - The company aims to reduce production costs by 5% through improved supply chain management and operational efficiencies[22]. - The company emphasizes digital transformation in its production model, utilizing advanced digital technologies to improve production efficiency and reduce costs[55]. - The company has established a unified supplier management system to enhance supply chain efficiency and reduce procurement costs[54]. - The company is committed to lean production and quality management, aiming for high quality, high efficiency, and low cost in its manufacturing processes[55]. Market Trends and Industry Insights - The home appliance market in China has transitioned from an "incremental era" to a focus on both incremental and stock markets, emphasizing quality upgrades and high-end, integrated, and smart products[37]. - In 2024, the Chinese government introduced policies to stimulate home appliance consumption, including expanding the scope of subsidies for replacing old appliances, which is expected to significantly boost market demand[38]. - The automotive industry is facing challenges such as insufficient consumer confidence and intensified competition, but supportive policies are expected to release market potential and drive recovery[40]. - The rapid development of the NEV market is supported by policies and reflects a shift in consumer preferences from traditional fuel vehicles to electric vehicles[41]. - The trend towards high-end, intelligent, and energy-efficient products in the home appliance market is becoming more pronounced, with increasing demand for mid-to-high-end products[38]. Governance and Compliance - The company has a well-defined organizational structure and governance framework, ensuring efficient and compliant operations[163]. - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[161]. - The company has established an independent financial management department and audit management department, ensuring financial accounting independence and accuracy[163]. - The company has received an A grade in information disclosure evaluations for two consecutive years, reflecting continuous improvement in disclosure quality and transparency[154]. - The company is committed to maintaining compliance with relevant laws and regulations during its operations[182].