Baida Precision(SH:603331)2025-04-27 08:10Financial Performance - Revenue for 2024 reached ¥1,534,728,078.71, an increase of 6.63% compared to 2023 [22]. - Net profit attributable to shareholders decreased by 72.23% to ¥33,015,631.87, primarily due to impairment provisions related to the Jiangxi Baida solar cell project [22]. - Basic earnings per share fell by 73.77% to ¥0.16, reflecting the decline in net profit attributable to shareholders [23]. - Cash flow from operating activities was ¥178,543,324.07, down 37.52% from the previous year [22]. - Total assets increased slightly by 0.20% to ¥3,257,252,574.63 as of the end of 2024 [22]. - The company reported a net profit of ¥29,643,087.75 in Q1 2024, with a significant drop in Q3 resulting in a loss of ¥34,077,228.88 [26]. - The company achieved operating revenue of 1,534.73 million yuan, an increase of 6.63% year-on-year [31]. - The main business cost was 1,212,849,140.79 RMB, which increased by 10.91% year-on-year [46]. - The company reported a total of 11,000,000 CNY in expected related party transactions for 2024, with actual transactions amounting to -733,200 CNY due to material returns [150]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of 0.08 CNY per share, totaling approximately 16,174,050.88 CNY based on the current total share capital of 202,175,636 shares [6]. - The company has not proposed any capital reserve transfers to increase share capital or stock dividends in the current profit distribution plan [6]. - The cash dividend amount (including tax) for the recent fiscal year is CNY 16,174,050.88, which accounts for 48.99% of the net profit attributable to ordinary shareholders [119]. - The cumulative cash dividend amount over the last three fiscal years is CNY 56,615,778.08, with a cash dividend ratio of 77.46% based on the average annual net profit of CNY 73,092,139.12 [121]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report [5]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the annual report's accuracy [4]. - The company has not faced any penalties from securities regulatory agencies in the past three years [97]. - The company has not received any non-standard audit opinions from the accounting firm [146]. - The company has established an internal control system, with no significant deficiencies reported during the reporting period [125]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies, advising investors to be cautious [7]. - The report includes a detailed description of potential risks faced by the company in the management discussion and analysis section [9]. - There are no non-operating fund occupations by controlling shareholders or related parties, and no violations in decision-making procedures for external guarantees [8]. - The company faces risks from customer concentration, as major clients in the compressor and automotive parts sectors hold significant bargaining power, impacting profitability [79]. - The solar cell project in Jiangxi has not yet commenced production, leading to asset impairment provisions and potential risks related to macroeconomic and competitive factors [81]. Research and Development - R&D investment increased by 12.61% year-on-year, focusing on new materials and lightweight automotive products [33]. - The number of R&D personnel is 285, making up 11.59% of the total workforce [57]. - The company is actively pursuing new product development and technological advancements to maintain its competitive edge in the market [75]. - The company's R&D expenses increased to ¥48,773,565.14 in 2024, compared to ¥43,311,934.64 in 2023, reflecting a focus on innovation [194]. Market and Industry Position - The company plans to continue focusing on the air conditioning industry, driven by increased market demand [22]. - The company holds approximately 36% market share in the blade market for compressors, indicating a high industry concentration [34]. - The company is focusing on the development of lightweight components for new energy vehicles, with products such as electric motor shafts and air conditioning compressors already in mass production [74]. - The company has established long-term strategic partnerships with well-known global enterprises in the compressor and automotive parts industries [41]. Governance and Management - The board of directors is actively involved in strategic decision-making and compliance with legal regulations, ensuring shareholder rights are upheld [83]. - The company has established a compensation distribution system based on position, ability, and performance, with a focus on maintaining external competitiveness [110]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 5.344 million yuan [95]. - The company has a diverse management team with backgrounds in engineering, finance, and law, enhancing its operational capabilities [90]. Environmental Responsibility - The company has invested CNY 3,240,000 in environmental protection during the reporting period [126]. - The company has established a comprehensive environmental management system, including regular inspections and checks to ensure compliance with environmental standards [130]. - The company has implemented carbon reduction measures, including the use of clean energy for power generation [139]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [137]. Shareholder Information - The total number of shares held by directors and senior management at the end of the reporting period remained unchanged at 47,713,105 shares [89]. - The company has a total of 12 resolutions passed during the board meetings, including the nomination of candidates for the fifth board of directors [97]. - The company will hold a general election for the board of directors in January 2024, with independent director Jin Guanxing's term ending [96]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during the reporting period [123].