武进不锈(603878) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was CNY 2,651,650,094.54, a decrease of 24.57% compared to CNY 3,515,517,352.47 in 2023[25] - The net profit attributable to shareholders for 2024 was CNY 125,714,250.52, down 64.25% from CNY 351,616,770.56 in 2023[25] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 102,937,610.92, a decline of 68.27% from CNY 324,461,863.94 in 2023[25] - Basic earnings per share for 2024 were CNY 0.22, a decrease of 65.08% from CNY 0.63 in 2023[27] - The weighted average return on net assets for 2024 was 4.68%, a decrease of 8.52 percentage points from 13.2% in 2023[27] - The company achieved total revenue of ¥2,651,650,094.54, a decrease of 24.57% compared to the previous year[53] - The operating cost was ¥2,249,566,908.35, down 23.22% year-on-year[56] - The company maintained a gross margin of 15.91% in the petrochemical sector, despite a revenue decline of 54.34%[56] Cash Flow and Assets - The net cash flow from operating activities increased by 191.42% to CNY 582,595,844.87, compared to CNY 199,918,682.57 in 2023[25] - The total assets at the end of 2024 were CNY 4,046,256,554.64, a decrease of 4.98% from CNY 4,258,307,422.32 at the end of 2023[25] - The net assets attributable to shareholders at the end of 2024 were CNY 2,601,372,550.10, down 7.06% from CNY 2,798,984,287.88 at the end of 2023[25] - Operating cash inflow totaled CNY 2,574,134,444.50, a decrease of 9.37% compared to the previous period[68] - Operating cash outflow decreased by 24.58% to CNY 1,991,538,599.63, resulting in a net cash flow from operating activities of CNY 582,595,844.87, an increase of 191.42% year-over-year[69] Industry Trends - In 2024, the company's main business revenue and gross margin declined due to severe downturns in the petrochemical industry, with overall industrial profits decreasing by 3.3% year-on-year[36] - The stainless steel pipe industry saw a crude steel output of 39.44 million tons in 2024, an increase of 2.77 million tons or 7.54% compared to the previous year[40] - The apparent consumption of stainless steel in China reached 32.49 million tons in 2024, reflecting a year-on-year increase of 140,970 tons or 4.54%[40] - The total export volume of stainless steel from China was 5.04 million tons in 2024, marking a year-on-year increase of 906,900 tons or 21.92%[40] Research and Development - Research and development expenses increased by 33.47% to ¥51,162,695.54 due to more R&D projects[55] - The company has developed over ten new products in collaboration with renowned research institutions and holds 93 patents[49] - The number of R&D personnel is 195, accounting for 12.13% of the total workforce[67] Customer and Market Dynamics - The company’s main customers are distributed across industries such as petrochemicals, natural gas, and power equipment manufacturing, which significantly influence demand for its products[44] - Domestic sales revenue fell by 28.73%, while export sales revenue increased by 56.82%, leading to a gross margin increase of 2.29% in the export segment[59] Governance and Management - The company has a governance structure that ensures clear responsibilities among shareholders, board members, and management, promoting stable development[89] - The board consists of 9 members, including 3 independent directors, ensuring compliance with governance regulations[90] - The company has a diverse management team with extensive experience in various roles, ensuring effective governance and strategic direction[96] - The company has a clear succession plan in place, with new appointments ensuring continuity in leadership and strategic initiatives[96] Environmental and Social Responsibility - The company has established a comprehensive environmental protection system in compliance with new national environmental laws and standards[86] - The company reported a total of 32,998 tons of domestic sewage discharge in 2024, which met the water quality standards[132] - The company received no administrative penalties for environmental issues during the reporting period[140] - Total charitable contributions amounted to 1.8814 million yuan, benefiting various local charitable organizations[141] Future Outlook and Strategy - The company aims to achieve a 10% increase in main business revenue and a 10%-15% increase in net profit in 2025 compared to 2024[81] - The company plans to enhance its technological innovation and talent platform by upgrading its R&D center, aiming to improve product competitiveness and reduce operational risks[79] - The company will implement a three-pronged development strategy focusing on application industries, domestic and international markets, and balancing conventional and high-end products[78] Risks and Challenges - The company faces risks from macroeconomic fluctuations, which could lead to reduced orders and slower payment collection[82] - The company is exposed to foreign exchange risks, particularly with USD as its primary settlement currency, which could impact its export competitiveness[82] - The company faces increased environmental protection pressures and rising costs due to stricter green development policies in the steel industry[86] Shareholder and Financial Management - The company distributed a cash dividend of 5.3 yuan (including tax) for every 10 shares, totaling 297,363,065.11 yuan (including tax) based on a total share capital of 561,062,387 shares as of December 31, 2023[120] - The total dividend amount (including tax) is CNY 79,972,071.70, representing 63.61% of the net profit attributable to ordinary shareholders in the consolidated financial statements[124] - The company has maintained a stable shareholding structure, with no changes in the number of shares held by key executives during the reporting period[95] Financial Reporting and Compliance - The company has appointed Lixin Accounting Firm as its auditor for the 2024 fiscal year, with an audit fee of CNY 750,000[154] - The company has not experienced any significant changes in accounting estimates during the reporting period[152] - The company has confirmed that there are no significant accounting errors that require correction during the reporting period[153]