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天汽模(002510) - 2024 Q4 - 年度财报
TQMTQM(SZ:002510)2025-04-28 10:10

Financial Performance - The company's operating revenue for 2024 was CNY 2,745,711,561.89, a decrease of 1.80% compared to CNY 2,796,174,263.25 in 2023[17]. - Net profit attributable to shareholders for 2024 was CNY 95,252,769.74, an increase of 13.91% from CNY 83,619,353.03 in 2023[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 49,977,500.56, up 85.98% from CNY 26,872,599.75 in 2023[17]. - Cash flow from operating activities for 2024 was CNY 150,947,140.60, a significant increase of 178.64% compared to CNY 54,172,956.40 in 2023[17]. - Basic earnings per share for 2024 were CNY 0.10, an increase of 11.11% from CNY 0.09 in 2023[17]. - Total assets at the end of 2024 were CNY 6,003,263,130.56, a decrease of 1.87% from CNY 6,117,957,907.53 at the end of 2023[17]. - Net assets attributable to shareholders at the end of 2024 were CNY 2,477,729,846.58, an increase of 17.28% from CNY 2,112,626,128.45 at the end of 2023[17]. - The company achieved a total revenue of 2,745.71 million yuan in the reporting period, a slight decrease of 1.80% compared to the previous year[43]. - The net profit attributable to shareholders was 95.25 million yuan, reflecting a growth of 13.91% year-on-year[43]. - The mold segment generated sales revenue of 1,360.98 million yuan, down 5.31% from the previous year, while the gross margin remained stable[43]. - The stamping segment reported sales revenue of 1,189.41 million yuan, an increase of 1.64% year-on-year, with a gross margin improvement of 1.56%[44]. - The aviation segment saw sales revenue of 110.25 million yuan, a significant increase of 24.45% compared to the previous year[44]. - The company reported a total revenue of 13,726,349.00, with a net profit of 15,000[130]. - The company reported a total of 46,073.69 million RMB in committed investment projects, with a specific investment of 3,584.85 million RMB allocated for the current year[87]. Operational Highlights - In Q1 2024, the company reported revenue of approximately $449.23 million, which increased to $827.49 million in Q4 2024, showing a growth of 84.3% from Q1 to Q4[22]. - The net profit attributable to shareholders was $24.20 million in Q1 2024, but it turned negative in Q3 with a loss of $12.54 million, before recovering to $4.86 million in Q4[22]. - The net cash flow from operating activities was $61.83 million in Q1 2024, but it dropped to -$48.42 million in Q4 2024, indicating a significant decline in cash generation[22]. - The company’s automotive mold production capacity is 4,500 standard sets, with a focus on high-quality automotive body covering molds[31]. - The company has maintained a leading position in the automotive mold industry, with a strong customer base including major domestic and international automotive manufacturers[31]. - The overall automotive production and sales in China reached 31.28 million and 31.44 million units in 2024, marking a year-on-year growth of 3.7% and 4.5% respectively[27]. - The company has a backlog of mold orders amounting to approximately 2,493 million yuan as of the end of the reporting period[43]. - Domestic sales accounted for 83.86% of total revenue, while international sales contributed 16.14%, with a year-on-year decline of 6.47% in international sales[48]. - The company has a workforce of 3,277 employees, with 2,025 holding higher education degrees, including 895 in R&D[41]. - The company has signed a new non-wholly owned subsidiary, Tianhe Mould Standard Parts (Tianjin) Co., Ltd., with a direct holding ratio of 55%[55]. Investment and Financial Management - The company plans to distribute a cash dividend of CNY 0.30 per 10 shares, based on a total of 1,015,138,708 shares[3]. - The company divested its wholly-owned subsidiary TQM North America, Inc. to optimize its asset structure[43]. - The company aims to enhance its technical strength and core competitiveness through the development of advanced high-strength steel molds[59]. - The company is focusing on the development of high-strength steel with a target strength level of 1300 MPa and above for automotive applications[61]. - The project aims to reduce the mold production cycle significantly, enhancing efficiency and cost savings in the manufacturing process[61]. - The company aims to drive innovation in precision grinding technology, positioning itself as a leader in the mold industry[61]. - The company has committed to invest 34,073.69 million RMB in a high-quality mold manufacturing project, with 3,584.85 million RMB already invested, achieving a progress rate of 23.44%[85]. - The company has utilized a total of 1.5 billion RMB, 2.5 billion RMB, and 2.8 billion RMB in idle raised funds for temporary working capital in previous years, all of which have been returned within the stipulated time[88]. - The company has ongoing related party transactions, with a total transaction amount of 154.28 million yuan, representing 0.64% of similar transactions[191]. Risk Management - The company faces risks including economic cyclical adjustments, market risks, and potential bad debts from accounts receivable[3]. - The company emphasizes the importance of investor awareness regarding investment risks associated with future plans and forward-looking statements[3]. - The company is cautious about accounts receivable risks, particularly with large automotive manufacturers and emerging electric vehicle companies[101]. - The company is expanding its export business, which is primarily settled in USD or EUR, making it susceptible to foreign exchange policy changes and RMB fluctuations[103]. - The automotive mold industry faces a shortage of high-level technical talent, particularly in mold development and debugging, which may impact the company's future growth[104]. Corporate Governance - The company adheres to corporate governance standards, ensuring compliance with relevant laws and regulations, and protecting investors' rights[110]. - The board of directors consists of 5 members, including 2 independent directors, meeting legal requirements for composition and selection processes[113]. - The supervisory board is composed of 3 members, including 1 employee representative, ensuring compliance with legal and regulatory requirements[114]. - The company has implemented a performance evaluation mechanism linking executive compensation to operational performance metrics[115]. - The company emphasizes investor relations management, providing a dedicated platform for communication and ensuring transparency for investors[117]. - The company has established a complete and independent business system, including R&D, procurement, production, and sales, without reliance on shareholders or related parties for product sales or raw material procurement[122]. - The company has set up an independent financial department and audit department, maintaining a separate accounting system and independent financial decision-making[127]. - The company held its annual general meeting on May 22, 2024, with an investor participation rate of 18.48%[128]. - The company conducted a temporary shareholders' meeting on July 11, 2024, with a participation rate of 18.37%[128]. - The company reported a participation rate of 19.17% for its second temporary shareholders' meeting on July 31, 2024[128]. - The company achieved a participation rate of 21.84% for its third temporary shareholders' meeting on November 19, 2024[128]. Sustainability and Social Responsibility - The company achieved a 100% compliance rate for the discharge of major pollutants, with all hazardous waste being recycled by qualified enterprises[169]. - The company donated a total of 24,134 yuan to support rural revitalization and education initiatives during the reporting period[171]. - The company has established and certified ISO 14001 and ISO 45001 management systems to ensure safety and environmental management[169]. - The company has implemented a full labor contract system, providing employees with various insurance benefits, including pension, unemployment, medical, work injury, maternity insurance, and housing fund[168]. - The company has established strategic partnerships with suppliers and customers, focusing on communication and cooperation to fulfill social responsibilities[169]. Future Outlook - The company plans to focus on high-end automotive moulds and expand into international markets, aiming to become a leading global automotive mould industry group[95]. - By 2025, the company aims to enhance customer collaboration, optimize production processes, and explore AI applications in the mould industry[96]. - The company is expected to continue its growth trajectory with a guidance for the next fiscal year, projecting further increases in revenue[192]. - New product developments and technological advancements are underway, focusing on enhancing market competitiveness[192]. - Strategic acquisitions are being considered to bolster the company's market position and product offerings[192]. - The management emphasized the importance of maintaining strong relationships with stakeholders to drive future growth[192]. - The company plans to enhance its operational efficiency through innovative practices and technologies[192]. - There is a commitment to sustainability and responsible business practices as part of the company's long-term strategy[192].