Financial Performance - The company's operating revenue for 2024 was ¥843,167,735.84, an increase of 11.13% compared to ¥758,742,555.08 in 2023[20]. - The net profit attributable to shareholders for 2024 decreased by 29.44% to ¥45,303,301.64 from ¥64,201,325.84 in 2023[20]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥36,918,657.95, down 35.42% from ¥57,163,078.32 in 2023[20]. - The net cash flow from operating activities for 2024 was ¥73,704,242.23, a decrease of 19.94% compared to ¥92,064,396.03 in 2023[20]. - The total assets at the end of 2024 were ¥1,542,325,645.27, reflecting a 1.77% increase from ¥1,515,481,141.00 at the end of 2023[20]. - The net assets attributable to shareholders at the end of 2024 were ¥1,262,459,265.32, up 1.81% from ¥1,239,996,676.87 at the end of 2023[20]. - The basic earnings per share for 2024 was ¥0.33, a decline of 38.89% from ¥0.54 in 2023[20]. - The weighted average return on equity for 2024 was 3.62%, down from 7.49% in 2023, a decrease of 3.87 percentage points[20]. - Total revenue for 2024 reached ¥843,167,735.84, representing an 11.13% increase from ¥758,742,555.08 in 2023[63]. - Automotive electronics segment generated ¥718,118,687.13, accounting for 85.17% of total revenue, with a year-on-year growth of 11.88%[64]. - Domestic sales amounted to ¥659,673,990.19, which is 78.24% of total revenue, reflecting a 13.39% increase compared to the previous year[64]. Research and Development - The company invested 56.79 million yuan in R&D in 2024, a growth of 21.52% year-on-year[61]. - The company emphasizes research and development, focusing on customer needs and market trends, and has developed a multi-level innovation model for product development[44]. - The company has a strong technical research and development team, with core technologies in product and mold development, manufacturing processes, and automated production line design[48]. - The number of R&D personnel increased to 157 in 2024, up 33.05% from 118 in 2023, with a proportion of 19.67% of total employees[80]. - R&D investment amounted to ¥56,789,566.18 in 2024, representing 6.74% of operating revenue, an increase from 6.16% in 2023[80]. Market Trends and Industry Insights - The automotive parts industry is experiencing steady growth, with domestic suppliers increasingly optimizing and innovating products due to the localization strategies of international manufacturers[31]. - The automotive electronic technology continues to deepen and iterate, with the cost proportion of automotive electronic devices increasing due to advancements in electronic information and network technologies[33]. - In new energy vehicles, the core components such as power batteries, drive motors, and electronic control systems are becoming increasingly important, leading to a further increase in the proportion of automotive electronic costs in the overall vehicle value[35]. - The connector industry has maintained continuous growth, driven by market demand in various sectors including automotive electronics, communication, and consumer electronics, with emerging fields like autonomous driving and IoT providing new opportunities[36]. - The automotive electronics market is expected to grow rapidly due to rising demand for energy-saving and new energy products[107]. Production and Quality Control - The company aims to provide zero-defect products and employs online automatic detection measures to ensure product quality stability and reliability[47]. - The defect rate of the company’s finished products is below 10 PPM, significantly lower than the industry average of 40 PPM[58]. - The company has developed a comprehensive testing and experimental capability, enhancing its R&D strength and quality control[52]. - The company has improved its automotive component market share through the development of products that meet high sealing requirements, achieving an IPX9 rating and operating in temperature ranges from -40°C to 140°C[77]. - The company has reduced the defect rate of its products to 0.4% by enhancing mold design and manufacturing capabilities, ensuring consistent quality across different batches[77]. Strategic Partnerships and Client Relationships - The company has established long-term stable partnerships with globally recognized clients, including industry leaders such as Bosch and Amphenol[39]. - The company’s products are widely used in various well-known automotive brands, ensuring stable demand[60]. - The top five customers accounted for 72.42% of total sales, with the largest customer contributing 34.42%[72]. Corporate Governance and Compliance - The company has conducted three shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements[117]. - The board of directors consists of five members, including two independent directors, meeting the regulatory requirements for board composition[118]. - The company maintains independence from its controlling shareholders, ensuring no interference in decision-making or operations[121]. - The company has established a performance evaluation mechanism linking the income of directors, supervisors, and senior management to the company's operational performance[126]. - The company emphasizes transparency in information disclosure, adhering to relevant regulations and ensuring timely communication with investors[125]. Sustainability and Social Responsibility - The company is committed to sustainability initiatives, with a goal to reduce carbon emissions by 50% by 2025[134]. - The company has implemented measures to enhance energy efficiency and reduce carbon emissions, focusing on green and low-carbon economic development[164]. - The company actively engages in social responsibility initiatives, contributing to local economic development and community welfare[166]. - The company is committed to sustainable development, promoting green practices across its supply chain[171]. Financial Management and Fund Utilization - The total amount raised from the public offering was RMB 673.99 million, with a net amount of RMB 601.28 million after deducting issuance costs[95]. - The company has used RMB 169.84 million of the raised funds, with a cumulative total usage of RMB 413.45 million, leaving a balance of RMB 187.83 million[95]. - The company has allocated RMB 7 million for working capital, achieving 100% utilization[98]. - The company reported a financial income from wealth management products of RMB 5.64 million and bank interest of RMB 0.42 million[95]. Employee Management and Compensation - The total number of employees at the end of the reporting period is 798, with 671 in the parent company and 127 in major subsidiaries[149]. - The professional composition includes 574 production personnel, 20 sales personnel, 157 technical personnel, 12 financial personnel, and 35 administrative personnel[149]. - Employee compensation includes basic salary, position salary, seniority allowance, performance bonuses, and various subsidies and benefits[150]. - The company has a standardized salary structure aimed at creating a competitive and equitable compensation environment[150]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 0.72 RMB per 10 shares to all shareholders, based on a total of 138,254,866 shares[3]. - The total cash dividend for the year is RMB 9,954,350.35, representing 100% of the total profit distribution[156]. - For the 2024 interim dividend, the company plans to distribute RMB 0.28 per 10 shares, amounting to RMB 3,871,136.25[155].
维科精密(301499) - 2024 Q4 - 年度财报