惠柏新材(301555) - 2024 Q4 - 年度财报

Financial Performance - The company achieved operating revenue of RMB 1,420.04 million, an increase of 3.04% compared to RMB 1,378.20 million in the same period last year[4]. - Net profit attributable to shareholders was RMB 8.02 million, a decrease of 86.02% from RMB 57.40 million in the previous year[4]. - The net profit after deducting non-recurring gains and losses was RMB 0.4476 million, down 99.20% from RMB 55.89 million year-on-year[4]. - The company's operating revenue for 2024 was CNY 1,420,043,550.76, representing a 3.04% increase compared to CNY 1,378,195,711.10 in 2023[19]. - The net profit attributable to shareholders decreased by 86.02% to CNY 8,024,012.31 in 2024 from CNY 57,398,474.99 in 2023[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 99.20% to CNY 447,579.40 in 2024 from CNY 55,891,649.92 in 2023[19]. - The net cash flow from operating activities improved by 104.80%, reaching CNY 14,342,635.13 in 2024 compared to a negative CNY 298,606,342.07 in 2023[19]. - The total assets increased by 20.77% to CNY 2,507,064,527.53 at the end of 2024 from CNY 2,075,924,033.29 at the end of 2023[19]. - The basic earnings per share decreased by 88.61% to CNY 0.09 in 2024 from CNY 0.79 in 2023[19]. - The weighted average return on equity dropped to 0.74% in 2024 from 8.69% in 2023, a decline of 7.95%[19]. Product Performance - Sales volume of epoxy resin for wind turbine blades increased by 26.57% year-on-year, but revenue from this product decreased by 2.39% due to lower average selling prices[5]. - The gross margin for epoxy resin for wind turbine blades declined as the decrease in selling prices outpaced the reduction in unit costs[5]. - The company achieved total operating revenue of 1,420.04 million yuan, with wind blade epoxy resin revenue at 1,095.81 million yuan (down 2.39%), new composite material epoxy resin revenue at 234.37 million yuan (up 32.84%), and electronic electrical insulation packaging epoxy resin revenue at 86.42 million yuan (up 13.96%)[34]. - The new composite material epoxy resin product line saw a revenue increase of 32.84% year-on-year, reaching CNY 234,367,867.52[41]. - The company’s electronic electrical insulation packaging epoxy resin products are primarily used in LED packaging and various electronic components, with a focus on high purity, high heat resistance, and low water absorption[30]. Research and Development - The company continues to invest in R&D for new products and optimize product structure to improve operational efficiency[6]. - The company holds 90 patents, including 26 invention patents and 64 utility model patents, showcasing its strong R&D capabilities[36]. - The company has a dedicated R&D team of 60 personnel, with 4 core technical staff having extensive industry experience[36]. - The company’s research and development efforts are focused on improving the performance of epoxy resins to meet the evolving requirements of downstream industries[30]. - The company is in the research phase for the third-generation wind power infusion resin, aiming to optimize material costs and enhance product competitiveness[54]. Market Outlook - The wind power industry is expected to grow significantly due to favorable policies and the shift towards offshore wind farms[6]. - The company anticipates continued challenges in profitability due to competitive pressures and declining prices in the wind power sector[28]. - The wind power industry, a key market for the company's epoxy resin products, is expected to grow significantly, driven by national policies aimed at achieving carbon neutrality[28]. - The company is actively exploring overseas markets to enhance product sales and overall competitiveness[87]. Corporate Governance - The company held four shareholder meetings during the reporting period, including three extraordinary meetings and one annual meeting, ensuring equal treatment of all shareholders[94]. - The board of directors was restructured, consisting of 9 members, including 3 independent directors, complying with relevant laws and regulations[95]. - The supervisory board was re-elected, comprising 3 supervisors, including 2 employee representatives, in accordance with legal requirements[96]. - The company maintained independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[99]. - The company has established an independent financial management system, ensuring no interference from the controlling shareholder[99]. Financial Management - The company has a clear and complete profit distribution policy, ensuring the protection of minority shareholders' rights[144]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves for the 2024 profit distribution proposal[146]. - The retained undistributed profits will be used to meet the company's operational needs and ensure sustainable long-term development[147]. - The company has established a multi-tiered salary system to attract and retain talent, focusing on competitive compensation and career development opportunities[138]. - The company has a structured approach to nominating financial personnel, ensuring compliance with relevant regulations[142]. Risk Management - Future development plans and operational strategies are subject to risks, and investors are advised to remain cautious[6]. - The company faces risks related to policy adjustments in the wind power industry, which could impact revenue and profit levels if government support decreases[88]. - Raw material price volatility poses a significant risk, as the main raw material, epoxy resin, is influenced by international oil prices and supply-demand dynamics[89]. - The company acknowledges the risk of project implementation related to its fundraising initiatives, which may face challenges if market conditions change unfavorably[90]. Social Responsibility - The company actively participates in social welfare activities, including supporting local elderly care initiatives and cultural exchange events[161]. - The company has implemented a comprehensive quality management and control system to ensure product quality and stability, thereby protecting customer rights[159]. - The company has established a competitive compensation and benefits system, ensuring timely contributions to various employee insurances and promoting talent development[160]. Subsidiaries and Investments - The company has established a new wholly-owned subsidiary, Beijing Huibai Enterprise Management Co., Ltd., during the reporting period[48]. - The company has committed a total investment of 180 million CNY for the Shanghai Difu project, which focuses on producing 37,000 tons of fiber composite materials and new electronic materials, with 100% of the investment completed as of the report date[75]. - The company has invested 16.17 million CNY in the Huibo New Materials R&D project, achieving 60.60% of the expected benefits, with the project expected to be operational by March 31, 2026[75]. Shareholder Commitments - The company has committed to not transferring or entrusting the management of its shares for 12 months post-IPO, ensuring stability in shareholding[165]. - The company will not sell shares below the IPO price during the two years following the lock-up period[165]. - The company has established a strategy for share reduction that includes methods such as block trades and agreements, adhering to legal regulations[165]. - The company will ensure compliance with the Shenzhen Stock Exchange's rules and regulations regarding shareholding reductions[169].