Lettall Electronic(603629)2025-04-28 13:00Financial Performance - The net profit attributable to shareholders for the fiscal year 2024 is RMB 24.6164 million, with a distributable profit of RMB 359.9159 million as of the end of the reporting period[6]. - The company's operating revenue for 2024 reached ¥2,247,559,790.70, an increase of 18.72% compared to ¥1,893,119,459.75 in 2023[24]. - The net profit attributable to shareholders decreased by 38.77% to ¥24,616,404.40 in 2024 from ¥40,202,342.48 in 2023[24]. - The net cash flow from operating activities significantly dropped by 89.78% to ¥74,844,110.23 in 2024 compared to ¥732,405,001.47 in 2023[25]. - Basic earnings per share decreased by 37.50% to ¥0.10 in 2024 from ¥0.16 in 2023[26]. - The weighted average return on equity fell to 1.50% in 2024, down from 2.47% in 2023, a decrease of 0.97 percentage points[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,889,127.08 in 2024, a decline of 71.10% from ¥20,378,142.45 in 2023[25]. - The company reported a net profit of ¥33,095,293.45 in the first quarter of 2024, with subsequent quarters showing a decline, culminating in a loss of ¥28,084,051.55 in the fourth quarter[29]. - The company’s net profit for the current period is CNY 26,629,711.72, a decrease of 31.75% compared to the same period last year[61]. - Operating profit increased by 38.34% to CNY 61,345,336.39, primarily due to higher profits from computing power business[61]. - Revenue from the main business reached CNY 2,217,028,845.12, representing a year-on-year increase of 20.31%[64]. - The gross profit margin for the main business improved by 2.74 percentage points to 17.84%[64]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares, totaling RMB 12.9315 million, which represents 52.53% of the annual net profit attributable to shareholders[6]. - The cash dividend amount for the reporting period is CNY 12,931,500, which accounts for 52.53% of the net profit attributable to ordinary shareholders in the consolidated financial statements[147]. - The cumulative cash dividend amount over the last three accounting years is CNY 79,789,200, with an average annual net profit of CNY 43,578,412.98, resulting in a cash dividend ratio of 183.09%[149]. - The company's retained earnings at the end of the last accounting year amount to CNY 359,915,862.39[149]. - The company has established a cash dividend policy that requires a minimum of 30% of the average distributable profit over the last three years to be distributed in cash[141]. - Cash dividends require earnings per share of at least 0.1 yuan and an unqualified audit report for the fiscal year[187]. - In the absence of significant capital expenditure plans, the company will prioritize cash dividends, with a minimum of 80% for mature stages without major expenditures[188]. Risk Management - The company has not identified any significant risks that could materially affect its operations during the reporting period[8]. - The report includes a detailed discussion of potential risks in the section on future development[8]. - The company faces risks including increased operational risks from dual business operations and a rising debt ratio, which has significantly increased compared to previous periods[102]. - The company is exposed to supply chain risks, particularly regarding GPU chip supply for AI servers, which could adversely affect business development if disrupted[103]. - Raw material price fluctuations, particularly for galvanized steel and aluminum, which together account for approximately 70% of raw material costs, pose a risk to operating performance[103]. - The company has a significant concentration of customers, which, while primarily strong and reputable, poses a risk of substantial negative impact on performance in the event of defaults[104]. Business Segments - The AI computing power business generated revenue of CNY 455.20 million with a net profit of CNY 142.31 million, and a gross margin of 53.42%, an increase of 9.39 percentage points year-on-year[37]. - The manufacturing segment reported revenue of CNY 1,792.36 million, a decline of 4.74%, with a net loss of CNY 115.68 million and a gross margin of 8.65%, down 6.26 percentage points year-on-year[38]. - The sales of precision metal structural components reached CNY 1,527.33 million, a decrease of 3.06%, while electronic components sales fell by 11.55% to CNY 154.60 million[41]. - The company’s manufacturing capacity includes processing nearly 120,000 tons of steel annually and producing over 30 million metal backplates for LCD TVs[47]. - The company’s AI computing power business is expected to be the main source of future revenue growth despite losses in the manufacturing sector[48]. Research and Development - R&D expenses for the year 2024 amounted to 84.2584 million yuan, an increase of 8.77% year-on-year, representing 3.75% of total revenue[43]. - The company applied for 2 patents and received 11 new patent authorizations during the reporting period[43]. - The company initiated a research and development project for smart park industry management and energy management systems, with R&D expenses of CNY 21.43 million[40]. - The company has 230 R&D personnel, making up 21.46% of the total workforce[75]. Corporate Governance - The company has established internal control systems in compliance with regulatory requirements, continuously improving and strengthening the execution of internal control norms[111]. - The company has not reported any significant differences in governance compared to regulatory requirements, ensuring compliance[111]. - The company has independent directors who receive allowances approved by the shareholders' meeting[121]. - The company has a structured remuneration decision process involving a compensation and assessment committee, ensuring compliance with industry standards[121]. - The company has experienced changes in its management structure to align with business development and governance needs[122]. Environmental Responsibility - The company has established an environmental protection mechanism and invested CNY 1,558,100 in environmental protection funds during the reporting period[157]. - The company has not faced any significant environmental violations or penalties and complies with national and local environmental regulations[158]. - The company has achieved ISO14001 environmental management system certification and complies with EU ROHS environmental standards[160]. - The company has committed to optimizing production processes to minimize pollutant emissions in the future[160]. Strategic Initiatives - The company is implementing a dual-main business strategy and international expansion, focusing on building a leading comprehensive cloud computing service platform in the AI computing power sector[99]. - The company plans to achieve simultaneous growth in revenue and profit in 2025, focusing on both AI computing power and manufacturing business adjustments[39]. - The company has established strategic partnerships with leading firms such as NVIDIA and Super Fusion, enhancing its resource and scale advantages in the AI computing power sector[53]. - The company is committed to enhancing its operational efficiency through strategic management appointments and partnerships[117]. Shareholder Relations - The company plans to issue shares to specific targets in 2024, with the proposal to be discussed in the upcoming shareholder meetings[111]. - The company will discuss the feasibility analysis report for the use of funds raised from the issuance of shares in the upcoming meetings[111]. - The company has proposed to apply for a comprehensive credit limit from banks and financial institutions for 2024[113]. - The company is obligated to disclose the implementation plan for stock price stabilization measures in advance[171].