恒立液压(601100) - 2024 Q4 - 年度财报

Financial Performance - The company achieved a net profit of ¥1,714,631,944.38 for the fiscal year 2024, with a proposed cash dividend distribution of ¥938,574,694.40, equating to ¥7.00 per 10 shares[6]. - The total distributable profit available to shareholders at the end of the reporting period was ¥4,594,378,433.10, with retained earnings of ¥3,655,803,738.70 to be carried forward to future years[6]. - The company's operating revenue for 2024 reached ¥9,389,689,159.97, representing a 4.51% increase compared to ¥8,984,640,412.62 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥2,508,706,743.00, a slight increase of 0.40% from ¥2,498,729,073.59 in 2023[22]. - The basic earnings per share for 2024 was ¥1.87, up 0.54% from ¥1.86 in 2023[23]. - The diluted earnings per share remained stable at ¥1.87 for 2024, consistent with the basic earnings per share[23]. - The company achieved a record revenue of 9.39 billion yuan, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.509 billion yuan, up 0.40%[33]. - The gross profit margin for hydraulic cylinders was 42.64%, while for hydraulic pumps and valves it was 47.94%, indicating a year-on-year increase of 1.41 percentage points and 0.35 percentage points respectively[50]. Assets and Liabilities - Total assets increased to ¥19,638,650,656.83 at the end of 2024, a 9.74% rise from ¥17,895,562,755.83 at the end of 2023[22]. - The company’s net assets attributable to shareholders increased by 9.61% to ¥15,774,716,902.67 at the end of 2024 from ¥14,391,421,675.31 at the end of 2023[22]. - Total liabilities increased to CNY 3.81 billion from CNY 3.45 billion, marking a rise of about 10.5%[189]. - The equity attributable to shareholders rose to CNY 15.77 billion, compared to CNY 14.39 billion in 2023, reflecting an increase of approximately 9.6%[189]. Cash Flow - The net cash flow from operating activities for 2024 was ¥2,478,974,863.30, a decrease of 7.40% compared to ¥2,677,147,056.36 in 2023[22]. - The company reported a net cash flow from operating activities of ¥2,478,974,863.30, a decrease of 7.40% compared to the previous period[59]. - The company's cash and cash equivalents decreased to CNY 7.88 billion from CNY 8.12 billion, representing a decline of approximately 3.0%[187]. Research and Development - Total R&D expenses amounted to ¥727,651,696.19, representing 7.75% of total revenue[57]. - The company has established seven R&D centers globally, employing over 1,000 researchers, and has made significant progress in high-end hydraulic component localization[43]. - The number of R&D personnel is 1,282, making up 17.20% of the total workforce[57]. - The company plans to increase R&D investment to maintain technological leadership and diversify its product offerings[72]. Market and Sales - Revenue from hydraulic pump and valve products rose by 9.63%, with significant market share gains in excavator pump and valve products[33]. - Overseas sales revenue grew by 7.61%, indicating initial success of the internationalization strategy[33]. - The domestic excavator market saw a total of 201,131 units sold in 2024, marking a year-on-year increase of 3.13%[39]. - Hydraulic pump and motor production increased by 26.49% to 2,079,405 units, with sales up by 20.06% to 1,793,711 units[52]. Governance and Management - The company has a diverse board with members holding advanced degrees and significant experience in their respective fields, including independent directors with expertise in engineering and finance[82][83]. - The company has maintained a stable management structure with no significant changes in personnel during the reporting period[81]. - The overall governance structure includes a mix of internal and independent directors, enhancing oversight and strategic direction[84]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to CNY 871.24 million[81]. Environmental and Social Responsibility - The company invested CNY 2,000,000 in environmental protection during the reporting period[116]. - The company reduced carbon emissions by 3,960 tons through measures such as utilizing rooftop solar power systems with a capacity of 5.5MWp[123]. - The company has made a total investment of CNY 1,998.03 million in poverty alleviation and rural revitalization projects, benefiting 137 individuals[126]. - The company has established an environmental protection mechanism and has conducted environmental impact assessments for all projects[119]. Risks and Challenges - Risks include policy changes affecting downstream customer demand, market uncertainties in international operations, and fluctuations in raw material prices such as steel and castings[75]. - The company has seen rapid growth in its European and North American businesses, which exposes it to currency exchange rate risks[75]. Shareholder Information - The company plans to distribute cash dividends at a rate of ¥7.00 per 10 shares, based on a total share capital of 1,340,820,992 shares[103]. - The cumulative cash dividend amount over the last three fiscal years is CNY 2,708,458,403.84, with an average annual net profit of CNY 2,450,052,673.20, resulting in a cash dividend ratio of 110.55%[109]. - The total number of ordinary shareholders as of the reporting period end is 54,957, an increase from 48,261 at the end of the previous month[156]. - The top shareholder, Changzhou Hengyi Intelligent Equipment Co., Ltd., holds 495,474,869 shares, representing 36.95% of the total shares[158].