FULIN. PM(SZ:300432)2025-04-28 17:16Financial Performance - The company's operating revenue for 2024 reached ¥8,470,244,934.41, representing a 47.02% increase compared to ¥5,761,265,898.84 in 2023[19]. - The net profit attributable to shareholders for 2024 was ¥396,779,408.41, a significant turnaround from a loss of ¥542,725,021.93 in 2023, marking a 173.11% improvement[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥319,692,839.53, up 149.32% from a loss of ¥648,180,528.57 in the previous year[19]. - The cash flow from operating activities for 2024 was ¥575,013,625.37, an 88.59% increase from ¥304,908,406.25 in 2023[19]. - The total assets at the end of 2024 amounted to ¥9,676,227,680.51, reflecting a 6.30% increase from ¥9,102,995,664.37 at the end of 2023[19]. - The company's basic earnings per share for 2024 were ¥0.3256, compared to a loss of ¥0.4457 in 2023, indicating a 173.05% improvement[19]. - The weighted average return on equity for 2024 was 9.60%, a significant increase from -12.33% in 2023[19]. - The revenue from the automotive parts and accessories manufacturing business was 36.41 billion yuan, up 23.28% year-on-year[82]. - The revenue from lithium battery cathode materials business was 48.29 billion yuan, showing a substantial increase of 71.99% year-on-year[82]. - The total cost of automotive parts reached ¥2,779,688,230, a 28.01% increase from ¥2,171,487,180 in 2023[104]. - The total cost of lithium battery cathode materials was ¥4,641,346,300 in 2024, reflecting a 41.44% increase from ¥3,281,410,740 in 2023[104]. Market Expansion and Strategy - The company is focused on developing new technologies and products, particularly in the fields of electric vehicle components and smart management systems[12]. - The company is expanding its market presence, particularly in the new energy vehicle sector, which is a key growth area[12]. - The company is actively involved in research and development to enhance its product offerings and technological capabilities[12]. - The company is accelerating its layout in NEV components, including thermal management systems and intelligent shock absorber systems, leveraging its precision manufacturing advantages[34]. - The company is actively expanding into the robotics sector, focusing on electric joint modules for humanoid robots and robotic dogs, enhancing its technological and product innovation capabilities[35]. - The company is focusing on the electric and intelligent transformation of the automotive industry, enhancing its capabilities in smart thermal management systems and electric drive systems for new energy vehicles[158]. - The company aims to strengthen its partnerships with Tier-one customers and mainstream automotive brands, targeting long-cycle high-demand projects by 2025[159]. - The company is committed to improving its R&D capabilities, particularly in high-performance micro-motors and electric control software development, to enhance product performance and cost competitiveness[160]. Research and Development - The company has a robust R&D framework with 334 authorized patents and 91 invention patents, supporting its innovation in automotive precision components and lithium battery materials[71]. - The company is focusing on developing low-cost sodium iron phosphate materials to capture market share in the sodium battery sector[112]. - The company is developing high-capacity lithium iron phosphate materials to enhance energy density and reduce costs, aiming to maintain competitive advantages in the market[112]. - The company has accelerated R&D investments, focusing on product innovation and technology advancements, leading to the development of multiple new products including automatic transmission solenoids and intelligent suspension electromagnetic valves[90]. - The company is conducting market research and technology pre-research for new braking systems, aiming to enter new market domains[111]. Governance and Compliance - The company emphasizes the importance of accurate and complete financial reporting, with all board members present for the report's approval[3]. - The company has a strong governance structure, with a board of directors and supervisory board ensuring accountability[4]. - The company has established various management systems, including information disclosure and investor relations management, to ensure transparency and protect shareholder rights[185]. - The company maintains independence in personnel management, with a separate hiring and performance evaluation system for its employees[188]. - The company has established a performance evaluation and incentive mechanism to ensure sustainable development and align the interests of shareholders and management[185]. Investor Relations and Fund Management - The company has enhanced investor relations management, conducting various activities to improve investor confidence and maintain a positive image in the capital market[95]. - The company raised a total of RMB 1,499,999,996.88 through the issuance of 66,577,896 shares at a price of RMB 22.53 per share, with a net amount of RMB 1,473,367,393.68 after deducting issuance costs[130]. - The company has established special accounts for raised funds and signed tripartite supervision agreements with banks to manage the funds[131]. - The company has committed to several projects, including a new energy vehicle intelligent control project and lithium battery cathode material projects, with varying degrees of progress[140]. - The company plans to improve the efficiency of fund usage in response to market conditions and customer demands, indicating a strategic shift in project management[147]. Production and Capacity - The company has established an annual production capacity of 500,000 units for automotive electric drive reducers and has signed a manufacturing agreement for electric drive integrated powertrains with leading clients, with a powertrain line capacity of 240,000 units per year[87]. - The company has a total production capacity of 144,167 tons for lithium battery cathode materials, with an additional 150,000 tons under construction[100]. - The company is increasing its production capacity for high-density lithium iron phosphate materials from 215,000 tons to an expected 300,000 tons within the year, which will help reduce production costs and enhance market share[166]. - The company reported a production increase of 136.57% in new energy and hybrid vehicle components, reaching 10.58 million units compared to 4.47 million units in the same period last year[66]. Challenges and Risks - The company has faced challenges in meeting the promised benefits for its projects, primarily due to intensified competition and significant price drops in upstream raw materials[141]. - The company is addressing risks related to intensified industry competition by enhancing organizational management and expanding into new projects and markets[167]. - The company is implementing a diversified lithium carbonate supply system to mitigate risks associated with raw material price fluctuations and is actively engaging in futures hedging[167]. Leadership Changes - The company announced the resignation of Mr. Yang Yu as General Manager and Director due to work adjustments, effective June 20, 2024[197]. - Mr. Wang Jun was appointed as the new General Manager on June 20, 2024[198]. - Wang Jun's leadership is expected to drive new strategies and market expansion initiatives for Fulin Precision in the coming years[200].