WBTL(SH:603596)2023-08-28 16:00Financial Performance - The company's operating revenue for the first half of 2023 reached ¥3,094,442,710.48, representing a 46.40% increase compared to ¥2,113,698,926.69 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was ¥355,570,769.87, up 26.76% from ¥280,498,128.20 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was ¥325,904,147.47, reflecting a 51.88% increase from ¥214,585,059.93 year-on-year[16]. - The net cash flow from operating activities was ¥158,225,698.06, an increase of 47.91% compared to ¥106,971,279.85 in the same period last year[16]. - The total assets at the end of the reporting period amounted to ¥9,001,115,986.02, a 4.10% increase from ¥8,646,310,214.44 at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company were ¥4,447,678,360.30, which is a 5.63% increase from ¥4,210,704,022.35 at the end of the previous year[16]. - The basic earnings per share for the first half of 2023 was ¥0.86, up 24.64% from ¥0.69 in the same period last year[17]. - The diluted earnings per share also stood at ¥0.86, reflecting the same percentage increase of 24.64% compared to the previous year[17]. - The weighted average return on net assets increased to 8.13%, up 0.36 percentage points from 7.77% in the previous year[18]. - The company reported a significant increase in the weighted average return on net assets after deducting non-recurring gains and losses, rising to 7.45%, an increase of 1.51 percentage points from 5.94%[18]. Market and Industry Trends - In the first half of 2023, China's automobile production and sales reached 13.248 million and 13.239 million units, respectively, representing year-on-year growth of 9.3% and 9.8%[24]. - The automotive industry is expected to grow by approximately 3% in 2023, driven by policies aimed at boosting market confidence and demand[24]. - The company is positioned to benefit from trends in electrification, intelligence, and lightweighting in the automotive sector, which are expected to create new growth opportunities[24]. Research and Development - The company has established multiple research and development centers, enhancing its capabilities in automotive technology innovation[21]. - The company aims to achieve significant breakthroughs in lightweight materials technology by 2030, focusing on aluminum/magnesium alloys and carbon fiber composites[26]. - The company has 146 projects under research for disc brakes, with 56 related to new energy vehicles, and 41 new mass production projects, including 11 for new energy vehicles[35]. - R&D investment in the first half of 2023 was CNY 192,655,943.45, an increase of 18.39% compared to the previous year[41]. Product and Service Development - The company has expanded its main business from automotive brake systems to steering systems, enhancing its product portfolio and market reach[21]. - The company is focusing on the development of lightweight brake components, with a sales increase of 15.77% year-on-year, totaling 3,803,302 units sold[28]. - The company has achieved mass production of its ADAS system products, which received industry recognition, including the 2022 China Automotive Supply Chain Excellent Innovation Achievement Award[31]. - The company plans to continue investing in the R&D of new projects and technologies for its EPB products, leveraging its existing customer base[32]. Customer Base and Relationships - The company serves major clients including General Motors, Ford, and various domestic manufacturers such as Geely and BYD, indicating a diverse customer base[22]. - The company operates primarily as a first-tier supplier to OEMs, with a focus on direct sales to domestic clients and FCA shipping for international clients[23]. - The company has a high customer concentration, with major clients including Chery, General Motors, Geely, and Changan, which poses risks if demand from these clients decreases due to market competition[51]. Financial Position and Liabilities - The total liabilities of the company were CNY 4,188,210,600.00, resulting in a debt-to-asset ratio of 46.53%[94]. - The company reported a cash balance of CNY 2,348,788,344.99, up from CNY 2,286,958,172.74 at the end of 2022[96]. - The company's total liabilities increased to ¥4,188,210,564.92 from ¥4,079,476,375.42, representing a growth of approximately 2.7%[98]. - The total equity attributable to shareholders rose to ¥4,447,678,360.30, up from ¥4,210,704,022.35, indicating an increase of about 5.6%[98]. Environmental and Social Responsibility - The company is actively implementing measures to reduce carbon emissions, including solar photovoltaic projects and battery forklift procurement[69]. - The subsidiary Weihai Berteli is listed as a key pollutant discharge unit, primarily generating aluminum ash[62]. - Weihai Berteli has established air and wastewater treatment systems to ensure compliance with environmental standards[63]. - The company has established an environmental protection system in compliance with relevant laws and regulations[68]. Governance and Management - The company appointed a new general manager and financial director in June 2023, indicating a change in leadership[59]. - The company did not propose any profit distribution or capital reserve increase during the reporting period[60]. - The company has implemented stock incentive plans, although there have been no recent developments in their execution[60]. Shareholder Information - The company reported a total share count of 411,784,640, with a decrease of 42,335 shares during the reporting period[81]. - The largest shareholder, YUAN, YONGBIN, holds 79,003,100 shares, representing 19.19% of total shares[84]. - The second-largest shareholder, Wuhu Chery Technology Co., Ltd., holds 63,065,979 shares, accounting for 15.32%[84]. Financial Instruments and Accounting - The company recognizes audit, legal, and consulting fees related to business combinations as expenses in the current period[141]. - The company ensures that unrealized internal transaction profits are fully offset in the net profit attributable to the parent company[147]. - The company measures expected credit losses based on the risk of default weighted by the average value of credit losses for financial instruments[165]. - Financial instruments are categorized into three stages for credit loss measurement: Stage 1 for low credit risk, Stage 2 for significant credit risk increase, and Stage 3 for credit-impaired assets[166].