Dare Auto(SZ:300473)2020-07-30 16:00Financial Performance - The company reported a significant increase in revenue due to the acquisition of CCI, which contributed to a robust growth in sales[7]. - The net profit growth rate was lower than the revenue growth rate due to costs associated with the stock incentive plan and acquisition financing[8]. - The company's operating revenue for 2018 was ¥3,820,841,805.38, representing a 50.37% increase compared to ¥2,540,913,519.56 in 2017[25]. - The net profit attributable to shareholders for 2018 was ¥134,141,420.47, a 2.13% increase from ¥131,340,419.95 in 2017[25]. - The total cash dividend amount for 2018 was 62,952,000 RMB, which accounted for 46.93% of the net profit attributable to the company's ordinary shareholders[123]. - The company’s gross profit margin decreased to 25.88% in 2018 from 30.46% in 2017, reflecting a decline of 4.58%[75]. - The company’s total operating costs rose by 60.29% to ¥2,832,050,972.90 in 2018, compared to ¥1,766,792,876.15 in 2017[75]. - The company’s overseas revenue constituted 76.92% of total revenue, showing a significant increase of 63.40% year-on-year[73]. Production and Sales - In 2018, domestic automobile production and sales were 27.81 million and 28.08 million units, respectively, representing a year-on-year decline of 4.16% and 2.76%[6]. - The company achieved a production and sales volume of 1.27 million and 1.26 million vehicles in 2018, representing year-on-year growth of 59.90% and 61.70% respectively[47]. - In 2018, the production and sales of new energy vehicles in China reached 1.27 million and 1.26 million units, representing year-on-year growth of 59.9% and 61.7% respectively[107]. Investment and Acquisitions - The company aims to enhance its core competitiveness through acquisitions and mergers, particularly focusing on integrating high-quality resources and expanding its product line[108]. - The company has established long-term partnerships with major automotive manufacturers, including General Motors, Nissan, and BYD, enhancing its market position[35]. - The company completed a project to increase production capacity for automatic transmission oil pumps, with an annual addition of 1 million units[36]. - The company has also initiated a project to increase production capacity for electric hydraulic steering pumps, with an annual addition of 500,000 units[36]. Research and Development - The company is actively investing in technology and product diversification to enhance internal growth momentum[7]. - The company is focusing on new technology and product development to adapt to changing market demands and enhance competitiveness[7]. - The company has nearly 120 domestic patents and over 80 overseas patents, showcasing a significant technological research and development advantage[52]. - The company’s R&D expenses are consistently maintained to ensure technological leadership and product reliability[51]. - The company’s R&D investment amounted to ¥112,803,776.60, representing 2.95% of operating revenue, a decrease from 5.52% in 2017[85]. Market Risks - The company faces risks related to product quality, as increased consumer safety and environmental awareness demand higher standards from automotive parts suppliers[9]. - International trade risks have emerged from the US-China trade tensions, potentially impacting sales and profitability[11]. - The company faces risks related to the slowdown of the domestic automotive industry and potential impacts from international trade tensions, particularly between China and the U.S.[110]. Quality Control and Management - The company emphasizes quality control, adhering to IATF16949 standards, and has established a robust quality management system to enhance product reliability[64]. - The company has implemented a quality management system in accordance with IATF16949:2016 to ensure product quality and reliability throughout the production process[113]. Corporate Governance - The company has maintained a commitment to corporate social responsibility, actively participating in community support and employment initiatives[153]. - The company has focused on improving internal governance and ensuring fair treatment of all investors[152]. - The company’s remuneration policies are aligned with shareholder interests, promoting accountability and performance[191]. Employee and Management Structure - The total number of employees in the company is 5,020, with 1,675 in the parent company and 3,345 in major subsidiaries[195]. - The professional composition includes 3,230 production personnel, 156 sales personnel, 492 technical personnel, 87 financial personnel, and 1,055 administrative personnel[196]. - The company implements a performance-based compensation system that links overall salary standards to the achievement of business goals[197]. - Training is emphasized as a key investment for long-term development, with a structured training system in place to enhance employee skills and adaptability[198]. Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on current market trends and demand[186]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[186]. - The company aims to leverage its advantages in pumps, electric pumps, motors, electronic controls, and automotive electronics to continuously develop new products and ensure strategic alignment with industry trends[64].