江苏雷利(300660) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥2,248,933,163.15, an increase of 11.18% compared to ¥2,022,828,950.85 in 2017[32]. - The net profit attributable to shareholders for 2018 was ¥200,419,196.53, a decrease of 8.11% from ¥218,100,373.53 in 2017[32]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥192,756,079.88, down 3.05% from ¥198,817,138.46 in 2017[32]. - The net cash flow from operating activities increased by 20.50% to ¥142,213,987.04 in 2018 from ¥118,017,170.19 in 2017[32]. - The total assets at the end of 2018 were ¥3,016,115,754.40, reflecting a growth of 5.35% from ¥2,862,967,237.22 at the end of 2017[32]. - The net assets attributable to shareholders at the end of 2018 were ¥2,121,905,890.47, an increase of 6.59% compared to ¥1,990,706,022.66 at the end of 2017[32]. - The basic earnings per share for 2018 was ¥1.098, a decrease of 17.94% from ¥1.338 in 2017[32]. - The company achieved a total revenue of 2,248.93 million yuan in 2018, representing a year-on-year growth of 11.18%[52]. - The net profit attributable to shareholders was 200.42 million yuan, despite a decline in overall gross margin due to rising raw material and labor costs[52]. Market and Sales Performance - Sales of air conditioning motors increased by 6.61% year-on-year, while sales of modular solution components surged by 36.22%[52]. - Revenue from automotive precision stamping parts and electronic water pumps grew by 29% year-on-year, driven by the company's integrated control and motor technology advantages[52]. - The total sales volume of air conditioning and motor components reached 15,431.98 million units in 2018, an increase of 8.33% compared to 2017[73]. - The sales volume of washing machine motors and components decreased by 15.30% to 3,138.05 million units in 2018[73]. - The sales volume of refrigerator motors and components increased by 30.07% to 1,308.95 million units in 2018[77]. - The sales volume of automotive parts surged by 88.22% to 11,080.12 million units in 2018[77]. - The total revenue from the top five customers amounted to 1,056,551,941.45 yuan, accounting for 48.13% of the annual total sales[84]. - The total procurement amount from the top five suppliers was 390,336,653.64 yuan, representing 23.43% of the annual total procurement[87]. Research and Development - The company holds 501 valid patents, including 58 invention patents, indicating a strong focus on R&D and innovation[57]. - The company invested 39.86 million yuan in construction projects, primarily for a new R&D building and automated production lines[53]. - R&D investment increased by 16.9% year-on-year, with a total of 501 valid patents held, including 58 invention patents[64]. - Research and development expenses for the year were 94,718,239.09 yuan, with R&D investment accounting for 4.21% of the company's operating revenue[89]. - The number of R&D personnel increased to 466 in 2018, accounting for 12.33% of the total workforce, up from 11.64% in 2017[92]. Cost and Profitability - The average proportion of raw material costs in the company's main business costs over the past three years was 74.78%, significantly impacting profit margins[12]. - Fluctuations in the prices of key raw materials such as copper and steel have led to a decrease in product gross margins compared to the previous year[12]. - Rising labor costs are a significant risk, as the company has been increasing worker compensation to attract skilled labor[11]. - Material costs for air conditioning motors and components increased by 9.71% to 447,549,490.17 yuan in 2018[78]. - The company reported a 14.90% increase in total operating costs, amounting to 1,726,374,583.24 yuan in 2018[82]. Strategic Planning and Risk Management - The company emphasizes the importance of technological innovation and new product development to maintain competitive advantage in the market[7]. - The company is focused on expanding its market presence and enhancing its research and development capabilities to meet industry demands[7]. - The company acknowledges the potential adverse effects of continued appreciation of the RMB against the USD and EUR on its performance[10]. - The company is actively monitoring risks associated with technological innovation and labor costs as part of its strategic planning[11]. - The company has implemented forward foreign exchange contracts to manage exchange rate fluctuations[137]. - The company is actively managing credit risk by evaluating the creditworthiness of trading clients[134]. Dividend and Shareholder Returns - The company plans to distribute cash dividends of 4.00 RMB per 10 shares (including tax) based on a total of 185,162,000 shares[12]. - The cash dividend for 2018 represents 36.95% of the net profit attributable to ordinary shareholders[147]. - The company has committed to maintaining a dividend payout ratio of 40% of net profits over the next three years[162]. Future Outlook and Growth Strategies - The company achieved a sales target of 2.3% growth for 2019, aiming for a total revenue of 2.3 billion yuan[132]. - The company plans to invest over 30 million yuan in automation for smart manufacturing in 2019[133]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential deals[160]. - New product launches are expected to contribute an additional 300 million RMB in revenue over the next fiscal year[157]. - Market expansion plans include entering two new international markets by the end of the year, aiming for a 10% market share in each[159]. Compliance and Governance - The company has a commitment to ensuring the accuracy and completeness of its financial reports, as stated by its management[5]. - The management emphasized the importance of compliance with regulatory commitments to avoid any potential conflicts of interest[163]. - The company will actively accept social supervision regarding the fulfillment of its commitments[175]. - Jiangsu Leili Electric Motor Co., Ltd. adhered to its public commitments during the reporting period[198].