AVIC Jianghang(SH:688586)2024-03-14 16:00Financial Performance - The company's operating revenue for 2023 was CNY 1,214,095,535.82, representing an increase of 8.89% compared to CNY 1,114,928,450.26 in 2022[27]. - The net profit attributable to shareholders for 2023 was CNY 192,980,824.63, a decrease of 20.90% from CNY 243,983,394.24 in 2022[27]. - Basic earnings per share for 2023 were CNY 0.24, down 22.58% from CNY 0.31 in 2022[29]. - The net profit after deducting non-recurring gains and losses was CNY 159,977,928.06, down 21.23% from CNY 203,105,222.05 in 2022[27]. - The weighted average return on equity for 2023 was 8.37%, a decrease of 2.91 percentage points from 11.28% in 2022[29]. - The gross margin for the main business was 38.27%, down by 1.89 percentage points compared to the previous year[102]. - The operating costs increased by 12.28% to 748,162,761.63 CNY, influenced by policy changes and market conditions[99]. Dividend Distribution - The company plans to distribute a cash dividend of 1.3 RMB per 10 shares, totaling approximately 102.87 million RMB, which represents 53.31% of the net profit attributable to shareholders[5]. - As of December 31, 2023, the company reported a distributable profit of approximately 603.81 million RMB for shareholders[5]. - The board of directors has approved the profit distribution plan, which is subject to shareholder meeting approval[6]. - The company’s total cash dividend for the year is 102,874,090.28 yuan, which is 53.31% of the net profit attributable to ordinary shareholders[195]. - The company’s profit distribution plan for 2023 is pending approval at the annual shareholders' meeting[191]. Research and Development - Research and development expenses accounted for 12.92% of operating revenue, an increase of 0.49 percentage points from 12.43% in 2022[29]. - The total R&D investment for the year was ¥156,806,353.44, an increase of 13.12% compared to the previous year[73]. - The company applied for 134 patents in 2023, with 97 being invention patents, accounting for 72% of the total[71]. - The company has developed 23 core technologies that are applied across its products, continuously upgraded and improved during application[60]. - The company is actively engaged in research and development, with several technologies currently in the advanced stage of development and batch production[60]. Market and Product Development - The company achieved operating revenue of 1,214.10 million RMB in 2023, representing a year-on-year growth of 8.89%, primarily driven by the aviation business[43]. - Aviation products generated revenue of 861.06 million RMB, accounting for 70.92% of total revenue, with a year-on-year increase of 17.91%[43]. - The refrigeration business reported revenue of 164.31 million RMB, which is a decline of 33.46% year-on-year, impacted by changes in national industry policies and market conditions[43]. - The company is focusing on digital production line construction, having completed projects such as concentrators and rubber vulcanization[44]. - The company is actively pursuing new projects in the military and civilian refrigeration sectors, with a focus on specialized high-temperature air conditioning and vehicle air conditioning[48]. Governance and Compliance - The company has received a standard unqualified audit report from Da Hua Certified Public Accountants[5]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has established a governance structure that includes a board of directors, supervisory board, and management team, enhancing operational compliance and economic quality[144]. - The company has implemented a robust internal control system to identify and mitigate various risks, including market, technical, quality, talent, and financial risks[147]. - The company has improved its information disclosure practices, ensuring that all disclosures are timely, accurate, and complete, thereby protecting investors' rights[146]. Risk Management - The company faced risks related to high customer concentration, which could significantly impact operational performance if major clients' purchasing needs change[92]. - The company is exposed to risks from macroeconomic factors, including potential reductions in military spending and changes in procurement policies[96]. - The company has developed a comprehensive risk management framework to address major risks associated with technological innovation and market competition[147]. Employee and Management - The total number of shares held by the board members and senior management at the end of the reporting period was 5,523,787 shares, with a total pre-tax remuneration of 698.33 million yuan[153]. - The company reported a total of 1,338 employees, with 965 in the parent company and 373 in major subsidiaries[184]. - The workforce includes 597 production personnel, 33 sales personnel, 413 technical personnel, 29 financial personnel, and 266 administrative personnel[185]. - The management team emphasized the importance of sustainability, committing to reduce carbon emissions by 30% over the next five years[163]. Strategic Initiatives - The company plans to invest in and acquire projects with technological advantages and market prospects in the aviation equipment and special refrigeration fields, ensuring the safety and controllability of the industrial chain[136]. - The company is focused on expanding its market presence in the unmanned aerial vehicle industry and aims to secure bids for C929 supporting products[140]. - Future strategies include potential mergers and acquisitions to bolster market competitiveness, although specific targets were not mentioned[153]. Community Engagement and ESG - The company conducts community outreach through its aviation science popularization program, engaging with local schools and communities[200]. - The company promotes volunteer activities among youth, including environmental initiatives and support for disabled children[200]. - The company emphasizes the importance of ESG, integrating environmental, social responsibility, and governance principles into its development strategy[199].