Jade Bird Fire(SZ:002960)2024-03-25 16:00Dividend Distribution - The company plans to distribute a cash dividend of 3.5 RMB per 10 shares to all shareholders, based on a total of 743,769,664 shares[6]. Company Overview - The company is the largest and most comprehensive supplier in the fire safety industry in China, with a strong one-stop supply capability[13]. - The company is positioned as one of the largest and most comprehensive fire safety product suppliers in China, with a diverse product matrix covering multiple scenarios and certifications[47]. - The company has established a strong reputation and customer base, evidenced by its role as a supplier for major projects like the Beijing Daxing International Airport and the Shanghai World Expo[48]. Technology and Innovation - The company has developed a smart fire safety layout based on a public cloud platform and two private cloud system solutions for urban smart fire management[13]. - The company emphasizes the importance of technology in its products, which include advanced fire alarm systems and emergency lighting solutions[13]. - The company aims to leverage IoT technology to enhance its product offerings and improve operational efficiency[13]. - The company is integrating artificial intelligence, big data, cloud computing, and IoT technologies into its fire safety platform, enhancing its existing fire alarm and electrical fire monitoring systems[15]. - The company is focusing on embracing future industry trends and advanced technology developments to enhance its new productive forces characterized by high technology, efficiency, and quality[15]. - The company is focused on integrating cutting-edge technologies such as AI, AR, and VR into its product offerings, aiming to drive innovation in the fire safety industry[105]. Product Development - The company is actively engaged in research and development of new fire safety products, including intelligent smoke detectors and gas detection systems[13]. - The company has developed a new distributed intelligent fire alarm detector with independent intellectual property rights, featuring high-definition visible light image sensors and non-refrigerated infrared thermal imaging sensors[15]. - The new product supports dual-spectrum video real-time output and achieves real-time dual-light fusion within the device, enabling rapid fire identification and response in complex scenarios[15]. - The intelligent fire alarm detector is designed for large scene applications, including shopping malls, warehouses, and power facilities, with characteristics such as intelligence, real-time monitoring, and high sensitivity[15]. - The company has launched a new generation of intelligent overall solutions addressing security and fire protection pain points, utilizing technologies such as IoT perception and big data analysis for real-time event recognition and automatic alerts[17]. - The company has made significant advancements in gas detection and safety products, with new models of gas detectors and controllers already developed and released[74]. - The company is actively developing new products, including gas fire extinguishing systems that meet UL, CE, and FM certification standards, with plans for production and sales in 2024[194]. Market Expansion and Strategy - The company has outlined future growth strategies that include market expansion and potential mergers and acquisitions to enhance its competitive position[13]. - The company is expanding its market presence in Southeast Asia, with plans to enter three new countries by the end of 2024, aiming for a 10% market share in these regions[20]. - The company is actively participating in the construction of "dual-use" public infrastructure, which can serve both regular and emergency needs, aligning with national development strategies[15]. - The company is focused on enhancing its market share and competitive position by leveraging its strengths in R&D, production, channels, branding, and product lines[198]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 15% year-over-year growth[20]. - The company’s operating revenue for 2023 was ¥4,971,561,150.34, representing an increase of 8.02% compared to ¥4,602,374,605.54 in 2022[28]. - The net profit attributable to shareholders for 2023 was ¥658,902,409.75, a 15.67% increase from ¥569,631,092.48 in 2022[28]. - The company reported a significant increase in quarterly revenue, with Q4 2023 revenue at ¥1,326,974,742.90[34]. - The company has set a future outlook with a revenue target of 1.5 billion RMB for the next fiscal year, indicating a projected growth rate of 25%[20]. Regulatory Environment - The implementation of the "General Fire Prevention Code" starting June 1, 2023, expands the mandatory application of fire alarm systems in construction projects, indicating a growing market for fire safety solutions[15]. - The introduction of the "Electrochemical Energy Storage Power Station Safety Regulations" reflects the government's commitment to safety in energy storage, providing a framework for future developments in the sector[15]. - The implementation of the new national standard for building fire prevention (GB 55037-2022) on June 1, 2023, mandates the use of fire alarm systems in building designs, enhancing the regulatory framework for fire safety products[52]. Risk Factors - The company faces various risk factors that could impact its operations, which are detailed in the management discussion section of the report[6]. - Product quality risks include potential liability lawsuits if fire safety systems fail or cause false alarms, which could adversely affect the company's financial performance[199]. - Increasing regulatory standards for fire safety products necessitate that the company adapts its production standards to meet new industry requirements[200]. Research and Development - The company is investing in research and development, allocating 100 million RMB to innovate in AI and IoT technologies for fire safety solutions[20]. - The R&D team consists of over 430 members, with more than 80% holding a bachelor's degree or higher, ensuring a high level of technical expertise[105]. - The company has established advanced laboratories, including a UL fire alarm testing center and an EMC laboratory, to support its R&D efforts and product testing[106]. - R&D investment increased by 19.83% to ¥304,567,417.61 in 2023 from ¥254,164,998.00 in 2022[155]. International Expansion - The company is actively expanding its international market presence, with successful product certifications in Canada and ongoing developments in Europe[73]. - The company is in the process of acquiring the UK "Firehawk" brand and Canada’s CO Experts brand to strengthen its overseas home fire safety market presence[193]. - The company has established subsidiaries in Canada, the USA, and Spain, enhancing its international market presence and sales capabilities[118]. Customer Engagement and Service - The company has established a nationwide service network that provides full-service support, including installation guidance, equipment debugging, acceptance cooperation, customer training, and maintenance[132]. - The company is implementing a performance assessment system for distributors to improve market expansion and project execution capabilities[189]. Awards and Recognition - The company has been recognized with multiple industry awards, including "Top Ten Alarm Enterprises" and "National Quality Leading Brand" in the fire safety sector[47]. - The company received three awards at the CFIC2023, including "Top Ten Alarm Brands" for fifteen consecutive years and "Leading Brand in Industrial Fire Protection"[101].