潍柴动力(02338) - 2023 - 年度业绩

Financial Performance - Operating revenue for the year ended December 31, 2023, was approximately RMB 213,958 million, an increase of about 22.2% compared to RMB 175,158 million in 2022[2]. - Net profit attributable to shareholders of the parent company was approximately RMB 9,014 million, up approximately 83.8% from RMB 4,905 million in the previous year[2]. - Basic earnings per share were approximately RMB 1.04, representing an increase of about 84.5% compared to RMB 0.57 in 2022[5]. - Operating profit for the year was RMB 12,905 million, compared to RMB 5,834 million in 2022, reflecting significant growth[4]. - Total comprehensive income attributable to shareholders of the parent company was RMB 9,389 million, compared to RMB 6,781 million in 2022[5]. - The company reported a total profit of RMB 13,151 million, up from RMB 6,085 million in the previous year[4]. - The company reported capital expenditures of approximately ¥18.33 billion, indicating ongoing investment in growth initiatives[18]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18]. Assets and Liabilities - As of December 31, 2023, total current assets increased to RMB 197.93 billion, up from RMB 168.48 billion in 2022, representing a growth of approximately 17.5%[6]. - Cash and cash equivalents rose to RMB 92.86 billion, compared to RMB 70.84 billion in the previous year, marking an increase of about 31.0%[6]. - Total liabilities reached RMB 221.56 billion, an increase from RMB 189.56 billion in 2022, reflecting a growth of approximately 16.9%[7]. - The company's total assets amounted to RMB 334.25 billion, up from RMB 293.67 billion in the previous year, indicating a growth of around 13.8%[8]. - The total equity attributable to shareholders increased to RMB 79.34 billion, compared to RMB 73.18 billion in 2022, which is an increase of approximately 8.9%[8]. - The total amount of accounts payable increased to RMB 60.13 billion, up from RMB 45.56 billion in the previous year, indicating a growth of around 32.0%[7]. Research and Development - Research and development expenses amounted to RMB 8,045 million, an increase from RMB 7,731 million in the previous year[4]. - The company has strengthened its R&D capabilities by establishing strategic partnerships with international firms such as Bosch and AVL[49]. - The company plans to increase R&D investment to strengthen core technological competitiveness and improve product reliability[57]. Market Performance - The agricultural equipment segment generated external sales of approximately ¥16.03 billion, showing a robust performance in this area[18]. - The company experienced a significant increase in external sales in the automotive and automotive parts segment, reaching approximately ¥62.62 billion[18]. - The company sold a total of 116,000 heavy trucks in the year, representing a 45% year-over-year increase; export sales reached 52,000 units, up 51% year-over-year[50]. - The agricultural equipment business saw an increase in market share despite a downturn in the overall market, focusing on high-end products and launching the P3404-8V intelligent tractor, which improved operational efficiency by 30% and reduced fuel consumption by 10%[52]. Credit and Receivables - Accounts receivable as of December 31, 2023, totaled CNY 27.29 billion, with a credit loss provision of CNY 3.54 billion, representing 12.96% of the book value[24]. - The company has identified several customers with significant credit risk, with the highest provision for credit loss at 100% for certain accounts due to poor repayment capacity[26]. - The overall credit loss provision strategy includes both individual and collective assessments, with 82.72% of the total provision based on collective assessment methods[25]. Governance and Management - The company emphasizes a stable dividend policy, considering financial performance and capital expenditure before recommending dividends[109]. - The board approved the audited consolidated financial statements for the year on March 25, 2024[132]. - KPMG was appointed as the auditor on June 28, 2023, replacing Deloitte[131]. - The company has adopted a securities trading compliance code for directors this year, confirming adherence to the standards[129]. Future Outlook - For 2024, the company projects sales revenue between RMB 224,700 million and RMB 235,400 million, representing a growth of approximately 5% to 10% compared to 2023[65]. - The company aims to enhance resilience and deepen global operations while focusing on technological advancements and structural upgrades in 2024[56]. - The company aims for a revenue of at least RMB 210.2 billion in 2024, with a sales profit margin of no less than 8%[120].