WBTL(SH:603596)2024-03-27 16:00Financial Performance - The company's operating revenue for 2023 reached RMB 7,473,782,728.86, representing a year-on-year increase of 34.93% compared to RMB 5,539,148,624.29 in 2022[18]. - The net profit attributable to shareholders for 2023 was RMB 891,498,095.42, an increase of 27.57% from RMB 698,807,302.55 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was RMB 855,380,834.43, reflecting a growth of 36.78% compared to RMB 625,369,022.93 in 2022[18]. - The net cash flow from operating activities for 2023 was RMB 678,333,087.54, a decrease of 13.54% from RMB 784,535,594.52 in the previous year[18]. - As of the end of 2023, the net assets attributable to shareholders amounted to RMB 5,677,110,911.48, up 34.83% from RMB 4,210,704,022.35 at the end of 2022[18]. - The total assets of the company reached RMB 10,746,748,183.98, which is a 24.29% increase from RMB 8,646,310,214.44 in 2022[18]. - The weighted average return on net assets increased to 18.9%, up 0.79 percentage points from the previous year[22]. - The basic earnings per share rose to 2.15 RMB, reflecting a year-on-year increase of 25.73%[22]. Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 3.40 per 10 shares, totaling approximately RMB 147,300,147.90, which accounts for 16.52% of the net profit attributable to shareholders for 2023[5]. - The company intends to increase its capital reserve by 4 shares for every 10 shares held by shareholders[5]. - The cumulative cash dividend distributed over the last three years must not be less than 30% of the average annual distributable profit, with a minimum of 10% of the current year's distributable profit allocated as cash dividends[115]. - The company repurchased 1,000,086 shares for a total of approximately 73.3 million RMB in 2022, which, along with the cash dividend, amounts to 213 million RMB, or 30.49% of the net profit for that year[115]. Research and Development - The company has invested in research and development, completing the design and performance testing of the WCBS1.5 technology platform[31]. - The company has completed the R&D of the WCBS2.0 brake system with redundancy features and has developed the first sample of the EMB A wheel, which was completed in August 2023[74]. - The company has a total of 1,278 technical personnel among its employees, indicating a strong focus on technical expertise[110]. - The company is committed to continuous innovation in product development, including low-drag brake calipers and low-jump brake products to reduce vehicle energy consumption[73]. Market Position and Strategy - The company has established long-term strategic partnerships with major domestic automakers, enhancing its market position[41]. - The company is positioned to benefit from the ongoing development of the intelligent automotive sector, which is expected to accelerate with advancements in technology and policy support[36]. - The company aims to enhance its R&D investment in new products and technologies, focusing on the industrialization of the next-generation line control braking system (WCBS2.0) and electric brake (EMB) systems[71]. - The company is actively pursuing mergers and acquisitions in the intelligent chassis and intelligent driving sectors to enrich its product and technology portfolio[71]. Production Capacity and Operations - The company has added a total of 50,000 sets/year EPB caliper assembly capacity, 35,000 sets/year WCBS valve body machining capacity, and 60,000 sets/year AC6 actuator assembly capacity by December 2023[32]. - The company has also increased its production capacity with 75,000 sets/year caliper body machining capacity, 27,000 sets/year fixed caliper assembly capacity, and 42,000 sets/year bracket machining capacity[32]. - The company is expanding its production capacity in Mexico, with a phase one project that has a capacity of 4 million lightweight components per year, which commenced production by the end of Q3 2023[71]. - The company has initiated a project to invest in the construction of an annual production capacity of 5.5 million aluminum steering knuckles in Mexico[105]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period[8]. - The company faces risks from raw material price fluctuations, as direct materials constitute a significant portion of its production costs[76]. - The company has a strong quality assurance capability, with no major quality issues reported in its brake system products, but faces risks related to potential recalls due to defects[78]. Governance and Compliance - The company maintained a strict governance structure in compliance with relevant laws and regulations, ensuring effective internal control systems[80]. - The company has not faced any penalties from securities regulatory agencies in the past three years[97]. - The company has established a comprehensive internal control system to ensure compliance, asset security, and the accuracy of financial reporting[124]. - The company’s governance layer is responsible for overseeing the financial reporting process[200]. Environmental and Social Responsibility - The company has committed to reducing carbon emissions by utilizing solar energy and electric forklifts in its operations[135]. - The company has implemented pollution prevention facilities, including exhaust gas and wastewater treatment systems, to meet emission standards[129]. - The company invested 3.699 million yuan in environmental protection funds during the reporting period[127]. Shareholder Information - The total number of shares held by the chairman and general manager, Yuan Yongbin, remained unchanged at 79,003,100 shares, with a pre-tax remuneration of 1.6 million yuan for the reporting period[86]. - The company has scheduled three shareholder meetings in 2023, with the first held on February 23, the second on October 16, and the third on December 5[84]. - The total number of shares expected for the 2023 dividend distribution is approximately 433,235,729 shares[116]. - The company has a commitment to maintain a minimum selling price for shares at or above the IPO price during the two years following the lock-up period[188].