CBGF(SZ:002478)2024-03-28 16:00Financial Performance - The company's operating revenue for 2023 was CNY 6,660,790,273.60, representing a 7.03% increase compared to CNY 6,223,365,024.31 in 2022[18]. - Net profit attributable to shareholders for 2023 reached CNY 783,028,900.06, a significant increase of 66.24% from CNY 471,032,813.12 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 695,088,990.27, up 54.74% from CNY 449,197,784.64 in 2022[18]. - Basic earnings per share for 2023 were CNY 0.88, reflecting a 69.23% increase from CNY 0.52 in 2022[18]. - Total assets at the end of 2023 amounted to CNY 7,819,431,790.19, a 6.60% increase from CNY 7,335,394,006.38 at the end of 2022[18]. - The company's net assets attributable to shareholders increased by 14.17% to CNY 5,228,553,564.11 from CNY 4,579,471,301.21 in 2022[18]. - Cash flow from operating activities showed a decrease of 37.49%, totaling CNY 489,614,004.81 compared to CNY 783,199,195.75 in the previous year[18]. - The weighted average return on equity for 2023 was 16.12%, an increase of 5.33% from 10.79% in 2022[18]. Revenue and Sales - The company's total revenue for the first quarter was approximately 1.82 billion, with a decline to 1.54 billion in the fourth quarter, reflecting a decrease of about 15%[23]. - Net profit attributable to shareholders was 198.58 million in the first quarter, decreasing to 161.45 million in the fourth quarter, representing a decline of approximately 19%[23]. - The domestic sales revenue accounted for 60.95% of total revenue, amounting to ¥4,059,708,358.7, which is a 19.98% increase from the previous year[51]. - The revenue from boiler pipes increased by 26.93% to ¥1,820,558,579.0, while oil casing revenue decreased by 4.43% to ¥3,535,714,880.1[51]. Research and Development - The company has a production capacity of 1 million tons for special pipes, with significant market share and competitive advantages in various segments such as oil pipes and high-pressure boiler pipes[38]. - The company obtained 55 new patents and participated in the formulation of 7 national and industry standards during the reporting period, enhancing its R&D capabilities[46]. - Research and development expenses for 2023 were ¥251,152,047.02, an increase of 8.92% from ¥230,582,267.06 in 2022[57]. - The company increased its R&D personnel by 13.31% from 278 in 2022 to 315 in 2023, with R&D personnel now accounting for 17.27% of the total workforce[60]. - R&D investment rose by 8.92% to ¥251,152,047.02 in 2023, representing 3.77% of total revenue, up from 3.71% in 2022[61]. Strategic Initiatives - The company is focusing on high-end special pipes, with a strategic investment in new projects related to precision pipes for the new energy vehicle sector and semiconductor materials[33]. - The company aims to enhance its competitive edge by investing in advanced technology and production processes, particularly in the high-end seamless steel pipe market[30]. - The company is positioned to benefit from the ongoing supply-side structural reforms in China, which are expected to stabilize industry growth and capacity in the coming years[30]. - The company is committed to high-end transformation and upgrading, focusing on core competitiveness and sustainable development[47]. Risk Management - The company acknowledges various risks including raw material price fluctuations and trade protectionism that may impact future performance[5]. - The company has implemented a risk management system for foreign exchange hedging to mitigate market risks and ensure compliance with regulatory requirements[80]. Environmental Responsibility - The company has completed national-level green factory certification, indicating compliance with environmental standards[180]. - The company utilizes clean energy and has implemented pollution prevention technologies that meet national standards[180]. - 90% of treated wastewater is reused in production, while 10% is sent to a centralized treatment facility[180]. - The company has invested in energy-saving technologies, including intelligent control of air compressors and energy-efficient pumps[180]. - The company actively responds to national "energy conservation and emission reduction" policies, implementing a second round of special rectification for phosphorus-related enterprises, improving water recycling rates and reducing pollutant emissions[181]. Corporate Governance - The company maintains a strong independent governance structure, ensuring compliance with regulatory requirements and protecting shareholder interests[106]. - The company has a unified salary management system for determining the remuneration of directors and senior management[142]. - The company has implemented a stock incentive plan, issuing 11.83 million shares at a price of 3.81 RMB per share to 139 incentive objects[164]. - The company has ensured that minority shareholders have sufficient opportunities to express their opinions and that their legal rights are fully protected[159]. Employee Engagement - The company engages in various employee welfare activities, including social insurance and health support programs, to enhance employee satisfaction[190]. - The company maintains a harmonious labor relationship by conducting regular evaluations and providing training opportunities for employee skill enhancement[192]. - The total number of employees at the end of the reporting period is 1,824, with 453 in the parent company and 1,371 in major subsidiaries[153]. Future Outlook - The management expects the global economy to experience moderate growth in 2024, with domestic consumption and investment demand anticipated to improve due to government stimulus policies[91]. - The company aims to achieve steel pipe sales of 900,000 tons in 2024[95]. - The company has set a revenue target of 1.5 billion RMB for 2024, indicating a projected growth of 25%[106].