Times Electric(SH:688187)2024-03-28 16:00Financial Performance - The company achieved a historic revenue milestone of 20 billion CNY in 2023, marking a significant increase in profitability[9]. - The company's operating revenue for 2023 reached ¥21,798,940,776, representing a 20.88% increase compared to ¥18,033,778,561 in the same period last year[14]. - Net profit attributable to shareholders was ¥3,105,703,645, up 21.51% from ¥2,555,823,375 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥2,595,354,684, reflecting a 29.89% increase from ¥1,998,118,899 year-on-year[14]. - The net cash flow from operating activities was ¥2,781,885,557, a 36.28% increase compared to ¥2,041,235,459 in the same period last year[14]. - Basic earnings per share for 2023 were ¥2.19, up 21.67% from ¥1.80 in 2022[15]. - The weighted average return on net assets increased to 8.70%, up 1.09 percentage points from 7.61% in the previous year[16]. - The total assets at the end of 2023 were ¥53,404,847,387, a 10.09% increase from ¥48,509,554,784 at the end of the previous year[14]. - The net assets attributable to shareholders increased by 6.76% to ¥36,865,956,579 compared to ¥34,530,700,003 at the end of 2022[14]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares to all shareholders, totaling approximately RMB 1,101,001,287.36, which accounts for 35.45% of the net profit attributable to shareholders for the year 2023[3]. - The board of directors has approved the profit distribution plan, which is subject to approval at the annual general meeting[3]. - The cash dividend proposal for 2023 is subject to approval at the annual general meeting[161]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not violated any regulatory decision-making procedures for providing guarantees[5]. - The company has not disclosed any special arrangements for corporate governance[4]. - The company has not experienced any situation where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[5]. - The company has received a standard unqualified audit report from KPMG Huazhen[2]. - The company has established a comprehensive internal control system to monitor financial, operational, compliance, and risk management aspects[163]. - KPMG Huazhen has issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[165]. - The company emphasizes the importance of shareholder returns while maintaining sustainable development[158]. Research and Development - The company has filed over 440 patents and received 11 international, national, and industry standards, enhancing its industry influence[9]. - The company achieved a total R&D investment of ¥2,145,457,133, representing a 16.18% increase compared to the previous year[42]. - Research and development expenses accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[16]. - The company has established a comprehensive R&D system with over 20 laboratories, including electrical systems and reliability labs, enhancing its innovation capabilities in product design and testing[57]. - The company holds a total of 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards and 174 domestic standards[57]. Market Position and Strategy - The company maintained over 50% market share in the domestic urban rail traction system market for 12 consecutive years[22]. - The company delivered 100.55 million sets of power modules for new energy passenger vehicles, achieving a market share of 12.5% and ranking third in the industry[22]. - The company secured new orders for 18.6 GW of photovoltaic inverters, ranking among the top three for the first time[22]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance operational efficiency[9]. - The company aims to leverage high-quality development opportunities and challenges, focusing on its core rail transit sector and expanding into semiconductor and electric vehicle markets[9]. Environmental and Social Responsibility - The company invested ¥8.7539 million in environmental protection during the reporting period[167]. - The subsidiary Zhuzhou CRRC Times Semiconductor Co., Ltd. achieved 100% compliance in wastewater, waste gas, and noise emissions according to national standards in 2023[169]. - The company was recognized as a water-saving enterprise in Hunan Province in 2023[177]. - The company has committed to adhering to the TCFD recommendations for climate-related financial disclosures, analyzing risks and opportunities related to climate change[175]. - The company actively promotes environmental protection initiatives, integrating green concepts into market expansion and product development[187]. Talent Management and Workforce - The total number of employees in the parent company and major subsidiaries is 8,362, with 3,975 in the parent company and 4,387 in major subsidiaries[153]. - The company has a total of 1,502 production staff, 505 sales staff, and 4,841 technical staff, including 1,967 with a master's degree or higher[153]. - The company has implemented a comprehensive compensation policy focusing on talent incentives, performance management, and competitive salary structures[155]. - The company has conducted 12 empowerment sessions involving over 2,000 employees, focusing on enhancing profitability and performance[156]. - The company has established a training brand and developed a multi-level training system to enhance employee skills and align with strategic goals[156]. Risk Management - The company faces risks related to international operations, including currency fluctuations and project execution challenges, and has implemented measures to mitigate these risks[61][62]. - The company has implemented strict risk management measures for its foreign exchange derivative transactions to mitigate market and liquidity risks[96]. - The company has established a robust internal control and risk management system, as overseen by the Audit and Risk Control Committees[141]. Future Outlook - The company plans to strengthen its technological innovation, market expansion, and digital transformation strategies to achieve stable growth[9]. - The management indicated a positive outlook for future performance, expecting growth in user data and market share[111]. - The company has set ambitious performance guidance for the next fiscal year, aiming for a significant increase in revenue[111]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of ¥1 billion allocated for this purpose[115].