QCEC(SH:600218)2024-03-29 16:00Financial Performance - In 2023, the company's operating revenue was CNY 4,819,191,946.69, a decrease of 2.37% compared to CNY 4,936,268,279.26 in 2022[19]. - The net profit attributable to shareholders of the listed company for 2023 was CNY 97,221,011.94, down 6.04% from CNY 103,472,050.92 in 2022[19]. - Basic earnings per share decreased by 8.33% to CNY 0.22 in 2023 compared to CNY 0.24 in 2022[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 33.33% to CNY 0.12 per share in 2023 from CNY 0.09 in 2022[20]. - The total operating revenue for 2023 was CNY 4,819,191,946.69, a decrease of 2.38% from CNY 4,936,268,279.26 in 2022[190]. - The total comprehensive income for 2023 is CNY 119,830,416.17, compared to CNY 131,086,569.83 in 2022, indicating a decrease of approximately 8.63%[196]. Cash Flow - The net cash flow from operating activities decreased significantly by 69.25% to CNY 120,083,578.07 from CNY 390,526,862.70 in 2022[19]. - The company's operating cash flow decreased year-on-year, primarily due to a reduction in cash received from sales[21]. - The net cash flow from operating activities for 2023 was ¥119,774,833.59, a decrease of 66.4% compared to ¥356,378,366.10 in 2022[199]. - Cash inflow from sales and services was ¥3,714,632,880.10, a decline of 17.6% from ¥4,510,611,600.95 in the previous year[199]. - The total cash outflow for operating activities was ¥3,803,507,370.59, compared to ¥4,298,324,791.60 in 2022, reflecting a reduction of 11.5%[199]. Assets and Liabilities - As of the end of 2023, total assets increased by 8.35% to CNY 6,066,978,747.18 compared to CNY 5,599,455,634.70 at the end of 2022[19]. - Total liabilities increased to CNY 2,867,827,481.81 from CNY 2,455,754,473.55, which is an increase of approximately 16.8%[185]. - The company's equity attributable to shareholders rose to CNY 3,160,798,388.67 from CNY 3,098,821,030.78, showing a growth of about 2%[185]. - The company's accounts receivable balance was ¥427,166,077.84, with a provision for bad debts amounting to ¥28,807,616.21, indicating significant management judgment in the provision calculation[175]. Investment and R&D - Research and development expenses increased by 8.20% to CNY 188,305,643.54, reflecting higher testing costs[41]. - The company is actively developing new energy projects, including hybrid dedicated transmissions and clean energy fuel engines[30]. - New product development initiatives are underway, with an investment of 1,076.34 million allocated for research and development in the next fiscal year[82]. - The total investment for the National VI series engine intelligent manufacturing project and other related projects was CNY 85.08 million, with CNY 65 million funded by raised capital[30]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.7 per 10 shares, totaling CNY 30,491,994.33, with remaining undistributed profits of CNY 763,353,602.32[5]. - The proposed cash dividend for 2023 is CNY 0.7 per 10 shares, totaling CNY 30,491,994.33, which represents 31.36% of the net profit attributable to shareholders[110]. - The company plans to conduct at least one cash dividend distribution annually over the next three years, with a minimum of 20% of the distributable profit allocated for dividends each year[109]. Market Position and Sales - The domestic multi-cylinder diesel engine market saw a sales volume of 4.1339 million units in 2023, representing a year-on-year growth of 10.89%[30]. - The company sold 354,000 multi-cylinder engines during the reporting period, a year-on-year decrease of 0.97%[38]. - The company maintained a strong market position in the small and medium power diesel engine segment, covering power ranges from 20 to 300 horsepower[36]. Governance and Compliance - The company has a clear and independent organizational structure, ensuring effective corporate governance[76]. - The company has not faced any penalties from securities regulatory authorities in the past three years[92]. - The company actively manages investor relations and communication to ensure stakeholders are informed about important developments and performance[74]. - The company has established channels for minority shareholders to express their opinions and concerns, ensuring their rights are protected[110]. Environmental Initiatives - The company invested CNY 925,400 in environmental protection during the reporting period, emphasizing its commitment to environmental governance[120]. - The company has achieved a reduction of 8,916 tons in carbon emissions through various measures, including the use of photovoltaic power and energy-efficient compressors[129]. - The geothermal heat pump system is expected to reduce operational costs by approximately 140,000 yuan annually and cut emissions of various pollutants[124]. - The company adheres strictly to environmental laws and regulations, ensuring compliance with discharge permits and conducting self-monitoring activities[128].