TongDa Cable(SZ:002560)2024-03-29 16:00Financial Performance - The company's operating revenue for 2023 was CNY 5,573,211,742, representing a year-on-year increase of 1.36% compared to CNY 5,498,643,057 in 2022[22]. - The net profit attributable to shareholders of the listed company decreased by 32.37% to CNY 82,636,688 in 2023 from CNY 121,808,810 in 2022[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 77,320,653.68, down 17.28% from CNY 91,555,901.64 in the previous year[22]. - Basic and diluted earnings per share decreased by 30.43% to CNY 0.16 in 2023, down from CNY 0.23 in 2022[22]. - The weighted average return on net assets was 3.27% at the end of 2023, a decrease from 5.06% at the end of 2022[22]. - The company's total assets as of the end of the reporting period amounted to CNY 5,232,019,220, reflecting a decrease of 15.61% compared to the previous period[23]. - The company's total revenue for 2023 reached ¥5,573,211,742.14, representing a year-on-year increase of 1.36% compared to ¥5,498,643,057.49 in 2022[81]. - The revenue from the wire and cable segment was ¥2,810,665,342.85, accounting for 50.43% of total revenue, with a year-on-year growth of 7.55%[81]. - The company reported a significant increase in revenue from new energy cables, which surged by 184.71% to ¥37,156,830.69, compared to ¥13,050,927.83 in the previous year[81]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2023, representing a year-over-year increase of 12%[170]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to CNY 84,234,052.92, a 138.01% increase from a negative cash flow of CNY 221,616,657.51 in 2022[22]. - The company reported a net cash flow from operating activities of CNY 84,234,052.92, a significant increase of 138.01% compared to the previous year[101]. - The total cash inflow from investment activities decreased by 43.05% to CNY 774,208,719.14, while cash outflow from investment activities decreased by 31.67%[101]. - The company has a balance of CNY 41,339.03 million in its fundraising deposit account[114]. - The company has permanently supplemented working capital with CNY 17,791.60 million from the raised funds[113]. Business Segments and Operations - Revenue from the wire and cable segment increased by 7.55%, with a gross profit margin growth of 2.04% and a gross profit increase of 25.09%[35]. - The aluminum-based new materials segment saw a revenue decrease of 4.55%, but gross profit increased by 53.60%[35]. - The company achieved a 7.8% average reduction in construction time through digital transformation, with a product delivery accuracy rate of 100% and a 2% reduction in labor costs[37]. - The company is actively involved in clean energy projects, including multiple wind and solar power initiatives, demonstrating its commitment to sustainable development[79]. - The company is focusing on enhancing its research and development capabilities to meet the evolving needs of the cable and aluminum industries, aligning with national strategic goals[53]. Strategic Plans and Future Outlook - The company aims to achieve high-quality development goals as part of its "511" development plan, focusing on core business and military industry[35]. - The company plans to expand its product range and market reach through the development of new technologies and products, aiming for higher profitability[100]. - The company plans to increase investment in R&D, capital, and talent to enhance its competitive advantage in the wire and power cable market, responding to the growing demand in the energy sector[129]. - The company is committed to expanding its overseas market presence, aligning with the "Belt and Road" initiative to enhance its international competitiveness[129]. - The company anticipates a substantial expansion in the aviation manufacturing industry due to the modernization of military aircraft and the retirement of older models over the next 20 years[56]. Risk Factors - The company faces risks related to macroeconomic fluctuations, which could impact demand across its three main business segments: wire and cable, aircraft components, and aluminum-based composite materials[139]. - The company is exposed to raw material price volatility, particularly for copper and aluminum, which could significantly impact profitability if prices fluctuate dramatically[142]. - The company has a significant accounts receivable risk due to large balances, primarily from major clients like State Grid and China Southern Power Grid, which could impact future performance[145]. - The company faces liquidity risks as raw material procurement heavily occupies working capital, and the scale of accounts receivable is expected to remain high with expanding sales[146]. Governance and Management - The company has established a comprehensive governance structure, ensuring compliance with relevant laws and regulations, and maintaining operational independence from its controlling shareholder[152]. - The company has implemented a performance evaluation system linking employee compensation to performance, alongside a restricted stock incentive plan to motivate management[155]. - The company has a robust information disclosure system, ensuring timely and accurate communication with investors through designated channels[156]. - The company has a structured remuneration management system for its directors and senior management[172]. - The company has maintained compliance with legal regulations and corporate governance standards throughout the reporting period[179]. Employee and Talent Management - The company has a total of 1,367 employees at the end of the reporting period, with 551 in the parent company and 816 in major subsidiaries[185]. - The professional composition includes 836 production personnel, 153 sales personnel, 174 technical personnel, 42 financial personnel, and 162 administrative personnel[186]. - The training plan focuses on developing a talent pipeline, emphasizing internal training and enhancing overall employee quality[188]. - A talent development plan is in place to attract and cultivate high-quality management and technical personnel to support rapid company growth[137]. Shareholder and Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[5]. - The company has not proposed a cash dividend distribution plan for the reporting period, despite having positive distributable profits[189]. - The company will not distribute cash dividends, issue bonus shares, or increase capital through reserves for the 2023 fiscal year, with undistributed profits carried forward to the next year[190].