LXBY(002884)2024-04-10 16:00Financial Performance - The company's operating revenue for 2023 was ¥1,315,570,267.33, a decrease of 11.32% compared to ¥1,483,464,184.64 in 2022[6]. - The net profit attributable to shareholders for 2023 was ¥383,698,819.49, down 9.06% from ¥421,938,295.95 in 2022[6]. - The net cash flow from operating activities decreased by 33.67% to ¥417,482,040.18 in 2023 from ¥629,365,365.43 in 2022[6]. - Basic earnings per share for 2023 were ¥1.07, a decline of 9.32% compared to ¥1.18 in 2022[6]. - The total assets at the end of 2023 were ¥2,385,551,914.94, reflecting a 1.63% increase from ¥2,347,327,879.00 at the end of 2022[6]. - The weighted average return on equity for 2023 was 17.49%, down from 19.65% in 2022, indicating a decrease of 2.16%[6]. - The company reported a total of ¥9,205,184.12 in non-recurring gains and losses for 2023, compared to ¥13,523,107.32 in 2022[30]. - Total revenue for 2023 was ¥1,315,570,267.3, a decrease of 11.32% compared to ¥1,483,464,184.6 in 2022[66]. - Domestic sales amounted to ¥653,034,093.11, reflecting an increase of 8.23% year-on-year, while international sales were ¥662,536,174.22, a decrease of 24.72%[54][61]. Business Operations - The company operates in the pump manufacturing industry, focusing on various types of pumps including civil centrifugal pumps[15]. - The main business focuses on the research, design, production, and sales of pumps, applicable in various sectors including municipal engineering and agricultural water conservancy[38]. - The company has established a complete service system integrating design, production, sales, and after-sales service, positioning itself as a leading supplier in the domestic plastic bathroom pump market[37]. - The company has developed a range of pump products, including plastic bathroom pumps, stainless steel pumps, and general-purpose pumps, catering to diverse application scenarios[39]. - The company has a dual sales model for domestic and international markets, utilizing both direct sales and distribution channels[46]. Research and Development - The company has over 40 years of experience in motor and pump research and development, contributing to national standards in the pump industry[36]. - The company has received 14 invention patents and multiple high-tech product certifications, indicating strong R&D capabilities[36]. - The company invested ¥45,919,867.78 in R&D during the reporting period, focusing on developing new products such as circulation pumps and stainless steel pumps[58]. - The company aims to expand production scale and enhance R&D innovation to meet market demand and improve product line structure[37]. - The company plans to apply for 2 to 3 patents and conduct 2 scientific research achievements evaluations in the upcoming year[93]. Market Position and Strategy - The company is focusing on enhancing its market share through technological advancements and improved management practices[34]. - The company is the largest domestic supplier of plastic sanitary pumps, indicating its strong market position[51]. - The company has achieved ISO9001 quality management certification, with its pump products receiving multiple international safety certifications, enhancing global market competitiveness[37]. - The company anticipates stable growth in the pump industry driven by increasing market demand and technological advancements[90]. - The company plans to develop high-efficiency energy-saving motors, large flow pool pumps, household booster pumps, high-efficiency stainless steel pumps, and customized pumps for customers[93]. Risks and Challenges - The company faces risks including raw material price fluctuations, inventory impairment, and high foreign customer sales proportion[5]. - The company has a high inventory risk due to a large production scale and diverse product types, which could lead to inventory impairment if customer preferences change[100]. - The company is exposed to market competition risks, particularly from established brands in developed regions with strong distribution networks[101]. - The company’s overseas sales are significantly impacted by political instability and trade policies in key export markets such as the USA, France, and Germany[102]. - The company acknowledges the impact of global economic instability, including inflation and trade tensions, on its sales and revenue for 2024[104]. Corporate Governance - The company has established and effectively implemented internal control systems, with 100% of the total assets and operating income included in the evaluation scope[152]. - The internal control audit report issued on April 11, 2024, confirmed that the company maintained effective internal control over financial reporting as of December 31, 2023[156]. - The company has a structured approach to governance, ensuring that all board members fulfill their responsibilities effectively[138]. - The company has not reported any penalties from regulatory authorities for its directors, supervisors, or senior management in the past three years[135]. - The company has complied with relevant laws and regulations, and its governance structure is deemed to be sound and compliant with the Company Law and Securities Law[157]. Employee Management - The total number of employees at the end of the reporting period is 991, with 689 in the parent company and 302 in major subsidiaries[144]. - The company emphasizes employee training and development, providing both internal and external training programs[146]. - The company has established a comprehensive salary system, including fixed monthly salaries and performance-based pay for ordinary employees[145]. - The company has a total of 748 production personnel, 73 sales personnel, 82 technical personnel, 11 financial personnel, and 77 administrative personnel[144]. - The company has a clear profit distribution policy that complies with legal regulations and shareholder meeting resolutions[148]. Future Outlook - The company plans to achieve a production and sales growth of approximately -10% to 10% year-on-year for 2024[93]. - The target for operating revenue growth is also set at approximately -10% to 10% year-on-year for 2024[93]. - The company aims for a net profit attributable to the parent company to grow by approximately -10% to 10% year-on-year in 2024[93]. - The company plans to hold 3 large product promotion events covering the Northwest, Central, and Southwest regions of China, and participate in at least 11 national professional exhibitions[96]. - The company will continue to enhance its core business, focusing on product research and development, production efficiency, and quality management to build customer trust[98].