VEICHI(SH:688698)2024-04-15 12:24Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 15%[16]. - The company's operating revenue for 2023 reached ¥1,304,882,452.80, representing a year-on-year increase of 44.03%[23]. - The net profit attributable to shareholders for 2023 was ¥190,801,582.92, up 36.38% compared to the previous year[23]. - The basic earnings per share increased by 30.77% to ¥1.02 in 2023[24]. - The company's gross profit margin improved to 38.08%, an increase of 2.20 percentage points from 35.88% in 2022[25]. - The net profit excluding non-recurring gains and losses was 182.25 million RMB, reflecting a growth of 59.75% year-on-year[38]. - The company achieved total revenue of 1,304.88 million RMB, a year-on-year increase of 44.03%[38]. - The company's gross profit margin improved to 38.49%, an increase of 2.07 percentage points compared to the previous year[152]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.80 RMB per 10 shares, totaling approximately 58.87 million RMB, which represents 30.86% of the net profit attributable to shareholders for 2023[6]. - The company does not plan to increase capital reserves or issue bonus shares, with remaining undistributed profits carried forward to the next year[6]. Audit and Compliance - The company has received a standard unqualified audit report from Da Xin Accounting Firm[5]. - The company has confirmed that all board members can guarantee the authenticity, accuracy, and completeness of the annual report[8]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. Research and Development - The company achieved a total R&D investment of approximately ¥163.77 million in 2023, representing a 52.84% increase compared to ¥107.16 million in the previous year[109]. - Research and development expenses accounted for 12.55% of operating revenue, up from 11.83% in 2022[24]. - The company has obtained 27 new patents during the reporting period, including 9 invention patents, bringing the total number of authorized patents to 159, with 45 being invention patents[108]. - The company is committed to enhancing its R&D capabilities and expanding into high-growth industries such as smart energy and medical equipment[43]. Market Expansion and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% based on new product launches and market expansion strategies[16]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[16]. - The company is actively pursuing market expansion strategies through the development of new products and technologies, enhancing its competitive edge in the industry[98]. - The company aims to expand its market share by leveraging its brand recognition and technological advancements in various sectors[131]. Product Development and Innovation - New product development includes the introduction of advanced automation solutions, expected to contribute an additional 200 million CNY in revenue[16]. - The company launched new servo products, including the SD810 and SD860 series, with power ranges of 1-75kW and 1-7.5kW respectively[41]. - The company is focusing on the renewable energy sector, particularly in solar, storage, and hydrogen, to broaden its product line[44]. - The company has developed the VPS1000 series surgical power systems for various medical fields, leveraging advanced motion control technology[47]. Operational Efficiency - The gross margin improved to 40%, up from 35% in the previous year, indicating better cost management and pricing strategies[16]. - The company aims to enhance its supply chain efficiency, which is expected to reduce operational costs by 10% over the next year[16]. - The implementation of a new customer relationship management (CRM) system is projected to improve customer satisfaction scores by 15%[16]. - The company has established an automated production base and a technology R&D center in Suzhou, significantly improving production capacity and R&D efficiency[49]. Risks and Challenges - The company faces risks related to reliance on imported electronic components, such as IC chips and IGBT modules, which could impact product performance and supply stability[139]. - The company has a significant exposure to raw material price fluctuations, with direct material costs constituting over 80% of operating costs[140]. - The company reported accounts receivable of 461.85 million yuan as of December 31, 2023, representing 32.50% of current assets, indicating potential risks of bad debts[146]. Technological Advancements - The company has developed a unique voltage pulse sequence application for learning inductance saturation characteristics of synchronous motors under static conditions[97]. - The company has made advancements in energy recovery and hardware current limiting control technologies, contributing to overall product innovation[96]. - The company has introduced a motor speed tracking start control technology that achieves zero waiting time for speed tracking[97]. - The company has developed high-speed weak magnetic control technology for motors, allowing asynchronous motors to achieve 12 times rated speed control capability[97]. Employee and Workforce Management - The number of R&D personnel increased to 528, representing 37.16% of the total workforce, up from 397 and 34.17% respectively[123]. - Total compensation for R&D personnel rose to 13,064.76 million, compared to 8,621.19 million in the previous period[123]. - The average salary for R&D personnel increased to 24.74 million from 21.72 million[123]. Supply Chain and Procurement - The company emphasizes supplier management and performance evaluation to ensure supply chain reliability[64]. - The company's procurement representatives are involved in material selection and supplier choice from the project initiation phase[64]. - The company has a production model that combines stock production and order-based production to meet varying customer demands[65]. Awards and Recognition - The company has received multiple awards for its innovation and contributions to the manufacturing sector, including recognition as a national high-tech enterprise and a model factory in Jiangsu Province[53]. - The company has received recognition as a national-level specialized and innovative "little giant" enterprise in 2021, specifically for its variable frequency drive products[107].