DIBAY(SH:603320)2024-04-17 09:21Financial Performance - The company's operating revenue for 2023 was CNY 930,021,757.91, a decrease of 7.04% compared to CNY 1,000,457,586.03 in 2022[5] - Net profit attributable to shareholders for 2023 was CNY 41,540,340.74, representing an increase of 21.47% from CNY 34,197,689.19 in 2022[5] - The net cash flow from operating activities decreased by 45.83% to CNY 64,655,693.26 in 2023, down from CNY 119,346,205.99 in 2022[5] - Basic earnings per share for 2023 were CNY 0.32, up 23.08% from CNY 0.26 in 2022[6] - The weighted average return on equity increased to 5.43% in 2023, up from 4.35% in 2022, an increase of 1.08 percentage points[6] - The net profit for the parent company in 2023 was CNY 58,536,666.62, with an undistributed profit at the end of the year amounting to CNY 367,771,775.76 after accounting for dividends[40] Revenue and Sales - The company achieved operating revenue of CNY 930.02 million, a year-on-year decrease of 7.04%, primarily due to a decline in sales prices caused by lower raw material prices such as silicon steel[68] - The company sold 14.85 million units of compressor motors, a slight decline of 0.34% compared to the previous year[52] - The overall sales scale of refrigerators and freezers in China reached 12.45 million units in 2023, a year-on-year increase of 12.2%[52] - The domestic sales revenue of central air conditioning reached 126.3 billion RMB, with a year-on-year growth of 9.8%[52] - The revenue from household compressors was approximately ¥486.80 million, showing a year-over-year decrease of 11.45%[86] - The revenue from commercial compressors reached about ¥361.61 million, with a year-over-year increase of 14.78%[86] - Domestic revenue totaled approximately ¥807.15 million, reflecting a year-over-year decrease of 10.18%, while overseas revenue surged by 114.53% to ¥61.42 million[86] Costs and Expenses - Operating costs amounted to CNY 800.95 million, down 9.53% year-on-year, also attributed to the decrease in raw material prices[68] - Direct material costs accounted for 82.60% of total costs, down from 86.08% in the previous year, indicating a reduction of 13.37% in direct material costs[89] - The company reported a total sales expense of ¥2.77 million, an increase of 14.49% compared to the previous year, primarily due to higher sales personnel salaries[95] - Research and development expenses were approximately ¥45.68 million, reflecting a slight increase of 2.38% year-over-year, attributed to higher depreciation of R&D equipment[95] Research and Development - The company invested CNY 45.68 million in R&D throughout the year, completing 11 new product development projects and achieving 6 new product certifications[36] - The company plans to continue investing in R&D to maintain its industry-leading position and expand its customer base[71] - The company has a total of 114 R&D personnel, representing 14.47% of the total workforce, indicating a strong focus on innovation[97] - The company reported a total R&D expenditure of ¥45,683,133.16, which accounts for 4.91% of its operating revenue[116] Market and Product Strategy - The company is actively expanding into the high-power commercial machine market and adjusting its product structure[52] - The company aims to enhance its product offerings by focusing on high-end variable frequency markets and commercial applications, while also advancing automation and digitalization in production[131] - The company has identified trends in energy-efficient and variable frequency motor development as key areas for future growth[129] - The company is focusing on product structure upgrades, particularly the adoption of variable frequency technology in compressor motors to enhance efficiency and reduce noise[148] Governance and Management - The company has maintained a stable governance structure, with no changes in the board of directors or senior management during the reporting period[175] - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 160.58 million yuan[169] - The company is committed to enhancing its internal control systems and overall governance level to ensure a more standardized and complete governance structure[165] - The company has established specialized committees, including an audit committee and a strategic committee, to oversee various aspects of governance and strategy[177] Future Outlook - The company plans to achieve sales of 17 million compressor motors and revenue of 1.08 billion in 2024, aiming for steady operations and maintaining industry leadership[153] - In 2024, the domestic macroeconomic environment is expected to improve, with a steady recovery in the consumer market, providing new growth opportunities for the home appliance industry[178] - The company plans to focus on its core business, seize orders, and enhance internal management to improve core competitiveness and ensure sustainable development[178] Risks and Challenges - The company faces risks from market fluctuations due to policy changes and competition in product technology[156] - Recent increases in the prices of copper and aluminum may reduce downstream customer demand and increase production costs for the company[180] - The company will closely monitor foreign exchange fluctuations to mitigate their impact on earnings, as increased exports lead to higher foreign currency receipts[181]