SPM(SH:600459)2024-04-17 11:01Financial Performance - In 2023, the company achieved a total profit of approximately ¥607.44 million and a net profit of approximately ¥494.83 million, with net profit attributable to shareholders being approximately ¥468.31 million[4]. - The company's total revenue for the reporting period reached ¥45,024,246,300.87, representing a year-on-year increase of 10.78%[73]. - The total profit for 2023 was ¥607,437,300.03, reflecting a 15.33% increase compared to ¥526,711,618.63 in 2022[87]. - The net profit reached ¥494,827,794.65, up 12.41% from ¥440,215,706.06 in the prior year[87]. - The net profit attributable to the parent company was ¥468,308,885.60, marking a 15.06% increase from ¥407,018,378.15 in the previous year[87]. - The company's operating revenue for the current period reached ¥45,085,576,818.68, representing a year-on-year increase of 10.62% compared to ¥40,758,654,337.26 in the previous year[97]. - The company's operating costs increased by 10.87%, amounting to ¥43,678,467,820.69, up from ¥39,395,729,381.17 in the previous year[97]. - The gross profit margin decreased by 0.19 percentage points to 3.03% compared to the previous year[73]. - The company reported a significant increase in income tax expenses by ¥26,113,600, a growth of 30.19%, due to increased profits and adjustments related to deferred tax assets[69]. Cash Flow and Assets - The company's cash flow from operating activities was approximately ¥743.06 million, an increase of 17.39% compared to the previous year[14]. - The net cash flow from operating activities increased by ¥110,060,000, primarily due to the recovery of accounts receivable and the maturity of bills[69]. - The net cash flow from operating activities increased by 17.39%, reaching ¥743,063,659.19 compared to ¥633,003,618.24 in the previous year[97]. - The company's cash and cash equivalents decreased by 44.15% year-on-year, primarily due to the repayment of bank loans and reduced expenditures on precious metal procurement[145]. - The company's overseas assets amounted to 293.12 million yuan, accounting for 2.49% of total assets[149]. Production and Sales - The production of precious metal special functional materials increased by 88.96% year-on-year, while sales increased by 82.43%[16]. - The production of precious metal information functional materials increased by 74.19% year-on-year, with sales increasing by 69.50%[16]. - The production volume of precious metal special functional materials was 1,418,208.59 kg, with a year-on-year increase of 88.96%[2]. - The sales volume of precious metal special functional materials was 1,363,731.46 kg, reflecting an 82.43% increase year-on-year[2]. - The production of automotive catalytic purifiers increased by 100.67% year-on-year, with sales rising by 106.15%, mainly due to increased processing volumes of diesel and gas engine catalysts[137]. - The production of precious metal industrial catalysts decreased by 40.63% year-on-year, while sales dropped by 42.00%, primarily due to reduced processing volumes of dehydrogenation catalysts[137]. Inventory and Costs - The company reported a significant increase in inventory levels, with precious metal special functional materials inventory rising by 213.47% compared to the previous year[16]. - The inventory of precious metal special functional materials increased by 213.47% to 79,996.43 kg[2]. - The cost of precious metal special functional materials increased by 94.93% compared to the same period last year, primarily due to expanded business scale and increased production and sales volume[112]. - The cost of precious metal information functional materials rose by 107.11% year-on-year, mainly driven by increased production and sales of silver powder[112]. - The cost of precious metal industrial catalyst materials decreased by 46.57% year-on-year, attributed to a drop in palladium prices and reduced production and sales volume of dehydrogenation catalysts[112]. - The inventory of precious metal recycling materials increased by 126.30% compared to the end of the previous year, attributed to higher stock levels of silver and platinum group metals[137]. Research and Development - The company added 38 SCI/EI indexed papers and 41 authorized invention patents during the year, reflecting its commitment to research and development[109]. - The total R&D expenditure for the period was CNY 339,618,342.40, accounting for 0.75% of operating revenue[143]. - The number of R&D personnel was 561, representing 30.60% of the total workforce[143]. - The company is actively involved in the research and development of new materials and technologies, including gas sensors integrated with nano-tube arrays[186]. - The company is advancing research on palladium and ruthenium catalysts, indicating ongoing innovation in catalyst production[186]. Market and Strategic Initiatives - The company aims to enhance its market position through integrated supply services and resource recycling in the precious metals sector[60]. - The company is strengthening strategic cooperation with major clients and increasing efforts in market development, particularly in the automotive and photovoltaic sectors[41]. - The company is focused on achieving breakthroughs in key core technologies to address industry challenges and enhance supply chain autonomy[200]. - The company aims to enhance its influence and market voice in the precious metals industry through strategic investments and partnerships[200]. - The company is committed to building a leading domestic precious metals trading platform and expanding its international business[200]. Challenges and Competition - The company faces challenges in the semiconductor industry, with overall demand remaining sluggish despite growth in specific segments like automotive lighting[34]. - The company is facing challenges in the precious metal secondary resource recycling market due to increased competition and regulatory complexities[50]. - The precious metals supply chain is characterized by an oligopolistic market structure, where a few suppliers control the majority of raw material supply[199].