华达新材(605158) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥7,579,176,818.23, a decrease of 6.57% compared to ¥8,112,035,678.53 in 2022[124] - The net profit attributable to shareholders for 2023 was ¥334,339,453.65, representing a 65.28% increase from ¥202,282,554.41 in the previous year[124] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥312,644,444.62, up 61.13% from ¥194,028,785.89 in 2022[124] - The net cash flow from operating activities decreased by 64.58% to ¥486,338,403.93 from ¥1,372,934,675.85 in 2022[124] - The company's total assets at the end of 2023 were ¥6,035,429,779.61, an increase of 17.32% from ¥5,144,587,882.46 in 2022[125] - The net assets attributable to shareholders increased by 12.60% to ¥2,438,828,315.41 from ¥2,165,859,261.76 in 2022[125] - The total balance of short-term payables increased to 11,765,503.68 RMB from 8,472,332.99 RMB[84] - The total balance of employee benefits at the end of the period is 49,342,579.38 RMB[78] - The total capital surplus remains unchanged at 651,992,468.87 RMB[91] - The company reported a total of ¥255,807,852.70 in expenses for the current period, down from ¥274,924,824.83 in the previous period[98] - The company recognized government subsidies amounting to ¥7,780,959.13 in 2023, compared to ¥11,290,785.76 in 2022[116] Accounts Receivable and Bad Debt - The company reported a total of 32,681,259.41 RMB in accounts receivable, with a bad debt provision of 1,682,693.26 RMB, representing a provision rate of 5.15%[12] - The company reported a total of 32,400,213.57 RMB in accounts receivable due within one year, with a bad debt provision of 1,620,010.68 RMB[13] - The company’s total other receivables amounted to 5,236,950.82 RMB, with a bad debt provision of 266,847.54 RMB, indicating a provision rate of approximately 5.1%[27] - The company’s total bad debt recovery for the period was 1,438,902.85 RMB, indicating active management of receivables[15] - The expected credit loss rate for accounts receivable within 1 year is 5.00%[71] - The expected credit loss rate for accounts receivable aged 1-2 years is 10.00%[71] - The expected credit loss rate for accounts receivable aged 2-3 years is 20.00%[71] - The expected credit loss rate for accounts receivable aged 3-4 years is 50.00%[71] - The expected credit loss rate for accounts receivable aged 4-5 years is 80.00%[71] - The expected credit loss rate for accounts receivable aged over 5 years is 100.00%[71] Inventory Management - The total inventory at the end of the period is RMB 1,110,315,454.35, an increase from RMB 897,883,331.52 at the beginning of the period, representing a growth of approximately 23.6%[28] - Raw materials accounted for RMB 661,100,925.67, up from RMB 504,916,958.20, indicating a rise of about 30.8%[28] - The value of finished goods inventory is RMB 354,523,790.32, with a provision for inventory impairment of RMB 21,002,623.07[28] - The company has not made any provisions for inventory impairment on a portfolio basis[30] Taxation and Deferred Tax - The company’s value-added tax rates are set at 13%, 9%, and 6% depending on the type of goods and services sold[3] - The company’s corporate income tax rates are 15%, 20%, and 25% based on taxable income[3] - The company reported a deferred tax asset of RMB 5,639,681.78 at the end of the period, compared to RMB 7,077,398.40 at the beginning, reflecting a decrease of approximately 20.3%[49] - The total amount of deductible temporary differences is RMB 11,440,184.56, with a corresponding expected credit loss of RMB 2,621,765.70[51] Financial Instruments and Impairment - The company confirmed financial assets and liabilities upon entering into financial instrument contracts, measuring them at fair value initially[57] - Financial assets measured at amortized cost will be subsequently measured using the effective interest method, with gains or losses recognized in profit or loss upon derecognition or impairment[59] - The company applies expected credit loss model for impairment measurement on financial assets, recognizing loss provisions based on the weighted average of credit losses[69] - Financial liabilities designated at fair value through profit or loss will have their changes in fair value recognized in profit or loss, except for changes due to the company's own credit risk[60] - The company will terminate recognition of financial assets when they have transferred substantially all risks and rewards of ownership[64] - The fair value of financial instruments is determined using valuation techniques that are supported by sufficient observable data[65] - The company will recognize loss provisions for financial assets based on significant increases in credit risk since initial recognition[69] - The company will measure financial liabilities at amortized cost using the effective interest method, with gains or losses recognized upon derecognition[61] - The company will transfer financial assets that meet derecognition criteria, recognizing the difference between the carrying amount and the consideration received in profit or loss[65] Research and Development - The company has developed 52 valid patents, including 13 invention patents, and has participated in the formulation of 7 national and industry standards[136] - The company is actively optimizing its production processes and enhancing product quality, which has improved operational efficiency and product surface quality[134] - The company has invested in R&D for new materials and technologies, focusing on product upgrades and market promotion[134] - The company aims for zero defects and zero complaints in product quality, implementing ISO9001:2015 quality management systems[153] Market and Sales Performance - Domestic sales reached 5.937 billion RMB, reflecting a 6.06% year-on-year growth, as the company expanded its domestic market efforts[134] - Revenue from the metal products industry was approximately ¥7.24 billion, a decrease of 6.76% year-over-year[160] - The gross margin for the metal products industry was 7.91%, an increase of 2.12% compared to the previous year[160] - Domestic revenue reached approximately ¥5.94 billion, reflecting a year-over-year increase of 6.06%[160] - The gross margin for domestic sales was 6.71%, up by 2.31% from the previous year[160] Cash Flow and Investments - The company reported a net cash flow from operating activities of approximately ¥486.34 million, a decrease of 64.58% compared to the previous year[170] - The cash flow from investment activities was negative at approximately ¥857.11 million[170] Supplier and Procurement - The top five suppliers accounted for 85.66% of total annual purchases, with the largest supplier contributing ¥422.14 million[178] Export and Production - The company is a net exporter of color-coated sheets, with a net export volume of 570,000 tons in 2021, reflecting an 11% year-on-year growth[198] - The production of color-coated sheets in China reached 2,166,000 tons in 2020, accounting for 48.1% of global production, up from 17.5% in 2005[195] - The company is focusing on expanding its market presence in the galvanized and color-coated sheet sectors, which are experiencing significant growth[192] - The company is investing in new technologies to enhance product quality and competitiveness in the galvanized sheet market[192]