JOINTAS(SZ:002909)2024-04-18 10:09Financial Performance - Revenue for 2023 was RMB 1,332,397,343.29, a decrease of 8.13% compared to 2022[28] - Net profit attributable to shareholders in 2023 was RMB 10,240,713.89, an increase of 0.49% compared to 2022[28] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was RMB 7,141,441.59, a significant increase of 151.91% compared to 2022[28] - Operating cash flow for 2023 was RMB 182,345,980.80, a substantial increase of 6,092.05% compared to 2022[28] - Total assets at the end of 2023 were RMB 1,966,200,726.87, an increase of 3.93% compared to the end of 2022[29] - Revenue in Q4 2023 was RMB 331,486,412.18, showing a decline compared to previous quarters[38] - Net profit attributable to shareholders in Q4 2023 was negative RMB 6,641,729.40, indicating a significant drop[38] - The company's net profit after deducting non-recurring gains and losses for the past three fiscal years has been negative, raising concerns about its ability to continue as a going concern[30] - Non-current asset disposal losses amounted to -387,716.67 yuan in 2023, compared to -529,854.92 yuan in 2022 and -962,418.33 yuan in 2021[46] - Government subsidies received in 2023 were 2,886,706.78 yuan, down from 6,719,451.88 yuan in 2022 and 9,821,769.12 yuan in 2021[46] - Impairment reversal of receivables in 2023 was 2,279,973.08 yuan, up from 839,268.63 yuan in 2022 and 480,187.75 yuan in 2021[46] - Total non-recurring gains and losses in 2023 were 3,099,272.30 yuan, compared to 7,355,929.69 yuan in 2022 and 7,460,781.74 yuan in 2021[46] - Operating cash flow increased by 6,092.05% to 182,345,980.80 yuan, mainly due to increased receipt of payments and reduced payment of purchases[112] - Investment cash flow improved by 26.41%, with a net outflow of 221,293,038.27 yuan, primarily due to reduced investment in fundraising projects[112] - Financing cash flow decreased by 62.23% to 25,235,343.50 yuan, mainly due to increased repayment of bank loans[112] - Net profit increased significantly, with non-operating income contributing 85.90% from government subsidies such as advanced manufacturing VAT deductions[114] - Long-term loans increased by 4.13% to 86,626,396.32 yuan, mainly due to increased bank borrowings[117] - Sales expenses rose by 16.24% to 144,914,725.09 yuan, reflecting increased marketing and distribution costs[122] - R&D expenses increased by 7.62% to 65,627,482.95 yuan, indicating continued investment in innovation[122] - Fixed assets grew by 6.04% to 444,193,600.78 yuan, driven by the completion and use of new production lines and facilities[128] - Accounts receivable decreased by 4.28% to 306,359,724.90 yuan, reflecting improved credit management[128] - Inventory decreased slightly by 0.36% to 104,786,268.76 yuan, indicating efficient inventory management[128] - Total restricted assets amount to RMB 364,324,176.71, including RMB 143,386,836.45 for buildings and RMB 87,231,929.86 for land use rights, both under mortgage[139] - Investment in the reporting period decreased by 26.10% to RMB 222,470,505.12 compared to RMB 301,049,728.68 in the same period last year[140] - The company raised RMB 299,999,988.75 through a private placement in 2020, with net proceeds of RMB 280,999,988.75 after deducting underwriting fees[145] - Cumulative use of raised funds reached RMB 270,186,337.15 by the end of 2023, with RMB 54,255,411.63 used in the current year[145] - The company generated RMB 3,043,746.19 in interest income from raised funds by the end of 2023[145] - As of December 31, 2023, the unused raised funds amount to 10.1836 million yuan, with 10.1795 million yuan allocated for project construction pending final payments[155] Subsidiaries and Investments - The company's subsidiaries include Anhui Jitai, Guangzhou Xiangtai, and Guangzhou Hongtai, among others[12] - Guangzhou Conghua Zhaoshun New Materials Co., Ltd., a subsidiary, reported a net profit loss of 7.6591 million yuan[162] - Zhaoshun Technology (Guangdong) Co., Ltd., another subsidiary, achieved a net profit of 1.0509 million yuan[162] - Anhui Jitai New Materials Co., Ltd., a subsidiary, reported a net profit loss of 4.6141 million yuan[162] - Guangzhou Xiangtai Electronic Commerce Co., Ltd., a subsidiary, reported a net profit loss of 1.4126 million yuan[162] - The 15,000-ton neutral silicone sealant and 15,000-ton modified silicone sealant project reached operational status on April 25, 2023, but has not yet achieved expected profits due to initial capacity ramp-up[148] - The 15,000-ton two-component silicone rubber and 8,000-ton vinyl silicone oil project is operating normally but has not reached expected profits due to low capacity utilization[148] - Investment progress for the 15,000-ton neutral silicone sealant and modified silicone sealant project is 88.04%, with RMB 18,465.87 million invested by the end of the period[153] - The 15,000-ton two-component silicone rubber and 8,000-ton vinyl silicone oil project has achieved 100% investment progress with RMB 6,771.4 million invested[153] - Total investment in committed projects amounts to RMB 36,413.95 million, with RMB 25,237.27 million already invested[153] - The company has completed the "Annual Production of 15,000 Tons of Neutral Silicone Sealant and 15,000 Tons of Modified Silicone Sealant" project, with a remaining fund of 16.8136 million yuan permanently replenishing working capital[155] - The "Annual Production of 15,000 Tons of Neutral Silicone Sealant and 15,000 Tons of Modified Silicone Sealant" project has a total planned investment of 209.7364 million yuan, with 88.04% of the funds already invested as of the reporting period[157] Strategic Initiatives and Future Plans - The company plans to expand into new energy vehicles, power batteries, and photovoltaic components to cultivate new growth points[66][67][68] - The company aims to achieve an annual growth rate of 4.2% in adhesive production and 4.3% in sales during the "14th Five-Year Plan" period[164] - The company plans to focus on green buildings, new energy industries, and green supply chains, aiming for high-quality development and innovation in traditional and emerging fields[165][167] - The company plans to strengthen the cost control function of the procurement department and optimize the incentive mechanism to improve budget management and cost planning[169] - The company will continue to increase the development of new products, accelerate the research and development of synthetic materials such as functional silanes and silicone oils, and enhance core competitiveness[174] - The company will continue to optimize the product system for new energy vehicles, electronic adhesives, and water-based paints to improve overall service capabilities[174] - The company is progressing with the construction of the Anqing Chengtai Phase I project, with 80% of the factory and warehouse infrastructure completed[175] - The company will continue to promote the construction of the Anqing Anhui New Materials Industrial Base Phase I and the Conghua Zhaoshun High-end New Materials Intelligent Manufacturing Base projects[175] - The company will continue to explore localized recruitment in foreign trade to help distributors grow and expand[168] - The company will increase market resource allocation and business model exploration in emerging fields such as new energy vehicles, energy storage, and photovoltaics[168] - The company will leverage its scale and cost advantages in the petrochemical, steel structure anti-corrosion, and container fields to expand into heavy anti-corrosion, metal products, rail transit, and 3C electronics markets[168] Corporate Governance and Compliance - The company's legal representative is Zou Zhenfan, and its registered and office address is located at No. 62, Nanxiang 1st Road, High-tech Industrial Development Zone, Guangzhou[14] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 002909[14] - The company's unified social credit code is 914401017910336929, and there have been no changes in its main business or controlling shareholders since its listing[27] - The company's financial statements and annual report are available at the Board of Directors Office[10] - The company's website is www.jointas.com, and its email is jitaihuagong@jointas.com[14] - The company's annual report is disclosed on the website of the Shenzhen Stock Exchange and other designated media[27] - The company's annual report for 2023 covers the period from January 1, 2023, to December 31, 2023[12] - The company's annual report for 2023 has been released, providing a comprehensive overview of its financial performance and strategic initiatives[91][98] - The company's leadership team includes experienced professionals with diverse backgrounds in chemistry, finance, and management, contributing to its strategic direction[89][92][93][94][95][96][98][100][101] - The company has a strong focus on research and development, with key personnel leading efforts in electronic adhesives and other technical areas[95][101] - The company's board of directors and senior management are actively involved in various external roles, including academic positions and industry associations, enhancing its industry influence[89][92][93][94][98][100][101] - The company has established multiple subsidiaries and partnerships, indicating a strategy of market expansion and diversification[89][92][95][98][100][101] - The company held a total of 1 annual general meeting and 3 extraordinary general meetings during the reporting period, ensuring compliance with relevant regulations and safeguarding shareholder rights[186] - The company has an independent R&D, production, and operational capability, with no interference from controlling shareholders in decision-making and business operations[186] - The company's Board of Supervisors consists of 3 members, including 1 employee representative, and held 12 meetings during the reporting period to oversee operations and protect shareholder interests[187] - The company has established a standardized internal management system and continuously improves internal control mechanisms in line with regulatory requirements[196] - The company's governance structure complies with relevant laws and regulations, with no significant differences from regulatory requirements[197] - The company maintains independence from controlling shareholders in terms of assets, personnel, finance, organization, and business operations[198] - The company's senior management, including directors, supervisors, general manager, deputy general managers, and board secretary, are all appointed in accordance with the "Company Law" and other relevant laws, regulations, and normative documents, as well as the company's articles of association[199] - The company legally owns land, factory buildings, machinery, trademarks, patents, and non-patented technologies related to its main business, ensuring complete and clear asset ownership[200] - The company has established an independent labor, personnel, and salary management system, with a separate employee team and signed labor contracts with employees[199] - The company's assets are complete, with a comprehensive production system, auxiliary production system, and supporting facilities, and does not rely on assets from controlling shareholders or their controlled enterprises for production and operation[200] - The company's personnel and salary management are completely separated from controlling shareholders and their controlled enterprises[199] Industry and Market Trends - The organic silicone market in China is expected to grow at a CAGR of 10.8% from 2020 to 2025, reaching 2.116 million tons by 2025[42] - China's new energy vehicle production and sales in 2023 reached 9.587 million and 9.495 million units, respectively, with a market share of 31.6%[43] - In 2023, China implemented approximately 66,000 urban renewal projects with an investment of 2.6 trillion yuan, driving demand for construction adhesives[52] - China's fixed asset investment in 2023 reached 503.036 trillion yuan, with infrastructure investment growing by 5.9%[53] - The "14th Five-Year Plan" for building energy efficiency and green building development aims for all new urban buildings to be green by 2025[56] - China's lithium battery production exceeded 940GWh in 2023, with a total industry output value of over 1.4 trillion yuan[58] - By 2027, China's lithium-electric two-wheeled vehicle shipments are estimated to reach 28 million units, with a lithium battery penetration rate nearing 40%[58] - LED lighting market size in China is expected to reach 716.9 billion yuan in 2024, with a compound annual growth rate of 2.36% from 2019 to 2023[60] - The global container manufacturing industry is expected to recover in 2024, with trade growth projected at 3.3%, driving demand for container coatings[62] - China's steel structure usage is targeted to reach 140 million tons by 2025, accounting for over 15% of new construction area[63] - The electronic information manufacturing industry aims for an average annual growth rate of 5% in 2023-2024, with revenue exceeding 24 trillion yuan[64] - The coatings industry is projected to grow at an annual rate of 4%, reaching a total output value of 370 billion yuan by 2025[70] - Environmental-friendly coatings are expected to account for 70% of total coating production by 2025, supporting carbon peak and neutrality goals[70] Risk Management and Internal Controls - The company faces macroeconomic and downstream industry fluctuation risks, particularly in the real estate and container manufacturing sectors[190] - The company has implemented a three-tier approval system for accounts receivable management to mitigate bad debt risks[192] - Key raw materials such as 107 base rubber, calcium carbonate, and acrylic emulsion account for a significant portion of material costs and are subject to price fluctuations[192] - The company has established a comprehensive technical confidentiality system and signed confidentiality agreements with all technical personnel to mitigate technology risks[179] - The company has implemented a "quality and return dual improvement" action plan, though specific details are not provided in the content[183] Accounting and Financial Reporting - The company implemented the "Accounting Standards Interpretation No. 16" issued by the Ministry of Finance starting from January 1, 2023, which affects the accounting treatment of deferred taxes related to single transactions[19] - The company's annual report includes a section on future development prospects, highlighting potential risks in future operations[6] - The report highlights uncertainties in future plans and targets, urging investors to recognize risks and differentiate between forecasts and commitments[84] - A cash dividend of 0.5 yuan per 10 shares will be distributed to shareholders, with no stock dividends or capital reserve transfers[78] - The company emphasizes reverse thinking in decision-making to improve accuracy and reduce risks, focusing on human factors and competitive dynamics[81]