Tianjin Ruixin Technology (SZ:300828)2024-04-18 12:14Revenue Performance - The total revenue for the year 2023 was approximately ¥664.71 million, a decrease of 13.19% compared to ¥765.71 million in 2022[34]. - The revenue from automotive lightweight precision parts was ¥261.53 million, accounting for 39.35% of total revenue, with a decrease of 7.04% from ¥281.34 million in the previous year[34]. - The revenue from power electronic heat sinks was ¥252.87 million, representing 38.04% of total revenue, down 14.60% from ¥296.10 million in 2022[34]. - The company’s domestic revenue was ¥541.43 million, making up 81.45% of total revenue, which is a decrease of 12.68% from ¥620.07 million in 2022[34]. - The company’s foreign revenue was ¥123.28 million, accounting for 18.55% of total revenue, down 15.36% from ¥145.65 million in the previous year[34]. - Revenue from electrical automation equipment components reached ¥332,127,851.91, a year-on-year increase of 27.02%[36]. - Revenue from automotive lightweight precision parts and components was ¥261,531,081.94, reflecting a year-on-year growth of 17.62%[36]. - Total revenue from domestic sales amounted to ¥541,428,881.18, up 19.62% year-on-year, while international sales reached ¥123,284,162.72, increasing by 32.37%[36]. Research and Development - The company emphasizes R&D investment as a core competitive advantage for performance growth[24]. - Research and development expenses totaled ¥29,418,156.67, accounting for 4.43% of total revenue[56]. - The company has established a team of 92 technical R&D personnel and holds 77 patents[56]. - Research and development expenditure for 2023 amounted to ¥29,418,156.67, representing 4.43% of operating revenue, an increase from 3.85% in 2022[70]. - The company has increased its R&D personnel to 92, representing a 5.75% increase from the previous year, with R&D personnel now accounting for 13.86% of the workforce[96]. - The company emphasizes "technological innovation" as the core of its competitive advantage, planning to increase R&D investment in areas such as mold technology, computer simulation technology, artificial intelligence automation, new materials, and deep processing technology[114]. - The company will increase R&D investment to enhance its technological innovation capabilities[200]. Financial Performance - The company's net cash flow from operating activities increased by 313.01% to ¥159,430,291.20[46]. - The net cash flow from investment activities increased by 115.19%, primarily due to the redemption of bank wealth management products exceeding the amount purchased[47]. - The net cash flow from operating activities increased by 313.01% year-on-year, primarily due to a reduction in raw material purchases[71]. - The company reported a significant increase in other income by 78.34% to ¥2,779,591.54, mainly due to VAT input tax deductions[95]. - Financial expenses increased by 190.00% to ¥2,069,684.46, primarily due to fluctuations in the US dollar exchange rate[95]. - The company’s cash and cash equivalents at year-end were ¥33,861,483.97, accounting for 3.93% of total assets, up from 3.83% at the beginning of the year[74]. - The company’s intangible assets increased to ¥50,779,051.58, accounting for 5.89% of total assets, up from 3.26% at the beginning of the year[74]. - The company’s fixed assets were valued at ¥248,777,455.25, representing 28.86% of total assets, an increase from 28.05% at the beginning of the year[74]. Production and Operations - The company has developed a new 6-series aluminum alloy material for lightweight components in electric vehicles, providing customized services to major manufacturers like Kenlian Yingli and Aisin[96]. - The company has achieved small batch production of high-strength 7-series aluminum alloy materials for electric vehicle bumpers and side impact systems, with strength indicators exceeding 480 MPa, surpassing standard aluminum by over 60%[96]. - The company has established multiple flexible intelligent production lines for high-efficiency radiators, serving clients like ABB and Schneider, and maintaining a significant market share in the radiator industry[96]. - The company has completed the development of a complete production line for aluminum alloy products, aimed at improving production efficiency and reducing costs[96]. - The company aims to enhance production capacity and efficiency by adding key equipment and increasing production lines in the new energy sector[196]. - The company emphasizes a quality-first management principle, targeting zero defects in product quality and improving delivery rates and customer service capabilities[197]. - The company plans to optimize its manufacturing management capabilities and gradually transition towards digital and intelligent production[196]. - The company is focused on enhancing its supply chain management capabilities from raw material procurement to finished product processing[196]. Corporate Governance - The company has established a fair and transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with legal regulations[141]. - The company’s board of directors and senior management have been elected or appointed through legal procedures, ensuring independence from major shareholders[144]. - The company has maintained an independent labor, personnel, and compensation management system[145]. - The company’s major shareholders have committed to avoiding competition with the company’s business activities[143]. - There were no significant discrepancies between the company's governance practices and the regulations set by the China Securities Regulatory Commission[142]. - The audit committee held three meetings in 2023, focusing on internal audit reports and plans[165]. - The board members have shown diligence and responsibility in overseeing the company's operations and financial status[164]. Compensation and Profit Distribution - The company reported a total of 57,690,563 yuan in compensation for its directors, supervisors, and senior management personnel, with a total of 57,705,563 yuan including other compensations[128]. - The total pre-tax remuneration for the board members amounted to 294.45 million RMB[160]. - The company plans to distribute a cash dividend of 4.00 RMB per 10 shares, totaling 66.64 million RMB for the first three quarters of 2023[172]. - For the 2023 annual profit distribution, the company will distribute 1.50 RMB per 10 shares, totaling 24.89 million RMB, with no stock dividends or capital reserve transfers[173]. - The company maintains a stable profit distribution policy, ensuring clarity and completeness in decision-making processes[171]. - The company emphasizes a commitment to reasonable returns for investors through its profit distribution policy[171]. - The total number of shares for the cash dividend distribution is based on 166,594,800 shares[172]. - The company reported a cash dividend distribution of RMB 66,360,000.00, amounting to RMB 4.00 per 10 shares, based on a total share capital of 165,900,000 shares[192]. Strategic Focus - The company focuses on customized aluminum alloy products and has established strategic partnerships with core customers to enhance market share[20]. - The company plans to expand its market presence by promoting existing products and exploring the southern market, focusing on sectors such as lightweight automotive components and new energy products[198]. - The company aims to strengthen and consolidate cooperation with existing core customers, enhancing production service levels to fully meet customer demands[198]. - The company is committed to building a professional and efficient talent team through internal training and external recruitment, emphasizing a culture of lifelong learning[199]. - The company has appointed new executives, including vice presidents and a financial director, to strengthen its management team[1].