PRET(SZ:002324)2024-04-18 12:22Financial Performance - The company reported a net profit of 6.3551 million yuan during the reporting period[6]. - The company's net profit before non-recurring gains and losses was negative during the reporting period[109]. - The company's operating revenue for 2023 reached ¥8,709,374,461.11, representing a 28.87% increase compared to ¥6,758,481,608.85 in 2022[169]. - The net profit attributable to shareholders for 2023 was ¥468,373,615.70, a significant increase of 131.76% from ¥202,094,518.36 in the previous year[169]. - The net profit after deducting non-recurring gains and losses was ¥433,027,048.87, up 146.72% from ¥175,512,319.67 in 2022[169]. - The net cash flow from operating activities for 2023 was ¥835,719,523.37, a remarkable turnaround from a negative cash flow of ¥112,170,087.26 in 2022, marking an increase of 845.05%[169]. - The company's basic earnings per share for 2023 was CNY 0.4458, representing a 122.34% increase from CNY 0.2005 in 2022[196]. - The weighted average return on equity increased to 13.32% in 2023, up from 7.44% in 2022, reflecting a significant improvement in profitability[196]. - The net assets attributable to shareholders increased by 52.02% to CNY 4.32 billion in 2023 from CNY 2.84 billion in 2022[196]. - The company reported a government subsidy of CNY 41.98 million in 2023, up from CNY 24.03 million in 2022[174]. Investment and Projects - Total investment in the new material northern intelligent manufacturing base project reached 48,062,834.41 yuan[4]. - The company has invested 289,579,119.78 yuan in the 6GWh energy storage battery project[4]. - Cumulative actual investment in the annual production of 2GWh high-energy high-safety power lithium battery project is 359,440,028.79 yuan[4]. - The total amount of raised funds used in the reporting period is 76,902,780 yuan, with a cumulative usage of the same amount[8]. - The company has a total of 30,354,510 yuan in unused raised funds, which are planned for investment projects[8]. - The company plans to actively expand its sodium battery business to mitigate the impact of lithium carbonate price fluctuations on raw material costs[66]. - The acquisition of Haida Power will expand the company's asset scale and business scope, with expectations for future development in the energy storage sector[69]. - The company has established new subsidiaries in Tianjin and Foshan as part of its development strategy[72]. - The company has established six major new material production bases in Shanghai, Zhejiang, Chongqing, Guangdong, and South Carolina, USA, with a total production capacity of 430,000 tons and an additional 150,000 tons under construction[128]. Market and Industry Trends - The company aims to enhance production capacity in the modified materials sector to meet diverse customer demands and improve market share[20]. - In 2024, the company plans to accelerate the layout of new production capacity to embrace the growth of the new energy vehicle industry[21]. - The company anticipates a production capacity of 15.3 GWh for energy storage batteries by 2025, with a focus on core customers and enhancing overseas market share[34]. - The company will establish new bases in Southeast Asia and Mexico to accelerate overseas business expansion and improve response speed[35]. - The modified materials market in China has significant potential, with the appliance and automotive sectors accounting for 37% and 15% of consumption, respectively[28]. - The automotive market in China experienced a 12% year-on-year growth in 2023, with new energy vehicles accounting for a market share of 31.6%[179]. - The lithium-ion battery industry in China saw a production increase of 25% in 2023, with total production exceeding 940 GWh[182]. - The company is focusing on the development of LCP technology for applications in AI and 5G, with ongoing efforts to achieve mass production[72]. Competitive Position and Strategy - The company is facing intense competition in the global lithium battery sector, with a trend of industry restructuring due to the influx of new entrants[41]. - The company aims to leverage opportunities in the rapidly growing demand for modified materials, ICT materials, and batteries through independent innovation and R&D[41]. - The company is committed to optimizing LCP film production stability and expanding market applications to achieve sales targets[37]. - The company aims to break the monopoly of foreign enterprises in the LCP materials market, with a promising outlook for domestic substitution[17]. - The company has successfully developed sodium-ion battery products, achieving recognition as one of the top innovative companies in this field in 2023[188]. - The company has developed a complete vehicle material solution for new energy vehicles, enhancing its competitive edge in the automotive materials sector[185]. - The company is committed to expanding its market presence and exploring potential mergers and acquisitions as part of its growth strategy[73]. Operational and Management Insights - The company has established a comprehensive independent operational structure, ensuring no significant reliance on controlling shareholders[81]. - The financial management system is robust, with independent decision-making capabilities and no interference from shareholders[84]. - The company employs a "one-to-one marketing" strategy for standardized battery products to enhance collaboration among business, production, and strategic partners[133]. - The company has a procurement department that evaluates suppliers based on various criteria, ensuring a stable supply of materials and reducing procurement costs[130]. - The company is closely monitoring international raw material price trends and adjusting inventory policies accordingly to mitigate cost impacts[65]. - The company is committed to enhancing product quality and operational efficiency through its "Quality Return Double Improvement" action plan[76]. - The company has implemented a multi-layered incentive system, including employee stock ownership plans and performance management, to attract and retain talent[67]. Risks and Challenges - The company has not experienced any significant changes in its hedging business during the reporting period[6]. - The company has not made any speculative derivative investments during the reporting period[7]. - Fluctuations in the RMB to USD exchange rate will continue to impact the company's operating performance, as some raw materials are imported and settled in USD[44]. - The company's profitability is subject to volatility due to the lag in price adjustments of raw materials and inventory fluctuations from downstream manufacturers[41]. - The new materials business is significantly affected by the price of synthetic resins, which is closely linked to international crude oil prices, leading to a lag in price transmission to downstream customers[41]. - The company is exploring and implementing strategies for industrial transformation and upgrading in recent years[45]. Shareholder Engagement - The company has conducted multiple shareholder meetings throughout 2023, with attendance rates ranging from 45.46% to 51.73%[96]. - The total number of shares is 447,833,715, with no changes reported[64]. - The company has maintained its main business operations without any changes since its listing[168]. - The company has not experienced any changes in its controlling shareholders during the reporting period[168]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[156].