Nanjing CIGU Technology (SH:688448)2024-04-22 10:32Financial Performance - The company did not distribute cash dividends or bonus shares for the 2023 fiscal year, with retained earnings carried forward to the next year [5]. - A cash dividend of CNY 0.45 per share (including tax) was distributed to shareholders, totaling CNY 32,067,495.00 (including tax), representing 66.72% of the net profit attributable to shareholders for the year [6]. - The company's operating revenue for 2023 reached ¥413,556,038.47, representing a 20.16% increase compared to ¥344,174,206.44 in 2022 [20]. - The net profit attributable to shareholders for 2023 was ¥48,064,809.99, a slight increase of 0.90% from ¥47,637,288.81 in 2022 [20]. - Basic earnings per share for 2023 were ¥0.67, down 18.29% from ¥0.82 in 2022 [21]. - The company's gross margin has declined from 39.16% in 2021 to 32.21% in 2023, primarily due to increased competition and changes in product structure [120]. - The company achieved a total revenue of 31.6 million, maintaining a stable performance compared to the previous year [183]. - The company reported a total revenue of 1.2 billion in the last fiscal year, representing a year-over-year growth of 15% [186]. - The company provided guidance for the next fiscal year, expecting revenue growth of 10% to 12% [186]. Operational Efficiency - The net cash flow from operating activities decreased by 33.77% to ¥36,880,391.24, primarily due to increased expenditures on raw materials and employee compensation [21]. - The company has engaged in strategic initiatives to enhance operational efficiency and reduce costs amid rising expenditures [21]. - The company has established a long-term incentive mechanism as part of its human resources strategy to enhance efficiency [37]. - The company aims to enhance efficiency and reduce energy consumption through optimized impeller design and intelligent control systems [162]. - The company will implement strict cost control measures, adhering to a "no budget, no expenditure" principle to improve financial efficiency [172]. Research and Development - The R&D expenditure as a percentage of operating revenue was 9.75%, a decrease of 0.37 percentage points from 10.12% in 2022 [21]. - The company achieved total R&D investment of ¥40,328,191.99 in the current year, representing a 15.73% increase compared to ¥34,847,461.82 in the previous year [99]. - The company obtained 29 new intellectual property rights during the reporting period, including 22 invention patents, and filed 23 new applications, with 11 being invention patents [96]. - The company has developed five core technologies, including five-degree-of-freedom magnetic bearings and high-power high-speed permanent magnet synchronous motors, with several technologies leading the industry [94]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency [186]. Market Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [21]. - The company aims to enhance its market presence and product offerings through continuous innovation and strategic expansion in the magnetic suspension fluid machinery sector [39]. - The company is actively expanding its market and customer base, driven by increased downstream market demand [127]. - The company plans to leverage its experience in magnetic suspension technology to expand its product offerings and enhance market influence [167]. - The company plans to enter three new international markets by the end of the next fiscal year [186]. Product Development - The company launched nearly 30 new product models, bringing the total to approximately 120 models by the end of the reporting period [34]. - The sales revenue of the new product, the magnetic levitation air compressor, reached CNY 107.31 million, marking an impressive growth of 83.25% [32]. - New product launches are anticipated to contribute an additional 200 million in revenue next year [186]. - The company plans to develop larger power magnetic levitation centrifugal blowers (50kW to 300kW currently) to meet diverse industry demands [89]. - The company will continue to promote its magnetic suspension air compressor products, aiming to increase market share and maintain a rapid growth trajectory [168]. Risks and Challenges - The company reported no significant risks affecting its operations during the reporting period [4]. - The company faces risks related to the failure of new product commercialization and potential fluctuations in raw material prices, which could impact profitability [119]. - The company has not achieved profitability since its listing [4]. - The company faced risks related to the slow replacement of traditional blowers by magnetic levitation centrifugal blowers, potentially impacting operational performance [124]. - The company acknowledges that the operational plans for 2024 do not constitute profit forecasts or commitments, highlighting potential uncertainties due to market and economic factors [174]. Corporate Governance - The company held three shareholder meetings during the reporting period, all resolutions submitted by the board were approved without any rejections [182]. - The total pre-tax remuneration for the chairman was 0.00 million, while the general manager received 104.51 million [182]. - The company has a restricted stock incentive plan draft for 2023, which was approved in the recent shareholder meeting [182]. - The company emphasizes the importance of internal governance and compliance with legal regulations, ensuring effective decision-making and oversight [178]. - The company has no changes in the governance structure related to red-chip architecture during the reporting period [181].