江苏神通(002438) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was ¥2,133,035,602.25, representing a 9.10% increase compared to ¥1,955,053,960.31 in 2022[21]. - The net profit attributable to shareholders for 2023 was ¥268,866,553.16, an increase of 18.16% from ¥227,551,171.01 in 2022[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥243,810,638.63, up 23.17% from ¥197,940,579.21 in 2022[21]. - The total assets at the end of 2023 were ¥5,845,909,153.64, a 0.79% increase from ¥5,800,190,323.97 at the end of 2022[21]. - The net assets attributable to shareholders increased by 10.98% to ¥3,277,675,210.21 at the end of 2023 from ¥2,953,443,350.55 at the end of 2022[21]. - The weighted average return on equity decreased to 8.64% in 2023 from 9.06% in 2022, a decline of 0.42 percentage points[21]. - The company achieved a revenue of 2,133.04 million CNY in 2023, representing a year-on-year growth of 9.10%[58]. - The net profit attributable to shareholders increased by 18.15% year-on-year, reaching 268.87 million CNY[58]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.6 RMB per 10 shares to all shareholders, based on a total of 507,537,461 shares[4]. Market and Industry Outlook - The nuclear energy sector is expected to see a doubling of its share in power generation by 2035, increasing demand for nuclear valves and related services[31]. - The energy and petrochemical valve business targets major markets such as petrochemicals, coal chemicals, and natural gas, with a stable demand for valve equipment, particularly in the LNG market, which has significant growth potential[35]. - The hydrogen energy industry is expected to see significant growth, with plans to establish hydrogen stations and increase renewable energy hydrogen production to 100,000-200,000 tons per year by 2025[39]. - The global semiconductor valve market was valued at approximately 2,083.1 million USD in 2022, with a projected CAGR of 4.8% from 2023 to 2029, indicating a growing demand for semiconductor equipment valves[40]. Product Development and Innovation - The company has developed high-pressure hydrogen valves for various applications, including hydrogen stations and logistics vehicles, and is capable of mass supply to meet market demand[39]. - The company is focusing on the development of vacuum control butterfly valves and ultra-high purity gas valves, which have entered the user verification stage[40]. - The company has completed full performance verification tests for its nuclear-grade shut-off valve, meeting design pressure of 17.2 MPa and temperature of 343℃, laying the foundation for market expansion in nuclear power[61]. - The company has successfully developed and verified a full series of instrument ball valves, with diameters ranging from DN6 to DN25 and pressure ratings from 150 lbs to 900 lbs, now ready for mass supply[62]. - The company has launched the "Valve Butler" service project to provide full lifecycle management of valves, aimed at reducing costs and improving efficiency for steel enterprises[30]. Risks and Challenges - The company emphasizes the importance of market conditions and management efforts in achieving future operational goals, highlighting significant uncertainties[5]. - The company faces various risks including technology and quality risks, industry policy risks, and market expansion risks, which could impact future performance[5]. - The company reported a significant increase in inventory levels in the energy-saving services sector, with a rise of 71.37% to ¥52,261,079.45[93]. - The company faces risks related to market expansion and competition, particularly in the nuclear power and steel industries, which could impact future performance[176]. Research and Development - The company has a strong R&D team of over 200 professionals, enhancing its competitive edge in the valve industry[85]. - R&D expenses rose by 26.52% to ¥94,525,239.63, accounting for 4.43% of total revenue, up from 3.82% in the previous year[109]. - Continuous investment in research and development is prioritized to enhance product market competitiveness[181]. - The company is focusing on R&D in specialized equipment manufacturing, particularly in the fields of nuclear safety and new energy technologies[145][148]. Subsidiaries and Acquisitions - The company has established 8 subsidiaries and 4 affiliated companies, enhancing its overall operational capabilities and market presence[141]. - The company has successfully completed the acquisition of 100% equity of Ruifan Energy-Saving Technology Co., Ltd., further diversifying its business portfolio[144]. - Jiangsu Shentong Valve Co., Ltd. reported a significant increase in revenue for 2022, reaching 1.2 billion yuan, representing a year-on-year growth of 15%[184]. Governance and Compliance - The company has implemented a comprehensive revision of its governance system, including the Independent Director System and Audit Committee Work Rules, to enhance operational standards[190]. - The company has established an Investor Relations Management System and a dedicated team to enhance communication with investors[197]. - The internal audit department has been set up to optimize the internal control system and manage risks effectively[199]. Strategic Goals and Future Plans - The company aims to expand its market presence in nuclear power and petrochemical sectors through new product developments[108]. - The company plans to raise CNY 300 million in 2024 for high-end valve intelligent manufacturing projects, targeting the nuclear energy equipment sector[152]. - Future strategies include enhancing digital marketing efforts, aiming for a 40% increase in online sales by the end of 2023[184]. - The company is actively seeking domestic and international acquisition targets to enhance its technical strength and business scale, particularly in export business[161].