JINGWEI ELECTRIC WIRE(SZ:300120)2024-04-22 13:17Financial Performance - The company's net profit attributable to shareholders decreased significantly, with a decline of 886.80% compared to the previous year, resulting in a net loss of ¥289,302,023.44[5]. - Operating revenue increased by 27.18% year-on-year, reaching ¥3,433,749,695.28[26]. - The net cash flow from operating activities was negative at ¥71,410,208.38, representing a 79.30% decline from the previous year[26]. - The total assets of the company increased by 5.82% year-on-year, amounting to ¥4,697,236,244.95[26]. - The net assets attributable to shareholders rose by 16.25% to ¥2,956,123,973.42[26]. - The company's operating revenue for 2023 reached ¥3,433,749,695.28, an increase of approximately 27.2% compared to ¥2,699,865,786.41 in 2022[27]. - The net profit attributable to shareholders for Q4 2023 was -¥359,134,323.85, marking a significant decline compared to previous quarters[30]. - Non-recurring gains and losses totaled -¥62,716,670.94 for 2023, indicating a substantial impact on overall profitability[35]. - The company's total revenue for 2023 reached approximately CNY 5.42 billion, representing a year-on-year increase of 11.94%[68]. Business Strategy and Operations - The company plans to strengthen existing businesses and reduce product costs through raw material cost reduction and yield improvement[7]. - The company aims to enhance its competitive advantage by increasing investment in technology research and development[7]. - The company is focused on optimizing its management system and improving operational efficiency[8]. - The company is actively exploring new fields and implementing new projects to seek profit growth points[62]. - The company is working on a new ZBD dual-stable display driver chip to simplify design complexity and reduce costs for small to medium-sized displays[87]. - The company has successfully implemented new processes for photovoltaic inverters, enhancing product quality and operational efficiency[89]. - The company has completed the development of a dual-sided reflective display screen for outdoor lamp poles, enhancing market opportunities[87]. - The company is addressing the risk of raw material price fluctuations, particularly for copper and aluminum, by establishing a forward procurement and hedging system[123]. Market Position and Product Development - The company has established itself as a key supplier for major global brands, including Walmart and Honeywell, enhancing its market position[40]. - The touch display industry is experiencing rapid growth due to increasing demand in sectors such as smart wearables and industrial control, which is expected to drive further development[39]. - The company is focusing on high-end electromagnetic wire products, leveraging its core technology and cost advantages to capture market opportunities[41]. - The main products include liquid crystal displays and touch display modules, with applications in automotive, home electronics, and medical devices[43]. - The company completed the acquisition of 100% equity in Jiangsu Ruihui New Display Technology Co., Ltd., which was renamed New Vision Technology (Jiangsu) Co., Ltd.[73]. - The company established a wholly-owned subsidiary, New Vision Energy Solution, Inc., in the United States in March 2023[78]. Financial Management and Investments - The company reported a significant increase in revenue from the home appliance components trade, which surged by 299.36% year-on-year to approximately CNY 1.09 billion[68]. - The foreign sales revenue amounted to approximately CNY 2.35 billion, reflecting a year-on-year growth of 13.90%[68]. - The company issued 110,000,000 shares at a price of CNY 6.50 per share during the reporting period[61]. - The company transferred all equity of its main reactor business to align with its strategic planning and business development needs[61]. - The company has increased its long-term equity investments to ¥71,690,828.89, representing 1.53% of total assets, an increase of 1.04% due to additional investment in Yancheng Haiwen[94]. - The company reported a significant reduction in accounts payable to ¥259,806,465.33, which is 5.53% of total assets, a decrease of 3.11% due to a reduction in supplier payments by ¥120 million[95]. Research and Development - The company’s R&D investment amounted to ¥81,844,785.41 in 2023, representing 2.38% of operating revenue, a decrease from 3.28% in 2022[90]. - The number of R&D personnel increased to 282 in 2023, up by 6.42% from 265 in 2022, with R&D personnel now accounting for 15.42% of the total workforce[89]. - Research and development expenses decreased by 7.57% to CNY 81,844,785.41[85]. - The company has initiated a new composite copper (aluminum) foil R&D project to enter a new market segment, which may face uncertainties due to external and internal factors[125]. Governance and Compliance - The company emphasizes compliance with governance regulations and has established a clear governance structure to protect shareholder interests[132]. - The board of directors has been actively fulfilling their responsibilities and maintaining the company's and shareholders' interests through various specialized committees[133]. - The company operates independently from its controlling shareholders, ensuring autonomy in business, personnel, and financial matters[135]. - The company has established an independent production, supply, and sales system, ensuring operational autonomy without reliance on shareholders or related parties[136]. - The company maintains complete independence in labor, personnel, and salary management, with strict adherence to legal procedures for the appointment of directors and senior management[137]. Shareholder Relations and Communication - The company plans to strengthen investor relations management and enhance communication with investors through various channels to protect minority shareholders' rights and increase investor confidence[120]. - The company actively engages with investors through various communication channels to enhance transparency[194]. - The company has a clear structure for the appointment and management of directors and senior executives, ensuring independence and compliance with regulations[143]. Employee Management and Remuneration - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 8.72 million CNY[162]. - The chairman and general manager, Chen Jianbo, received a total pre-tax remuneration of 2.67 million CNY[162]. - The company has a total of 2,615 employees receiving salaries during the reporting period[174]. - The company has implemented measures to protect employee rights and improve their satisfaction and safety[195]. Environmental and Social Responsibility - The company emphasizes a commitment to environmental protection and sustainable development, adhering to relevant laws and regulations[197]. - The company actively participates in social responsibility initiatives and supports local economic development[198].