泰祥股份(301192) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 reached ¥311,553,164.20, representing a 117.04% increase compared to ¥143,544,129.31 in 2022[25]. - The net profit attributable to shareholders decreased by 37.80% to ¥32,250,055.25 from ¥51,845,595.27 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was ¥26,542,832.42, down 50.97% from ¥54,137,015.76 in 2022[25]. - The total assets of the company increased by 35.92% to ¥822,760,316.02 at the end of 2023, compared to ¥605,312,696.54 at the end of 2022[25]. - The basic earnings per share decreased by 38.46% to ¥0.32 from ¥0.52 in 2022[25]. - The cash flow from operating activities was ¥36,477,544.25, a decrease of 31.83% from ¥53,513,347.60 in the previous year[25]. - The gross profit margin was 28.41%, down 26.54% year-on-year[62]. - The company achieved a sales revenue of 303.90 million yuan from main bearing covers and aluminum castings, accounting for 97.54% of total revenue[82]. - The company reported a total revenue of 69.37 million in the fiscal year 2023[163]. Dividend Distribution - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 99,900,000 shares[4]. - The total distributable profit for the year was 196,086,406.88 yuan, with the cash dividend representing 100% of the profit distribution[197]. - The company did not issue any bonus shares or increase capital from the capital reserve during the dividend distribution[197]. - The cash dividend policy was executed in accordance with the company's articles of association and was transparent and compliant[196]. Market Position and Industry Trends - In 2023, the automotive industry in China saw production and sales of 30.16 million and 30.09 million vehicles, respectively, marking a year-on-year growth of 11.6% and 12.0%[35]. - The market share of domestic passenger cars reached 56% in 2023, an increase of 6.1 percentage points year-on-year[35]. - The company is positioned within a rapidly growing automotive parts industry, benefiting from trends such as globalization and system integration in manufacturing[36]. - The automotive parts market is experiencing a trend towards globalization and system integration, providing growth opportunities for the company[55]. Research and Development - The company focuses on the research, manufacturing, and sales of automotive parts, specifically engine main bearing caps, aiming to become a global supplier of core components for power and transmission systems[38]. - The company has developed three patented technologies related to the casting methods of engine main bearing caps, which are utilized to supply products to global brands including Volkswagen[39]. - The company has received 3 new utility model patents during the reporting period, emphasizing its commitment to independent innovation[87]. - Significant breakthroughs were made in the R&D of new products, including the Audi EA897 framework main bearing cover, with 100% pass rate in sample submissions[87]. - The company invested approximately ¥15.49 million in R&D in 2023, representing 4.97% of its operating revenue, a decrease from 6.78% in 2022[105]. - The number of R&D personnel increased by 147.50% from 40 in 2022 to 99 in 2023, with a notable rise in younger employees under 30 years old by 220%[105]. Acquisitions and Partnerships - The acquisition of 99.13% of Hongma Technology was completed, expanding the company's capabilities in aluminum alloy precision die-casting for automotive components[41]. - The company has expanded its customer base through the acquisition of subsidiary Hongma Technology, which has established relationships with major clients such as FAW-Volkswagen and ThyssenKrupp[80]. - The company is actively seeking high-quality target enterprises in the new energy vehicle sector for potential acquisitions, focusing on R&D or startup companies with leading technologies[65]. Quality Management - The company adheres to the principle of "no defective products" in its quality management system, aiming to reduce defect rates and quality costs[53]. - The company has established a comprehensive quality management system based on IATF16949:2016 standards, ensuring high product quality[53]. - The company has achieved significant improvements in quality control through advanced casting processes and high-end machining equipment, resulting in superior product performance[78]. Risk Management - The company has outlined potential risks and countermeasures in the section on future development outlook in the management discussion[4]. - The company is responding to external economic challenges, including the impact of the global macroeconomic environment on its performance[61]. - The company faces risks from rising prices of raw materials such as pig iron, scrap steel, and aluminum alloys, which could impact profit margins and overall performance stability[145]. - The company is actively selecting multiple suppliers for monthly price comparisons to control raw material procurement costs amid rising prices of pig iron, scrap steel, and aluminum alloy[146]. Governance and Compliance - The company has a governance structure that complies with legal requirements and maintains independence from its controlling shareholder, ensuring no non-operational fund occupation[154]. - The company ensures equal access to information for all shareholders and complies with disclosure regulations, designating specific media for information dissemination[156]. - The company has established a performance evaluation system for senior management, which influences their annual remuneration[180]. - The company has a structured approach to compensating its supervisory board members, based on internal management systems[180]. Employee Management - The total number of employees at the end of the reporting period is 545, with 247 in the parent company and 298 in major subsidiaries[191]. - The company has implemented a stock incentive policy for core employees to retain key technical talent[193]. - The company has established a comprehensive training management system to enhance employee skills and support strategic goals[194]. - The company aims to maintain a salary level above the industry average to attract and retain talent[192].