TTC(SH:600326)2024-04-23 12:21Financial Performance - In 2023, the company reported a net profit of -546,478,778.89 CNY, with a net profit attributable to the parent company of -536,273,546.76 CNY[4] - The distributable profit for 2023 was 749,912,568.83 CNY after accounting for previous undistributed profits and adjustments[4] - The company's operating revenue for 2023 was 4,086,454,355.14 CNY, representing a 6.27% increase compared to 2022[20] - The revenue after deducting non-core business income was 4,078,523,541.60 CNY, which is a 6.23% increase from the previous year[20] - The company did not declare any cash dividends for 2023 due to a loss, with earnings per share below 0.12 CNY[5] - The company’s financial report received a standard unqualified audit opinion from the accounting firm Xin Yong Zhong He[4] - The total net profit attributable to shareholders was -536.27 million RMB, a decrease of 38.40 million RMB from -497.87 million RMB in the previous year[30] - The total operating revenue for 2023 was 4.09 billion RMB, an increase of 241.15 million RMB or 6.27% from 3.85 billion RMB in 2022[24] - The basic earnings per share for 2023 was -0.45 RMB, compared to -0.54 RMB in 2022[26] - The weighted average return on net assets was -14.75% for 2023, a decline from -11.81% in the previous year[26] Segment Performance - The construction segment's revenue decreased by 328.67 million RMB, primarily due to project delays and completion of major projects in the previous year[24] - The building materials segment saw an increase in revenue of 569.07 million RMB, attributed to the recovery of market demand and increased sales prices[25] - The net profit attributable to shareholders for the construction segment was -372.17 million RMB, a slight improvement of 3.59 million RMB compared to -375.76 million RMB in the previous year[30] - The net profit for the building materials segment improved significantly, with a reduction in losses from -146.31 million RMB to -19.34 million RMB, an increase of 126.96 million RMB[30] - The trade segment reported a net loss of -0.16 million RMB, worsening from -0.04 million RMB, an increase in loss of 0.12 million RMB[35] - The investment segment experienced a net loss of -116.68 million RMB, a decline of 159.41 million RMB compared to a profit of 42.73 million RMB in the previous year[30] Cash Flow and Assets - The cash flow from operating activities was 223.65 million RMB, indicating a significant improvement compared to the previous year's cash flow[24] - The company reported a decrease in non-recurring losses, with a net profit of -402 million RMB, improving from -560 million RMB in the previous year[23] - The total assets at the end of 2023 were 13.71 billion RMB, a slight increase of 0.18% from 13.69 billion RMB at the end of 2022[24] - The company’s total current assets increased by 34.12% to approximately CNY 163.35 million, primarily due to the increase in prepaid VAT and pending certification[45] - The company’s accounts receivable increased significantly by 92.05%, from CNY 110.83 million to CNY 212.85 million[44] - The company reported a significant increase in intangible assets to 677.67 million RMB, up 37.47% primarily due to the acquisition of mining rights[110] Investments and Projects - The company has invested CNY 19.2958 million in the PPP project for the extension of Cai Zi Mountain Avenue, with a total investment of CNY 167.5638 million by the end of the reporting period[58] - The company has established a new construction investment company with an investment of CNY 7.75 million, holding a 77.5% stake, to implement municipal road and pipeline construction projects in Cengxi City[58] - The company is exploring new energy markets, including distributed photovoltaic projects, with investments in multiple solar energy initiatives totaling 6.24 MW[58] - The company has signed a total of 9 new projects during the reporting period, amounting to 763.59 million RMB[122] - The company is involved in the construction of the G318 line from Bomi to Lulang, with a total investment of 40.44 million and a completion rate of 10%[119] Strategic Initiatives - The company aims to enhance core functions and improve competitiveness through strategic management and investment in traditional industries[51] - The company plans to strengthen market expansion by establishing regional marketing centers and enhancing project communication and cooperation[53] - The company is focusing on integrating its concrete and aggregate businesses with cement operations to enhance strategic foresight and operational efficiency[56] - The company plans to enhance market marketing efforts and establish marketing centers to improve project management and profitability[168] - The company will implement a value management-centered financial management system, utilizing various capital market financing tools[167] Governance and Compliance - The company guarantees the independence of its assets, personnel, finance, and operations, ensuring no interference from the controlling shareholder[186] - The controlling shareholder committed to avoiding any activities that could harm the interests of the company and its minority shareholders[187] - The company has established a dedicated investor relations management system to enhance communication with investors[184] - The company has not experienced any incidents of insider information leakage or violations related to insider trading[183] - The company is committed to adhering to legal regulations and decision-making procedures to protect the interests of all shareholders[190] Research and Development - The company reported a total R&D investment of CNY 115.95 million, which is 2.84% of total operating income[101] - The number of R&D personnel is 434, accounting for 21.75% of the total workforce[102] - The company conducted significant research in high-altitude cement production technologies, with projects focusing on low-heat and medium-heat cement for high-altitude areas[106] - The company invested a total of 111.91 million yuan in 39 research projects during 2023, with 16 projects in construction, 22 in building materials, and 1 in information technology[106] Market Outlook - The overall outlook for the company remains positive, with expectations of continued growth in the construction materials sector driven by market recovery[73] - The company is actively expanding its qualifications in construction, having obtained multiple certifications to enhance its operational capabilities[62] - The company plans to invest in the research and promotion of high-grade and special cements, particularly for high-altitude applications[166] - The company is committed to enhancing environmental protection and carbon neutrality in its construction materials subsidiaries[160]