ALD(SZ:300696)2024-04-23 12:32Financial Performance - Revenue in 2023 decreased by 37.69% to 349.71 million yuan compared to 561.23 million yuan in 2022[17] - Net profit attributable to shareholders in 2023 dropped by 67.62% to 68.86 million yuan from 212.63 million yuan in 2022[17] - Operating cash flow in 2023 surged by 1,113.76% to 450.17 million yuan from -44.41 million yuan in 2022[17] - Basic earnings per share in 2023 fell by 68.49% to 0.23 yuan from 0.73 yuan in 2022[17] - Total assets at the end of 2023 increased by 1.72% to 2.19 billion yuan compared to 2.15 billion yuan at the end of 2022[17] - Revenue in Q4 2023 was 68.90 million yuan, a significant drop from 150.10 million yuan in Q1 2023[19] - Net profit attributable to shareholders in Q4 2023 was -33.12 million yuan, compared to 56.40 million yuan in Q1 2023[19] - Non-recurring gains and losses in 2023 totaled 6.69 million yuan, down from 8.59 million yuan in 2022[24] - Revenue for 2023 was 349.71 million yuan, a decrease of 37.69% year-over-year[53] - Net profit attributable to shareholders was 68.86 million yuan, a decrease of 67.62% year-over-year[53] - The company's total revenue for 2023 was CNY 349.71 million, a decrease of 37.69% compared to 2022, with the aviation parts manufacturing sector accounting for 100% of the revenue[60] - Revenue from aircraft parts decreased by 37.41% to CNY 349.43 million, while revenue from ground equipment and other products dropped by 90.37% to CNY 282,869.11[60] - The Sichuan region contributed 94.69% of the company's revenue, amounting to CNY 331.16 million, a decrease of 38.97% year-over-year[60] - The company's gross margin for aviation parts manufacturing was 24.22%, a decrease of 27.77 percentage points compared to the previous year[61] - The top five customers accounted for 97.43% of the company's total sales, with the largest customer contributing 91.35% of the total sales[66] - The company's sales expenses increased by 69.84% to CNY 2.13 million, primarily due to business expansion and increased personnel and travel costs[68] - Financial expenses decreased by 83.84% to CNY -13.17 million, mainly due to increased monetary funds and improved capital efficiency management[69] - R&D expenses increased by 3.07% to CNY 23.99 million, reflecting continued investment in innovation and technology development[69] - R&D investment in 2023 was RMB 23,986,223.03, accounting for 6.86% of revenue, up from 4.15% in 2022[71] - Operating cash inflow increased by 120.48% to RMB 771,073,606.49 in 2023, driven by improved accounts receivable management[73][74] - Net cash flow from operating activities increased by 1,113.76% to RMB 450,173,320.04 in 2023[74] - Cash and cash equivalents increased from 478.16 million to 671.80 million, representing a growth of 8.48% in total assets[77] - Accounts receivable decreased from 725.37 million to 345.94 million, a reduction of 17.91% in total assets[77] - Fixed assets grew from 287.27 million to 454.86 million, an increase of 7.44% in total assets[78] - Construction in progress decreased from 135.53 million to 8.27 million, a reduction of 5.92% in total assets[78] - The company's total investment in the reporting period was 791.62 million, a decrease of 5.49% compared to the previous year[84] - The company's financial assets (excluding derivatives) increased from 175.36 million to 317.87 million, with a fair value change of 7.40 million[79] - The total investment in the aviation parts intelligent manufacturing center project is 434.31 million yuan, with a cumulative investment of 209.635 million yuan, achieving 48.27% of the planned progress[90] - The supplementary working capital project has a total investment of 60 million yuan, with a cumulative investment of 61.0662 million yuan, exceeding the planned investment by 101.78%[90] - The aviation parts intelligent manufacturing center is expected to reach the intended usable state by December 31, 2024, with a reported benefit of 1.256 million yuan[90][93] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a total of 293,152,983 shares as the base[3] - The company implemented a cash dividend distribution of RMB 2 per 10 shares for 2022, totaling RMB 58,631,298.60, completed on June 15, 2023[160] - For 2023, the company proposed a cash dividend of RMB 1 per 10 shares, totaling RMB 29,315,298.30, pending approval at the annual shareholders' meeting[161] - The company repurchased and canceled 3,510 restricted shares at RMB 4.44 per share in 2023, reducing the total share capital to 293,152,983 shares[164] - The 2023 restricted stock incentive plan was approved at the first extraordinary general meeting on February 8, 2023, with the board authorized to determine the grant date and manage the plan[166] - The company terminated the 2023 restricted stock incentive plan, canceling a total of 3.00 million shares, including 2.853 million shares already granted but not vested and 0.147 million shares not yet granted[167] - Senior executives received restricted stock grants, with the total number of restricted shares granted being 885,000 shares at a price of 13.39 yuan per share[168] Company Address and Contact Information - The company's registered address is located at No. 819, Tianqin Road, Western Park, High-tech Zone, Chengdu, with a postal code of 611731[13] - The company's office address is No. 18, Antai Second Road, High-tech West District, Chengdu, with a postal code of 611730[13] - The company's website is http://www.cdald.com, and the email address is sec@cdald.com[13] Board and Management Information - The company's board secretary is Chen Miao, and the securities affairs representative is Jiang Wenting[14] - Wang Huaiming, male, born in 1963, Chinese nationality, PhD in Agricultural Economics and Management, currently serves as an independent director of Chengdu Aero Engine Manufacturing Co., Ltd. since November 2021[133] - Li Bailin, male, born in 1962, Chinese nationality, PhD in Engineering, currently serves as an independent director of Chengdu Aero Engine Manufacturing Co., Ltd. since November 2021[134] - Ding Hongtao, male, born in 1964, Chinese nationality, Bachelor's degree in Mechanical Manufacturing Engineering, currently serves as the Chairman of the Supervisory Board of Chengdu Aero Engine Manufacturing Co., Ltd. since 2015[135] - Liu Yiping, male, born in 1959, Chinese nationality, PhD in Industrial Economics and Management, currently serves as a supervisor of Chengdu Aero Engine Manufacturing Co., Ltd. since February 2023[136] - Jiang Wenting, female, born in 1990, Chinese nationality, Bachelor's degree in International Economics and Trade, currently serves as the Employee Representative Supervisor of Chengdu Aero Engine Manufacturing Co., Ltd. since November 2018[136] - Liu Xiaofen, female, born in 1982, Chinese nationality, MBA candidate at Peking University, currently serves as the General Manager of Chengdu Aero Engine Manufacturing Co., Ltd. since November 2021[137] - Wei Xuesong, male, born in 1967, Chinese nationality, Bachelor's degree in Chemical Engineering, currently serves as the Vice President of Chengdu Aero Engine Manufacturing Co., Ltd. since 2008[138] - Wang Qi, male, born in 1969, Chinese nationality, Bachelor's degree in Metal Materials Engineering, currently serves as the Chief Engineer of Chengdu Aero Engine Manufacturing Co., Ltd. since November 2021[139] - Li Shun, male, born in 1982, Chinese nationality, Bachelor's degree in Mechanical Design and Manufacturing, currently serves as the Vice President of Chengdu Aero Engine Manufacturing Co., Ltd. since 2015[140] - Wang Yanqiu, female, born in 1990, Chinese nationality, Master's degree in Accounting, currently serves as the CFO of Chengdu Aero Engine Manufacturing Co., Ltd. since September 2023[141] - Total remuneration for directors, supervisors, and senior management in the reporting period amounted to 5.5145 million yuan[144] - Chairman Xie Peng received a pre-tax remuneration of 437,400 yuan[145] - Vice Chairman Yang Youxin received a pre-tax remuneration of 766,100 yuan[145] - Independent directors Li Bailin and Wang Huaiming each received a pre-tax remuneration of 90,000 yuan[145] - General Manager Liu Xiaofen received a pre-tax remuneration of 699,200 yuan[145] - Deputy General Manager Wei Xuesong received a pre-tax remuneration of 675,500 yuan[145] - Chief Engineer Wang Qi received a pre-tax remuneration of 562,000 yuan[145] - Deputy General Manager Li Shun received a pre-tax remuneration of 553,300 yuan[145] - Board Secretary and Deputy General Manager Chen Miao received a pre-tax remuneration of 485,800 yuan[145] - Financial Director Wang Yanqiu received a pre-tax remuneration of 153,100 yuan[145] Industry and Market Trends - The company's aerospace manufacturing sector is part of China's strategic emerging industries, focusing on national defense and civil aviation needs[28] - China's defense budget increased by 7.2% in 2024, maintaining a stable growth trend[29] - Global passenger aircraft fleet is expected to reach 48,455 by 2042, with 43,644 new aircraft deliveries[30] - China is projected to account for 21% of global passenger aircraft deliveries from 2023 to 2042, with 9,171 aircraft[30] - Airbus forecasts 40,850 new passenger and cargo aircraft deliveries over the next 20 years, including 32,630 narrow-body and 8,220 wide-body aircraft[31] - By 2030, China aims to establish a new model for general aviation industry development, targeting a trillion-yuan market size[33] Research and Development - The company specializes in precision manufacturing of military and civilian aircraft parts, engine components, and large aerospace structures[35] - The company has enhanced its CNC precision machining capabilities, particularly for 3D printed materials and complex parts[36] - The company has developed a full-process supply chain management capability, from raw material procurement to final assembly[37] - The company's procurement model includes customer-supplied materials, raw material purchases, and component assembly[39] - The company has established strict control procedures for supplier development, evaluation, and management[40] - The company achieved breakthroughs in the design and manufacturing of aircraft fuel system components, winning bids for external fuel tank projects on a specific helicopter model[54] - The company focused on the development of 3D printing material parts, solving multiple high-difficulty technical challenges and establishing stable strategic relationships with customers[55] - The company holds 58 patents, including 5 invention patents and 53 utility model patents, with 12 invention patents and 2 utility models under review[49] - The company is a major supplier for key, important, and complex parts in the aviation industry, with significant expertise in titanium alloy, high-strength steel, and nickel-based superalloy processing[48] - The company has established a full-process capability in aviation parts manufacturing, covering CNC precision machining, special process treatment, and component assembly[46] - The company has been recognized as an "A-level supplier" and has received multiple "Excellent Supplier" and "Gold Supplier" awards from key clients[51] - The company has a strong quality control system, having passed audits from major aviation manufacturers including Airbus, Boeing, and GE[50] - The company is actively expanding into new material fields through mergers and acquisitions, leveraging its capital market platform[44] - The company acquired a 52% stake in Chengdu Xirui Fangxiao Technology Co., Ltd., a high-tech enterprise specializing in polymer materials, to expand into the non-metallic new materials sector, marking a strategic move towards its second growth curve[56] - The small fuel system R&D project aims to increase helicopter fuel storage capacity and improve operational range and efficiency, currently in progress[70] - The aviation small parts four-axis flexible intelligent production line research project has been completed, reducing processing costs and improving production efficiency[70] - The 2M flexible intelligent automation production line research project for aviation structural parts has been completed, saving 20% in process development time and reducing machining costs by 47%[70] - The online measurement and processing method research project for precision castings in five-axis machining has been completed, enhancing market competitiveness[70] - The rapid switching processing technology R&D project for external clamping has been completed, improving small parts processing efficiency[71] - The efficiency and surface quality improvement research project for large frame aluminum parts has been completed, increasing rough machining efficiency by 20%[71] Corporate Governance and Internal Control - The company's annual report is disclosed on the Shenzhen Stock Exchange website (http://www.szse.cn) and other media platforms[15] - The company's annual report is available at the Securities Affairs Department located at No. 18, Antai Second Road, High-tech West District, Chengdu[15] - The company's auditor is ShineWing Certified Public Accountants (Special General Partnership), located at 8th Floor, Tower A, Fuhua Mansion, 8 Chaoyangmen North Street, Dongcheng District, Beijing[16] - The signing accountants for the audit report are Tang Songbai and Wang Lulu[16] - The company received an "A" grade in the 2022-2023 information disclosure assessment by the Shenzhen Stock Exchange, reflecting its commitment to transparency and compliance[121] - The company maintains complete independence in assets, personnel, finance, and operations, with no overlap or interference from controlling shareholders or related parties[122][123] - The 2023 first extraordinary general meeting had a 48.51% investor participation rate, while the 2022 annual general meeting saw a 48.76% participation rate[124] - Key executives, including Chairman Xie Peng and Vice Chairman Yang Youxin, hold significant shares in the company, with no changes in their holdings during the reporting period[126] - The company's directors actively participated in board meetings and provided suggestions on audit work, internal control, and strategic planning, all of which were adopted during the reporting period[149] - The Audit Committee held 4 meetings in 2023, reviewing key matters such as the 2022 annual report, financial statements, profit distribution, and internal control self-assessment[150] - The Strategic Committee held 1 meeting in April 2023 to discuss the company's 2022 operational summary and 2023 development plan, proposing strategic adjustments based on market conditions[154] - The Compensation and Evaluation Committee held 3 meetings in 2023, approving the company's restricted stock incentive plan and the list of incentive recipients[154] - The company's internal control self-assessment report for 2022 was reviewed and approved by the board, indicating no significant control deficiencies[150] - The company's non-operating fund usage and related party transactions for 2022 were reviewed and approved by the board, with no significant issues reported[150] - The company's use of idle raised funds and self-owned funds for cash management was approved by the board in August 2023[153] - The company's financial director was replaced in September 2023, with the board approving the change[153] - The company's 2023 third-quarter report was reviewed and approved by the board in October 2023[153] - The company's 2023 restricted stock incentive plan was approved by the board, with the first batch of incentive recipients granted in February 2023[154] - The company's internal control system covers 100% of the total assets and revenue of the consolidated financial statements, focusing on internal environment, risk assessment, control activities, information and communication, and internal supervision[169] - The company has established a comprehensive organizational structure with clear responsibilities and separation of duties, including departments such as finance, R&D, production, and quality control[173] - The company's development strategy is formulated based on macroeconomic policies, market demand, and industry competition, with implementation plans and performance evaluations to ensure strategic goals are met[175] - The company has established a comprehensive risk management system, identifying and assessing internal and external risks, and implementing strategies such as risk avoidance, reduction, sharing, and acceptance to effectively control risks[178] - The company has implemented a skill matrix model to dynamically manage employee skill levels and enhance professional capabilities through specialized training[176] - The company has established a multi-level supervision system, including the Board of Supervisors, Audit Committee, and internal audit department, to oversee internal control management[194] - The company has developed a series of financial management systems, including the "Monetary Fund Management and Control System" and "Fundraising Management System," to ensure the safety and effective operation of funds[181] - The company has established a supplier evaluation mechanism to regularly assess and classify suppliers, effectively standardizing supplier management and constraint mechanisms[183] - The company has set up a design and development department and a technical department responsible for new product development, product improvement, and intellectual property management[185] - The company has formulated a "Related Party Transaction Management System" to ensure that related party transactions comply with the principles of fairness, justice, and transparency[186] - The company has established a "Major Investment Management System" to clarify the decision-making authority and procedures for major investment projects, as well as the responsibilities of the execution department[188] - The company has developed a "Fundraising Management System" to standardize the storage, use, management, and supervision of fundraising funds, ensuring the efficient use of fundraising funds[190] - The company has established a "Financial Report Management System" to ensure the authenticity, completeness, and timely disclosure of financial reports[191] - The company's internal control evaluation report was fully disclosed on April 24, 202