Yanmade(688312)2024-04-24 11:44Financial Performance - The net profit attributable to shareholders for 2023 is RMB 68,562,591.15, with a distributable profit of RMB 349,084,828.84 as of December 31, 2023[6]. - The company plans to distribute a cash dividend of RMB 4.00 per 10 shares, totaling RMB 56,730,804.80, which represents 82.74% of the net profit attributable to shareholders for 2023[6]. - The total amount of cash dividends for 2023, including share repurchase, is RMB 105,897,343.43, exceeding the net profit by 154.45%[7]. - The company's operating revenue for 2023 was CNY 326,912,562.39, representing a 2.84% increase compared to CNY 317,883,404.87 in 2022[23]. - The net profit attributable to shareholders for 2023 decreased by 16.00% to CNY 68,562,591.15 from CNY 81,620,690.65 in 2022[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 52,297,179.21, down 17.66% from CNY 63,510,511.04 in the previous year[23]. - The net cash flow from operating activities for 2023 was negative CNY 4,713,352.61, a significant decrease of 105.73% compared to CNY 82,279,107.98 in 2022[23]. - The company's total equity attributable to shareholders was CNY 1,331.01 million, a decrease of 0.42% from the previous year[34]. - The company's main business sales revenue slightly increased in 2023, while gross profit margin slightly decreased, with foreign exchange gains negatively impacting net profit attributable to shareholders[35]. Research and Development - The company is focusing on the development of flexible printed circuits and related technologies to enhance product offerings[16]. - New product development initiatives are underway, particularly in the field of smart wearable devices and MEMS technology[16]. - Research and development (R&D) expenses accounted for 27.19% of operating revenue, down from 28.42% in 2022[24]. - R&D expenses for 2023 amounted to 88.88 million yuan, a decrease of 1.61% year-on-year, accounting for 27.19% of operating revenue[36]. - The company has a total of 260 R&D personnel, accounting for 34.44% of the total workforce, and employs a talent development strategy combining internal training and external recruitment[37]. - The company has made significant progress in new product development, including MEMS sensor testing equipment and automotive electronic testing devices, with orders being delivered to leading domestic customers[35]. - The company aims to enhance core technology and product iterations to meet customer demands effectively[34]. - The company is focusing on integrating artificial intelligence technology into testing equipment to enhance automation and adaptability in production processes[58]. - The company has developed core technologies in testing measurement, precision machinery, and automatic control, with several technologies in mass production and trial operation stages[59]. Market Strategy and Expansion - Future strategies include market expansion and potential mergers and acquisitions to strengthen competitive positioning[16]. - The company aims to improve operational efficiency through the adoption of machine vision and image processing technologies[16]. - The company is focusing on expanding its market presence in the automotive electronics sector, with a product coverage rate of over 80% for vehicle-mounted FPCA products[74]. - The company has established a wholly-owned subsidiary in Vietnam with a registered capital of 500,000 USD, which commenced production in October 2023 to serve Southeast Asian customers[36]. - The company plans to enter the European market in 2024, targeting a 20% market share within the first two years[137]. - The company has established R&D and production bases in Shenzhen and Hangzhou, with a new subsidiary in Vietnam to enhance service capabilities[129]. - The company is actively upgrading its core technologies annually to meet industry expansion and customer demand, ensuring continuous improvement in its product offerings[61]. Governance and Management - The company has maintained a robust governance structure, ensuring compliance with relevant laws and regulations, and enhancing operational transparency[133]. - The company’s board of directors includes specialized committees to provide professional advice for major decisions, ensuring effective governance[133]. - The total remuneration for key executives during the reporting period amounted to 590.20 million yuan, with no significant changes in shareholdings[136]. - The company has implemented strict internal controls and risk management for its subsidiaries to enhance operational efficiency[172]. - The board of directors is responsible for the compensation and assessment of senior management, with adjustments based on company performance and individual contributions[171]. - The company has established specialized committees under the board, including the audit committee and the strategic committee[146]. Risks and Challenges - The company faces risks related to reliance on Apple, with a significant portion of revenue derived from the Apple supply chain, which could impact financial performance if Apple’s market position weakens[84]. - The company is exposed to significant management risks as it scales up operations and increases personnel, necessitating enhanced management capabilities[85]. - The competitive landscape in the FPC testing industry is intensifying, posing risks to the company's market position and profitability[89]. - The company is at risk of inventory devaluation due to the custom production model and potential order cancellations[88]. - Seasonal fluctuations in revenue are evident, with core technology product sales concentrated in the second half of the year[87]. Employee and Compensation - The company has established a competitive salary and benefits policy, providing annual performance bonuses based on employee performance and company results[153]. - The total remuneration for core technical personnel at the end of the reporting period was 780,100 RMB[141]. - The company has implemented a training program for employees across different levels, enhancing overall employee quality and management capabilities[154]. - The company has a remuneration policy for directors and senior management based on business performance and market salary levels[141]. - The company has not established any employee stock ownership plans, with 0 employees holding shares and 0 shares held[191]. Environmental and Social Responsibility - The company reported an investment of 0.51 million CNY in environmental protection during the reporting period[177]. - The company did not incur any administrative penalties related to environmental issues during the reporting period[179]. - The company has established a complete human resources management system, focusing on employee safety and health, and enhancing communication channels[188]. - The company strictly adheres to labor laws and regulations, ensuring timely and full payment of social insurance and benefits to employees[189]. Investor Relations - The company actively engages with investors through various channels, holding 8 investor reception activities in addition to the earnings briefings[197]. - The company has implemented strict information disclosure practices, ensuring compliance with relevant laws and regulations to protect minority investors' interests[198]. - The company has conducted 3 earnings briefing sessions in 2023, including one on May 30, one on September 5, and one on November 9[197].