Baolong Automotive(SH:603197)2024-04-26 09:31Financial Performance - In 2023, the company achieved a net profit of CNY 119,187,329.94, with a distributable profit for shareholders amounting to CNY 155,409,764.67 after accounting for statutory reserves and dividends paid[6]. - Basic earnings per share increased by 75.00% to CNY 1.82 in 2023, compared to CNY 1.04 in 2022[16]. - The weighted average return on equity rose to 14.08% in 2023, up from 9.11% in 2022, reflecting a significant improvement in profitability[16]. - The company reported a significant increase in the basic earnings per share after deducting non-recurring gains and losses, which rose by 243.90% to CNY 1.41 in 2023[16]. - The weighted average return on equity after deducting non-recurring gains and losses improved to 10.91% in 2023, compared to 3.55% in 2022[16]. - The net profit attributable to the parent company reached 37,883.35 million RMB, an increase of 16,469.64 million RMB, or 76.91% year-on-year[45]. - The company's operating revenue for the current period reached approximately RMB 5.9 billion, a year-on-year increase of 23.44% compared to RMB 4.78 billion[85]. - Net profit attributable to shareholders was ¥378,833,464.34, reflecting a significant growth of 76.92% from ¥214,131,034.23 in the previous year[136]. - The net profit after deducting non-recurring gains and losses surged by 251.91% to ¥293,515,927.29 from ¥83,406,375.69 in 2022[136]. - Cash flow from operating activities increased by 150.07% to ¥437,781,292.47, compared to ¥175,064,987.46 in 2022[136]. Revenue Growth - The company's main business revenue increased by 125,056.36 million RMB, representing a growth of 27.60% compared to the previous year[45]. - The overall revenue for the company in 2023 was ¥578,223.96 million, representing a 27.60% increase from ¥453,167.60 million in 2022[120]. - The automotive OEM market revenue reached ¥450,139.80 million, a year-on-year increase of 31.39% from ¥342,594.12 million in 2022[120]. - The automotive AM market revenue was ¥114,662.58 million in 2023, up 16.98% compared to ¥98,014.87 million in 2022[120]. - The total revenue for non-automotive sectors was ¥13,421.58 million in 2023, reflecting a 6.87% increase from ¥12,558.61 million in 2022[120]. - Revenue from the domestic market reached ¥276,746.70 million, a 47.19% increase from ¥188,016.86 million in 2022[143]. Market Performance - The company's automotive OEM business revenue share increased from 75.60% in 2022 to 77.85% in 2023, driven by growth in new businesses such as air suspension and sensors[22]. - In 2023, China's automotive production and sales reached 30.16 million and 30.09 million units, respectively, marking year-on-year growth of 11.6% and 12.0%[25]. - The production and sales of passenger vehicles in China reached 26.12 million and 26.06 million units, with year-on-year growth of 9.6% and 10.6%[25]. - Global automotive production and sales in 2023 were 89.65 million and 87.24 million units, respectively, with year-on-year growth of 8.7% and 9.8%[45]. - The penetration rate of air suspension systems in vehicles priced above 300,000 RMB reached 6.9% in 2023, with higher rates in other price segments[55]. - The company has become a leader in the global TPMS market, benefiting from increased demand in both OEM and aftermarket segments[55]. - The company sold 1,460.82 million passenger vehicles, with the contribution from self-owned brands rising from 50.4% in 2022 to 56.1% in 2023[147]. Research and Development - The company has committed to ongoing research and development in new products and technologies to enhance its market position and drive future growth[22]. - The company's R&D expenses accounted for 7.96% of operating revenue, with a total of approximately RMB 469.53 million invested in R&D, reflecting a 43.71% increase from the previous year[85][86]. - The company holds a total of 662 valid authorized patents globally as of December 31, 2023, indicating a strong focus on innovation and technology[86]. - The company employed 1,165 R&D personnel, constituting 17.45% of the total workforce[97]. Supply Chain and Operations - The company effectively improved supply chain efficiency, which helped mitigate the impact of raw material price fluctuations on overall gross profit[45]. - The company operates production and R&D centers in multiple locations, including Shanghai, Anhui, and overseas in the US, Germany, Poland, and Hungary[58]. - The company has established stable, long-term supply relationships with major global suppliers, enhancing its market position and product development capabilities[83]. - The company operates multiple production parks and R&D centers in China, North America, and Europe, exporting products to over 50 countries and regions, showcasing its international operational capabilities[83]. - The company has implemented a comprehensive digital management platform, integrating various systems to enhance operational efficiency and decision-making[83]. Cost Management - The company's operating costs increased in line with revenue growth, with no changes reported in sales and management expenses[60]. - Research and development expenses rose due to increased employee compensation and investment in molds and trial production[60]. - The company reported a total cost of ¥421,531.68 million, an increase of 25.36% compared to the previous year[92]. - The material costs for the automotive sector were ¥300,022.32 million, which is 71.17% of total costs[92]. - The labor costs in the automotive sector were ¥43,032.33 million, accounting for 10.21% of total costs[92]. - The company experienced a 33.50% increase in material costs compared to the previous year[92]. Corporate Governance - The company held its first extraordinary general meeting on June 5, 2023, approving multiple proposals including the issuance of convertible bonds[186]. - The second extraordinary general meeting on July 20, 2023, approved a proposal to change the investment project of raised funds[186]. - The third extraordinary general meeting on September 14, 2023, approved the 2023 stock incentive plan and related management measures[186]. - The company held 10 board meetings in the year, with 7 conducted via communication and 3 combining on-site and communication methods[194]. - The board approved the 2023 semi-annual report and related special reports on the use of raised funds[192]. - The company is preparing for the 2024 first extraordinary general meeting of shareholders[192].