XCC(SH:603667)2024-04-26 13:58Financial Performance - The net profit attributable to shareholders for 2023 is CNY 138,178,338.30, while the net profit for the parent company is CNY 92,486,219.66[5]. - The company's operating revenue for 2023 was CNY 3,106,080,205.94, a decrease of 2.95% compared to CNY 3,200,337,870.16 in 2022[23]. - The net profit attributable to shareholders for 2023 was CNY 138,178,338.30, down 6.49% from CNY 147,767,742.09 in 2022[23]. - The net profit after deducting non-recurring gains and losses increased by 29.07% to CNY 123,494,439.09 from CNY 95,683,636.39 in 2022[23]. - The basic earnings per share for 2023 were CNY 0.40, a decrease of 16.67% from CNY 0.48 in 2022[24]. - The weighted average return on equity for 2023 was 5.35%, down from 6.97% in 2022, a decrease of 1.62 percentage points[24]. - The total assets at the end of 2023 were CNY 4,714,603,298.27, an increase of 6.97% from CNY 4,407,370,517.88 at the end of 2022[23]. - The company's net assets attributable to shareholders increased by 25.85% to CNY 2,900,383,602.54 at the end of 2023 from CNY 2,304,637,182.62 at the end of 2022[23]. Dividends and Retained Earnings - The proposed cash dividend is CNY 1.80 per share (including tax), totaling CNY 66,344,603.04 based on the total share capital of 368,581,128 shares as of December 31, 2023[5]. - The company has a retained earnings of CNY 582,388,776.06 available for distribution to shareholders after accounting for the legal surplus reserve and previous dividends[5]. - The company has a legal surplus reserve of CNY 9,248,621.97, which is 10% of the parent company's net profit for the year[5]. - The company plans to maintain the cash dividend amount even if there are changes in the total share capital before the dividend distribution date[6]. Risks and Compliance - There are no significant risks that materially affect the company's operations during the reporting period[9]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company emphasizes the importance of risk awareness regarding forward-looking statements related to future sales targets and operational plans[7]. - The audit report issued by Tianjian Accounting Firm confirms the accuracy and completeness of the financial statements[4]. Market and Industry Insights - The bearing industry generated revenue of CNY 1,788.57 million, a decrease of 5.12%, while the automotive parts industry saw a revenue increase of 9.29% to CNY 429.64 million[66]. - In 2023, China's bearing production reached approximately 27.5 billion units, a year-on-year increase of 6.18%, indicating strong market demand[37]. - The automotive industry saw a year-on-year increase in production and sales, with new energy vehicles achieving a record high, with production and sales of 9.587 million units, up 35.8% and 37.9% respectively[38]. - The company aims to capture the electric vehicle bearing market, having successfully developed a full range of bearings for new energy vehicles[95]. Research and Development - The company has a strong R&D capability, recognized as a national high-tech enterprise with multiple research centers and a dedicated technical team[49]. - The company is focusing on the development of precision manufacturing technologies for automotive components, including airbags and power drive components for new energy vehicles[43]. - The company has made significant advancements in automotive thermal management systems, developing new products such as thermal management hoses and integrated modules for electric vehicles[44]. - Research and development expenses amounted to CNY 101,332,603.33, representing 3.26% of total operating revenue[74]. Corporate Governance and Management - The company has a diverse board with members holding positions in various industries, enhancing strategic partnerships and market insights[120]. - The total remuneration for all directors, supervisors, and senior management was 5.483 million yuan[123]. - The company has implemented a performance evaluation system for senior management linked to their responsibilities and contributions[148]. - The company held 15 board meetings in 2023, discussing various proposals including daily related transactions and share repurchase plans[125]. Environmental and Social Responsibility - The company has invested CNY 7.5 million in environmental protection during the reporting period[151]. - The company has committed a total of CNY 366,900 to various charitable activities, including donations to support impoverished families and educational initiatives[164]. - The company has established an emergency response plan for environmental incidents, which was filed with the local environmental bureau[156]. - The company has achieved a wastewater discharge standard of Class III as per the "Comprehensive Wastewater Discharge Standard" (GB8978-1996)[160]. Future Outlook and Strategic Initiatives - Future guidance indicates an expected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[110]. - The company plans to strengthen strategic cooperation and increase R&D investment to achieve disruptive innovations in new application areas[61]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales in that region[112]. - The company is committed to improving customer value by addressing industry pain points and enhancing quality and cost-effectiveness[94].