JCF(SZ:000420)2024-04-28 07:42Financial Performance - The company's operating revenue for 2023 was approximately ¥3.74 billion, an increase of 1.83% compared to ¥3.67 billion in 2022[21]. - The net profit attributable to shareholders was approximately ¥32.19 million, a significant turnaround from a loss of ¥91.45 million in the previous year, representing a 135.20% increase[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥14.91 million, up 147.24% from a loss of ¥31.56 million in 2022[21]. - Basic earnings per share were ¥0.0131, a recovery from a loss of ¥0.0399 in the previous year, marking a 132.83% improvement[21]. - The revenue from viscose fiber decreased by 15.47% to approximately ¥2.69 billion, accounting for 71.95% of total revenue[59]. - Carbon fiber product revenue surged by 188.68% to approximately ¥366.17 million, representing 9.80% of total revenue[59]. - The gross margin for viscose fiber products was 21.47%, down from the previous year, while carbon fiber products experienced a gross margin decline to -33.83%[61]. - The company achieved a revenue of CNY 3,736.73 million in the reporting period, representing a year-on-year increase of 1.83%[50]. - The company reported a total revenue of 196 million for the reporting period[112]. Cash Flow and Assets - The cash flow from operating activities was approximately ¥243.00 million, a decrease of 26.03% compared to ¥328.51 million in 2022[21]. - Total assets at the end of 2023 were approximately ¥10.69 billion, an increase of 1.63% from ¥10.51 billion at the end of 2022[21]. - The total amount of fixed assets at the end of 2023 was ¥6,153,524,713.06, which is an increase of 2.34% from ¥5,808,475,247.76 at the beginning of the year[76]. - The net increase in cash and cash equivalents decreased by 179.03% to -¥230,121,174.23 in 2023 from an increase of ¥291,165,991.90 in 2022[74]. Production and Capacity - The carbon fiber production capacity in China reached 140,800 tons in 2023, representing a 25.7% increase compared to 2022, and accounting for 47.7% of the global market share[33]. - The company's viscose filament yarn production capacity is approximately 80,000 tons per year, with a high export ratio that continues to rise, serving over 20 provinces in China and multiple countries including Japan and Germany[36]. - The production capacity utilization rate for viscose filament reached 85.80% with a design capacity of 80,000 tons[40]. - The production volume of viscose short fibers increased significantly by 681.75% to 8,740 tons in 2023 from 1,118 tons in 2022[17]. Strategic Initiatives - The company aims to leverage state-owned platform advantages and local resource support to accelerate project capacity release and market expansion[35]. - The company is focusing on differentiated product strategies in the viscose filament yarn sector to enhance market control and drive innovation[36]. - The company is committed to enhancing its market share in the carbon fiber sector by focusing on real-time market opportunities and refined management practices[35]. - The company is pursuing a strategic shift towards carbon fiber production, aiming to establish a leading position in this emerging industry[92]. - The company plans to optimize its product structure, particularly in viscose filament, to meet customer demands and solidify its market position[91]. Research and Development - The company holds 12 utility model patents and 15 invention patents, enhancing its R&D capabilities in viscose fiber production[40]. - Research and development expenses in 2023 were ¥4,832,688.06, showing a slight decrease of 1.12% from ¥4,887,449.80 in 2022[72]. - The company aims to enhance its core competitiveness by advancing R&D in carbon fiber and other new materials, focusing on high value-added products and international market expansion[91]. - The company plans to increase R&D investment and accelerate the construction of carbon fiber projects to achieve mass production and expand market reach[99]. Governance and Compliance - The company emphasizes strict compliance with corporate governance and internal control to enhance the quality of the listed company[53]. - The company maintains a strong governance structure, adhering to relevant laws and regulations, and has updated its articles of association to improve operational standards[105]. - The company has established independent financial and operational systems, ensuring no interference from the controlling shareholder[106]. - The company is committed to protecting the rights of all shareholders, especially minority shareholders, ensuring equal access to information and rights[171]. Environmental and Safety Practices - The company is committed to environmental governance, implementing a comprehensive environmental management system and emergency response plans for environmental incidents[54]. - The company emphasizes environmental protection and has implemented measures for clean production and energy conservation, effectively reducing production costs[175]. - The company has established an emergency response plan for environmental incidents, which has been filed with the Jilin City Environmental Emergency Management Center[169]. - Safety production is prioritized, with measures in place to manage risks associated with corrosive and flammable materials used in fiber production[100]. Market and Sales - Domestic sales accounted for 64.12% of total revenue, increasing by 9.27% year-on-year, while international sales decreased by 9.22% to 35.88% of total revenue[59]. - The sales model primarily focuses on direct sales, which accounted for 63.54% of total revenue, while distribution sales contributed 36.46%[59]. - The company is focused on integrating its supply chain and enhancing resource allocation to mitigate risks associated with raw material price volatility[97]. Human Resources - The total number of employees at the end of the reporting period is 4,750, with 4,637 from the parent company and 113 from major subsidiaries[150]. - The company has 4,459 production personnel, 18 sales personnel, 189 technical personnel, 16 financial personnel, and 68 administrative personnel[150]. - Training programs are in place to enhance the skills and competencies of employees across various levels and positions[152]. Risks and Challenges - The company faces risks from raw material price fluctuations and industry cyclicality in 2024[3]. - The company anticipates challenges from global economic fluctuations and industry cycles but remains optimistic about the recovery of viscose fiber demand in the foreseeable future[96]. - The company faces risks in carbon fiber product development due to high R&D costs and a lengthy industrialization cycle, with domestic technology lagging behind international standards[99].