Sanmei(SH:603379)2024-04-29 10:09Financial Performance - The company's operating revenue for Q1 2024 was RMB 958,608,904.06, representing a year-on-year increase of 23.28%[4] - The net profit attributable to shareholders was RMB 154,292,124.48, showing a significant increase of 672.53% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 154,335,459.55, up by 610.63% year-on-year[4] - The basic earnings per share for the period was RMB 0.25, reflecting a remarkable increase of 733.33%[4] - Total operating revenue for Q1 2024 reached approximately $958.61 million, a 23.2% increase from $777.60 million in Q1 2023[16] - Net profit for Q1 2024 was approximately $154.29 million, compared to $19.97 million in Q1 2023, representing a significant increase of 671.5%[17] - Operating profit for Q1 2024 was approximately $184.40 million, compared to $30.41 million in Q1 2023, marking an increase of 505.5%[16] - Basic earnings per share for Q1 2024 were $0.25, compared to $0.03 in Q1 2023, indicating a substantial increase[17] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 38.47% to RMB 137,126,386.76, primarily due to increased cash payments for goods and services[4] - Cash flow from operating activities for Q1 2024 was approximately $137.13 million, down 38.3% from $222.85 million in Q1 2023[19] - The company reported a net cash inflow from operating activities of approximately $864.26 million in Q1 2024, compared to $782.22 million in Q1 2023, an increase of 10.5%[19] - The net increase in cash and cash equivalents was $13.46 million, a decrease from $140.19 million in the prior period, showing reduced liquidity growth[20] - The cash and cash equivalents balance at the end of the period was $3.14 billion, down from $3.62 billion at the end of the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 6,815,521,170.61, a slight increase of 1.29% from the end of the previous year[4] - The company's total current assets reached CNY 4,304,652,239.16, slightly up from CNY 4,283,018,207.32, indicating a growth of about 0.50%[12][14] - Accounts receivable increased significantly to CNY 352,531,664.72 from CNY 278,715,885.77, marking a rise of approximately 26.4%[12] - Inventory decreased to CNY 465,049,860.75 from CNY 543,350,663.45, reflecting a decline of about 14.4%[12] - The total liabilities of the company decreased to CNY 740,149,594.40 from CNY 836,468,902.28, a reduction of approximately 11.5%[14] - The company's equity attributable to shareholders increased to RMB 6,075,371,576.21, up by 3.10% from the previous year[5] - The company's equity attributable to shareholders rose to CNY 6,075,371,576.21 from CNY 5,892,485,705.60, an increase of about 3.1%[14] - The company reported a decrease in short-term borrowings, with current liabilities totaling CNY 724,433,824.10, down from CNY 820,146,814.33, a decline of approximately 11.6%[14] Expenses and Costs - Research and development expenses increased to approximately $15.44 million in Q1 2024, up from $8.82 million in Q1 2023, reflecting a 75.5% increase[16] - Total operating costs for Q1 2024 were approximately $774.75 million, a slight increase of 3.0% from $752.33 million in Q1 2023[16] - Tax expenses for Q1 2024 amounted to approximately $28.98 million, compared to $6.14 million in Q1 2023, reflecting a 372.5% increase[16] Non-Recurring Items - The company reported non-recurring gains and losses totaling RMB -43,335.07 for the period, primarily due to various factors including government subsidies and asset disposal losses[6] Financial Reporting and Governance - The report was issued by the board of directors on April 30, 2024, confirming the financial results for the first quarter of 2024[20] - The company did not apply new accounting standards or interpretations for the first time in 2024, maintaining consistency in financial reporting[20]