天洋新材(603330) - 2023 Q4 - 年度财报

Financial Performance - The company reported an undistributed profit of CNY 88,162,517.54 for the fiscal year 2023, with a proposed cash dividend of CNY 0.8 per 10 shares, totaling CNY 34,303,487.44, which accounts for 38.91% of the undistributed profit attributable to shareholders[6]. - The company's operating revenue for 2023 was CNY 1,325,361,963.89, a decrease of 7.06% compared to CNY 1,425,999,815.07 in 2022[23]. - The net profit attributable to shareholders of the listed company was CNY -94,208,715.73, compared to CNY -56,588,734.38 in the previous year, indicating a significant decline[24]. - The basic earnings per share for 2023 was CNY -0.22, compared to CNY -0.17 in 2022, reflecting a continued loss[25]. - The weighted average return on net assets decreased to -10.35% in 2023 from -5.41% in 2022, a decline of 4.94 percentage points[25]. - The total assets of the company at the end of 2023 were CNY 2,880,493,567.33, an increase of 25.36% from CNY 2,297,836,284.86 in 2022[24]. - The net assets attributable to shareholders of the listed company increased by 86.35% to CNY 1,795,820,504.57 from CNY 963,677,801.91 in the previous year[24]. - The company achieved a revenue of CNY 1,325.36 million in 2023, a decrease of 7.06% compared to the previous year[65]. - The net profit attributable to shareholders was CNY -94.21 million, down 66.48% year-on-year, with a net profit excluding non-recurring items of CNY -107.14 million, a decline of 59.22%[65]. Operational Developments - The company has a total of six wholly-owned subsidiaries and one majority-owned subsidiary, indicating a diversified operational structure[12]. - The company is focused on the development of new materials, particularly in the photovoltaic sector, which is a key area for future growth[12]. - The production capacity of photovoltaic encapsulation film increased from 116 million square meters per year at the end of 2022 to 220 million square meters per year by the end of 2023[32]. - The company has completed the upgrade of production equipment, achieving fully automated and high-precision management of the production process, which has improved product uniformity and reduced production losses[32]. - The company launched new products including low-acid EVA film for N-type batteries, EPE film, POE film, and skin film suitable for OBB batteries, enhancing its product line for market expansion[33]. - The company is currently in a capital investment phase, expanding production capacity and teams, which has not yet achieved economies of scale[25]. - The company is expanding its photovoltaic encapsulation film production capacity, with new bases in Suzhou and Nantong, expected to enhance market share and profitability[43]. - The company has established three new production bases for photovoltaic encapsulation film in 2023, benefiting from various government incentives[62]. Market Conditions - The company faced intensified competition in the photovoltaic film market, leading to a decrease in product prices and overall profit margins[25]. - The demand for interior wall decoration materials is driven by the increasing trend of renovating second-hand and old homes, with 61% of old homeowners seeking updates[46]. - The electronic adhesive market saw a 40% sales growth in the three-proof adhesive segment in the second half of 2023, with key clients including leading companies in the industry[36]. - The global photovoltaic market is expected to grow, with an estimated demand for photovoltaic encapsulation film reaching approximately 7.3 billion square meters by 2025, driven by a projected global installation of 390 GW in 2023, a 148.1% increase year-on-year in China[117]. Research and Development - The company has a strong R&D team and has been recognized as a key high-tech enterprise, allowing it to respond quickly to market changes and customer needs[59]. - The company increased its national authorized patents by 51 in 2023, totaling 197 patents, including 149 invention patents[60]. - The company is working on a high-efficiency PID-resistant encapsulation film, with industry-leading performance expected to significantly extend the lifespan of components[90]. - The company is developing a UV/UV+ heat dual-curing adhesive with high specific gravity and low viscosity, aimed at improving automation in production processes[92]. - The company is enhancing its three-proofing adhesive to improve its performance in terms of low skin irritation and high transparency, expanding its application range[91]. Environmental and Regulatory Compliance - The company has committed to maintaining stable emissions of industrial wastewater, waste gas, and noise within regulatory limits[197]. - The company has implemented various pollution control measures, including the use of closed and automated equipment to reduce emissions during production[188]. - The company has established a comprehensive environmental management system, focusing on pollution prevention and clean production practices[197]. - The company has received environmental impact approvals for multiple projects, including a 60,000-ton hot melt adhesive material project and a 1.5 billion square meter photovoltaic film production project[192][193]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[196]. Governance and Management - The board of directors and management confirm the authenticity, accuracy, and completeness of the annual report, taking legal responsibility for any misstatements[4]. - The company has established an investor relations management system to enhance communication with investors, ensuring timely responses to inquiries[148]. - The company has established a performance evaluation mechanism for senior management based on quarterly and annual operational targets[157]. - The company has not reported any major changes in competition or business operations affecting its independence[149]. - The company has established several specialized committees within the board, including the Audit Committee and the Strategic Committee, with specific members assigned to each[163].