GDTC(SH:688186)2024-04-29 11:38Financial Performance - The company's operating revenue for Q1 2024 was CNY 892,155,461.91, representing a year-on-year increase of 3.41%[4]. - The net profit attributable to shareholders decreased by 93.55% year-on-year, amounting to CNY 4,673,480.12[4][8]. - The net profit after deducting non-recurring gains and losses fell by 92.31% compared to the same period last year, totaling CNY 3,168,777.62[5][9]. - Basic earnings per share were CNY 0.02, down 93.58% year-on-year, while diluted earnings per share were CNY 0.03, a decrease of 91.18%[5][9]. - Total revenue for Q1 2024 reached ¥892,155,461.91, an increase of 3.2% compared to ¥862,706,303.43 in Q1 2023[19]. - Net profit for Q1 2024 was ¥10,216,434.91, a significant decrease of 86.7% from ¥76,895,341.33 in Q1 2023[20]. - Earnings per share for Q1 2024 were ¥0.02, down from ¥0.34 in Q1 2023[21]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -266,755,826.98, indicating a significant cash outflow[5]. - Cash flow from operating activities in Q1 2024 was negative at -¥266,755,826.98, compared to -¥135,059,468.68 in Q1 2023[23]. - The company experienced a net decrease in cash and cash equivalents of -$79.14 million, an improvement from -$596.00 million in the same quarter last year[24]. - The cash and cash equivalents at the end of Q1 2024 amounted to $290.50 million, compared to $502.61 million at the end of the previous year[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 10,836,718,766.88, reflecting a 1.66% increase from the end of the previous year[5]. - The total liabilities of the company as of March 31, 2024, were RMB 6,934,915,243.94, compared to RMB 6,772,236,416.13 as of December 31, 2023, showing an increase of approximately 2.41%[16]. - The company's current assets totaled RMB 5,080,996,312.08, up from RMB 4,957,622,061.11, indicating an increase of about 2.49%[15]. - Long-term borrowings rose to RMB 2,039,033,453.59 from RMB 1,994,950,393.07, reflecting an increase of about 2.21%[16]. Research and Development - Research and development expenses totaled CNY 37,092,795.97, a decrease of 22.79% year-on-year, accounting for 4.16% of operating revenue, down 1.41 percentage points[5][8]. - Research and development expenses decreased to ¥37,092,795.97 in Q1 2024 from ¥48,040,864.01 in Q1 2023, a reduction of 22.8%[20]. Shareholder Information - The company reported a total of 4,116,667 shares held by the Tianchuang 18 Private Securities Investment Fund Management Co., Ltd., indicating significant institutional investment[12]. - The top shareholder, Zhangjiagang Guoda Investment Holding Group Co., Ltd., holds 44,800,000 shares, representing a substantial stake in the company[12]. Operational Insights - The company experienced increased depreciation and financial costs due to capital increases and convertible bond projects, impacting net profit[8][9]. - The company plans to address the decline in gross margins due to lower bidding prices in the wind power sector and aims to improve pricing strategies for component products[8][9]. - The company has not reported any significant changes in its operational strategies or new product developments during this quarter[14]. Other Financial Metrics - The total operating costs for Q1 2024 were ¥886,727,093.98, up 10.9% from ¥799,198,646.75 in Q1 2023[19]. - The company reported a significant increase in sales expenses, which rose to ¥4,083,180.10 in Q1 2024 from ¥3,435,494.91 in Q1 2023, an increase of 18.8%[20]. - The company received tax refunds amounting to ¥5,231,839.05 in Q1 2024, compared to ¥3,159,026.46 in Q1 2023, indicating improved cash flow from tax activities[23].