金龙羽豪掷12亿加码固态电池B面：减持阴云与豪气分红谜团

Core Viewpoint - Jinlongyu plans to invest 1.2 billion yuan to build a production line for key materials in solid-state batteries, signaling a strong commitment to the solid-state battery industry despite recent declines in revenue and net profit [2][9]. Financial Performance - In 2024, Jinlongyu's revenue is projected to be 3.67 billion yuan, a year-on-year decline of 6.5%, while the net profit attributable to shareholders is expected to be 140 million yuan, down 14.1% [6]. - The company has experienced three consecutive years of declining revenue, primarily due to a slowdown in construction projects and intensified industry competition [4][6]. - In 2023, the company fully provided for impairment losses on receivables from Evergrande Group, resulting in a profit reduction of 47 million yuan [5]. Dividend Policy - Jinlongyu plans to distribute a cash dividend of approximately 129 million yuan for the 2024 fiscal year, which represents 92.67% of the company's net profit for the period, a significant increase from previous years [6][7]. - The dividend payout ratio for 2023 was only 53%, indicating a substantial shift in the company's approach to shareholder returns [7]. Shareholder Dynamics - The controlling family of Jinlongyu holds a significant 73.24% stake in the company, which raises questions about the motivations behind the increased dividend amidst declining performance [7][8]. - There have been multiple instances of share reductions by the controlling family and executives, leading to concerns about the company's long-term strategy and commitment to its new ventures [11][12]. Strategic Initiatives - The company has established a new subsidiary, Jinlongyu New Energy (Shenzhen) Co., Ltd., with an investment of 200 million yuan, focusing on the research, production, and sales of solid-state batteries and their key materials [9]. - Jinlongyu's solid-state battery project is still in the early stages, with ongoing testing and development of key materials such as electrolytes and membranes [9][10].