VEICHI(SH:688698)2024-04-19 07:54Financial Performance - In 2023, the company achieved a revenue of 1,304.88 million CNY, representing a year-on-year growth of 44.03% [1] - The net profit attributable to shareholders was 190.80 million CNY, with a growth of 36.38% [1] - The net profit after deducting non-recurring gains and losses was 182.25 million CNY, increasing by 59.75% [1] - The gross margin for the main business was 38.49%, up by 2.07 percentage points from the previous year [1] Business Segmentation - Revenue from frequency converter products reached 813.84 million CNY, growing by 29.88% year-on-year [1] - Revenue from servo systems and control systems was 423.07 million CNY, with a year-on-year increase of 77.91% [1] Expense Overview - Total operating expenses for 2023 were 297.40 million CNY, accounting for 22.79% of revenue [2] - The increase in expenses was attributed to higher R&D investments, increased sales expenses to expand market share, and stock-based compensation [2] Market Expansion and Strategy - The company is focusing on expanding into new industries while maintaining its traditional markets, particularly in automation and smart manufacturing [2] - In 2023, overseas revenue was 313.71 million CNY, a growth of 54.64% compared to the previous year, primarily driven by demand from the Belt and Road Initiative and regions in Asia, Africa, and Latin America [3] - Plans for 2024 include strengthening existing markets while increasing efforts in Europe, the US, Japan, and South Korea [3] Product Development and Innovation - The company is actively developing new technologies in the fields of smart energy, robotics, and high-end equipment [2] - The introduction of the new ACH200 series high-voltage frequency converters aims to enhance the company's capabilities in project-based markets [3] - Continuous investment in R&D is expected to support the development of high-performance, reliable products for the renewable energy sector [2] Future Outlook - The company aims to leverage its existing technology in photovoltaic products to expand into energy storage systems and hydrogen energy solutions [2] - Emphasis on digital management transformation and comprehensive budget management to control expenses and improve operational efficiency [4]