硅宝科技(300019) - 2024 Q3 - 季度财报

Key Financial Data This section presents the company's key financial performance and position indicators (I) Key Accounting Data and Financial Indicators In Q3 2024, operating revenue increased by 35.52% year-over-year, while net profit attributable to shareholders decreased by 37.89%, with similar trends observed year-to-date 2024 Q3 and YTD Key Financial Indicators | Indicator | Current Period (Q3) | YoY Change in Current Period | Year-to-Date (YTD) | YoY Change in YTD | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (dollars) | 974,119,089.84 | 35.52% | 2,132,592,720.65 | 11.51% | | Net Profit Attributable to Shareholders (dollars) | 56,665,735.83 | -37.89% | 158,365,912.29 | -29.15% | | Net Cash Flow from Operating Activities (dollars) | -- | -- | 78,930,571.73 | -72.26% | | Basic Earnings Per Share (dollars/share) | 0.1449 | -37.89% | 0.4050 | -29.13% | | Weighted Average Return on Net Assets | 2.30% | -1.69% | 6.46% | -3.38% | Key Balance Sheet Indicators at Period End | Indicator | End of Current Period | End of Previous Year | Change from Previous Year End | | :--- | :--- | :--- | :--- | | Total Assets (dollars) | 3,942,061,353.91 | 3,220,515,119.98 | 22.40% | | Owners' Equity Attributable to Shareholders (dollars) | 2,501,390,361.69 | 2,438,572,229.53 | 2.58% | (II) Non-Recurring Gains and Losses Items and Amounts Year-to-date non-recurring gains and losses totaled $10.92 million, primarily from government grants and reversal of impairment provisions Non-Recurring Gains and Losses Details (Year-to-Date) | Item | Year-to-Date Amount (dollars) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -199,807.50 | | Government Grants Included in Current Profit/Loss | 6,312,731.06 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 3,150,829.02 | | Other Gains and Losses Defined as Non-Recurring | 3,540,055.65 | | Total | 10,922,517.79 | (III) Changes and Reasons for Key Accounting Data and Financial Indicators Significant changes in balance sheet items are primarily driven by the acquisition of Jiangsu Jiahao Hot Melt Adhesive Co., Ltd., increased customer receivables, and higher investment in construction projects - The acquisition of Jiangsu Jiahao Hot Melt Adhesive Co., Ltd. (Jiahao Co.) significantly impacted financial data, leading to increases in prepayments (+385.10%), inventories (+44.65%), intangible assets (+34.17%), and goodwill (+63.75%)[6][7] - Accounts receivable increased by 76.38% from the beginning to the end of the period, mainly due to increased receivables within customer credit terms[6] - Construction in progress increased by 48.66% from the beginning to the end of the period, primarily due to increased investment in key projects like the "50,000 tons/year Silicon-Carbon Anode Material and Special Adhesive for Lithium Batteries Project"[7] - Other payables surged by 976.00% from the beginning to the end of the period, mainly due to new unpaid equity payments from the acquisition of Jiahao Co.[7] Shareholder Information This section details the company's shareholder structure, including major holdings and restricted share changes (I) Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Shareholding of Top Ten Shareholders As of the reporting period end, the company had 30,861 common shareholders, with Sichuan Development Leading Capital Management Co., Ltd. as the largest shareholder at 16.31% - The total number of common shareholders at the end of the reporting period was 30,861[8] Top Five Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares | | :--- | :--- | :--- | :--- | | Sichuan Development Leading Capital Management Co., Ltd. | State-owned Legal Person | 16.31% | 64,117,989 | | Guo Dimin | Domestic Natural Person | 10.58% | 41,580,472 | | Wang Youzhi | Domestic Natural Person | 8.12% | 31,925,825 | | Yang Limei | Domestic Natural Person | 7.84% | 30,801,360 | | Wang Youhua | Domestic Natural Person | 2.93% | 11,535,100 | - Some major shareholders have acting-in-concert relationships: Wang Youzhi, his father-in-law Guo Dimin, and spouse Guo Bin are acting-in-concert parties; Yang Limei and Yang Liru are sisters, forming an acting-in-concert relationship[9] (III) Changes in Restricted Shares The total number of restricted shares increased from 47,456,389 at the beginning of the period to 47,816,389 at the end, primarily due to new restricted shares for directors and executives Restricted Shares Overview | Item | Number of Shares | | :--- | :--- | | Restricted Shares at Beginning of Period | 47,456,389 | | Restricted Shares Increased in Current Period | 360,000 | | Restricted Shares at End of Period | 47,816,389 | Other Significant Matters This section covers the company's third-quarter operations, the acquisition of Jiangsu Jiahao Hot Melt Adhesive Co., Ltd., and the 2023 restricted stock incentive plan 1. Third Quarter Operating Performance Q3 revenue grew by 35.52% driven by stable sales and the Jiahao acquisition, but net profit declined by 37.89% due to lower raw material prices - The company has defined six key business development directions: building adhesives, photovoltaic adhesives, electronic adhesives, automotive adhesives, coupling agents, and lithium battery materials[11] - Q3 revenue increased by 35.52% to $974.12 million, with the newly acquired Jiahao Co. contributing $270 million in revenue[11][12] - Q3 net profit attributable to shareholders decreased by 37.89% to $56.67 million, primarily due to a decline in product selling prices caused by falling raw material costs[12] 2. Acquisition of 100% Equity in Jiangsu Jiahao Hot Melt Adhesive Co., Ltd. The company completed the acquisition of 100% equity in Jiangsu Jiahao Hot Melt Adhesive Co., Ltd. in 2024 to expand its industrial layout and enhance competitiveness - Acquisition purpose: To improve industrial layout, expand into the hot melt pressure-sensitive adhesive business, and enhance overall competitiveness[13] - Key milestones: First closing completed on July 12, 2024, with Jiahao Co. included in consolidated financial statements; second closing completed on September 18, giving the company actual control of 76.4991% of Jiahao Co.'s equity[13] 3. Listing of First Tranche of Restricted Shares from 2023 Incentive Plan The first tranche of the 2023 restricted stock incentive plan was completed and listed on September 2, 2024, involving 220 participants and 2.052 million shares - The first tranche of the 2023 restricted stock incentive plan was completed and listed on September 2, 2024, involving 220 participants, 2.052 million shares, at an offering price of $7.96/share[14] Quarterly Financial Statements This section presents the company's consolidated financial statements for the third quarter (I) Financial Statements This section provides the consolidated balance sheet as of September 30, 2024, and the consolidated income statement and cash flow statement for the year-to-date period 1. Consolidated Balance Sheet As of the reporting period end, total assets reached $3.94 billion, total liabilities $1.34 billion, and owners' equity attributable to the parent company $2.50 billion, reflecting expansion through acquisition and investment Balance Sheet Key Items (Unit: dollars) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 3,942,061,353.91 | 3,220,515,119.98 | | Total Liabilities | 1,342,034,572.98 | 781,942,890.45 | | Total Owners' Equity Attributable to Parent Company | 2,501,390,361.69 | 2,438,572,229.53 | | Total Owners' Equity | 2,600,026,780.93 | 2,438,572,229.53 | 2. Consolidated Income Statement from Beginning of Year to End of Reporting Period For the first three quarters of 2024, total operating revenue was $2.13 billion, up 11.51%, but net profit attributable to parent company shareholders decreased by 29.15% due to faster growth in operating costs Income Statement Key Items (Unit: dollars) | Item | Current Period Amount (YTD) | Prior Period Amount (YTD) | | :--- | :--- | :--- | | I. Total Operating Revenue | 2,132,592,720.65 | 1,912,460,035.20 | | II. Total Operating Costs | 1,961,552,373.92 | 1,652,256,678.62 | | III. Operating Profit | 183,812,534.53 | 261,370,704.40 | | V. Net Profit | 160,910,876.75 | 223,520,851.58 | | Net Profit Attributable to Parent Company Shareholders | 158,365,912.29 | 223,520,851.58 | 3. Consolidated Cash Flow Statement from Beginning of Year to End of Reporting Period Net cash flow from operating activities for the first three quarters of 2024 significantly decreased by 72.26% to $78.93 million, while investing activities saw a substantial net outflow of $250.57 million Cash Flow Statement Key Items (Unit: dollars) | Item | Current Period Amount (YTD) | Prior Period Amount (YTD) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 78,930,571.73 | 284,527,562.75 | | Net Cash Flow from Investing Activities | -250,571,892.40 | -32,683,345.28 | | Net Cash Flow from Financing Activities | -53,868,440.71 | -203,384,512.38 | | Net Increase in Cash and Cash Equivalents | -225,038,709.44 | 48,530,470.75 | Audit Report This section confirms the company's third-quarter report is unaudited Audit Opinion The company's 2024 third-quarter report is unaudited - The company's third-quarter report is unaudited[22]