PRET(002324)2025-04-18 15:05Financial Performance - The company's operating revenue for 2024 was ¥8,313,536,922.11, a decrease of 4.54% compared to ¥8,709,374,461.11 in 2023[19] - The net profit attributable to shareholders for 2024 was ¥141,145,337.48, representing a significant decline of 69.86% from ¥468,373,615.70 in 2023[19] - The basic earnings per share for 2024 decreased to ¥0.1284, down 71.20% from ¥0.4458 in 2023[20] - The total assets at the end of 2024 were ¥11,708,942,758.93, a decrease of 1.67% from ¥11,907,209,778.35 at the end of 2023[20] - The net assets attributable to shareholders at the end of 2024 were ¥4,310,191,589.52, a slight decrease of 0.14% from ¥4,316,249,794.20 at the end of 2023[20] - The cash flow from operating activities for 2024 was negative at -¥196,809,618.41, a decline of 123.55% compared to ¥835,719,523.37 in 2023[19] - The company has experienced a significant drop in net profit, with a decrease of 75.41% in net profit after deducting non-recurring gains and losses, totaling ¥106,464,701.90 in 2024[19] - The weighted average return on equity for 2024 was 3.28%, down from 13.32% in 2023, indicating a decline in profitability[20] - The company has reported uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[20] Revenue Breakdown - The modified plastics industry accounted for 76.11% of total revenue, while the new energy battery industry contributed 23.89%[101] - The revenue from general modified materials increased by 13.51% year-on-year, reaching CNY 3,799,705,015.54[101] - In the new energy battery sector, revenue reached approximately ¥1.99 billion, down 2.64% year-on-year, with a gross margin of 2.69%, down 15.55% compared to the previous year[105] - Domestic sales accounted for approximately ¥7.70 billion, representing a 14.79% increase year-on-year, while international sales were approximately ¥609 million, up 15.31%[105] Market Trends and Projections - The modified materials industry is projected to see a production increase to over 30 million tons in 2024, with a modification rate expected to rise further by 2025[30] - The ICT materials market is anticipated to grow, with China's enterprise-level ICT market expected to reach $269.36 billion in 2024, reflecting an 11.7% year-on-year growth[32] - The new energy vehicle market in China achieved a penetration rate of 40.9% in 2024, with a significant increase in market scale[33] - The global electric tool shipment volume grew by 24.8% in 2024, reaching 570 million units, indicating strong demand in the sector[33] Technological Advancements - The company is focusing on technological innovation and global expansion to strengthen its position in the renewable energy sector[34] - The company has made significant technological advancements in lightweight materials, electric materials, and intelligent materials, particularly in the automotive sector, enhancing product quality and market share[36] - The company has developed a full range of sodium-ion battery products, with new models entering the trial production stage and significant progress in strategic partnerships for special vehicle applications[43] - The company has achieved breakthroughs in high-capacity cylindrical batteries, with the 18 series reaching 3.5 Ah and the 21 series reaching 5.6 Ah[41] Investment and Capacity Expansion - The company has added 50,000 tons of new capacity during the reporting period, with 230,000 tons currently under construction, aiming to meet the increasing demand for modified materials in the automotive sector[66] - The company has invested 800 million yuan in 2023 to enhance its new energy business segment, which was established through a strategic reorganization in 2022[66] - The company operates 11 new material manufacturing bases globally, with a new facility in Tianjin expected to be operational by the end of 2025, producing 150,000 tons[67] - The company has a current new energy battery capacity of 15.3 GWh, with an additional 2.5 GWh under construction, aiming to enhance market share in electric tools and energy storage[68] Risk Management and Challenges - The company is facing challenges in the new energy sector due to macroeconomic conditions and supply-demand imbalances, impacting production efficiency[131] - The company faces risks related to macroeconomic uncertainties and industry fluctuations, particularly in the automotive and energy storage sectors, which could impact demand for modified materials and overall profitability[171] - The company is implementing measures to mitigate risks from raw material price fluctuations, particularly those linked to international oil prices and lithium carbonate, by establishing appropriate inventory policies[174] Corporate Governance and Shareholder Engagement - The company is committed to maintaining a high level of transparency and shareholder engagement through regular meetings[197] - The company held its fourth extraordinary general meeting on October 8, 2024, with a participation rate of 44.81%[197] - The fifth extraordinary general meeting is scheduled for December 16, 2024, with a participation rate of 44.69%[197] - The company has appointed a new independent director, Hu Bing, who has been in position since September 2022[200] Research and Development - Research and development expenses were approximately ¥490 million, a decrease of 4.62% compared to the previous year[113] - The number of R&D personnel increased slightly to 625 in 2024, up by 0.16% from 624 in 2023, while the proportion of R&D personnel to total staff decreased by 2.89%[116] - The company's R&D expenses for 2024 amounted to 49,045.61 million RMB, representing 5.9% of its operating revenue[182] Environmental and Sustainability Goals - The company aims to reduce greenhouse gas emissions from modified plastic products by over 30% by 2030 and achieve carbon neutrality by 2060[95] - The company plans to accelerate its green production layout and continuously develop low-carbon product lines[95] - The company is committed to developing low-carbon materials and integrating green energy and digital production management systems in response to the growing demand for sustainable materials in the automotive industry[163]