ComNav Technology (688592)2025-04-28 15:25Financial Performance - The company achieved operating revenue of CNY 412.86 million in 2024, a slight increase of 0.28% compared to CNY 411.69 million in 2023[20]. - The net profit attributable to shareholders was CNY -33.05 million in 2024, a significant decrease of 179.03% from CNY 41.82 million in 2023[21]. - The net cash flow from operating activities increased by CNY 111.81 million, compared to a negative cash flow of CNY -33.74 million in 2023[21]. - Total assets at the end of 2024 reached CNY 1.32 billion, reflecting a growth of 6.88% from CNY 1.23 billion at the end of 2023[21]. - Basic earnings per share were CNY -0.53 in 2024, a decrease of 165.43% from CNY 0.81 in 2023[22]. - The company reported a net profit excluding non-recurring items of CNY -50.10 million, a decrease of 294.21% from CNY 25.80 million in 2023[23]. - The company incurred a credit impairment provision of approximately 19 million yuan for accounts receivable from a major client, impacting the 2024 losses[112]. - The company reported a significant increase in revenue, achieving a total of $150 million, representing a 25% year-over-year growth[165]. Research and Development - The company’s R&D expenditure accounted for 24.79% of operating revenue, an increase of 4.13 percentage points from 20.66% in 2023[22]. - Total R&D expenditure increased by 20.29% year-on-year to ¥102,333,200.40, with a ratio of R&D expenditure to operating income rising to 24.79%, up by 4.13 percentage points[96]. - Capitalized R&D investment rose significantly by 57.59% to ¥23,909,088.67, accounting for 23.36% of total R&D expenditure, an increase of 5.53 percentage points[96]. - The company is currently developing a navigation chip with a total investment of ¥57,000,000, having invested ¥29,272,896.02 to date, aiming to enhance its core technology in high-precision applications[100]. - The company has invested ¥179,070,000 in a high-precision positioning module project, with current investments totaling ¥89,010,237, to strengthen its market position in various fields including smart driving and drones[100]. - The company launched the fourth-generation high-precision GNSS chip QC7820 in 2024, featuring 1688 channels and advanced interference resistance technologies[106]. - The company is investing in R&D, with a budget increase of 30% to enhance technology development and innovation[165]. Market Position and Strategy - The company has a market share of approximately 25% in the upstream high-precision GNSS module products, while the market share in downstream products is less than 10%[120]. - The company aims to leverage its high-precision algorithms and proprietary technology to establish a leading position in emerging fields such as drones, intelligent driving, and IoT[48]. - The company plans to enhance R&D capabilities and product iterations to capture opportunities in the high-precision satellite navigation industry, focusing on sectors like emergency monitoring and smart cities[155]. - By 2025, the company aims to strengthen its market position in emerging business areas such as drones, smart driving, and IoT, while also improving product performance and service quality in traditional markets[156]. - The company has established a marketing network covering 140 countries and regions, enhancing its global presence and customer service capabilities[111]. Corporate Governance - The company has received a standard unqualified audit report from the accounting firm[4]. - The company has a commitment to ensuring the accuracy and completeness of the financial report[6]. - The company has not disclosed any special arrangements for corporate governance[8]. - The company conducted 80 specialized training sessions in 2024, with over 2,400 participants, aimed at enhancing skills and fostering a learning culture[186]. - The company held its annual general meeting on May 20, 2024, where it approved the 2023 annual report and financial statements[160]. - The company has established several specialized committees, including the Audit Committee and the Strategic Committee, to enhance governance[177]. Dividend Policy - The company plans to distribute a cash dividend of 1.20 RMB per 10 shares (including tax) and to increase capital reserves by converting 3 shares for every 10 shares held[5]. - The total number of shares eligible for cash dividends is 61,002,046 shares, resulting in a total cash dividend distribution of 7,320,245.52 CNY (including tax) for 2024[194]. - The company has established a cash dividend policy that requires a minimum of 10% of distributable profits to be allocated as cash dividends if conditions are met[195]. - The company has engaged with minority shareholders to gather their opinions before the shareholder meeting regarding the cash dividend proposal[191]. Risk Management - The company has detailed potential risks in the report, which investors should review[3]. - The company has a comprehensive risk statement regarding forward-looking statements in the report[6]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. Innovation and Technology - The company has developed vehicle-grade modules K802A and K902A for autonomous driving applications, supporting multi-frequency positioning and anti-interference technology[50]. - The company has developed six core technologies, including high-precision GNSS signal reception, which is crucial for providing accurate spatial coordinates[80]. - The company has achieved significant advancements in high-precision GNSS chip and module technology, integrating user needs into the design process to enhance performance and reliability[86]. - The company has developed low-power narrowband interference detection and suppression technology, achieving superior anti-interference performance while minimizing chip size and cost[87]. International Expansion - The company established a subsidiary in Belgium and opened over ten new branches domestically to support future business expansion[38]. - The company is exploring acquisition opportunities in the tech sector, with a budget of 100 million allocated for potential deals[166]. Employee and Management - The company has a total of 200 R&D personnel, representing 34.36% of the total workforce, with an average salary of ¥35,000, up from ¥32,080 in the previous year[103]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 8.5891 million RMB[171]. - The company announced the election of new board members and key personnel, including the appointment of Qi Houjian as the new CFO and board secretary[173].