HJT(603577)2024-03-26 16:00Financial Performance - The company's operating revenue for 2023 reached approximately ¥4.09 billion, representing a year-on-year increase of 13.42% compared to ¥3.61 billion in 2022[23]. - The net profit attributable to shareholders of the listed company decreased by 33.49% to approximately ¥26.17 million from ¥39.35 million in the previous year[23]. - The revenue from core business activities, after excluding unrelated business income, was approximately ¥3.89 billion, marking a 19.85% increase from ¥3.24 billion in 2022[23]. - Basic earnings per share decreased by 33.45% to CNY 0.0772, and diluted earnings per share also decreased by 33.45%[25]. - The sales volume of main products increased by 20.15%, but the average selling price decreased by 7.76%, impacting overall revenue growth[25]. - The gross profit margin of the main business decreased by 0.44 percentage points due to a larger decline in sales prices compared to the decrease in sales costs[26]. - Financial expenses increased by 7.57% year-on-year due to an increase in interest-bearing liabilities to support company expansion[26]. - Research and development expenses rose by 22.31% year-on-year as the company increased its investment in R&D[26]. - The company recognized a goodwill impairment loss of CNY 25.55 million during the reporting period[26]. - The company reported a net profit attributable to shareholders of CNY -6.27 million in the fourth quarter, indicating a loss compared to previous quarters[30]. Dividend Policy - The company has decided not to distribute cash dividends or stock dividends for the 2023 fiscal year[6]. - The company has implemented a cash dividend policy, distributing at least 30% of the net profit attributable to shareholders as dividends from 2016 to 2022[158]. - For the fiscal year 2022, the company distributed a cash dividend of 0.36 yuan per 10 shares, totaling 12,209,007.60 yuan, which represents 30.38% of the net profit attributable to shareholders[159]. - The company plans not to distribute profits for the fiscal year 2023, opting to retain earnings for operational development[159]. Market Position and Strategy - The company is focused on expanding its market presence and enhancing its product offerings[7]. - The company secured a bid volume of 365,600 tons in 2023, representing a market share of 6.76% of the total bids from the State Grid and Southern Grid, with an order backlog of approximately 270,000 tons[51]. - The company aims to achieve a production capacity of 800,000 tons by 2025, positioning itself among the top competitors in the industry[51]. - The company is one of the few in China capable of producing transmission line towers for the highest voltage levels, indicating a strong market position[52]. - The company has established a national strategic layout with four major bases in Qingdao, Chongqing, Taizhou, and Nanning, planning to achieve a production capacity of 800,000 tons by 2025[62]. - The company aims to enhance its competitive advantage through vertical integration and horizontal expansion of its industrial layout[108]. Research and Development - The company increased R&D expenses by 22.31% to CNY 145,039,697.40, reflecting a commitment to innovation[72]. - The company plans to increase its R&D investment to improve product quality and production efficiency, focusing on new welding and layout processes[111]. - The company has a total of 213 effective patents, including 43 invention patents, highlighting its commitment to technology research and development[67]. Environmental and Social Responsibility - The company invested 9.1669 million RMB in environmental protection during the reporting period[171]. - The company has established a distributed photovoltaic power station on the factory roof to promote clean production and reduce carbon emissions[178]. - The company donated a total of 8.5 million yuan for charitable activities, including support for disadvantaged groups and public welfare projects[180]. - The company has focused on supporting education in impoverished areas, improving educational facilities in rural kindergartens[181]. - The company has been recognized for its rural revitalization efforts for two consecutive years by the China Listed Companies Association[182]. Governance and Compliance - The company has received a standard unqualified audit report from Zhongtianyun Accounting Firm[5]. - The management emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be aware of investment risks[7]. - The company ensures equal rights for all shareholders and follows strict procedures for shareholder meetings, including online voting options[120]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements and effective decision-making[121]. - The internal control system has been enhanced, with a report confirming effective internal controls as of December 31, 2023[123]. Future Outlook - The company plans to achieve a product output of approximately 600,000 tons in 2024, representing a year-on-year growth of about 18%[109]. - The target revenue for 2024 is set at approximately 4.6 billion yuan, which is a year-on-year increase of about 12%[109]. - The company provided a positive outlook for 2024, projecting a revenue growth of 10% to ¥38.5 million, driven by new product launches and market expansion strategies[135]. - The company anticipates that the ongoing consolidation in the industry will lead to increased market concentration, benefiting leading enterprises[106]. Risk Management - The management has highlighted potential risks in future development strategies and business plans[8]. - The company faces market competition risks due to potential slowdowns in domestic grid investment and increasing international competition[112]. - The company has established a raw material price linkage mechanism to mitigate the impact of raw material price fluctuations on its operations[113]. - The company has a goodwill of approximately 138 million yuan, which poses a risk of impairment if the acquired company does not meet performance expectations[115]. Operational Efficiency - The company has implemented a procurement model combining sales order procurement and material preparation procurement, ensuring a stable supply of key raw materials like steel[57]. - The company’s production model is based on "sales-driven production," utilizing an ERP system to manage production plans and ensure quality control[59]. - The company aims to reduce operational costs by 10% through improved manufacturing processes and automation[134].