YINLUN(002126)2024-04-15 13:50Company Overview - The company is listed on the Shenzhen Stock Exchange under the stock code 002126[24]. - The registered address of the company is No. 8, Shifeng East Road, Fuxi Street, Tiantai County, Zhejiang Province, with a postal code of 317200[24]. - The company operates under the name Zhejiang Yinlun Machinery Co., Ltd. in both Chinese and English[24]. - The company has not changed its main business since its listing[26]. - The accounting firm responsible for the audit is Lixin Certified Public Accountants (Special General Partnership)[27]. - The company has not experienced any changes in its controlling shareholders since its establishment[26]. Financial Performance - The company's operating revenue for 2023 reached ¥11,018,009,120.46, representing a year-on-year increase of 29.93% compared to ¥8,479,637,894.79 in 2022[32]. - The net profit attributable to shareholders for 2023 was ¥612,142,646.24, a 59.71% increase from ¥383,282,533.47 in 2022[32]. - The net profit excluding non-recurring gains and losses for 2023 was ¥580,924,278.56, up 90.36% from ¥305,166,271.15 in 2022[32]. - The basic earnings per share for 2023 was ¥0.77, a 60.42% increase from ¥0.48 in 2022[32]. - The total assets at the end of 2023 amounted to ¥16,156,211,007.71, reflecting a 19.47% increase from ¥13,523,532,332.01 at the end of 2022[32]. - The company reported a cash flow from operating activities of ¥921,382,051.02, which is a 65.42% increase compared to ¥556,996,016.36 in 2022[32]. - The company achieved a revenue of CNY 1,101,800.91 million in 2023, representing a year-on-year growth of 29.93%[108]. - The net profit attributable to shareholders reached CNY 61,214.26 million, marking a significant increase of 59.71% compared to the previous year[108]. Market Overview - The commercial vehicle market in 2023 saw production and sales of 4.037 million and 4.031 million units, respectively, marking year-on-year growth of 26.8% and 22.1%[45]. - The passenger vehicle market in 2023 achieved production and sales of 26.124 million and 26.063 million units, with year-on-year growth of 9.6% and 10.6%[45]. - In 2023, the overall automotive market in China achieved production and sales of 30.16 million and 30.09 million vehicles, respectively, representing a year-on-year growth of 11.6% and 12%[46]. - The production and sales of new energy vehicles reached 9.587 million and 9.495 million units, with year-on-year growth of 35.8% and 37.9%, resulting in a market share of 31.6%, an increase of 5.9 percentage points from the previous year[47]. Research and Development - The company has established R&D centers in Shanghai, Europe, and North America, enhancing its research capabilities and innovation[68]. - The company has applied for a total of 140 new patents during the reporting period, including 57 domestic invention patents and 12 international patents[84]. - Research and development expenses for 2023 amounted to ¥490,305,784.86, marking a 26.98% increase from ¥386,124,184.17 in 2022[120]. - The number of R&D personnel increased to 1,478, a growth of 15.56% from 1,279 in 2022[145]. - The company is focusing on enhancing its R&D capabilities in new energy products, achieving breakthroughs in battery thermal management systems and integrated modules[135]. Strategic Initiatives - The company aims to accelerate international development, achieve technological leadership, and enhance overall competitiveness as part of its three strategic directions[72]. - The company has established a pull-based production model driven by orders, with a typical cycle of 15-25 days from order receipt to product delivery[70]. - The company has implemented a new organizational structure aimed at enhancing operational efficiency and international development, referred to as the "33322" structure[108]. - The company has signed strategic cooperation agreements with core customers, enhancing its competitive advantage in the automotive thermal management industry[72]. Investment and Financial Management - The company has ongoing significant non-equity investments, although specific details were not disclosed[159]. - The company has made significant equity investments during the reporting period, but specific amounts were not detailed[159]. - The company raised a total of 142,081.5 million CNY through non-public stock issuance and public convertible bonds, with a net amount of 139,543.47 million CNY[185]. - As of the reporting period, the total amount of raised funds used is 90,080.57 million CNY, accounting for 63.00% of the total raised[185]. - The company has a remaining unused raised fund amount of 53,494.6 million CNY, which is 11.90% of the total raised funds[185]. Future Outlook - The company aims for a revenue target of 13 billion CNY in 2024, striving to achieve 13.5 billion CNY[197]. - The company plans to maintain a net profit margin of over 6% for the parent company in 2024[197]. - The new energy vehicle market is expected to continue its rapid growth, driven by government policies and market demand, with significant opportunities in data centers, energy storage, and heat pump industries[51].