GEM(002340)2024-04-26 16:28Financial Performance - The company's revenue for Q1 2024 reached ¥8,354,162,360.57, representing a 36.31% increase compared to ¥6,128,599,637.93 in the same period last year[3]. - Net profit attributable to shareholders was ¥456,098,177.39, a significant increase of 164.48% from ¥172,449,771.10 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥378,679,540.49, up 332.98% from ¥87,458,646.91 in the previous year[3]. - The net cash flow from operating activities improved to ¥356,303,843.48, a 199.33% increase from a negative cash flow of ¥358,713,655.61 in the same quarter last year[3]. - Total operating revenue for Q1 2024 reached ¥8,354,162,360.57, a significant increase of 36.3% compared to ¥6,128,599,637.93 in Q1 2023[26]. - The net profit for Q1 2024 was CNY 467,486,971.19, a significant increase of 97.6% compared to CNY 236,392,180.70 in Q1 2023[27]. - The operating profit for Q1 2024 was CNY 554,973,499.91, compared to CNY 272,385,004.37 in Q1 2023, marking an increase of 103.8%[27]. - The company reported a total comprehensive income of CNY 440,029,951.54 for Q1 2024, compared to CNY 107,425,450.23 in Q1 2023, reflecting an increase of 309.5%[27]. - The company's basic earnings per share for Q1 2024 was CNY 0.09, up from CNY 0.03 in Q1 2023, indicating a growth of 200%[27]. Asset and Liability Management - Total assets at the end of the reporting period were ¥56,507,368,066.11, reflecting a 7.36% increase from ¥52,632,379,760.02 at the end of the previous year[3]. - Total liabilities increased to ¥34,328,505,138.42, compared to ¥30,929,238,034.99 in the previous year, marking an increase of 10.3%[25]. - The company's total equity reached ¥22,178,862,927.69, an increase from ¥21,703,141,725.03, indicating a growth of 2.2%[25]. - Accounts receivable increased from CNY 6,923,189,481.43 to CNY 7,382,929,901.00, indicating a growth of about 6.6%[23]. - The company's long-term equity investments rose from CNY 1,650,689,719.86 to CNY 1,798,025,046.57, representing an increase of approximately 9%[23]. Operational Highlights - The shipment of ternary precursors was 51,000 tons, a year-on-year increase of 113.72%, supporting the annual target of 220,000 tons[13]. - The shipment of cobalt tetroxide reached 6,058 tons, a remarkable year-on-year growth of 293.38%, aiming for an annual sales target of 25,000 tons[13]. - The company produced and sold 10,500 tons of nickel MHP, exceeding production targets by 30% and achieving a year-on-year increase of 133.33%[13]. - The company plans to recycle and dismantle 45,000 tons of power batteries in 2024, with Q1 results showing a 27.47% increase to 7,900 tons[13]. Strategic Initiatives - The company is strategically positioned to capitalize on the national initiative for large-scale equipment updates and consumer goods replacement, creating a trillion-level market opportunity[14]. - The company has established a comprehensive recycling network across 11 provinces, covering over 40% of China's territory[14]. - The company is expanding its nickel resource capacity to 150,000 tons, with 110,000 tons under its control and 40,000 tons in joint ventures[17]. - The company is entering a critical phase for its Indonesia nickel resource project, with three modules expected to be completed and put into production by June 2024, contributing to a total annual capacity of 40,000 tons of nickel metal[18]. - The annual production capacity of 30,000 tons of high-nickel ternary precursors in Indonesia is set to be completed by July 2024, marking the first ternary precursor production line in the country[18]. Income and Expenses - Total operating costs for Q1 2024 were ¥7,845,757,812.03, up 31.8% from ¥5,951,810,847.83 in the same period last year[26]. - Research and development expenses increased to ¥204,682,867.95, representing a rise of 17.6% from ¥174,139,047.33 in Q1 2023[26]. - The company's income tax expense for Q1 2024 was CNY 89,537,439.78, compared to CNY 33,628,069.57 in Q1 2023, reflecting an increase of 166.5%[27]. Cash Flow Management - The company's cash and cash equivalents decreased from CNY 5,543,512,089.84 at the beginning of the period to CNY 4,947,972,668.13 at the end of the period, reflecting a decline of approximately 10.7%[23]. - The cash flow from operating activities generated a net amount of CNY 356,303,843.48, a turnaround from a negative cash flow of CNY -358,713,655.61 in the previous year[28]. - The total cash inflow from financing activities was CNY 3,650,218,433.99, compared to CNY 3,149,754,175.36 in the previous year, an increase of 15.9%[29]. - The company experienced a net cash outflow from investing activities of CNY -2,660,295,882.32, compared to CNY -1,223,044,980.80 in Q1 2023, indicating increased investment activity[28].