JIULI Hi-tech(002318)2024-04-29 11:57Financial Performance - The company reported a total revenue of 1.2 billion CNY for the year 2023, representing a year-on-year increase of 15%[11]. - The net profit attributable to shareholders for 2023 was 200 million CNY, reflecting a growth of 10% compared to the previous year[11]. - The company's operating revenue for 2023 reached ¥8,568,414,745.02, representing a 31.07% increase compared to the previous year[15]. - Net profit attributable to shareholders for 2023 was ¥1,488,537,164.36, reflecting a 15.58% increase year-over-year[15]. - The net cash flow from operating activities significantly increased by 77.06% to ¥1,759,199,313.73[15]. - Basic and diluted earnings per share for 2023 were both ¥1.53, up 14.18% from the previous year[15]. - Future performance guidance suggests a revenue target of 1.5 billion CNY for 2024, with an expected growth rate of 25%[11]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management[125]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 4.80 CNY per share (including tax) to all shareholders, with no bonus shares issued[4]. - The total cash dividend amount represents 100% of the profit distribution total[145]. - The cash dividend distribution plan is based on a total share capital of 962,575,260 shares after accounting for repurchased shares[145]. Research and Development - Research and development expenses for 2023 amounted to 100 million CNY, accounting for 8.3% of total revenue, with a focus on new alloy materials[11]. - The company has invested significantly in R&D, forming a comprehensive technical research and development system covering the entire manufacturing process of stainless steel and special alloy pipelines[24]. - Research and development investment amounted to ¥339,344,969.75, representing an 11.54% increase from ¥304,243,957.25 in the previous year[31]. - The company is developing high-performance alloy materials for underwater production systems, aiming for domestic production and market competitiveness[57]. - The company is also working on ultra-high pressure alloy pipes for the petrochemical industry, enhancing its product offerings in this sector[58]. Market Expansion and Strategy - The company aims to expand its market presence in Europe and North America, targeting a 20% increase in international sales by 2025[11]. - The company is focusing on expanding its market presence in both domestic and international markets, particularly in the stainless steel pipe sector[88]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[125]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 30%[125]. Operational Efficiency and Cost Management - The company has implemented a centralized procurement, specialized production, and unified sales model to enhance operational efficiency[24]. - The company plans to enhance its supply chain efficiency, aiming for a reduction in operational costs by 15% over the next year[125]. - The company will continue to pursue cost reduction and efficiency improvement through lean operations and digital transformation[102]. Risk Management - The company has identified potential risks in supply chain disruptions and is implementing strategies to mitigate these risks[4]. - The company faces risks related to fluctuations in raw material prices, which could impact production costs and profit margins[105]. - The company is subject to potential changes in tax incentives and government subsidies, which could affect its financial performance[106]. Governance and Compliance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring the protection of shareholder rights[111]. - The company maintains an independent business system, with no overlap in personnel or financial operations with its controlling shareholders[113]. - The company has conducted regular shareholder meetings, ensuring transparency and active participation from investors[114]. - The company has established performance evaluation and incentive mechanisms for its departments and management[111]. Environmental Initiatives - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 15% over the next three years[11]. - The company implemented measures to reduce carbon emissions, expecting to decrease emissions by 3,000 tons per year through various energy-saving technologies[162]. - The company was recognized as a national-level industrial product green design demonstration enterprise in 2023[162]. Employee Management and Training - The total number of employees at the end of the reporting period was 4,126, with 2,711 in production roles[138]. - The company has a total of 167,51 training sessions conducted, with 42,046.95 total training hours[141]. - The company has established a dynamic management system for employee compensation, with five different compensation models in place[140]. Subsidiary Performance - The company’s subsidiary, Jiuli Perforation, reported a net profit of ¥6,166,206.36 from its operations[84]. - Total revenue for the subsidiary 久立欧洲 reached EUR 1,882,748,446.17, with a significant increase in sales of 245,828,081.44 compared to the previous period[86]. - The subsidiary 合金公司 reported a revenue of 1,087,365,334.99, with a year-on-year growth of approximately 102.5%[85]. Shareholding Structure - The total number of shares held by the board members and executives at the end of the period was 29,602,923 shares, reflecting changes in shareholding due to market transactions[117]. - The largest shareholder, Jiuli Group Co., Ltd., holds 35.58% of the shares, totaling 347,637,923 shares, with an increase of 11,529,850 shares during the reporting period[188]. - The company plans to repurchase between 5,357,100 and 10,714,200 shares, representing 0.55% to 1.10% of the total share capital[195].