S佳通(600182) - 2024 Q4 - 年度财报

Financial Performance - The company achieved a revenue of CNY 4,668,393,022.04 in 2024, representing a year-on-year increase of 12.11% compared to CNY 4,164,066,008.07 in 2023[23]. - The net profit attributable to shareholders was CNY 174,292,308.28, a decrease of 4.76% from CNY 182,995,822.98 in the previous year[23]. - The operating cash flow net amount increased by 49.50% to CNY 573,037,594.97 from CNY 383,293,184.51 in 2023[23]. - The total assets of the company reached CNY 4,343,578,723.02, marking an 11.73% increase from CNY 3,887,538,239.81 in 2023[23]. - The basic earnings per share decreased to CNY 0.5126, down 4.76% from CNY 0.5382 in 2023[24]. - The weighted average return on equity decreased to 13.93%, down 2.25 percentage points from 16.18% in the previous year[24]. - The company reported a net asset of CNY 1,206,261,985.89 at the end of 2024, a slight decrease of 0.94% from CNY 1,217,678,577.61 in 2023[23]. - Operating costs rose to 3.806 billion RMB, an increase of 13.82% compared to the previous year[43]. - Net profit decreased to 351 million RMB, down 4.21% year-on-year, with net profit attributable to shareholders at 174 million RMB, a decline of 4.76%[43]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.59 per share, totaling CNY 200,600,000.00, based on the total share capital as of December 31, 2024[6]. - The company distributed a cash dividend of CNY 0.32 per share in the first half of 2024, totaling CNY 108,800,000.00[6]. - The total cash dividends distributed in the year will account for 177.52% of the net profit attributable to shareholders of the listed company[130]. - The company plans to distribute a cash dividend of RMB 108,800,000.00 (including tax) for the 2024 mid-year, equating to RMB 0.32 per share[130]. - For the 2024 fiscal year, the company intends to distribute an additional cash dividend of RMB 200,600,000.00 (including tax), which is RMB 0.59 per share, resulting in a total cash dividend distribution of RMB 309,400,000.00 (including tax) for the year[130]. Market and Industry Trends - The total production of rubber tires in China for 2024 is projected to be approximately 1.187 billion units, reflecting a year-on-year growth of 9.2%[33]. - The production of passenger car tires in China is expected to reach around 847 million units in 2024, with a year-on-year increase of 7.8%[33]. - The global tire industry is facing challenges such as rising raw material prices and geopolitical uncertainties, but the domestic market shows resilience due to supportive policies[30]. - The company anticipates steady growth in the tire market supported by infrastructure investment and ongoing demand for replacement tires[32]. - The automotive industry in China saw production and sales of 31.28 million and 31.44 million vehicles respectively in 2024, representing year-on-year growth of 3.7% and 4.5%[34]. - New energy vehicle production and sales surged to 12.88 million and 12.87 million units, with year-on-year growth rates of 34.4% and 35.5% respectively, achieving a market penetration rate of 40.9%[36]. Operational Performance - The company experienced a net cash flow from operating activities of -¥45.91 million in Q1, followed by positive cash flows in Q2 and Q3, but a negative cash flow of -¥120.85 million in Q4[9]. - The company’s tire sales revenue grew due to increased sales volume, contributing to the overall revenue growth[44]. - Domestic sales accounted for approximately 63.7% of total revenue, with a year-on-year increase of 17.02%[48]. - The gross margin for the rubber manufacturing sector was 17.77%, a decrease of 1.22% compared to the previous year[47]. - The company’s total assets included cash and cash equivalents of 591,433,702.39 RMB, which is 13.62% of total assets, reflecting a 106.29% increase from the previous period[65]. Research and Development - Research and development expenses increased by 22.10% to 30 million RMB, driven by the expansion of R&D projects[45]. - The company employed 238 R&D personnel, accounting for 6.46% of the total workforce[60]. - The company is actively exploring new product development and technological innovations to enhance competitiveness and market opportunities[69]. - The company is focusing on high-quality development and digital transformation as part of its core strategy[42]. - The company plans to launch over 170 new products in 2025, including more than 40 green energy tires[91]. Environmental and Compliance Efforts - The company was recognized as a national-level "Green Factory" in 2021, highlighting its commitment to sustainable manufacturing practices[41]. - The company has implemented a rooftop distributed photovoltaic power generation project, generating 18,760,679 kWh in 2024, which reduces carbon emissions by 10,067 tons annually[155]. - The company has complied with national environmental protection laws and has obtained the necessary pollution discharge permits for all technical upgrades[149]. - The wastewater treatment facility operates with a chemical oxygen demand (COD) concentration of 29.10 mg/l, significantly below the regulatory limit of 300 mg/l, with a total discharge of 5.84 tons against a permitted limit of 8.69 tons[148]. - The company has made adjustments to its accounting policies, resulting in an increase in operating costs from 3,327,398,678.12 yuan to 3,344,396,714.95 yuan due to new accounting standards[161]. Governance and Management - The company has established an internal control system that effectively prevents significant deficiencies in financial reporting, as confirmed by the internal control audit report[138]. - The company has appointed a new financial director, effective April 2023, to strengthen its financial management[105]. - The company has been focusing on compliance with legal and regulatory requirements in its operations[113]. - The company has approved the 2023 annual financial report, which includes a profit distribution plan for the year[99]. - The company has maintained effective financial reporting internal controls as per the internal control audit conducted by Yongtuo Accounting Firm[140]. Strategic Initiatives - The company is focusing on establishing a favorable competitive advantage through technological modernization and quality improvement[69]. - The company is actively pursuing strategic partnerships and potential acquisitions to drive growth[104]. - The company is addressing risks related to international trade barriers and geopolitical tensions that may affect exports[94]. - The company has a commitment to resolve industry competition issues by potentially acquiring other tire companies in China when financially feasible[158]. - The company is enhancing its internal control systems to comply with regulatory requirements and improve governance[97].