Description of the event
The company issued an announcement to promote the “Double Improvement of Quality and Return” action plan, explaining that under the global wave of technology, the company empowers international competitiveness through innovation, fully participates in global carbon neutrality cooperation, and effectively protects the legitimate rights and interests of investors by continuously strengthening the level of corporate governance, so as to achieve the sustainable development of the enterprise.
Incident comments
Specifically, the plan sets out positive measures to improve the quality of its own development and give back to investors: 1) Focus on the development of the main business, increase investment in R&D and innovation, and enhance the company's core competitiveness. At the same time, we actively implement the “double carbon” strategy and fulfill our environmental responsibilities. 2) Accelerate scientific and technological innovation and digital transformation. The company has maintained a R&D expenditure rate of more than 10% in the past 5 years, accounting for 30% of R&D personnel, and cooperated with many universities to save energy for technological innovation. 3) Improve corporate governance, improve management level, strengthen investor relations management, and protect investors' rights and interests. 4) Strengthen information disclosure, ensure that disclosure is true, accurate and complete, and maintain multi-channel communication with investors. 5) Share the company's development achievements with investors through share repurchases and stable cash dividends. The cumulative dividend over the past 5 years has exceeded 800 million yuan, accounting for 41.81% of the cumulative net profit for the period.
According to the company's performance forecast, in 2023, it is expected to achieve operating income of 31-33 billion yuan, a year-on-year increase of 34% to 43%, achieve net profit of 800 to 1.1 billion yuan, an increase of 157% to 253%, and achieve deducted non-net profit of 0.85 to 120 million yuan, turning a year-on-year loss into a profit. Looking at the split into the fourth quarter, the company achieved revenue of 92.2 to 11.2 billion yuan, realized net profit of 51-81 million yuan, and realized deducted non-net profit of 0.34 to 69 million yuan. The reason why the performance was judged to be better than expected is that 2023Q4's shipment volume increased month-on-month. Under the effect of scale, the estimated cost ratio was actively diluted during the period, while the share of overseas shipments increased.
Guoxuan Hi-Tech's future growth ideas are clear. New domestic and foreign customers continue to expand, overseas bases are being built at an accelerated pace, and the integrated layout is beginning to bear fruit. By the end of 2022, the company had many passenger car customers such as Chery, Shangtong Wuling, JAC, Changan, Great Wall, and Zero Sport, as well as special vehicle customers such as Ritz, Chery, Geely, SAIC Chase, etc., which have been designated by Volkswagen overseas and signed strategic cooperation agreements with India's TATA, Vietnam's VinFast, Thailand's Nuovo, and a well-known US listed car company. Subsequent commissioning of the US base will continue to support the expansion of the US market, and the implementation of cooperation with Volkswagen in the medium term will also bring further growth. The share of overseas power is expected to continue to increase, increasing profits. In terms of resources, in addition to mass production of lithium carbonate in Yichun, a high-end cathode material project with an annual output of 200,000 tons has been put into operation at the Lujiang base, and an anode material project has also been set up in Wuhai. Continue to recommend in line with the company's new customers at home and abroad and changes in industrial chain integration.
Risk warning
1. Demand for new energy vehicles and energy storage terminals falls short of expectations;
2. Competition in the industrial chain has intensified.