Core views

1. In 2023, the company achieved total operating income of 23.68 billion yuan, +10.80% year-on-year; realized net profit of 602 million yuan, +22.35% year-on-year; net profit of 710 million yuan excluding equity incentive expenses, +15.63% year-on-year. 2023Q4 excluded equity incentive expenses to the mother's net profit of 212 million yuan, achieving four consecutive quarters of month-on-month growth.

2. The subsidiary has continuously received customer project targets. The two designated projects are expected to be launched in 2025. The total sales volume during the project period is about 1.94 billion yuan/250 million yuan. The project may increase the company's overall profitability and market share, and the company's three main businesses are expected to rise sharply in volume and price.

3. Complete share repurchases, or be used for equity incentives or employee stock ownership plans.

occurrences

The company released the 2023 annual results report

In 2023, the company achieved total operating income of 23.68 billion yuan, +10.80% year-on-year; realized net profit of 602 million yuan, +22.35% year-on-year; net profit of 710 million yuan excluding equity incentive expenses, +15.63% year-on-year.

Subsidiaries get designated points for customer projects

Xintai Wheel, a subsidiary of the company, recently received a fixed-term contract for an aluminum alloy wheel project from an international automobile manufacturer. Xintai Wheel was identified as the designated unit for this project. The project is expected to begin mass production in September 2025, and the project life cycle is four years. The company has now obtained the total sales volume of aluminum alloy wheels fixed by the international automobile manufacturer during the project period of about 1.94 billion yuan.

Tianjin Lizhong, a subsidiary of the company, recently received a fixed notice for a best-selling aluminum alloy wheel project from a leading international car company. Tianjin Lizhong was identified as the designated unit for this project. The project is expected to begin mass production in mid-2025, and the project life cycle is three years. The company has now obtained the total sales volume of aluminum alloy wheels fixed by the leading international car company during the project period of about 250 million yuan.

The company completed share repurchase

As of February 6, 2024, the company's share repurchase plan has been completed. The company has repurchased 2,688,558 shares of the company's shares through centralized bidding transactions through a special securities account for share repurchase, accounting for 0.43% of the company's current total share capital.