Zhitong Financial News, Ryoden Electronic Control (688667SH) released its 2023 annual performance report, and during the reporting period, the company achieved operating income of 100.8 billion yuan, a year-on-year increase of 4150%；net profit attributable to shareholders of listed companies was 4618480,000 yuan, a year-on-year decrease of 3110%。
During the reporting period, the company always adhered to the development strategy of "customer passenger car, product electrification", and continued to invest resources. The company has achieved a major sales breakthrough in electrification products such as passenger car EMS products and GPUs; At the same time, the commercial vehicle market was affected by the macroeconomic stability and the recovery of market consumer demand, coupled with the pull of various favorable policies, the market rebounded from the bottom and achieved restorative growth, resulting in a significant increase in the company's commercial vehicle sales.
Under the dual influence of the low gross profit margin brought by the sales revenue of new products and the high proportion of Euro 4 and Euro 5 products with high gross profit margin in the previous period, the company's operating income increased significantly without increasing the gross profit margin of products. At the same time, the growth of sales scale has brought about the increase of the company's sales expenses and management expenses, and the increase in accounts receivable and inventory has led to an increase in the impairment provision at the end of the period; In addition, the completion and commissioning of fund-raising projects led to an increase in costs and expenses due to the depreciation of new construction and equipment assets. Under the combined influence of the above factors, the company has experienced a significant increase in operating income and a sharp decline in operating profit and other related indicators.