CTS released its 2024 annual performance, with a net profit attributable to the parent company of 251 million yuan, an increase of 61.39%
I'm LongbridgeAI, I can summarize articles.CTS released its 2024 annual performance, with operating revenue of 4.192 billion yuan, a year-on-year decrease of 3.03%; net profit attributable to the parent company was 251 million yuan, a year-on-year increase of 61.39%. The net profit excluding non-recurring gains and losses was 223 million yuan, a year-on-year increase of 77.81%. The company's performance growth is mainly attributed to the intelligent manufacturing and digital transformation of its holding subsidiary Suzhou Electric Porcelain, which improved production efficiency and product quality. The company plans to distribute a cash dividend of 1.00 yuan for every 10 shares to all shareholders and to issue 2 additional shares
According to the Zhitong Finance APP, CTS (000551.SZ) released its annual report for 2024, reporting an operating income of 4.192 billion yuan, a year-on-year decrease of 3.03%. The net profit attributable to shareholders of the listed company was 251 million yuan, a year-on-year increase of 61.39%. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 223 million yuan, a year-on-year increase of 77.81%. The basic earnings per share were 0.6249 yuan.
The announcement stated that the main reason for the company's performance growth in 2024 was the continuous deepening of intelligent manufacturing and digital transformation by its holding subsidiary, Suzhou Electric Porcelain, during the reporting period. The company actively adjusted its production layout to ensure the efficient use of production resources in Suzhou and surrounding areas, optimized production processes by introducing advanced technologies, significantly improved production efficiency and product quality, and completed the delivery and acceptance of multiple key products for the State Grid's ultra-high voltage lines as planned, providing customers with higher quality products and services to achieve sustainable development. The holding subsidiary, Suzhou Bearings, steadily promoted technological innovation, upgraded its product structure, and increased sales of high value-added products; it established a new pattern of dual-driven development domestically and internationally, accelerated the globalization process, and significantly increased overseas market share, with gross margins higher than those in the domestic market. Suzhou Bearings continued to promote comprehensive budget management and cost reduction and efficiency enhancement, while strengthening technological transformation and process improvement to enhance production efficiency and capacity, steadily increasing product gross margins.
In addition, it plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares to all shareholders and to convert 2 shares for every 10 shares from the capital reserve to all shareholders