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Prinx Chengshan Announces 2023 Annual Results Revenue was nearly 10 billion, and net profit increased by 162% YoY

Date:2024-04-01    views:329

Results Highlights:

Revenue for the period was RMB 9,949 million, representing a year-on-year increase of 22%

During the period, the sales volume of tires reached 25 million units, representing a year-on-year increase of 35%

Gross profit RMB 2,122 million, representing a year-on-year increase of 81%

Profit attributable to shareholders of the Company was RMB 1,033 million, representing a year-on-year increase of 162%

Basic earnings per share was RMB 1.62, representing a year-on-year increase of 161%

Proposed final dividend of HK$0.30 per share, representing a year-on-year increase of 50%

(28 March 2024, Hong Kong) Prinx Chengshan Holdings Limited (hereinafter referred to as the “Company” or “Prinx Chengshan”, together with its subsidiaries, the “Group”; stock code: 1809.HK) announces its results for the twelve months ended 31 December 2023 (the “Reporting Period”).

Looking back on 2023, Prinx Chengshan seized the opportunity to forge ahead and strive for the best results in its development history. Its operating revenue reached RMB 9,950 million (up 22% year-on-year), net profit reached RMB 1,030 million (up 162.4% year-on-year), earnings per share was RMB 1.62 (up 161.3% year-on-year), and EBITDA was RMB 1,710 million (up 102.4% year-on-year).

Benefiting from the early deployment in the field of passenger vehicle tires, the sales volume of semi-steel radial tires increased by 42.7% year-on-year, and the sales volume of all steel radial tires increased by 20.5% year-on-year under the fierce market competition, further increasing the market share. The product structure was constantly adjusted and optimized. With high-performance products, differentiated brand strategy and in-depth and two-way development of marketing channel construction, the business of Prinx Chengshan in all international and domestic marketing channels has achieved double-digit growth with excellent performance.

In 2023, the Company focused on the improvement of intelligent, digital and green development, and implemented a number of key projects, including the phase III expansion project of the Tire Production Base in Thailand (with production capacity of 2 million sets of Semi-Steel Radial Tires per year) and the capacity optimization project of the Tire Production Base in Shandong, which enhanced the industrial foundation.  The Company actively explored sales channels and strengthened service concepts, and significantly improved the market brand expansion ability. The Group deepened industry-university-research cooperation, intensified new product development and technical research, and achieved fruitful research and innovation results. There were 52 new patents -granted, and a total of 382 intellectual property rights were granted; The Company increased effective cost control and management, and reached a new level in lean management.

Prinx Chengshan takes the principle of sustainable development as the foundation of its development strategy and daily operation, and adheres to the concept of people-oriented, research and development of innovative products and green and sustainable development.  In 2023, Prinx Chengshan was awarded the title of “Energy Efficiency Leader Benchmarking Enterprise” for eight consecutive years, and was also awarded the title of “Water Saving Benchmark Company in Shandong Province”. Prinx Chengshan was also awarded “Shandong Digital Economy”, “Morning Star Factory “and “Shandong Intelligent Manufacturing Benchmark Enterprise”.  The core competitiveness of the industry was further enhanced.

Looking forward, the Group will deeply understand the coexistence of difficulties and hopes, and the challenges and opportunities will be the same. The Group will adhere to the principle of “seeking progress while maintaining stability and giving priority to benefits”, and continuously enhance new advantages of high-quality development amid challenges.