AVIC Jianghang(688586)

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江航装备(688586) - 2021 Q4 - 年度财报
2022-03-14 16:00
Financial Performance - The company reported a profit available for distribution to investors of ¥365,789,490.10 for the year 2021[7]. - A cash dividend of ¥1.8 per 10 shares (including tax) is proposed, totaling ¥72,674,004.06, which represents 31.44% of the net profit attributable to shareholders[7]. - The company's operating revenue for 2021 was approximately ¥953.29 million, representing a year-over-year increase of 14.72% compared to ¥830.97 million in 2020[26]. - The net profit attributable to shareholders for 2021 was approximately ¥231.16 million, reflecting a growth of 19.23% from ¥193.88 million in 2020[26]. - The net cash flow from operating activities increased by 50.81% in 2021, amounting to approximately ¥321.34 million, primarily due to customer prepayments[26]. - The company's total assets as of the end of 2021 reached approximately ¥3.49 billion, a 16.67% increase from ¥2.99 billion at the end of 2020[29]. - The net profit attributable to the parent company was 231.16 million yuan, with a year-on-year increase of 19.23%[40]. - The total assets at the end of the reporting period were 3,485.06 million yuan, reflecting a year-on-year growth of 16.67%[43]. - The company achieved operating revenue of CNY 953.29 million, a year-on-year increase of 14.72% compared to 2020[122]. - Net profit attributable to shareholders reached CNY 231.16 million, reflecting a growth of 19.23% year-on-year[122]. Research and Development - The R&D expenditure as a percentage of operating revenue rose to 12.26% in 2021, up from 10.40% in 2020, indicating a focus on innovation[29]. - The total R&D investment amounted to ¥86,427,090.94, representing a year-on-year increase of 35.22%[86]. - R&D expenses accounted for 10.40% of total revenue, an increase of 1.86 percentage points compared to the previous year[86]. - The company filed 121 patents during the reporting period, with 58 patents granted, bringing the total granted patents to 586[85]. - The company is currently developing several oxygen systems and nitrogen systems for next-generation aircraft, aiming for international advanced levels in technology[92]. - The company has developed a series of oxygen systems for various aircraft, including military and civilian models, establishing itself as a leading manufacturer in this segment[106]. - The R&D team includes 1 PhD, 73 master's degree holders, and 115 bachelor's degree holders, indicating a strong educational background[105]. - The company is currently in the research and development phase for several new technologies aimed at enhancing military vehicle performance[78]. Market and Product Development - The company is focusing on expanding its market presence in both military and civilian sectors, including new product development and technological advancements[44]. - The company plans to enhance its operational management and core competencies through continuous investment in research and development[43]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[192]. - Plans for market expansion include targeting international markets, aiming for a 15% increase in overseas sales[192]. - The company aims to strengthen market expansion capabilities by targeting military clients and pursuing projects like the CR929 aircraft oxygen system and ARJ21-700 aircraft components[170]. - The company is committed to innovation-driven development, enhancing management systems, and improving quality control to achieve efficiency and quality-driven growth[167]. Governance and Management - The company does not have any special arrangements for corporate governance[10]. - The company has a governance structure consisting of a board of 9 directors, including 7 external directors and 3 independent directors[175]. - The company has established a series of internal management and control systems to ensure the rights and obligations of shareholders, directors, supervisors, and senior management are clearly defined[175]. - The company has implemented measures to enhance its governance structure, including revisions to its articles of association and internal rules[175]. - The company has maintained a clear division of responsibilities among its governance bodies to facilitate efficient decision-making[175]. Risks and Challenges - The company faces various risks as outlined in the management discussion and analysis section of the report[5]. - The company is exposed to risks from fluctuations in raw material prices and supply, despite having stable relationships with suppliers[116]. - The company’s main clients are concentrated in the military sector, which poses risks if it fails to maintain its competitive edge or if client procurement policies change[116]. - The company faces risks related to core competitiveness, including the need for continuous technological upgrades to meet military demands and potential industry competition[113]. Awards and Recognition - The company has received multiple awards for its technologies, including the National Science and Technology Progress Award and the Aviation Science and Technology Award[61]. - The company has received a total of 64 national and military-level technology awards, showcasing its advanced technological capabilities[56]. - The company has published 70 standards in the aviation industry, including 21 national standards, enhancing its influence in the sector[56]. Future Outlook - Future outlook includes a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[192]. - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year[199]. - A new product line is expected to launch in Q3 2023, anticipated to contribute an additional 5% to overall revenue[200]. - The management emphasized the importance of strategic partnerships to leverage technological advancements and market insights[192].
江航装备(688586) - 2021 Q3 - 季度财报
2021-10-27 16:00
Financial Performance - The company's operating revenue for Q3 2021 was ¥241,653,040.35, representing a year-on-year increase of 12.76%[8] - The net profit attributable to shareholders for Q3 2021 was ¥69,947,714.81, reflecting a year-on-year growth of 31.68%[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was ¥62,059,700.74, up 35.69% year-on-year[8] - Total operating revenue for Q3 2021 reached ¥723,822,256.02, an increase of 27.4% compared to ¥568,040,874.78 in Q3 2020[38] - Net profit for Q3 2021 was ¥198,116,742.16, representing a 25.3% increase from ¥158,156,923.60 in Q3 2020[41] - The total comprehensive income attributable to the parent company reached ¥198,116,742.16, compared to ¥158,156,923.60 in the previous year, reflecting a significant increase[44] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,318,516,276.68, an increase of 11.10% compared to the end of the previous year[11] - Total assets as of the end of the reporting period were ¥3,318,516,276.68, compared to ¥2,987,055,769.46 at the same time last year, marking a growth of 11.1%[36] - Total liabilities increased to ¥1,248,562,026.18 in Q3 2021 from ¥1,056,939,574.18 in Q3 2020, reflecting a rise of 18.1%[36] - The company's total equity reached ¥2,069,954,250.50, up from ¥1,930,116,195.28 in the previous year, showing an increase of 7.2%[36] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥148,923,643.48, with basic and diluted earnings per share at ¥0.17, up 21.43% year-on-year[11] - The net cash flow from operating activities was ¥148,923,643.48, a turnaround from a negative cash flow of -¥83,620,062.55 in the previous year[48] - Operating cash inflows from sales of goods and services amounted to ¥795,854,506.64, up from ¥347,673,781.64 in the same period last year, indicating strong revenue growth[48] - The company reported cash inflows from investment activities totaling ¥590,500,000.00, with a net cash flow from investment activities of ¥1,587,611.90, compared to a negative cash flow of -¥31,875,428.64 last year[48] - Total cash outflows from financing activities were ¥100,784,183.77, with a net cash flow from financing activities of -¥95,180,092.89, contrasting with a positive cash flow of ¥919,792,270.72 in the previous year[50] Shareholder Information - The number of shareholders at the end of the reporting period was 15,916, with the largest shareholder, AVIC Aircraft Systems Co., Ltd., holding 41.02% of shares[22] - The second-largest shareholder, AVIC Aviation Industry Investment Co., Ltd., held 14.17% of shares[22] - The company has not disclosed any related party relationships among the top ten shareholders[26] Research and Development - The company's R&D investment for Q3 2021 was ¥30,454,691.60, which accounted for 12.60% of operating revenue, an increase of 0.32 percentage points year-on-year[11] - Research and development expenses in Q3 2021 amounted to ¥33,355,383.02, a significant rise from ¥22,705,747.16 in Q3 2020, indicating a 47% increase[38] Inventory and Receivables - Accounts receivable increased to CNY 495,630,476.98 from CNY 368,743,712.90 year-over-year, reflecting a growth of approximately 34.4%[29] - Inventory levels rose significantly to CNY 613,867,055.54, compared to CNY 405,872,161.83 at the end of 2020, indicating a growth of about 51.2%[29] - The company reported a significant increase in prepayments, which rose to CNY 51,974,073.30 from CNY 16,978,188.00, marking a growth of approximately 205.5%[29] Government Subsidies - The company reported government subsidies recognized in Q3 2021 amounting to ¥7,730,595.83, with a total of ¥21,605,452.39 for the year-to-date[12] Audit and Compliance - The company has not reported any significant changes in its audit opinion type for the quarter[29] Cash and Cash Equivalents - Cash and cash equivalents increased to ¥50,016,070.97 from ¥81,580,144.04, indicating a decrease of 38.7%[36] - The company’s cash and cash equivalents increased from CNY 1,296,527,405.79 to CNY 1,343,647,725.95, reflecting a growth of about 3.6%[29] - Cash and cash equivalents at the end of the period increased to ¥1,317,478,752.23, up from ¥1,050,812,379.09 in the previous year[50] Taxation - The company received tax refunds amounting to ¥1,671,244.53, compared to no refunds in the same period last year[48]
江航装备(688586) - 2021 Q2 - 季度财报
2021-08-30 16:00
Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[16]. - The net profit attributable to shareholders was RMB 200 million, up 10% compared to the same period last year[16]. - The company achieved operating revenue of CNY 482.17 million in the first half of 2021, representing a 36.31% increase compared to the same period last year[25]. - Net profit attributable to shareholders reached CNY 128.17 million, up 22.02% year-on-year, with revenue growth outpacing profit growth due to increased management expenses and reduced government subsidies[26]. - Future guidance indicates a projected revenue growth of 18% for the full year 2021[16]. - The company reported a significant increase in R&D expenses due to more research tasks and higher personnel costs compared to the previous year[70]. - Operating costs increased by 30.84%, primarily due to the expansion of revenue scale[102]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2023[16]. - The company has no plans for major acquisitions in the near term, focusing instead on organic growth strategies[16]. - The company has established long-term partnerships with key clients and suppliers, enhancing its market competitiveness and product quality[89]. - The company is focused on expanding its market presence through innovative product development and strategic partnerships in the aerospace sector[58]. Research and Development - The company has allocated RMB 100 million for research and development in advanced aviation technologies[16]. - The company's R&D expenditure accounted for 8.87% of operating revenue, an increase of 0.28 percentage points compared to the previous year[25]. - The company has developed multiple core technologies, including internationally leading oxygen regulation technology and advanced onboard molecular sieve oxygen production technology, making it the fourth country to master such technologies after the US, UK, and France[47]. - The company has applied for 3 invention patents and 26 utility model patents during the reporting period, with 20 utility model patents granted[47]. - The company achieved a total R&D investment of ¥42,784,768.76, representing a 40.80% increase compared to the previous period's ¥30,387,708.46[69]. Technological Advancements - The onboard molecular sieve oxygen production technology has been recognized as internationally advanced and is currently in batch production[50]. - The company has achieved significant advancements in special refrigeration technology, meeting various environmental demands[47]. - The company is leading in the development of anti-vibration and shock-resistant technologies for military air conditioning systems, ensuring operational reliability in harsh environments[62]. - The company has developed a nitrogen inerting system for aircraft fuel tanks, which prevents fire and explosion by maintaining oxygen levels below combustion thresholds[59]. Environmental and Social Responsibility - The company actively participated in poverty alleviation efforts, contributing over 120,000 yuan to support rural revitalization initiatives in the first half of 2021[136]. - The company has established 29 emission outlets for air pollutants, complying with environmental impact assessment requirements[124]. - In the first half of 2021, the company invested over 1 million yuan to upgrade 4 electroplating waste gas treatment devices and 3 spray painting waste gas treatment devices[132]. Corporate Governance and Shareholder Commitments - The controlling shareholder, AVIC, and its controlled enterprise, AVIC Capital, committed to not transferring or entrusting the management of shares issued before the IPO for 36 months from the listing date[147]. - The company has ensured strict compliance with all commitments made by its shareholders and management[147]. - The commitments made by shareholders and management are aimed at maintaining market stability and investor confidence[147]. - The company will ensure compliance with information disclosure obligations related to related party transactions[175]. Future Outlook - The company aims to enhance its core competitiveness in the aviation and military refrigeration industries and expand its market share[165]. - The company plans to maintain a long-term holding of its stock, indicating confidence in business prospects[158]. - The company will prioritize cash dividends in its profit distribution policy, aiming for a minimum cash dividend ratio of 80% during mature stages without major capital expenditures[197].
江航装备(688586) - 2021 Q1 - 季度财报
2021-04-27 16:00
2021 年第一季度报告 公司代码:688586 公司简称:江航装备 合肥江航飞机装备股份有限公司 2021 年第一季度报告 1 / 21 2021 年第一季度报告 重要提示 . 一、 二、 公司基本情况 . 11Í 重要事项 . 四、 附录 . 目录 2 / 21 2021 年第一季度报告 单位:元 币种:人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整, 不存在虚假记载、误导性陈述或者重大遗漏,并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人宋祖铭、主管会计工作负责人孙军及会计机构负责人(会计主管人员)李华保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-------------------------------------------------|------------------|----------------------|------------------ ...
江航装备(688586) - 2020 Q4 - 年度财报
2021-03-14 16:00
Financial Performance - The company reported a profit available for distribution to shareholders of RMB 243,929,687.97 as of December 31, 2020[7]. - A cash dividend of RMB 1.5 per 10 shares (including tax) is proposed, totaling RMB 60,561,670.05, which represents 31.24% of the net profit attributable to shareholders[7]. - The total share capital of the company as of December 31, 2020, was 403,744,467 shares[7]. - The company achieved operating revenue of CNY 830,973,482.68 in 2020, representing a year-on-year increase of 23.20%[29]. - Net profit attributable to shareholders reached CNY 193,879,973.01, a significant increase of 71.31% compared to the previous year[29]. - The net cash flow from operating activities increased by 137.91% to CNY 213,081,572.61, primarily due to improved sales collection[29]. - Total assets at the end of 2020 amounted to CNY 2,987,055,769.46, reflecting a growth of 66.25% year-on-year, largely due to funds raised from the IPO[29]. - The net assets attributable to shareholders increased by 139.96% to CNY 1,930,116,195.28, driven by the IPO and continuous profit growth[29]. - Basic earnings per share rose by 51.35% to CNY 0.56, attributed to the increase in net profit[29]. Audit and Compliance - The company has received a standard unqualified audit opinion from Zhongshen Zhonghuan Accounting Firm[6]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[9]. - There are no violations of decision-making procedures regarding external guarantees[11]. - The company has no special arrangements for corporate governance[8]. Market Position and Strategy - The company’s stock is listed on the Sci-Tech Innovation Board under the stock code 688586[22]. - The company primarily engages in the aerospace equipment and special refrigeration sectors, providing products such as aviation oxygen systems and military refrigeration equipment[40]. - The company aims to expand its market presence by leveraging its brand reputation and participating in major project tenders to secure new orders[44]. - The company is focused on expanding its market presence in the aviation and special refrigeration sectors, targeting military and civilian applications, with a focus on oxygen equipment and temperature control systems[136]. Research and Development - Research and development expenses accounted for 10.40% of operating revenue, an increase of 4.71 percentage points from the previous year[29]. - The company reported a significant increase in R&D expenses, with a total of ¥86,427,090.94, representing a 125.29% increase compared to the previous year[69]. - The company applied for 121 patents during the reporting period, with 38 patents granted, bringing the total authorized patents to 528[68]. - The company has developed a complete oxygen system for civil aircraft, including aircrew and passenger oxygen systems, and is working on airworthiness certification[9]. - The company is developing a compact and lightweight oxygen system tailored for helicopters, addressing onboard oxygen generation challenges[8]. - The company is advancing research on environmentally friendly refrigerants for military air conditioning systems, ensuring safe operation under various conditions[11]. Risk Factors - The company is subject to risks as outlined in the report, which investors should pay attention to[5]. - The company’s reliance on a concentrated customer base poses risks to operational performance if relationships or demand change[96]. - Future international geopolitical changes could impact defense spending and demand for military products, affecting profitability[97]. Shareholder Commitments - The controlling shareholder AVIC and its controlled enterprise AVIC Capital committed to not transfer or entrust the management of shares held before the IPO for 36 months from the date of the company's stock listing[155]. - Other shareholders (Guoxin Capital, Haolan Eagle Strike, Jiangxi Military Industry, and Zhongbing Hongmu) committed to not transfer shares held before the IPO for 12 months from the date of the company's stock listing and for 60 months from the completion of the capital increase[156]. - Company directors and senior management committed to not transfer shares held before the IPO for 12 months from the date of the company's stock listing, with a two-year lock-up period after the lock-up expires[157]. Technological Advancements - The company has developed an advanced oxygen regulation technology for aircraft, achieving international leading status, with all products reaching the sample design stage and some in batch production[56]. - The airborne molecular sieve oxygen generation technology has been recognized with multiple national awards, including the Special Prize for Scientific and Technological Progress, and is currently in the research and batch production phase[56]. - The company has achieved significant advancements in nitrogen inerting technology, which prevents fuel tank fires and explosions by maintaining low oxygen levels[60]. Future Outlook - The company anticipates significant changes in the military aviation industry due to advancements in quantum science, artificial intelligence, and other cutting-edge technologies, which will revolutionize warfare and aviation equipment[132]. - The civil aviation sector is expected to see improvements in aircraft performance, with a focus on efficiency, safety, and cost-effectiveness over the next 20 years[132]. - The company is positioned to benefit from the "14th Five-Year Plan" period, which is expected to bring multiple industrial turning points and favorable policies for the defense industry[132].
江航装备(688586) - 2020 Q3 - 季度财报
2020-10-27 16:00
2020 年第三季度报告 公司代码:688586 公司简称:江航装备 合肥江航飞机装备股份有限公司 2020 年第三季度报告 1 / 21 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 11[ 重要事项 四、 附录 目录 2 / 21 2020 年第三季度报告 单位:元 币种:人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整, 不存在虚假记载、误导性陈述或者重大遗漏,并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人宋祖铭、主管会计工作负责人孙军及会计机构负责人(会计主管人员)李华保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------|------------------------------|------------------------------------|-- ...