WHEE(SH:600475)2021-04-19 16:00Financial Performance - The company reported a distributable profit of ¥1,666,935,032.44 at the end of 2020, with a proposed cash dividend of ¥3.5 per 10 shares and a distribution of 3 bonus shares per 10 shares[6]. - The company's operating revenue for 2020 was CNY 7,641,615,180.36, representing a 9.09% increase compared to CNY 7,005,159,899.17 in 2019[28]. - The net profit attributable to shareholders for 2020 was CNY 603,444,023.51, a 34.37% increase from CNY 449,076,533.98 in 2019[28]. - The net cash flow from operating activities for 2020 was CNY 893,400,476.34, up 6.08% from CNY 842,199,471.37 in 2019[28]. - The total assets at the end of 2020 were CNY 16,626,736,757.04, a 23.11% increase from CNY 13,505,648,380.36 at the end of 2019[28]. - The company's net assets attributable to shareholders increased by 20.81% to CNY 7,208,500,728.11 at the end of 2020 from CNY 5,967,031,206.50 at the end of 2019[28]. - Basic earnings per share for 2020 were CNY 1.0921, a 36.04% increase from CNY 0.8028 in 2019[29]. - The weighted average return on net assets for 2020 was 9.20%, an increase of 1.49 percentage points from 7.71% in 2019[29]. - The company achieved a total revenue of 7.64 billion RMB in 2020, representing a year-on-year increase of 9.09%[89]. - The net profit attributable to the parent company was 603 million RMB, reflecting a significant growth of 34.37% compared to the previous year[89]. Dividend Distribution - The total number of shares is 559,392,211, leading to an expected cash dividend payout of approximately ¥195,787,273.85 and a total of 167,817,663 bonus shares to be distributed[7]. - The proposed cash dividend for 2020 is 3.5 RMB per 10 shares, totaling an estimated 195,787,273.85 RMB, along with a distribution of 3 bonus shares per 10 shares[194]. - The cash dividend amount for 2020 was 184,020,200.00 RMB, representing 30.50% of the profit available for distribution[197]. - The company plans to retain undistributed profits for future allocation, with no other forms of distribution planned for 2020[194]. - The cash dividend for the second half of 2020 was set at 2.5 RMB per share, totaling 139,848,052.75 RMB[195]. Operational Highlights - The company reported a quarterly revenue of CNY 3,321,601,109.21 in Q4 2020, contributing significantly to the annual revenue[32]. - The net profit attributable to shareholders in Q4 2020 was CNY 180,667,949.85, showing strong performance in the last quarter[32]. - The company processed 49.41 million tons of waste incineration, representing a 14.85% increase in processing volume compared to the previous year[103]. - The sludge disposal volume increased significantly, with 55.54 million tons processed, marking a 24.85% year-on-year growth[103]. - The company’s solid waste disposal business has expanded, with operational capacity for municipal solid waste incineration reaching 1,600 tons per day[84]. Investment and Projects - The company is currently implementing a buyback and cancellation of 295,000 restricted stock options, which may adjust the total share capital for the dividend distribution[7]. - The company invested ¥1.25 billion in the Jiangxi Lepin urban sanitation project, with a total expected investment of ¥4.8 billion[138]. - The company has expanded its overseas market presence, supplying equipment for major projects in Vietnam and Iraq[63]. - The company’s in-progress projects increased by 25.08% to CNY 1,525,178,855.65, primarily due to investments in waste treatment projects[67]. - The company has invested in the largest single-unit blue algae treatment project in China, with a processing capacity of 1,000 tons/day, which is now operational[54]. Market Trends and Outlook - The environmental equipment market in China is expected to exceed 950 billion RMB by 2023 and reach 1.48 trillion RMB by 2025[151]. - The solid waste treatment industry is projected to see significant growth, with a registered increase of 63.3% in related companies in the first half of 2020[155]. - The urban household waste disposal volume is expected to reach 353 million tons by 2025, indicating substantial market potential[155]. - The market for waste incineration treatment is projected to reach 54.1 billion RMB by 2025, highlighting significant growth opportunities[155]. - The company expects to achieve a consolidated sales revenue of 8 billion yuan and a total profit of 800 million yuan in 2021[175]. Risks and Challenges - The company emphasizes that forward-looking statements may differ from actual results due to risks and uncertainties, and these statements do not constitute a commitment to investors[9]. - The company faces risks from market competition, particularly in the boiler industry, due to decreasing investment growth and increased competition[180]. - The company plans to manage its accounts receivable effectively to mitigate risks associated with cash flow and economic conditions[186]. - The company is committed to enhancing safety production management to prevent and control risks in its operations[187]. Research and Development - The company has accumulated 788 authorized patents, including 145 invention patents, enhancing its R&D capabilities[70]. - The company applied for 189 patents during the year, including 82 invention patents, with a significant increase in invention patent applications compared to 2019[116]. - Research and development expenses totaled 187.46 million yuan, accounting for 2.45% of operating revenue[115]. Financial Position - The company's cash and cash equivalents decreased by 20.50% to CNY 1,818,276,681.79 as of December 31, 2020, due to investments in financial products[67]. - The company reported a 138.18% increase in long-term loans, totaling ¥679 million, driven by investments in environmental projects[129]. - The company's total liabilities included contract liabilities of ¥1.10 billion, reflecting the reclassification of previously recorded advance payments[129].