Sichuan Express(SH:601107)2021-03-30 16:00Financial Performance - The net profit attributable to the parent company for 2020 was approximately RMB 674.47 million, with the parent company's net profit at about RMB 862.57 million[11]. - The company's operating revenue for 2020 was CNY 5,459,022,375.17, a decrease of 14.80% compared to CNY 6,407,613,516.51 in 2019[37]. - The net profit attributable to shareholders for 2020 was CNY 674,472,807.71, down 37.70% from CNY 1,082,670,158.75 in 2019[37]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 588,505,972.95, a decrease of 45.10% compared to CNY 1,072,044,069.65 in 2019[37]. - Basic earnings per share for 2020 was CNY 0.2206, a decrease of 37.68% compared to CNY 0.354 in 2019[38]. - The weighted average return on equity decreased to 4.37% in 2020, down 2.90 percentage points from 7.27% in 2019[38]. - The company achieved an operating revenue of approximately RMB 5.46 billion and a total profit of approximately RMB 989 million for the year[79]. - The company reported total revenue of approximately CNY 3,021.02 million for vehicle toll fees, a decrease of 22.83% compared to the previous year[145]. - The company reported a net cash flow from operating activities of approximately 2.29 billion yuan, an increase of 25.03% year-on-year, driven by improved budget management and cost control[161]. Dividend and Profit Distribution - The proposed cash dividend is RMB 0.08 per share, totaling approximately RMB 244.64 million, which accounts for 47.27% of the distributable profit for the year[11]. - The company has reported a 36.27% payout ratio based on the net profit attributable to shareholders for 2020[11]. - The company plans to retain the remaining profits for the next fiscal year, with no capital reserve fund conversion to share capital for this year[11]. Audit and Governance - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[8]. - The company received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[10]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[13]. Risks and Future Outlook - The company has outlined potential risks including policy, market, financial, and management risks in the report[15]. - The management provided guidance for future performance, indicating a cautious outlook due to market conditions[26]. - The company plans to focus on enhancing core business profitability and market competitiveness while expanding related diversified projects[87]. - The company aims to strengthen risk control measures and improve governance to ensure stable development amidst economic challenges[90]. Market Position and Strategy - The company is positioned as the only A+H share listed expressway infrastructure company in Sichuan Province, playing a crucial role in the region's expressway investment and operation[64]. - The company has implemented a diversified development strategy, expanding into urban infrastructure, real estate development, and energy investment, leveraging its financial and brand advantages[58]. - The company is actively expanding its diversified business, including urban operations and energy services, to enhance revenue streams[79]. - The company plans to expand its real estate projects and enhance its financing leasing services to drive future growth[146]. Operational Performance - The company operates a total of approximately 744 kilometers of expressways, with 42 kilometers under construction as of December 31, 2020[52]. - The company’s expressway business is primarily influenced by economic conditions, with traffic demand affected by various factors including competition and government policies[59]. - The overall performance of the group's expressways was impacted by the economic environment, with China's GDP growing by 2.3% in 2020[102]. - The group’s expressways experienced a gradual recovery in traffic volume starting from the second quarter of 2020[102]. Investment and Projects - The company has initiated key projects such as the Chengle Expressway expansion and the Tianqiong Expressway, with significant progress in construction and approvals[79]. - The total investment for the Chengle Expressway expansion project is approximately RMB 231.33 billion, with RMB 50.07 billion invested by the end of 2020[117]. - The Tianqiong Expressway project has an estimated total investment of RMB 8.685 billion, with RMB 834 million completed by the end of 2020[121]. - The company successfully won the bid for the "Longbao D" PPP project with an estimated total investment of approximately RMB 390 million[124]. Subsidiary Performance - Chengle Company reported operating revenue of approximately RMB 387.48 million, a decrease of about 24.5% compared to the previous year, and net profit of approximately RMB 151.28 million, down from RMB 258.33 million[180]. - Suiguang Suixi Company experienced an operating revenue of approximately RMB 291.50 million, down about 23.5% from the previous year, and a net loss of approximately RMB 387.22 million, worsening from a loss of RMB 340.57 million[181]. - Renshou Zhi Di Company reported operating revenue of approximately RMB 501.48 million, significantly increasing from RMB 37.20 million in the previous year, and net profit of approximately RMB 9.79 million, recovering from a loss of RMB 66.93 million[188]. Financial Indicators - The total assets at the end of 2020 were CNY 40,463,340,007.54, representing a 7.27% increase from CNY 37,720,112,901.70 at the end of 2019[37]. - The total amount of equity attributable to shareholders at the end of 2020 was CNY 15,535,034,205.02, slightly up from CNY 15,277,898,307.72 at the beginning of the year[40]. - The company’s financial indicators rank above average among listed companies in the same industry, indicating strong profitability and risk resilience[64].