Camel Group(601311)2021-04-15 16:00Financial Performance - Net profit attributable to parent company in 2020 was RMB 726.13 million[6] - Total distributable profit for 2020 was RMB 4.20 billion[6] - Revenue in 2020 reached 96.4 billion yuan, a year-on-year increase of 6.83%[27] - Net profit attributable to shareholders in 2020 was 7.26 billion yuan, up 22% year-on-year[27] - Operating cash flow in 2020 was 9.98 billion yuan, an increase of 23.03% compared to the previous year[27] - Total assets at the end of 2020 were 123.65 billion yuan, an increase of 8.11% year-on-year[27] - Basic earnings per share in 2020 were 0.65 yuan, up 22.64% year-on-year[28] - Weighted average return on equity in 2020 was 10.38%, an increase of 0.84 percentage points year-on-year[28] - Revenue in Q4 2020 was 2.85 billion yuan, the highest among all quarters[31] - Net profit attributable to shareholders in Q4 2020 was 275.55 million yuan, the highest among all quarters[31] - Revenue increased by 6.83% to 9,639,815,718.43 yuan compared to the previous year[97] - Operating costs rose by 4.35% to 7,737,499,451.52 yuan[97] - Net cash flow from operating activities grew by 23.03% to 998,223,489.12 yuan[97] - Revenue for the period was 9.639 billion yuan, a year-on-year increase of 6.83%, with net profit attributable to shareholders of 726.13 million yuan, a year-on-year increase of 22%[82] - The company's 2020 net profit attributable to the parent company was RMB 726,134,737.51, with a total distributable profit of RMB 4,199,493,236.00 after adjustments[174] Dividends and Share Repurchases - Cash dividend proposed at RMB 0.20 per share (tax inclusive)[6] - Repurchased 4.25 million shares not participating in profit distribution[6] - 2019 dividend payment totaled RMB 438.38 million (cash dividend RMB 180.51 million, stock dividend RMB 257.87 million)[6] - In 2020, the company proposed a cash dividend of RMB 2.00 per 10 shares (tax included), totaling RMB 223,492,049.00, accounting for 30.78% of the net profit attributable to the parent company[178] - In 2019, the company distributed a cash dividend of RMB 2.10 per 10 shares (tax included) and a stock dividend of 3 shares per 10 shares, totaling RMB 180,510,529.50 in cash dividends[172] - The cash dividend payout ratio for 2019 was 30.33% of the net profit attributable to the parent company[178] - In 2018, the company distributed a cash dividend of RMB 1.50 per 10 shares (tax included), totaling RMB 128,936,070.00, with a payout ratio of 23.05%[178] - The company's cash dividend payout ratio for 2019, including share repurchases, was 32.92%[178] - The cash dividend payout ratio for 2018, including share repurchases, was 38.24%[178] - The company's total share repurchase amount in 2019 was RMB 15,400,709.80, accounting for 7.86% of the total cash dividend[180] - The company's total share repurchase amount in 2018 was RMB 85,003,394.41, accounting for 39.73% of the total cash dividend[180] Lead-Acid Battery Business - The company's lead-acid battery production reached 27.985 million KVAH, a year-on-year increase of 13.76%, with sales reaching 28.103 million KVAH, a year-on-year increase of 14.34%, both hitting record highs[41] - The company's market share in lead-acid starter batteries for automotive applications has increased to 48%, with a 16.4% year-on-year growth in sales to OEMs[41] - The company's domestic aftermarket share remained at around 25%, with aftermarket sales growing by approximately 8.3% year-on-year[42] - The company's lead-acid battery recycling capacity reached 860,000 tons/year, with 344,000 tons of waste lead-acid batteries processed in 2020, a 30% year-on-year increase[43] - The company's lead-acid battery products are primarily used in starting and power applications, accounting for over 70% of the domestic lead-acid battery product structure[60] - The company has a leading position in the domestic lead-acid battery market, with a nationwide network of nearly 2,000 first-tier dealers and 40,000 terminal outlets[61] - The company's annual processing capacity for used lead-acid batteries has reached 860,000 tons, with advanced recycling technology and equipment[65] - The company has participated in the formulation of national and industry standards for lead-acid battery recycling and disposal, enhancing its competitive advantage[65] - The company's domestic lead-acid battery production capacity is 32 million KVAH/year, with an annual waste lead-acid battery recycling capacity of 860,000 tons[79] - The company's overseas lead-acid battery production capacity is 2 million KVAH/year[79] - Cumulative production of lead-acid batteries reached 27.985 million KVAH, a year-on-year increase of 13.76%, and cumulative sales reached 28.103 million KVAH, a year-on-year increase of 14.34%[82] - Domestic OEM market sales increased by approximately 16.4%, with a market share of about 48%[86] - Domestic aftermarket sales increased by approximately 8.3%, with online orders leading the industry and a market share maintained at around 25%[87] - Lead-acid battery segment revenue increased by 9.21% to 8,477,354,232.09 yuan, with a gross margin of 22.47%[98] - Production of lead-acid batteries increased by 13.76% to 27,985,477.11 KVAH[101] - Direct material costs for lead-acid batteries accounted for 75.10% of total costs, increasing by 5.15% to 5,810,955,842.63 yuan[102] New Energy Business - The company's new energy business focuses on low-voltage lithium battery market development, with products including 12V/24V/48V lithium batteries and energy storage batteries[47] - The company's joint venture with Rimac has completed its first phase, achieving an annual production capacity of 50,000 drive systems[47] - The company's investment in a new energy power battery recycling pilot line in Hubei has obtained ISO9001 certification[48] - The company has launched 12V/24V/48V lithium battery products to establish a competitive edge in niche markets[69] - The company has formed partnerships with multiple domestic and international OEMs for 12V and 48V low-voltage start-stop systems[69] - The 48V soft-pack battery production line was officially mass-produced in April 2020, with a total shipment of 19,957 units for the year[90] - The company was selected as the 48V lithium battery supplier for BAIC's B60V project in January 2021[90] - A lithium battery recycling pilot line was established in 2020, successfully developing NCM523, NCM622, and NCM811 ternary precursor products[90] - The company completed testing, installation, and promotion of lithium battery container fixed energy storage projects, with 4 products passing TÜV certification[91] - The company invested in Wuhan Zhongji Hydrogen Energy Industry Innovation Center Co., Ltd., participating in hydrogen fuel cell systems and key components[91] - The company has built a closed-loop industrial chain for lithium batteries, covering R&D, production, sales, and recycling[159] - The company will focus on developing 48V lithium battery products to achieve technological leadership in China and expand into overseas markets[141] - The company plans to invest in lithium battery energy storage, develop intelligent equipment, and research fuel cell systems and solid-state lithium battery technologies[143] Overseas Expansion - Overseas sales increased by approximately 111% year-on-year, with exports expanding to 29 new countries[42] - The company has established stable supply relationships with nearly 200 domestic automobile manufacturers and is expanding its overseas business to achieve "global supply" for lead-acid batteries[54] - The company has partnered with nearly 40,000 terminal stores and repair points across 22 provinces, 5 autonomous regions, and 4 municipalities, and is developing its overseas dealer network[54] - The company has developed an online sales model through its own e-commerce platform and major platforms like Alibaba and JD.com, integrating online and offline sales[54] - The company has 5 wholly-owned subsidiaries overseas, engaged in battery R&D, production, and sales[160] - Overseas market sales achieved multiple growth, with 29 new export countries added, and North American sales accounting for 45% of total overseas sales[88] - The company plans to accelerate the construction of the second phase of its Malaysia factory and establish a battery recycling plant in Malaysia or nearby countries[142] - The company will optimize its overseas capacity layout, aiming to achieve full production at its Malaysia factory and start construction of a North American factory[147] R&D and Innovation - The company has 719 patents, including 82 authorized invention patents, 595 utility model patents, and 42 design patents[71] - R&D expenses decreased by 11.10% to 82,072,529.37 yuan due to delayed project progress[106] - Total R&D investment was 390,510,634.20 yuan, accounting for 4.05% of total revenue[109] - The company has 956 R&D personnel, making up 13.84% of the total workforce[109] - The company has introduced automated production equipment and advanced environmental protection technologies in lead-acid battery manufacturing[156] - The company's main lead-acid battery production plants have been included in the fifth batch of the Ministry of Industry and Information Technology's green manufacturing list[156] - The company has promoted informationization by implementing QR code identification and traceability management for lead-acid batteries[159] - The company has strengthened its competitive position in the low-voltage lithium battery segment through differentiated products and services[159] Market and Industry Trends - The global new energy vehicle (NEV) fleet reached approximately 10 million units by the end of 2020, with China accounting for 4.92 million units, nearly 50% of the total[60] - The domestic new energy vehicle market is growing, driving steady demand for power batteries, with ternary lithium batteries and lithium iron phosphate batteries remaining mainstream[66] - China's automobile production and sales in 2020 were 25.225 million and 25.311 million units, respectively, a year-on-year decrease of 2% and 1.9%[130] - The number of cars in China reached 281 million by the end of 2020, an increase of 21 million from the end of 2019, a year-on-year increase of 8.08%[130] - China's new energy vehicle sales in 2020 were 1.367 million units, a year-on-year increase of 10.9%[135] - The cumulative installed capacity of power batteries in China in 2020 was 63.6Gwh, a year-on-year increase of 2.3%[135] Strategic Goals and Future Plans - The company aims to achieve a revenue target of over 20 billion yuan by 2025, doubling its current revenue[139] - In 2020, the company achieved revenue of 9.64 billion yuan, a year-on-year increase of 6.83%[144] - The company plans to increase its market share in the automotive low-voltage battery sector to over 50% in China and rank among the top three globally[140] - The company will focus on developing 48V lithium battery products to achieve technological leadership in China and expand into overseas markets[141] - The company plans to accelerate the construction of the second phase of its Malaysia factory and establish a battery recycling plant in Malaysia or nearby countries[142] - The company will invest in lithium battery energy storage, develop intelligent equipment, and research fuel cell systems and solid-state lithium battery technologies[143] - The company aims to achieve a year-on-year revenue growth of over 20% in 2021[147] - The company will optimize its overseas capacity layout, aiming to achieve full production at its Malaysia factory and start construction of a North American factory[147] - The company plans to enhance its market share in the high-end automotive market by upgrading products and services, particularly for start-stop batteries[147] - The company will continue to reduce manufacturing costs and improve asset turnover efficiency in 2021[148] Corporate Governance and Compliance - Company maintains standard unqualified audit opinion from ZhongShen ZhongHuan CPA[5] - No non-operational fund occupation by controlling shareholders or related parties[8] - The company has established an early warning mechanism to mitigate risks from exchange rate fluctuations and international relations[160] - The company prioritizes cash dividends, with a minimum cash dividend ratio of 10% of distributable profits annually[165] - The company has implemented a differentiated cash dividend policy based on its development stage and capital expenditure needs[164] Subsidiaries and Investments - The total assets of Camel Xiangyang are 2.515 billion yuan, with net assets of 1.529 billion yuan and a net profit of 181.8853 million yuan[124] - Camel Trade's main business income is 8.554 billion yuan, with a main business profit of 696.1448 million yuan[127] - Camel Sales' main business income is 3.732 billion yuan, with a main business profit of 409.4772 million yuan[127] - Hubei Jinyang's main business income is 1.813 billion yuan, with a main business profit of 149.4987 million yuan[127] - Camel Huazhong's main business income is 1.288 billion yuan, with a main business profit of 183.5001 million yuan[127] - Camel New Energy's main business income is 20.1975 million yuan, with a main business loss of 7.0658 million yuan[127] - The company acquired a 30% stake in Hubei Camel Financial Leasing Co., Ltd. for 57 million yuan, making it a wholly-owned subsidiary[196] - The company planned to establish the Hubei Camel Hanjiang Green Circular Economy Industrial Investment Fund with a total scale of 500 million yuan, with the company contributing 295 million yuan, accounting for 59%[198] - Due to changes in the policy of Xiangyang City's guiding fund, the investment cooperation agreement for the Hubei Camel Hanjiang Green Circular Economy Industrial Investment Fund was not signed, and the fund was not registered, leading to the cancellation of the related transaction[199] Employee Stock Ownership Plan - The company implemented the first phase of its employee stock ownership plan, transferring 5.75 million shares at a price of 6.57 yuan per share, raising a total of 37.7775 million yuan with 45 participating employees[190] - The first phase of the employee stock ownership plan unlocked on March 23, 2020, and after a 3-for-10 stock dividend, the number of shares held increased to 7.475 million[190] - During the reporting period, the employee stock ownership plan reduced its holdings by 3,737,401 shares, accounting for 0.33% of the total shares, and as of December 31, 2020, it still held 3,737,599 shares, representing 0.33% of the total shares[190] Related Party Transactions - The company and its subsidiary, Hubei Camel Logistics, conducted daily related transactions with Daramic, totaling 167.6287 million yuan for purchasing lead-acid battery separators and 4.3522 million yuan for logistics and warehousing services[192] Financial Assets and Liabilities - The company's trading financial assets increased by RMB 457.8 million, reaching RMB 645.8 million at the end of the period[36] - The company's other equity instrument investments increased by RMB 494.7 million, reaching RMB 779.3 million at the end of the period[36] - Trading financial assets increased by 243.47% to RMB 645,825,379.31, accounting for 5.22% of total assets[113] - Other equity instrument investments surged by 173.78% to RMB 779,321,182.39, representing 6.30% of total assets[113] - Short-term borrowings rose by 64.82% to RMB 1,235,000,000.00, making up 9.99% of total assets[113] - Contract liabilities increased by 33.91% to RMB 295,044,425.19, accounting for 2.39% of total assets[113] - Deferred tax liabilities surged by 359.10% to RMB 191,486,220.01, representing 1.55% of total assets[113] - Restricted assets at the end of the reporting period totaled RMB 256,216,123.49, including RMB 239,795,194.90 in receivables financing and RMB 16,420,928.59 in other monetary funds[116] - Total external equity investments in 2020 amounted to approximately RMB 352 million, including a RMB 10 million investment in Wuhan Zhongji Hydrogen Energy Industry Innovation Center Co., Ltd[121] Cash Flow - Operating cash flow increased by 23.03% to RMB 998,223,489.12 in 2020 compared to RMB 811,360,000.67 in 2019[110] - Net cash flow from investment activities improved to -RMB 308,320,875.53 in 2020 from -RMB 541,951,970.87 in 2019[110] - Net cash flow from financing activities decreased to -RMB 715,164,112.60 in 2020 from -RMB 95,812,064.85 in 2019[110] Non-Recurring Items - Non-recurring gains and losses in 2020 amounted to 1.1 billion yuan, mainly from government subsidies and investment income[35] Legal and Regulatory Compliance - Legal surplus reserve of RMB 66.66 million was allocated[6] - Convertible bonds are still