Camel Group(601311)2022-04-21 16:00Financial Performance - Net profit attributable to parent company shareholders in 2021 was RMB 831,789,107.64[6] - Revenue in 2021 increased by 28.67% to 1,240,345.45 million RMB compared to 2020[29] - Net profit attributable to shareholders rose by 14.55% to 83,178.91 million RMB in 2021[29] - Operating cash flow decreased by 23.34% to 76,522.31 million RMB in 2021[29] - Total assets grew by 4.63% to 1,293,720.11 million RMB at the end of 2021[29] - Basic earnings per share increased by 12.31% to 0.73 RMB in 2021[29] - Q4 2021 revenue reached 3,261,306,805.44 RMB, the highest among all quarters[32] - Q4 2021 net profit attributable to shareholders was 157,486,356.24 RMB[32] - Revenue for the reporting period reached 12,403.45 million yuan, a year-on-year increase of 28.67%[41] - Net profit attributable to shareholders of the listed company was 831.79 million yuan, up 14.55% year-on-year[41] - The company's operating income for the reporting period was RMB 12.40 billion, a year-on-year increase of 28.67%, while operating costs increased by 33.12% to RMB 10.30 billion[101] - The company achieved a 28.67% year-over-year revenue growth in 2021, reaching 124.03 billion yuan[156] Profit Distribution and Dividends - Proposed cash dividend of RMB 2.2 per 10 shares, totaling RMB 258,092,145.96, representing 31.03% of net profit[6] - The company plans to distribute the remaining undistributed profits in future years[6] - The profit distribution plan is subject to approval at the 2021 annual shareholders' meeting[6] Share Capital and Equity - Total share capital as of March 31, 2022 was 1,173,146,118 shares[6] - The company's equity increased by 14.2% to 848,696.12 million RMB at the end of 2021[29] - The weighted average return on equity (ROE) increased by 0.17 percentage points to 10.55% in 2021[29] Government Subsidies - Government subsidies in 2021 amounted to 61,604,288.27 RMB[32] Battery Sales and Market Share - AGM battery sales increased by nearly 100%, and parking air conditioning battery sales grew by 245% year-on-year[42] - Cumulative sales of automotive low-voltage lead-acid batteries reached 31.52 million KVAH, a year-on-year increase of 12.17%[47] - Market share in the supporting market reached approximately 49%, with cumulative sales increasing by about 3.21% year-on-year[49] - Sales of new energy vehicle low-voltage batteries increased by 258.4% year-on-year[48] - The company's automotive low-voltage lead-acid battery production and sales hit record highs in 2021, with production reaching 32.58 million KVAH, up 16.42% year-on-year, and sales reaching 31.52 million KVAH, up 12.17% year-on-year[80] - The company's automotive low-voltage lead-acid battery market share in domestic OEMs was approximately 49%, with a 27.4% share in the domestic maintenance and replacement market, and export sales increased by 123%[80] R&D and Innovation - The company completed 53 project approvals, including new projects with FAW Jiefang, Dongfeng Honda, and Changan Automobile[48] - The company developed 19 new energy vehicle low-voltage battery projects, covering traditional automakers and new car-making forces[48] - The company's R&D efforts resulted in 207 patent applications, covering key technologies in lithium-ion batteries and battery management systems[43] - The company's energy storage battery R&D improved cycle life, with cells maintaining over 80% capacity after 6,000 cycles and a full lifecycle exceeding 8,000 cycles[46] - R&D expenses increased significantly by 83.09% to RMB 150.27 million, primarily due to increased R&D investment in the new energy sector[101] - Total R&D investment reached 491,485,306.40 yuan, accounting for 3.96% of total revenue[112] - The company has 1,066 R&D personnel, making up 15.09% of total employees[113] - The company's Wuhan R&D center has a 4,000-square-meter testing center with over 1,000 testing circuits, supporting advanced research in battery technology[92] - The company's subsidiary, Wuhan Zhongji Hydrogen Energy Innovation Center, has 60 patents and can conduct over 110 testing items for hydrogen fuel cell products[93] - The company owns 882 patents, including 97 invention patents, 738 utility model patents, and 47 design patents, with 196 patents in the new energy sector[91] Energy Storage and New Energy - The company signed a cooperation agreement with Three Gorges Electric Energy Management (Hubei) Co., Ltd. for a total of no less than 1GWh, with the first batch of 50MWh supply contracts already in place[56] - The company's energy storage product layout covers energy storage cell manufacturing, BMS and EMS product development, and integrated energy storage products[82] - The company's energy storage products include containerized industrial energy storage, residential energy storage, and portable energy storage products, targeting applications in power generation, grid, and user-side scenarios[82] - The company is positioning its energy storage business as a second growth engine, targeting both industrial and residential energy storage markets[151] - The company is building a comprehensive energy storage system R&D framework, focusing on industrial and residential energy storage, and developing core competencies in BMS/EMS and energy storage cells[162] - The company is establishing a cost control system for energy storage, implementing cost responsibility mechanisms and input-output analysis[162] - The company is creating a marketing system for energy storage, targeting different customer groups with online and offline strategies[162] Waste Battery Recycling - The company processed approximately 600,000 tons of waste lead-acid batteries, a 73.3% year-over-year increase, with 67% of the produced lead used for self-supply[59] - The company established 17 centralized transfer points, 2,928 collection points, and 288 joint recycling units for waste lead-acid battery recycling[59] - The company's waste lead-acid battery recycling capacity has reached 860,000 tons/year, forming a nationwide layout with one lead-acid battery factory paired with one recycling factory[85] - The company has developed NCM523, NCM622, and NCM811 ternary precursor products through its independently developed lithium battery recycling technologies[85] - The company is accelerating the construction of a lithium battery recycling factory to establish a "purchase-sale integration" industrial chain[152] Market Expansion and Sales Channels - The company has completed the construction and activation of over 18,000 "You Neng Da" service providers and 53,500 "You Neng Da" terminal providers, covering 22 provinces, 5 autonomous regions, and 268 cities across China[50] - The company's online exposure increased by 27% year-over-year, with the online market share of lead-acid batteries rising to 45.38%, making it the online sales champion[53] - The company's maintenance and replacement market sales grew by approximately 15.4% year-over-year, with market share increasing to around 27.4%[53] - The company achieved a 123% year-over-year growth in overseas market sales, with products exported to 140 ports across 55 countries and regions[54] - The company's sales network covers 22 provinces, 5 autonomous regions, and 4 municipalities, serving nearly 300 cities and over 5,000 terminal retailers[96] - The company operates multiple brands including "Camel," "Huazhong," "Swan," and "DF," offering a wide range of automotive low-voltage battery products[97] - The company has established an integrated online and offline marketing system, including e-commerce platforms and nationwide logistics capabilities[97] - The company is expanding its international market presence by building new channels and overseas warehouses, and localizing production and services[156] Automotive Industry Trends - The company's domestic car production increased by 3.4% year-over-year to 26.082 million units, with passenger car production reaching 21.408 million units, a 7.1% increase[62] - The company's new energy vehicle production and sales reached 3.545 million and 3.521 million units respectively, both increasing by 1.6 times year-over-year, with a market share of 13.4%[65] - Domestic energy storage battery shipments reached 48GWh in 2021, a 2.6-fold increase year-on-year, with power storage battery shipments at 29GWh, a 4.39-fold increase from 6.6GWh in 2020[66] - China's car ownership exceeded 300 million units by the end of 2021, and is expected to reach 390 million units by 2025[137] - Global car ownership is expected to reach 14 to 15 billion units by the end of 2025[137] - The average capacity of low-voltage batteries for commercial vehicles has exceeded 100Ah[137] - The penetration rate of 12V start-stop systems in the passenger vehicle sector has reached nearly 70%, with AGM and EFB start-stop batteries being 1.6-3 times more valuable than traditional flooded batteries[138] Strategic Goals and Future Plans - The company aims to achieve a revenue target of over 20 billion yuan by 2025, doubling its current revenue[148] - The company plans to capture over 50% of the domestic market share in the automotive low-voltage lead-acid battery sector and secure a top-three global position[149] - The company is focusing on 48V lithium battery products to achieve domestic technological leadership and aims to break into overseas markets[150] - The company is investing in R&D for high-power fuel cell systems and solid-state lithium batteries through collaborations with universities[153] - The company is enhancing its brand strategy and channel development to improve cost structure and achieve significant growth in the automotive low-voltage lead-acid battery business[149] - The company is advancing the green transformation of lead-acid base factories, aiming to establish a green intelligent manufacturing model factory with superior environmental and energy consumption metrics[157] - The company is focusing on reducing supply chain procurement and manufacturing costs in the lead-acid sector to enhance cost competitiveness[157] - The company is extending the industrial value chain by optimizing product structure and developing differentiated regional products, including a post-mounted air conditioning battery solution[157] - The company is enhancing R&D and manufacturing capabilities, particularly in the new energy sector, to meet the demands of high-end customers[158] - The company is strengthening its supply chain management by establishing R&D teams for four major materials and enhancing BMS R&D capabilities[158] Corporate Governance and Shareholder Meetings - The company strictly complied with laws and regulations, improved its internal control mechanisms, and enhanced risk prevention capabilities during the reporting period[177] - The company held four general meetings of shareholders during the reporting period, reviewing a total of 24 proposals, all of which were effectively passed[185] - The company strictly fulfilled its information disclosure obligations and implemented a multi-dimensional communication approach to actively engage with investors[177] - The company's governance practices showed no significant differences from the requirements of the China Securities Regulatory Commission[177] - The company's controlling shareholders and actual controllers ensured the independence of the company's assets, personnel, finance, organization, and business[178] - The company's 2021 annual general meeting approved the 2020 annual report, board of directors' work report, and financial budget report for 2021[182] - The company's 2021 second interim general meeting approved providing guarantees for its wholly-owned subsidiaries, including Camel Energy Co., Ltd. and Camel Power Malaysia Sdn. Bhd.[182] - The company's 2021 third interim general meeting approved the second phase of the employee stock ownership plan and amendments to the company's articles of association[182] - The company's 2021 annual general meeting approved the five-year (2021-2025) strategic development plan[182] - The company's 2021 annual general meeting approved the appointment of Huang Yunhui as an independent director of the eighth board of directors[182] Executive Compensation and Shareholdings - Chairman Liu Changlai holds 36,938,694 shares with no change during the year and received a pre-tax remuneration of 1.0673 million yuan[189] - Vice Chairman and President Xia Shizhong received a pre-tax remuneration of 1.4569 million yuan with no shareholding[189] - Director Liu Guoben holds 294,373,337 shares with no change during the year and received no remuneration[189] - Director Lu Mingzhan holds 7,329,509 shares with no change during the year and received a pre-tax remuneration of 344,100 yuan[189] - Vice President Sun Quan received a pre-tax remuneration of 652,600 yuan with no shareholding[189] - Director Liu Zhili received a pre-tax remuneration of 317,300 yuan with no shareholding[189] - Independent Director Huang Dehan received a pre-tax remuneration of 60,000 yuan with no shareholding[189] - Vice President Liu Ting received a pre-tax remuneration of 542,400 yuan with no shareholding[189] - Vice President Gao Guoxing received a pre-tax remuneration of 501,200 yuan with no shareholding[189] - Board Secretary Yu Aihua received a pre-tax remuneration of 533,400 yuan with no shareholding[189] - The total actual remuneration paid to directors, supervisors, and senior management for the year amounted to RMB 7.8325 million (pre-tax)[197] Board of Directors Approvals - The company's board of directors approved the 2021 annual report and related financial reports, including the 2020 financial report and 2021 financial budget[200] - The company's board of directors approved the 2021 annual investment plan and the 2021-2025 five-year strategic development plan[200] - The company's board of directors approved the 2021 annual operating plan and the 2021 annual financial budget[200] - The company's board of directors approved the 2020 profit distribution plan and the 2020 internal control evaluation report[200] - The company's board of directors approved the 2020 annual report and the 2020 annual report summary[200] - The company's board of directors approved the 2020 annual report of the board of directors and the 2020 annual report of the board of supervisors[200] - The company's board of directors approved the 2020 annual report of the board of directors' audit committee and the 2020 annual report of the board of directors' remuneration and assessment committee[200] - The company's board of directors approved the 2020 annual report of the board of directors' nomination committee and the 2020 annual report of the board of directors' strategy committee[200] - The company's board of directors approved the 2020 annual report of the board of directors' risk management committee and the 2020 annual report of the board of directors' audit committee[200] Subsidiaries and Investments - Subsidiary Camel Xiangyang has total assets of 2.91 billion RMB, net assets of 1.63 billion RMB, and a net profit of 199.49 million RMB[130] - Subsidiary Camel Trade has total assets of 1.47 billion RMB, net assets of 263.25 million RMB, and a net profit of 239.61 million RMB[130] - Subsidiary Hubei Jinyang has total assets of 754.84 million RMB, net assets of 627.13 million RMB, and a net profit of 167.36 million RMB[130] - Subsidiary Camel South China has total assets of 1.06 billion RMB, net assets of 953.41 million RMB, and a net profit of 98.83 million RMB[130] - Total external equity investment during the reporting period is approximately 146 million RMB, primarily in subsidiaries[130] Risk Management and Compliance - The company is addressing macroeconomic risks by monitoring economic and policy changes, and innovating in materials, systems, and business models[167] - The company is mitigating raw material price fluctuation risks by improving the dual-cycle industrial chain and securing material contracts in advance[168] - The company strictly complied with laws and regulations, improved its internal control mechanisms, and enhanced risk prevention capabilities during the reporting period[177] Industry and Market Analysis - China's recycled refined lead production reached 2.806 million tons in 2021, a 12% increase year-on-year[72] - The number of power battery recycling enterprises surged in 2021, with new enterprises accounting for 80% of the total, indicating intense competition in the market[73] - The company completed 11 project approvals with 9 enterprises for its 12V/24V/48V low-voltage platform business, meeting the technical requirements of multiple OEMs including Daimler, BMW, and Geely[81] - The company's domestic lead-acid battery production capacity is approximately 33 million KVAH/year, and its waste lead-acid battery recycling capacity is 860,000 tons/year, with an overseas lead-acid battery production capacity of 2 million KVAH/year[98] Financial Metrics and Costs - Lead-acid battery costs increased by 14.12% to 7,500,266,524.91 yuan, accounting for 72.82% of total costs[108] - Lithium battery costs decreased by 11.14% to 22,598,769.42 yuan, accounting for 0.22% of total costs[108] - Recycled lead costs surged by 151.45% to 2,654,716,637.60 yuan, accounting for 25.77% of total costs[108] - Top 5 customers contributed 125,106.80 million yuan, representing 10.09% of total sales[109] - R&D expenses increased by 83.09% to 150,266,017.41 yuan, driven by new energy sector investments[111] - Total R&D investment reached 491,485,306.40 yuan, accounting for 3.96% of total revenue[112] - Operating cash flow decreased by 23.34% to 765,223,090.02 yuan[116] - Monetary funds increased by 70.34% to 1,199,710,190.74 yuan, accounting for 9.27% of total assets[120] - Accounts receivable financing decreased by