Baolong Automotive(SH:603197)2022-04-27 16:00Financial Performance - In 2021, the company achieved a net profit of RMB 71,079,998.04, with a distributable profit of RMB 69,707,456.16 after accounting for reserves and interim dividends[6]. - The proposed cash dividend is RMB 2.0 per 10 shares, totaling RMB 41,561,181.6 to be distributed to shareholders[6]. - The company's operating revenue for 2021 was approximately ¥3.90 billion, representing a 17.01% increase compared to ¥3.33 billion in 2020[26]. - Net profit attributable to shareholders for 2021 was approximately ¥268.40 million, a 46.52% increase from ¥183.18 million in 2020[26]. - The net profit after deducting non-recurring gains and losses was approximately ¥157.96 million, showing a decrease of 14.95% compared to ¥185.74 million in 2020[26]. - The company's total assets at the end of 2021 were approximately ¥5.15 billion, reflecting a 31.59% increase from ¥3.91 billion at the end of 2020[26]. - The weighted average return on equity for 2021 was 14.47%, a decrease of 2.09 percentage points from 16.56% in 2020[26]. - The net cash flow from operating activities for 2021 was approximately ¥131.32 million, a decrease of 42.60% compared to ¥228.79 million in 2020[26]. - The basic earnings per share for 2021 was ¥1.40, an increase of 25.00% from ¥1.12 in 2020[26]. - The company's net assets attributable to shareholders increased by 91.06% to approximately ¥2.20 billion at the end of 2021, compared to ¥1.15 billion at the end of 2020[26]. Revenue Breakdown - The company's operating revenue for the reporting period was RMB 389,758.56 million, an increase of 17.01% compared to the same period last year[39]. - The net profit attributable to shareholders was RMB 26,839.82 million, representing a growth of 46.52% year-on-year[39]. - Revenue from TPMS and accessories was RMB 133,174.09 million, up 16.96% from RMB 113,864.48 million in 2020[39]. - Revenue from automotive metal pipe fittings increased by 20.05%, reaching RMB 116,465.56 million[39]. - The company achieved a 15.83% increase in revenue from the automotive OEM market, totaling RMB 266,513.47 million[45]. - The automotive aftermarket (AM) revenue grew by 15.97%, amounting to RMB 102,239.45 million[45]. - Domestic sales reached RMB 135,975.61 million, a 26.22% increase from RMB 107,725.44 million in 2020[48]. - International sales were RMB 242,528.33 million, reflecting an 11.61% increase compared to RMB 217,303.03 million in the previous year[48]. Investments and Strategic Moves - The company made strategic investments, including RMB 2,000.00 million in a private equity fund and RMB 3,000.00 million for a stake in Nanjing Yingrui Technology[39]. - The company exited part of its investment in Spiers New Technologies Inc., realizing a pre-tax gain of RMB 86.63 million from the sale[39]. - The company plans to invest EUR 15 million in a sensor production park in Hungary to expand its overseas sensor business[120]. Market Trends and Product Development - The company's TPMS products are gaining market share as consumer recognition of direct TPMS increases, leading to a growing market size[71]. - The intelligent suspension system is primarily focused on the high-end new energy vehicle market, with several brands adopting this technology in their models[71]. - The demand for various sensor products, including pressure and optical sensors, is rapidly increasing due to the growth of electric smart vehicles[74]. - The market for lightweight automotive components is expanding as vehicle manufacturers accelerate lightweight design in response to energy-saving policies[74]. - The penetration of ADAS (Advanced Driver Assistance Systems) is increasing, providing significant market opportunities for the company's existing ADAS products[74]. Research and Development - The company's R&D expenditure accounted for 7.20% of its operating income, with total R&D costs reaching CNY 280,504,111.58[80]. - The number of R&D personnel reached 773, accounting for 16.40% of the total workforce[101]. - The company is focusing on the development of new products in the fields of smart and lightweight automotive components, with key products entering a rapid growth phase[120]. Corporate Governance and Compliance - The company adheres to legal regulations and governance standards, ensuring accurate and timely information disclosure to protect shareholder interests[126]. - The company has maintained independence in assets, personnel, finance, and operations from its controlling shareholders, ensuring no significant changes in competitive conditions[130]. - The company conducted its shareholder meetings in compliance with legal procedures, ensuring equal treatment of all shareholders, including minority shareholders[127]. - The board of directors has been elected following legal procedures, ensuring compliance with governance standards and objective decision-making[127]. - The company emphasizes communication with investors, with the board secretary's office responsible for managing investor relations and feedback[126]. Employee and Executive Compensation - The total pre-tax remuneration for all listed executives during the reporting period amounted to 731.02 million yuan[136]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 6.9688 million yuan[142]. - The company has established a competitive compensation system to attract and retain talent, ensuring timely rewards for employee contributions[160]. - The compensation policy emphasizes efficiency, fairness, and sustainability, with annual adjustments to fixed and variable salaries[160]. Challenges and Risks - The company faces risks from market competition, currency fluctuations, raw material price volatility, and product quality control[121]. - The ongoing COVID-19 pandemic has exceeded expectations, with the Omicron variant spreading globally, impacting logistics costs and efficiency, which may significantly affect the company's operations[124]. - The company recognizes the impact of geopolitical tensions and supply chain disruptions on the automotive industry and is adapting its global operational strategies accordingly[116]. Internal Controls and Audits - The internal control system has been continuously improved to enhance decision-making efficiency and ensure compliance with legal regulations[176]. - The internal control audit report issued by DaXin Accounting Firm received a standard unqualified opinion[180]. - The company has not faced any significant internal control deficiencies during the reporting period[176].