DHI(SZ:002487)2020-04-27 16:00Financial Performance - The company's operating revenue for 2019 was CNY 1,687,338,341, representing a 73.99% increase compared to CNY 969,781,614 in 2018[25]. - The net profit attributable to shareholders for 2019 was CNY 175,645,885.82, a significant increase of 179.93% from CNY 62,745,944.42 in 2018[25]. - The net profit after deducting non-recurring gains and losses was CNY 156,164,258.84, up 279.59% from CNY 41,140,185.32 in the previous year[25]. - The net cash flow from operating activities reached CNY 228,416,008.19, a 124.12% increase from CNY 101,915,258.43 in 2018[25]. - Basic earnings per share for 2019 were CNY 0.3164, reflecting an increase of 180.00% compared to CNY 0.1130 in 2018[25]. - Total assets at the end of 2019 amounted to CNY 3,687,316,763.73, a 25.07% increase from CNY 2,948,160,073.98 at the end of 2018[25]. - The net assets attributable to shareholders were CNY 2,007,708,885.34, up 10.67% from CNY 1,814,091,562.52 in 2018[25]. - The weighted average return on equity for 2019 was 9.25%, an increase of 5.72% compared to 3.53% in 2018[25]. Revenue Breakdown - The metal products industry accounted for 98.68% of total operating revenue, with a year-on-year growth of 73.64%[63]. - Domestic sales contributed CNY 908,339,679.34, representing 53.83% of total revenue, while exports surged to CNY 778,998,661.66, a 230.05% increase[63]. - Total revenue for the first quarter was ¥215,804,652.75, with a significant increase in the second quarter to ¥566,910,187.43, followed by ¥415,394,411.45 in the third quarter and ¥489,229,089.37 in the fourth quarter[30]. Cash Flow and Assets - The company reported a net increase in cash and cash equivalents of ¥186,175,802.38, a 777.32% increase year-on-year[82]. - The company’s cash and cash equivalents increased from CNY 280.34 million at the beginning of the year to CNY 590.67 million at year-end, representing a 6.51% increase in total assets percentage[87]. - Accounts receivable decreased from CNY 521.21 million to CNY 470.46 million, reflecting a 4.92% decline in total assets percentage[87]. - Inventory rose significantly from CNY 611.46 million to CNY 892.16 million, resulting in a 3.46% increase in total assets percentage due to increased order volumes[87]. Production and Capacity - The production volume increased by 51.79% to 204,589 tons, driven by the expansion of the production capacity and a recovering wind power market[67]. - The company has established a production line capable of manufacturing large-diameter offshore wind power towers, enhancing its competitive edge in high-end manufacturing[46]. - The company plans to enhance production capacity, aiming for a production output of 200,000 tons in 2020, building on the 2019 output[103]. Research and Development - Research and development expenses increased by 114.88% to ¥68,831,936.76, attributed to increased investment in R&D[77]. - The company held 56 patents in 2019, including 6 invention patents, enhancing its competitive edge in the market[78]. - R&D investment accounted for 4.12% of operating income, a slight decrease from 4.81% in the previous year[81]. Market Strategy and Expansion - The company aims to expand its international market presence by leveraging its certifications from global wind turbine manufacturers[49]. - The company plans to strengthen market expansion efforts and improve customer management systems to enhance service quality and customer satisfaction[58]. - The company has established itself as a qualified supplier for major manufacturers like Vestas and GE, focusing on offshore wind power and international markets[102]. Governance and Compliance - The company has established a governance structure that includes a shareholders' meeting, board of directors, and supervisory board to ensure transparency and protect shareholder rights[173]. - The company has implemented an employee stock incentive plan, granting 12.2 million restricted shares to 34 eligible participants[142]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[121]. Environmental Responsibility - The company focuses on environmental protection and energy conservation as part of its sustainable development strategy[174]. - The company has implemented environmental protection facilities that are operating normally and effectively, with no exceedance of emission standards for pollutants such as toluene and xylene[179]. - The company has received multiple environmental approvals, including the latest approval from the Environmental Protection Bureau in July 2018[182]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.26 per 10 shares to all shareholders based on the total share capital of 555,030,000 shares as of March 31, 2020[8]. - The company distributed a cash dividend of RMB 0.26 per share for the fiscal year 2019, totaling RMB 14,430,780, which represents 8.22% of the net profit attributable to ordinary shareholders[115]. - The company has maintained a consistent cash dividend policy over the past three years, with cash dividends of RMB 5,522,000 in 2017 and RMB 5,550,900 in 2018, accounting for 13.31% and 8.85% of net profit respectively[116].