中航机载(600372) - 2015 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2015 was CNY 6,809,466,030.25, representing a year-on-year increase of 3.07% compared to CNY 6,606,659,394.86 in 2014[17] - The net profit attributable to shareholders for 2015 was CNY 477,011,170.74, a decrease of 20.58% from CNY 600,595,472.06 in 2014[17] - The basic earnings per share for 2015 were CNY 0.2712, down 20.56% from CNY 0.3414 in 2014[18] - The weighted average return on equity decreased to 8.8% in 2015, down from 11.55% in 2014, a reduction of 2.75 percentage points[19] - For the entire year, the company achieved total revenue of ¥6.81 billion, representing a year-over-year growth of 3.07%, while total profit decreased by 5.71%[34] - The company reported a net profit of ¥2,256,807,564.30, an increase from ¥1,901,070,074.06, which is a growth of about 18.83%[134] - The net profit for the current period was ¥507,524,998.28, a decrease of 17.24% from ¥613,177,419.03 in the previous period[138] Cash Flow and Assets - The net cash flow from operating activities increased significantly to CNY 519,759,395.41, up 470.25% from CNY 91,146,116.04 in 2014[17] - The net cash flow from operating activities was 520 million yuan, an increase of 428.61 million yuan compared to the previous year, attributed to improved accounts receivable collection[47] - Cash and cash equivalents increased by 18.5% to ¥2,435,485,513.53, compared to ¥2,054,480,060.62 in the previous period[49] - Total current assets increased by 13.1% to ¥11,445,385,367.83, compared to ¥10,117,485,813.89 in the previous period[50] - Total assets grew by 12.0% to ¥16,231,089,381.57, up from ¥14,487,541,068.40 in the prior period[50] - The company reported a significant increase in cash inflow from sales of goods and services, reaching ¥88,710,000.00 compared to ¥33,380,497.00 in the previous period[147] Investments and R&D - The company plans to increase investment in innovation for non-aerospace products, with a commitment to reform and innovate its operational mechanisms in this sector[33] - The total R&D expenditure amounted to 669,318,441.79 yuan, representing 9.83% of the operating revenue, with 398,158,375.44 yuan being expensed and 271,160,066.35 yuan capitalized[46] - The company is focusing on strategic growth and innovation, aiming to develop new products and business models while optimizing its product and industry structure[61] - The company continues to focus on research and development in aerospace electronic systems, which is critical for future growth and market expansion[164] Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling CNY 87,958,146.90 based on the total share capital of 1,759,162,938 shares as of December 31, 2015[2] - In 2015, the cash dividend distribution accounted for 18.44% of the net profit attributable to the parent company, which was 477,011,170.74 RMB[68] - The company reported a profit distribution of -87,958,146.90 RMB to shareholders, indicating a reduction in profit allocation compared to the previous period[161] Operational Challenges and Risks - The company experienced a decrease in net profit due to increased R&D investment in defense products by CNY 59.91 million and a decline in profits from subsidiaries due to various operational challenges[19] - The company faces operational risks due to a long product supply chain and extended aircraft development cycles, which may increase accounts receivable and financial costs[64] - The company is exposed to macroeconomic risks, as its product demand is closely linked to national policies and economic conditions[64] Governance and Management - The company has appointed Ernst & Young Hua Ming as its auditor for the 2015 financial year, replacing the previous auditor[72] - The company has established a robust internal audit and compliance framework to oversee its financial and operational activities[99] - The board consists of 11 members, including 4 independent directors, complying with relevant requirements[112] - The company has implemented a performance evaluation and incentive mechanism to enhance effectiveness[113] Market Strategy and Future Outlook - The company aims for a revenue target of 7.831 billion RMB and a profit target of 715 million RMB for 2016[63] - The company plans to increase its market share in the civil aviation sector by leveraging the C919 large passenger aircraft project and the booming global demand for civil aviation[55] - The company recognizes the increasing competition in the aerospace electronics industry and plans to invest in core technologies to maintain its competitive edge[59] - The company identifies opportunities in the defense and civil aviation sectors due to national policies and infrastructure developments, which will drive future growth[59]