CSSC Holdings(SH:600150)2022-04-28 16:00Financial Performance - The net profit attributable to shareholders for 2021 was CNY 213,814,622.44, with a total distributable profit of CNY 1,431,991,882.29 at year-end[4]. - The company's operating revenue for 2021 was CNY 59.74 billion, an increase of 8.14% compared to CNY 55.24 billion in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 213.81 million, a decrease of 30.08% from CNY 305.80 million in 2020[17]. - The net cash flow from operating activities for 2021 was CNY 2.02 billion, an increase of 107.93% compared to CNY 973.59 million in 2020[17]. - The company reported a total asset value of CNY 160.40 billion at the end of 2021, reflecting a 5.18% increase from CNY 152.51 billion at the end of 2020[17]. - The basic earnings per share for 2021 was CNY 0.05, down 28.57% from CNY 0.07 in 2020[18]. - The company achieved a record high in operating performance, with a total of 132 civil ship orders amounting to 12.11 million deadweight tons, completing 164.37% of the annual target[27]. - The company delivered 71 civil ships with a total deadweight tonnage of 591.74 thousand tons, achieving 107.47% of the annual plan[28]. - The company reported a total of 1,087,452,691.84 yuan in non-recurring gains and losses for the year[23]. - The company’s total revenue from ship repair reached 24.27 billion yuan, with 310 ships repaired during the year[28]. Dividend and Profit Distribution - The proposed cash dividend is CNY 0.3 per 10 shares, totaling CNY 134,172,862.74, subject to shareholder approval[4]. - The company is focused on long-term, sustainable development as part of its profit distribution strategy[4]. - The company does not plan to increase capital reserves by converting them into share capital for this fiscal year[4]. Risk Management and Compliance - The company has disclosed various risk factors in the management discussion and analysis section of the report[5]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting investment risks[5]. - The company has ensured that all board members attended the board meeting, affirming the report's accuracy and completeness[3]. - The audit report issued by the accounting firm was a standard unqualified opinion, confirming the financial statements' reliability[3]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[5]. - The company maintains its registered and office addresses in the Shanghai Free Trade Zone, ensuring compliance with local regulations[12]. Operational Efficiency and Challenges - The company recognized an impairment loss of CNY 2.84 billion due to rising raw material and labor costs during the reporting period[19]. - The company’s cash flow from operating activities showed a significant increase due to a higher volume of new ship orders[19]. - The company faces a significant labor shortage, particularly for skilled workers, due to a substantial increase in new ship orders, leading to heightened demand in key shipyards[39]. - In 2021, the prices of key shipbuilding materials surged, with shipbuilding plates, cables, and paints increasing by 14%, 20%, and 50% respectively, while key equipment prices rose by approximately 25%, significantly compressing profit margins[40]. - The logistics costs and delivery times for imported key equipment have increased by 20-30 days compared to pre-pandemic levels, causing delivery pressures for shipyards[41]. Research and Development - The company’s R&D expenses were RMB 3.12 billion, slightly down by 4.34% compared to the previous year, due to the completion of major projects[47]. - The company achieved a total of 315,040.98 million CNY in research and development investments, representing 5.27% of operating income[54]. - The company’s strategic focus on high-quality development has led to significant progress in production management and product quality[29]. - The company’s new product development included the world's smallest diameter LNG low-pressure dual-fuel engine CX40, which has been successfully applied on ships[31]. - The company emphasizes the importance of technological innovation and aims to advance research in green technologies such as methanol and ammonia fuel[80]. Environmental and Social Responsibility - The company has committed to green transformation in shipbuilding, continuously launching new environmentally friendly ship types and technologies[42]. - The company’s green shipbuilding initiatives saw 24.4% of new orders in 2021 being for green power vessels, aligning with global low-carbon transition trends[36]. - The company has invested in five mobile VOCs collection and treatment devices to manage VOCs emissions from painting operations in dock areas[126]. - The company has established a comprehensive online monitoring system for pollutants, including water, air, noise, and solid waste, to achieve real-time monitoring of emissions[126]. - The company invested a total of 5.264 million yuan in purchasing agricultural products to support poverty alleviation efforts[138]. Governance and Management - The company held a total of 6 board meetings, 5 supervisory board meetings, and 4 shareholder meetings during the reporting period, ensuring compliance with governance regulations[85]. - The total pre-tax remuneration for the chairman and general manager was 145.87 million and 101.19 million respectively[88]. - The company has committed to resolving industry competition issues through various means, including asset restructuring and business adjustments, as stated in the commitment letter from the controlling shareholder[86]. - The company has not experienced any incidents of information leakage or insider trading during the reporting period, maintaining strict confidentiality protocols[85]. - The company’s governance structure has been continuously improved, with a focus on investor relations and communication with regulatory bodies[85]. Strategic Initiatives and Future Outlook - The company is actively expanding its market presence and enhancing its technological capabilities to maintain its leadership in the shipbuilding industry[43]. - The company’s 2022 revenue target is set at 62.175 billion RMB[74]. - The company aims to enhance global competitiveness in the shipbuilding industry by actively pursuing quality orders and adapting to new environmental regulations[76]. - The company plans to optimize its product structure in the power business and increase the proportion of advantageous models, focusing on the development of multi-fuel ship engine technologies[76]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[91].