AVICOPTER(SH:600038)2022-03-30 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥21.79 billion, representing a 10.86% increase from ¥19.65 billion in 2020[16]. - The net profit attributable to shareholders for 2021 was approximately ¥913.21 million, a 20.53% increase compared to ¥757.68 million in 2020[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥904.40 million, reflecting a 22.70% increase from ¥737.06 million in 2020[16]. - The net cash flow from operating activities for 2021 was approximately ¥1.45 billion, a significant recovery from a negative cash flow of ¥684.79 million in 2020[16]. - The total assets at the end of 2021 were approximately ¥27.03 billion, a 2.74% increase from ¥26.31 billion at the end of 2020[16]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥9.63 billion, an 8.56% increase from ¥8.87 billion at the end of 2020[16]. - Basic earnings per share for 2021 were CNY 1.5492, up 20.53% from CNY 1.2853 in 2020[17]. - The weighted average return on equity increased to 10.10% in 2021, up from 8.92% in 2020, representing an increase of 1.18 percentage points[17]. - The company achieved a total revenue of CNY 21,789,854,719.38, representing a year-on-year growth of 10.86%[34]. - Net profit reached CNY 913,501,700, with a year-on-year increase of 20.53%[33]. Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY 2,097.38 million in Q4 2021, a significant recovery from negative cash flow in Q3 2021[20]. - The net cash flow from operating activities for 2021 was ¥144,512,418.96, a significant improvement from a net outflow of ¥6,400,062.13 in 2020[164]. - The net cash flow from investing activities was ¥86,302,927.80, compared to a net outflow of ¥747,384,019.10 in the previous year[164]. - The net cash flow from financing activities resulted in an outflow of ¥228,716,965.81, increasing from an outflow of ¥178,919,406.87 in 2020[165]. - The company invested CNY 5.53 billion in Harbin Aircraft and CNY 5.4 billion in Changhe Aircraft to enhance their capital strength and operational capabilities[30]. Research and Development - Research and development expenses for the year were CNY 576.44 million, an increase of 8.78% from CNY 529.92 million in 2020[25]. - The company has made significant investments in R&D, with expenses amounting to CNY 576,436,307.18, an increase of 8.78% year-on-year[34]. - The number of R&D personnel was 1,214, constituting 11.02% of the total workforce[47]. - The company has established a collaborative platform with 14 universities and enterprises to drive breakthroughs in core and cutting-edge technologies[31]. Market and Industry Insights - The global civil helicopter fleet consists of approximately 22,000 aircraft, with turbine helicopters accounting for about 77% of the civil fleet, primarily concentrated in Europe (32%) and North America (26%)[27]. - The top three manufacturers in China's civil helicopter market—Robinson, Airbus Helicopters, and Bell—hold a combined market share of 77.4%, with Robinson leading at 36.8%[27]. - The company predicts that by 2027, the scale of civil helicopters in China will exceed 3,500 units, indicating significant market potential[61]. - The company is focusing on the development and manufacturing of various models of civil helicopters, including the AC series and Y12 series, aiming to provide competitive aviation products and services[63]. Governance and Compliance - The company has established a governance structure that ensures all shareholders, especially minority shareholders, can exercise their rights equally[69]. - The company introduced a strategic shareholder, Guoxin Investment, holding over 5% of shares, to enhance governance and operational efficiency[69]. - The company has implemented a training program focusing on technical skills, management innovation, and quality training to enhance employee capabilities[90]. - The company has established a management framework for related party transactions to ensure fairness and transparency[69]. Environmental Responsibility - The company reported a 100% compliance rate for industrial wastewater and air emissions, with significant reductions in major pollutants: COD down 2.7%, SO2 down 1.5%, and nitrogen oxides down 1.8%[99]. - The company has implemented a comprehensive monitoring plan for pollution sources, with all monitored pollutants meeting national environmental discharge standards[104]. - The company invested CNY 41 million to complete the sewage pipeline renovation and the construction of a new sewage treatment station, improving sewage treatment efficiency and reducing pollutant emissions[100]. - The company has established an environmental risk prevention and early warning mechanism, enhancing its ability to respond to environmental emergencies[103]. Risk Management - The company has strengthened its risk management framework, integrating risk control measures into business operations[36]. - The company acknowledges risks related to macroeconomic fluctuations, policy changes, product quality, raw material shortages, and technological advancements that could impact operations[66]. - The company is actively managing risks associated with order and product structural adjustments, particularly given its reliance on state procurement[66]. Shareholder Returns - The company plans to distribute a cash dividend of ¥4.65 per 10 shares, totaling approximately ¥274.11 million, which accounts for 30.02% of the net profit attributable to shareholders[4]. - The company has established a reasonable and stable profit distribution policy to ensure shareholder returns while pursuing economic benefits[63]. - The company allocated ¥228,716,965.81 in dividends to shareholders during the year, reflecting a significant distribution of profits[166]. Financial Position - The total liabilities of the company were ¥17,099,577,691.66, a slight decrease from ¥17,137,820,268.58 in the previous year[156]. - The company's total equity at the end of 2021 was ¥9,927,679,170.05, an increase from ¥9,168,060,200.33 in 2020, indicating growth in shareholder value[156]. - The company maintained a stable cash position with cash and cash equivalents at ¥3,520,286,127.87, compared to ¥3,024,800,621.43 in the previous year, an increase of approximately 16.4%[153]. Corporate Structure - The company has a total of six subsidiaries, with varying ownership stakes, ensuring a diversified operational structure[172]. - The company holds 100% equity in three subsidiaries focused on helicopter parts manufacturing, aligning with its strategic development in the aviation sector[54]. - The company has a registered capital of 1,170.42 million yuan and focuses on helicopter production and sales, as well as various aviation-related services[58].