AVIC AVIONICS(SH:600372)2021-03-30 16:00Financial Performance - The company's operating revenue for 2020 was CNY 8,746,614,181.92, representing a 4.72% increase compared to CNY 8,352,187,741.64 in 2019[16]. - The net profit attributable to shareholders of the listed company was CNY 630,777,488.79, an increase of 13.45% from CNY 556,020,333.42 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 547,812,147.43, showing a significant increase of 139.31% compared to CNY 228,915,983.75 in 2019[16]. - The net cash flow from operating activities was CNY 809,572,495.70, which is a 10.05% increase from CNY 735,640,968.39 in 2019[16]. - The total assets of the company at the end of 2020 were CNY 24,719,896,668.46, an 8.91% increase from CNY 22,696,700,721.78 in 2019[16]. - Basic earnings per share increased by 10.79% to CNY 0.3501 in 2020 compared to CNY 0.3160 in 2019[17]. - The weighted average return on equity rose by 0.66 percentage points to 7.77% in 2020 from 7.11% in 2019[17]. - The total profit reached 719 million RMB, reflecting a year-on-year growth of 14.00%[27]. - The company’s R&D expenses increased by 11.61% to 647 million RMB, indicating a focus on innovation[28]. - The company reported a significant increase in retained earnings, reaching ¥4.26 billion in 2020, compared to ¥3.76 billion in 2019, reflecting a growth of approximately 13.3%[165]. Cash Flow and Dividends - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, totaling CNY 191,779,883.50, which accounts for 30.40% of the net profit attributable to shareholders[4]. - The company distributed a cash dividend of RMB 0.06 per share, totaling RMB 105,855,222.24, based on a total share count of 1,764,253,704 shares after buybacks[52]. - In 2020, the cash dividend amounted to RMB 191,779,883.50, representing 30.40% of the net profit attributable to ordinary shareholders[53]. - The cash dividend for 2019 was RMB 104,946,448.44, which accounted for 18.87% of the net profit attributable to ordinary shareholders[53]. - The net cash flow from financing activities was RMB 409,053,385.40, down from RMB 774,898,538.12 in the previous year, indicating a decrease of about 47%[175]. Assets and Liabilities - As of the end of 2020, the net assets attributable to shareholders of the listed company were CNY 10,626,330,583.81, reflecting a 35.53% increase from CNY 7,840,415,802.31 at the end of 2019[16]. - The total amount of accounts receivable was ¥7,504,301,282.38, which is 30.36% of total assets, reflecting a 9.48% increase from the previous period[36]. - The total liabilities decreased to ¥13.69 billion in 2020 from ¥14.47 billion in 2019, a reduction of about 5.4%[165]. - Shareholders' equity increased to ¥11.03 billion in 2020, up from ¥8.22 billion in 2019, representing a growth of approximately 34.8%[165]. - The company's current ratio improved to 1.66 in 2020 from 1.50 in 2019, reflecting a 10.67% increase[150]. Research and Development - The company is focused on expanding its aerospace electronic systems and has been actively developing solutions for various sectors including aerospace, defense, and high-end manufacturing[23]. - The company has established multiple key experimental platforms to enhance its R&D capabilities, achieving international verification standards in key technology areas[26]. - The company aims to enhance its core competitiveness in the aviation electronics market through continuous investment in technology and innovation[46]. - The company is investing 500 million yuan in new technology research, focusing on artificial intelligence applications in aviation systems[117]. Market and Strategic Outlook - The company plans to achieve a revenue of 9.522 billion yuan in 2021, representing a year-on-year growth of 8.9%[49]. - The military aviation sector is expected to see significant demand for new generation aviation equipment, providing substantial market space for the company[45]. - The civil aviation industry has been elevated to a national strategic priority, with policies supporting the development of the civil aircraft sector[45]. - The company aims to improve operational efficiency by 20% through the implementation of lean manufacturing practices[117]. Governance and Compliance - The company has established a clear internal control system in accordance with the Company Law and Securities Law, ensuring compliance and improving corporate governance structure[130]. - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with relevant requirements[130]. - The company has not faced any risks of suspension from listing during the reporting period[60]. - The company has not reported any significant accounting policy changes or errors during the reporting period[58]. Environmental and Social Responsibility - The company invested a total of RMB 3,767,900 in poverty alleviation efforts, helping 1,283 registered impoverished individuals to escape poverty[73]. - The company constructed a chromium ion zero discharge system, which was accepted and put into operation in December 2020, and has been running normally since then[79]. - The company actively conducts self-monitoring of pollutants, including total chromium, total nickel, and ammonia nitrogen, through qualified environmental monitoring agencies[82]. - The company plans to strengthen support for poverty alleviation areas in 2021, focusing on integrating poverty alleviation with rural revitalization[76].