AVIC AVIONICS(SH:600372)2022-03-30 16:00Financial Performance - The company's operating revenue for 2021 was CNY 9,839,298,853.60, representing a 12.5% increase compared to CNY 8,746,614,181.92 in 2020[14] - The net profit attributable to shareholders of the listed company was CNY 798,697,071.26, an increase of 26.6% from CNY 630,777,488.79 in the previous year[14] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 687,342,615.85, up 25.5% from CNY 547,812,147.43 in 2020[14] - The net cash flow from operating activities reached CNY 1,549,833,363.72, a significant increase of 91.4% compared to CNY 809,572,495.70 in 2020[14] - The company achieved a revenue of 9.84 billion RMB in 2021, representing a year-on-year increase of 12.5%[27] - Net profit for the year was 818 million RMB, up 24.8% compared to the previous year[27] - The total operating revenue for 2021 was CNY 9,839,298,853.60, an increase of 12.5% compared to CNY 8,746,614,181.92 in 2020[164] - The net profit for 2021 reached CNY 817,722,463.05, up from CNY 655,339,400.49 in 2020, representing a growth of 24.8%[164] Cash Flow and Investments - The net cash flow from operating activities in Q4 was ¥1,052,197,512.67, indicating strong cash generation capabilities[17] - The net cash flow from investing activities was CNY -840 million, a decrease of CNY 220 million compared to CNY -620 million in the same period last year[42] - The net cash flow from financing activities was CNY -720 million, an increase of CNY 1.13 billion compared to CNY 410 million in the same period last year[42] - The company reported a net cash outflow from investing activities of CNY -839,775,773.68 in 2021, compared to CNY -615,382,131.73 in 2020, indicating an increase in investment activities[169] - The total cash inflow from financing activities in 2021 was CNY 3,838,180,495.61, down from CNY 6,878,265,035.92 in 2020, reflecting a decrease of about 44.5%[169] Research and Development - Research and development expenses rose to 827 million RMB, an increase of 27.8% year-on-year, reflecting a commitment to innovation[28] - The company invested ¥827,134,387.49 in R&D, accounting for 8.41% of total revenue[40] - The number of R&D personnel is 3,177, making up 25% of the total workforce[41] - The company is actively pursuing new product development and technological breakthroughs in the aviation electronics field, with several key technologies achieving significant advancements[24] - Research and development expenses increased to CNY 827,134,387.49 in 2021, compared to CNY 647,417,717.73 in 2020, reflecting a rise of 27.8%[164] Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.25 per share (before tax), totaling CNY 239,724,854.38, which accounts for 30.01% of the net profit attributable to shareholders[2] - The company distributed cash dividends of 0.10 yuan per share, totaling 191,779,883.50 yuan (including tax), based on a total share count of 1,917,798,835 shares after buybacks[94] - The company reported a total comprehensive income of 798,697,071.26 RMB for the year, compared to 786,421,047.21 RMB in the previous year, indicating a slight growth in profitability[172] Assets and Liabilities - Total assets rose to ¥26,262,648,705.02, reflecting a 6.2% increase from ¥24,719,896,668.46 in 2020[15] - The total liabilities amounted to CNY 14.61 billion, an increase of 6.7% from CNY 13.69 billion[46] - The company's total assets at the end of 2021 were CNY 7,418,045,294.51, compared to CNY 7,285,091,725.33 in 2020, indicating a growth of 1.8%[164] - The total liabilities as of the end of 2021 amounted to CNY 32,541,396,36, which is an increase from CNY 21,970,971.74 in 2020[164] Compliance and Governance - The audit report issued by the accounting firm was a standard unqualified opinion[2] - The company has established a compliance management system to strengthen legal and regulatory adherence across its operations[25] - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[83] - The company’s board of directors and supervisory board operated independently, ensuring no infringement on the rights of the company and other shareholders[71] Market and Strategic Initiatives - The company initiated the establishment of a civil aircraft R&D system and maintenance system, enhancing its strategic layout in the civil aviation sector[21] - Several subsidiaries became suppliers for the C919 project, capitalizing on opportunities in the national large aircraft initiative[21] - The company is focusing on expanding its market presence in the aviation electronics sector, leveraging its technological advantages and industry reputation[23] - The company plans to actively explore new markets in aerospace, weaponry, and naval sectors to promote cross-domain applications of avionics technology[59] Environmental and Social Responsibility - Environmental management systems are in place, with no reported violations of environmental protection laws during the reporting period[103] - The company has constructed pollution prevention facilities, including wastewater treatment systems and emission control equipment, which are operating in accordance with national regulations[104] - A total of 800,000 RMB was invested in projects to consolidate and expand poverty alleviation efforts, with 4.2856 million RMB spent on purchasing poverty alleviation products[111] Future Outlook - The company plans to achieve an annual revenue of 11.04 billion yuan in 2022, representing a year-on-year growth of 12.2%, and a net profit of 881 million yuan, up 7.8%[61] - The company is focusing on high-end avionics equipment maintenance to fill domestic market gaps and is actively promoting maintenance business cooperation and capability building[60] - The company plans to enhance its core competitiveness and resource allocation efficiency through the establishment of independent operational divisions[26]