AECC AST(SH:600391)2022-04-11 16:00Financial Performance - In 2021, the company achieved operating revenue of CNY 3,504,521,069.01, representing a year-on-year increase of 28.79% compared to CNY 2,721,058,485.82 in 2020[19] - The net profit attributable to shareholders of the listed company for 2021 was CNY 21,285,717.38, a significant recovery from a net loss of CNY 16,026,279.82 in 2020[19] - Basic earnings per share for 2021 were CNY 0.06, recovering from a loss of CNY 0.05 per share in 2020[20] - The weighted average return on net assets increased to 1.45% in 2021, up by 2.55 percentage points from -1.10% in 2020[20] - The company reported a year-end net asset value attributable to shareholders of CNY 1,482,691,146.24, reflecting a 1.68% increase from CNY 1,458,256,501.88 at the end of 2020[19] - The company achieved operating income of RMB 2.524 billion, a year-on-year increase of 54.65%[24] - The net profit attributable to shareholders turned from a loss of RMB 25.25 million in Q1 to a profit of RMB 69.40 million in Q4[22] - The company reported a net profit of ¥20,141,472.67, reversing from a loss in the previous period, attributed to increased sales volume[56] Cash Flow and Assets - The net cash flow from operating activities for 2021 was negative CNY 550,621,287.06, a decline of 169.65% compared to a positive cash flow of CNY 790,503,395.82 in 2020[19] - The company reported a net cash flow from operating activities of -550.62 million yuan, a decrease of 169.65% year-on-year[36] - Total assets at the end of 2021 reached CNY 6,292,462,363.90, an increase of 8.33% from CNY 5,808,656,413.59 at the end of 2020[19] - The company reported a decrease in cash and cash equivalents from ¥506,015,304.08 in 2020 to ¥259,551,260.76 in 2021[197] - Accounts receivable increased by 23.43% to ¥625,391,383.18, indicating higher sales on credit[54] - Inventory rose by 6.99% to ¥2,695,010,413.71, reflecting increased stock levels[54] Operational Efficiency and Strategy - The company established ten operational mechanisms to adapt to the new management model, enhancing its operational efficiency[25] - The company is focusing on quality management improvements, launching a quality system optimization initiative[26] - The strategic shift towards high-value-added products is expected to improve the company's competitive position in the market[31] - The company aims to become a world-class supplier of aviation engines and gas turbine components, leveraging its strong market position[30] - The company plans to enhance its core competitiveness and operational quality by focusing on the aviation engine and gas turbine business, aiming for rapid and steady development[63] Risks and Challenges - The company has outlined various risks in its annual report, which investors should consider when evaluating future prospects[6] - The company faces risks from the ongoing COVID-19 pandemic and US-China trade tensions, which may lead to reduced orders and revenue uncertainty[65] - The company is experiencing liquidity risks due to increased inventory from expanded production and new product investments[65] - The international supply chain is under pressure, leading to increased transportation costs and delays in material procurement, impacting production and delivery[65] Governance and Management - The company conducted a self-inspection regarding insider trading by individuals with access to insider information for the year 2021, finding no violations[69] - The company has established a clear and reasonable registration system for individuals with insider information, which complies with regulatory requirements[69] - The company held its first extraordinary shareholders' meeting in August 2021, electing new members to the seventh board of directors and supervisory board[77] - The company is committed to maintaining compliance with corporate governance standards during the transition period[79] - The board of directors is committed to maintaining transparency and accountability in all financial reporting and strategic decisions[74] Environmental Responsibility - The company emphasizes sustainable development and strict compliance with environmental protection laws, aiming for zero environmental pollution incidents and compliance with hazardous waste disposal regulations[130] - The company generated a total of 435.79 tons of hazardous waste in 2021, with a 100% compliance rate for the disposal of both general solid waste and hazardous waste[113] - In 2021, the total investment in environmental pollution control facilities was approximately 1.706 million yuan, focusing on volatile organic compounds, dust removal equipment, and noise control projects[117] - The company conducted 13 environmental inspections throughout the year, identifying 34 environmental risks[126] Future Outlook - The company anticipates a 14% increase in revenue for 2022, targeting a total of 3.983 billion yuan, with expected operating costs of 3.529 billion yuan[64] - Future outlook indicates a strong commitment to new product development and technological advancements, aiming to enhance market competitiveness[74] - The company is actively pursuing market expansion strategies, focusing on increasing its presence in key regions[74] - There are ongoing discussions regarding potential mergers and acquisitions to bolster growth and market share[74]