贵航股份(600523) - 2021 Q4 - 年度财报

Definitions This section defines key abbreviations, related parties, regulatory bodies, and other technical terms used throughout the report[13] Company Profile and Key Financial Indicators This section provides the company's basic information and summarizes its key financial data and indicators over the past three years Company Information This section provides basic information about Guizhou Guihang Automotive Components Co, Ltd, including its name, stock code, and contact details - The company's full name is Guizhou Guihang Automotive Components Co, Ltd, with the stock ticker Guihang Co, Ltd (600523), listed on the Shanghai Stock Exchange[15][19] Key Financial Data and Indicators The company's revenue and net profit grew steadily in 2021, with enhanced core business profitability and robust operating cash flow Key Accounting Data for the Last Three Years (Unit: RMB) | Key Accounting Data | 2021 | 2020 | YoY Change (%) | 2019 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,394,314,320.13 | 2,236,106,610.57 | 7.08 | 2,207,998,805.40 | | Net Profit Attributable to Shareholders | 152,895,335.72 | 150,221,465.12 | 1.78 | 135,103,771.98 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 144,269,544.72 | 132,937,078.72 | 8.52 | 95,635,318.11 | | Net Cash Flow from Operating Activities | 233,241,350.39 | 217,357,435.04 | 7.31 | 171,919,593.98 | | Net Assets Attributable to Shareholders (Year-end) | 2,726,991,200.92 | 2,624,867,567.92 | 3.89 | 2,542,151,936.42 | | Total Assets (Year-end) | 3,320,957,433.73 | 3,257,885,054.37 | 1.94 | 3,166,411,051.06 | Key Financial Indicators for the Last Three Years | Key Financial Indicators | 2021 | 2020 | YoY Change | 2019 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.38 | 0.37 | 2.70% | 0.33 | | Weighted Average Return on Equity (%) | 5.74 | 5.81 | Decreased by 0.07 p.p. | 5.59 | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 5.42 | 5.15 | Increased by 0.27 p.p. | 3.95 | Quarterly Key Financial Data for 2021 (Unit: RMB) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 566,734,889.35 | 633,168,502.99 | 549,285,771.97 | 645,125,155.82 | | Net Profit Attributable to Shareholders | 33,211,423.60 | 52,977,194.94 | 42,774,954.72 | 23,931,762.46 | - The company's non-recurring profit and loss in 2021 totaled RMB 8.63 million, primarily from government grants (RMB 12.28 million) and fair value changes in trading financial assets (RMB 2.86 million)[28][29] Management's Discussion and Analysis This section details the company's operational performance, industry context, business model, core strengths, and future strategic direction Discussion and Analysis of Operations In 2021, the company achieved stable operations and revenue growth by capitalizing on aviation industry opportunities while navigating automotive sector challenges Key Operating Indicators for 2021 | Indicator | 2021 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 2.394 billion | +7.08% | | Total Profit | RMB 179 million | -2.84% | | EVA | RMB 99 million | +5.89% | | Operating Cash Flow | RMB 233 million | +7.31% | | "Two Funds" Ratio | 44.14% | Decreased by 3.11 p.p. | - The aviation products business maintained rapid growth for two consecutive years, with a 100% completion rate for key product deliveries and R&D plans[34][35] - Market expansion was effective, with new orders increasing by 32% year-over-year, including 57 orders related to new energy vehicles[37] - The company strengthened internal management through comprehensive budgeting and cost control, reducing the proportion of "two funds" (receivables and inventory) by 3.11 percentage points[38][39] Industry Landscape and Trends The automotive components industry is supported by national policies, with domestic manufacturers gaining competitiveness despite market fluctuations - National policies provide long-term support for the automotive components industry, aiming to overcome supply chain weaknesses and cultivate globally competitive suppliers[49] - China's auto parts market has significant potential, with domestic manufacturers enhancing their position through comprehensive industrialization and simultaneous development capabilities[50][51] Principal Business and Operating Model The company's principal business is automotive components, utilizing a centralized procurement, make-to-order production, and direct-to-OEM sales model - The company's main business is automotive components, with key products including electric wipers, window regulators, automotive sealing strips, and electronic switches[52] - Operating Model: - Procurement: Centralized procurement from certified suppliers based on customer plans, inventory levels, and lead times - Production: Centralized, pull-based production organized according to customer plans - Sales: Primarily direct sales to vehicle manufacturers, with a small portion supplied to Tier 1 suppliers and the retail market[53][54][55] Core Competitiveness Analysis The company's core competitiveness lies in its technology, diverse product line, and regional cost advantages in labor and energy - The company possesses technical advantages and full-chain design and manufacturing capabilities, enabling simultaneous development with OEMs and a resilient product portfolio[56] - Compared to foreign-funded enterprises, the company benefits from cost advantages in labor and energy due to its location in western China[56] Analysis of Key Operations Revenue from the main business grew, driven by electronic and electrical products, while costs increased due to rising raw material prices Key Changes in Income Statement and Cash Flow Statement | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,394,314,320.13 | 2,236,106,610.57 | 7.08 | | Operating Costs | 1,827,206,658.99 | 1,677,290,359.33 | 8.94 | | Selling Expenses | 46,326,337.78 | 80,217,636.97 | -42.25 | | R&D Expenses | 102,544,067.00 | 88,619,050.39 | 15.71 | | Net Cash Flow from Operating Activities | 233,241,350.39 | 217,357,435.04 | 7.31 | Main Business Breakdown by Product (Unit: RMB) | Product Segment | Operating Revenue | YoY Revenue Growth (%) | Gross Margin (%) | Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Sealing Strips | 531,705,782.13 | 8.40 | 22.01 | Decreased by 3.51 p.p. | | Locks | 218,844,679.32 | 3.80 | 26.80 | Increased by 1.24 p.p. | | Wipers | 333,581,683.60 | 0.77 | 12.35 | Decreased by 4.74 p.p. | | Radiators | 396,434,655.71 | -8.72 | 17.76 | Decreased by 3.52 p.p. | | Electrical Switches | 513,310,507.56 | 22.47 | 23.42 | Increased by 1.48 p.p. | | Window Regulators | 210,348,881.55 | 36.43 | 42.10 | Increased by 2.26 p.p. | - Sales to the top five customers accounted for 23.92% of total annual sales, and purchases from the top five suppliers were 9.43% of total procurement, indicating no significant dependency[68] - In 2021, total R&D investment was RMB 103 million, representing 4.28% of operating revenue, with 736 R&D personnel accounting for 16.77% of the total workforce[70][71][72] Future Outlook The company will focus on expanding aviation production capacity, developing new energy markets, and enhancing internal management and talent development - The company's development strategy is: technology-led, industry-supported; innovation-driven, industrial upgrading; platform-building, and cluster development[92] 2022 Business Plan Targets | Indicator | Target Amount | | :--- | :--- | | Operating Revenue | RMB 2.156 billion | | Total Profit | RMB 240 million | - Key initiatives for 2022 include: - Aviation Business: Accelerate investment and capacity building to ensure R&D and production delivery - Market Development: Seize opportunities in the new energy vehicle sector through a dedicated task force - Internal Management: Continue to promote comprehensive budget management, cost reduction, and lean management - Reform and Innovation: Implement the "14th Five-Year Plan," integrate resources, and prioritize R&D investment - Talent Development: Focus on building a leadership pipeline and enhancing employee skills[94][95][96][97][98] Corporate Governance This section outlines the company's governance structure, management team, board activities, and employee information Overview of Corporate Governance The company maintains a sound corporate governance structure in compliance with relevant laws, ensuring standardized operations and timely information disclosure - The company's corporate governance structure is well-established and operates in strict accordance with the "Company Law" and "Securities Law," with clearly defined roles for the Shareholders' Meeting, Board of Directors, and Board of Supervisors[103][104][105][106] - During the reporting period, the Board of Directors revised the "Articles of Association" and "Rules of Procedure for the Board of Directors" and formulated new policies to further improve the governance structure[108] Directors, Supervisors, and Senior Management This section details the remuneration and tenure of management and discloses regulatory actions related to prior-year financial irregularities - The total pre-tax remuneration for all directors, supervisors, and senior management at the end of the reporting period was RMB 4.073 million[112][118] - Chairman Tang Haibin retired due to age, and Yu Xianfeng was appointed as the General Manager[120] - Due to "related-party fund occupation and entrusted wealth management" in 2020, the company and relevant personnel received a public criticism from the Shanghai Stock Exchange and a warning letter from the CSRC Guizhou Bureau in August 2021; the issues were rectified by December 2020[121] Board and Special Committee Meetings The Board of Directors and its specialized committees held multiple meetings to review key matters including financial reports, profit distribution, and executive appointments - During the reporting period, the Board of Directors convened 7 meetings to approve major resolutions such as the annual report, profit distribution, related-party transactions, and the appointment of the General Manager[122][123] - The Board's specialized committees, including Audit, Strategy, Nomination, Remuneration and Appraisal, and Budget, held 5, 6, 3, 2, and 2 meetings respectively, fulfilling their duties[128][131][133][135][136] Employee Information The company employs 4,388 people, primarily in production roles, with a performance-linked compensation policy and a multi-level training system Employee Composition by Function | Functional Category | Number of Employees | | :--- | :--- | | Production Personnel | 2,981 | | Sales Personnel | 90 | | Technical Personnel | 736 | | Finance Personnel | 75 | | Administrative Personnel | 506 | | Total | 4,388 | - The company's compensation policy is closely tied to corporate, departmental, and individual performance, complemented by a comprehensive training system to enhance employee capabilities[141][142] Environmental and Social Responsibility This section details the company's environmental protection measures and its contributions to social responsibility, particularly in rural revitalization Environmental Information The company adheres to environmental regulations, with its key subsidiary operating comprehensive wastewater and exhaust treatment facilities to ensure compliance - The subsidiary, Guiyang Huake Electroplating Co, Ltd, a key monitored enterprise, operates a 240 ton/day wastewater treatment station and nine exhaust gas treatment systems, ensuring stable, compliant emissions[157][158][159] - The company effectively controls and reduces carbon emissions through technological upgrades, equipment replacement, and process optimization[163] Social Responsibility The company actively fulfills its social responsibilities by supporting rural revitalization in Ziyun County through financial aid, procurement, and educational programs - In 2021, the company supported rural revitalization in Ziyun County by implementing 4 projects, investing RMB 2.49 million in poverty alleviation funds, and procuring RMB 168,600 worth of local goods[48][165][166] - Through its "Fledgling Eagle" program, the company sponsors underprivileged students' university education, recruiting 9 students from rural Guizhou in 2021[166] Significant Matters This section covers the fulfillment of commitments by the controlling shareholder and details significant related-party transactions during the year Fulfillment of Commitments The controlling shareholder, AVIC Automotive Systems Holding Co, Ltd, has strictly fulfilled its commitments regarding company independence and fair transactions - The controlling shareholder, AVIC Automotive, has strictly adhered to its commitments regarding ensuring the company's independence, avoiding competition, and regulating related-party transactions[170] Significant Related-Party Transactions The company engaged in routine related-party transactions and conducted a major non-routine transaction involving a capital increase through equity contribution - The company increased its capital in the related party HANDE (China) Automotive Sealing Co, Ltd by contributing its 100% stake in Guizhou Hongyang and 76.19% stake in Shanghai Hongyang, resulting in a 47.39% holding in HANDE (China)[177] - The company maintained financial service agreements with AVIC Group Finance Co, Ltd, with a deposit balance of RMB 612 million at the end of 2021[180][540] Share Capital Changes and Shareholders This section provides information on the company's share capital structure and details its major shareholders and actual controller Changes in Share Capital The company's total share capital and structure remained unchanged during the reporting period, with 404,311,320 shares outstanding - The company's total number of shares and share capital structure did not change during the reporting period[183] Shareholders and Actual Controller The company's controlling shareholder is China Aviation Automobile System Holding Co, Ltd, and the actual controller is Aviation Industry Corporation of China, Ltd Top Ten Shareholders' Holdings as of the Reporting Period End | Shareholder Name | Number of Shares Held (shares) | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | China Aviation Automobile System Holding Co, Ltd | 149,623,188 | 37.01 | | China Guizhou Aviation Industry (Group) Co, Ltd | 37,524,155 | 9.28 | | Guiyang Industrial and Commercial Industry Investment Group Co, Ltd | 25,234,177 | 6.24 | | Linglong Group Co, Ltd | 5,500,000 | 1.36 | | China International Capital Corporation Limited | 3,970,940 | 0.98 | - The company's controlling shareholder is China Aviation Automobile System Holding Co, Ltd, and the actual controller is Aviation Industry Corporation of China, Ltd[191][193] Financial Report This section presents the auditor's report, key financial statements, and selected notes for the fiscal year 2021 Auditor's Report The auditor issued a standard unqualified opinion on the 2021 financial statements, identifying revenue recognition and accounts receivable impairment as key audit matters - The auditor, Tianjian Certified Public Accountants (Special General Partnership), issued a standard unqualified audit opinion[4][201] - Key audit matters included: - Revenue Recognition: Risk that sales revenue may not be recognized in the correct period - Impairment of Accounts Receivable: The significant amount of receivables and the management judgment involved in impairment testing[203][204][205] Key Financial Statements The company's financial position remained solid with total assets of RMB 3.32 billion and a healthy operating cash flow of RMB 233 million in 2021 Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Assets | 3,320,957,433.73 | 3,257,885,054.37 | | Total Liabilities | 500,459,956.73 | 477,920,838.88 | | Total Equity Attributable to Parent Company | 2,726,991,200.92 | 2,624,867,567.92 | Key Items from Consolidated Income Statement (Unit: RMB) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 2,394,314,320.13 | 2,236,106,610.57 | | Operating Profit | 182,753,867.60 | 189,647,893.82 | | Total Profit | 179,082,301.54 | 184,314,190.07 | | Net Profit | 161,077,473.13 | 161,890,699.94 | | Net Profit Attributable to Parent Company Shareholders | 152,895,335.72 | 150,221,465.12 | Key Items from Consolidated Cash Flow Statement (Unit: RMB) | Item | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 233,241,350.39 | 217,357,435.04 | | Net Cash Flow from Investing Activities | -94,999,649.95 | -50,342,195.91 | | Net Cash Flow from Financing Activities | -104,398,544.77 | -72,923,867.95 | | Net Increase in Cash and Cash Equivalents | 33,310,082.69 | 94,080,570.36 | Notes to the Financial Statements (Excerpts) This section highlights the adoption of the new lease standard and provides a breakdown of financial information by geographical segment - The company adopted the new lease standard on January 1, 2021, resulting in an increase of RMB 5.12 million in both right-of-use assets and lease liabilities at the beginning of the period[324][326] Segment Financial Information for 2021 (Unit: RMB) | Item | Southwest China | North China | East China | Inter-segment Elimination | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | External Revenue | 1,975,463,336.76 | 131,461,846.16 | 287,389,137.21 | | 2,394,314,320.13 | | Total Profit | 296,430,190.03 | 6,045,086.66 | 13,608,578.78 | 137,001,553.93 | 179,082,301.54 | | Total Assets | 4,057,414,422.15 | 167,801,611.83 | 244,052,184.62 | 1,148,310,784.87 | 3,320,957,433.73 | - The Board of Directors proposed a 2021 profit distribution plan to pay a cash dividend of RMB 1.33 (tax included) per 10 shares, totaling RMB 53.77 million, which represents 35.17% of the net profit attributable to the parent company[5][548][549]