EGING PV(SH:600537)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was approximately CNY 4.10 billion, representing a 15.14% increase from CNY 3.56 billion in 2019[25]. - The net profit attributable to shareholders was a loss of approximately CNY 652.43 million, compared to a loss of CNY 303.00 million in 2019[25]. - The total assets at the end of 2020 were approximately CNY 7.51 billion, an increase of 16.72% from CNY 6.43 billion at the end of 2019[28]. - The net assets attributable to shareholders decreased by 19.63% to approximately CNY 2.67 billion from CNY 3.32 billion in 2019[28]. - The basic earnings per share for 2020 was -CNY 0.55, compared to -CNY 0.26 in 2019[29]. - The weighted average return on equity decreased to -21.77% from -8.69% in 2019, a decline of 13.08 percentage points[29]. - The net cash flow from operating activities was approximately CNY 443.60 million, a significant recovery from a negative cash flow of CNY 93.16 million in 2019[25]. - The company recorded a loss of 60,868,000 RMB in operating profit, which is an increase in loss of 34,011,000 RMB compared to the previous year[55]. - The company reported a net profit attributable to ordinary shareholders of -652,432,006.55 RMB for the year 2020, with a dividend payout ratio of 0%[129]. Market Presence and Sales - The domestic market accounted for over 70% of total sales, highlighting the company's strong presence in the local market[38]. - The company expanded its overseas sales to 37 countries and regions, indicating a strategic move towards international market penetration[38]. - The total shipment of solar modules reached 2,669 MW, a year-on-year growth of 32.43%, with domestic shipments at 1,964 MW (up 36.46%) and overseas exports at 705 MW (up 22.37%)[53]. - The company achieved a shipment volume of 2.6 GW, ranking 15th among global photovoltaic enterprises[119]. - The overseas sales of solar module products totaled 104,104.14 million RMB, with Germany being the largest market at 50,685.49 million RMB[100]. Research and Development - The company has a total of 346 patents, including 109 invention patents, indicating a strong focus on R&D capabilities[39]. - The average conversion efficiency of P-type monocrystalline batteries reached 22.8%, an increase of 0.5 percentage points from 2019[45]. - The company launched a new high-efficiency "Pioneer" module series with a maximum power output of 540W+ for 182mm cells[48]. - The company achieved a battery conversion rate of 22.9% through various new technologies, including multi-busbar and alkaline polishing[48]. - The company employed 224 R&D personnel, making up 13.63% of the total workforce[74]. Production Capacity and Investments - The company invested 920 million yuan to build a 1.5GW high-efficiency monocrystalline battery project and a 2.5GW high-efficiency monocrystalline module project in Changzhou[49]. - The company plans to invest an additional 1.5 billion yuan to construct a 3GW high-efficiency crystalline silicon battery project and a 2GW high-efficiency solar module project in Changzhou[49]. - The company has completed the equipment procurement for its 3 GW high-efficiency crystalline silicon battery project in Changzhou, which is expected to be operational by the end of June 2021, contributing to a total capacity of 5 GW for batteries and 5 GW for modules[52]. - The company is actively expanding its production capacity with a planned 3 GW design capacity for monocrystalline silicon batteries expected to be operational by September 2021[96]. Environmental Responsibility - The company emphasizes environmental protection, adhering to strict emission standards for both air and water pollutants[187]. - The company has established a comprehensive environmental protection facility with a 100% operational rate during the reporting period[192]. - The company has completed environmental impact assessments and obtained necessary environmental protection permits for all construction projects[193]. - An emergency response mechanism for environmental incidents has been established and registered with the local environmental protection bureau[194]. - The company commissioned an environmental testing company to monitor wastewater, waste gas, and noise pollution, with reports issued[195]. Risks and Challenges - The company has indicated potential risks in its future development, which are detailed in the report[9]. - The company faces risks from domestic photovoltaic industry policy changes, which may impact investment returns and business demand[122]. - The COVID-19 pandemic has temporarily affected the company's operations and component export business, particularly due to ongoing overseas outbreaks[127]. - The company is experiencing increased competition in the photovoltaic industry, with leading firms expanding capacity to over 10GW[126]. Financial Management and Liabilities - The company has a total of 42 waste gas discharge outlets, with emissions controlled below regulatory standards[187]. - The company has provided guarantees for external parties, excluding subsidiaries, but specific amounts and details are not disclosed[158]. - Total guarantee amount (including guarantees to subsidiaries) is 28.02 billion RMB, which accounts for 104.90% of the company's net assets[160]. - The actual used guarantee balance is 13.89 billion RMB, representing 51.99% of the asset ratio[160]. - The company has entrusted cash asset management with a total amount of 159 million RMB in bank wealth management products[161].