TJ(SH:600667)2021-04-20 16:00Financial Performance - In 2020, the net profit attributable to shareholders of the parent company was ¥832,923,911.54, with a cumulative profit available for distribution of ¥366,203,163.08 by year-end[6]. - The proposed cash dividend distribution is ¥1.70 per 10 shares, totaling ¥358,052,330.26, which accounts for 42.99% of the net profit attributable to shareholders of the parent company for 2020[6]. - The company's operating revenue for 2020 was CNY 17,846,280,755.90, an increase of 5.49% compared to CNY 16,917,427,444.07 in 2019[26]. - The net profit attributable to shareholders for 2020 was CNY 832,923,911.54, representing a year-on-year increase of 33.87% from CNY 622,165,813.10 in 2019[26]. - The net profit after deducting non-recurring gains and losses was CNY 775,354,750.75, up 23.95% from CNY 625,523,999.94 in 2019[26]. - The net cash flow from operating activities for 2020 was CNY 1,901,724,077.39, an increase of 13.14% compared to CNY 1,680,833,521.71 in 2019[26]. - The total assets at the end of 2020 were CNY 21,439,026,119.05, a 6.93% increase from CNY 20,048,788,618.51 at the end of 2019[26]. - The net assets attributable to shareholders at the end of 2020 were CNY 7,421,494,170.31, reflecting an 8.70% increase from CNY 6,827,514,382.86 at the end of 2019[26]. - Basic earnings per share for 2020 were CNY 0.40, a 33.33% increase from CNY 0.30 in 2019[27]. - The weighted average return on net assets for 2020 was 11.70%, an increase of 2.31 percentage points from 9.39% in 2019[27]. - The company reported a decrease in financial expenses by CNY 38,613,500, attributed to lower loan interest rates and no company bond interest for the period[27]. - The company experienced an increase in investment income by CNY 67,580,200, mainly due to higher profits from associated companies[27]. Risk Management - The company faces risks related to macroeconomic changes, industry competition, and reliance on a single customer, as detailed in the report[10]. - The company emphasizes the importance of risk awareness regarding future plans and development strategies[7]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures for providing guarantees to external parties[8]. - The company faces risks related to macroeconomic changes, industry competition, and reliance on a single customer in its semiconductor business[177]. Operational Highlights - The company is engaged in semiconductor packaging and testing services, primarily through its subsidiaries, which positions it as a leader in the semiconductor market[38]. - The semiconductor business operates under a cost-plus model with SK Hynix, ensuring stable revenue streams through long-term contracts[43]. - The company plans to expand its photovoltaic power station investment and operation business, leveraging its established brand and technical advantages in the field[38]. - The semiconductor packaging and testing business achieved a maximum output of 1.588 billion Gb capacity per month, representing a year-on-year growth of 65%[69]. - The company’s semiconductor packaging testing capacity reached 1.541 billion Gb capacity per month, showing a year-on-year increase of 31%[69]. - The company has established a competitive advantage in high-tech engineering services, focusing on sectors such as high-end manufacturing and data centers[44]. - The company has not yet sold any of its photovoltaic power stations, focusing on retaining ownership for profit generation[54]. Project and Investment Developments - The company has secured multiple major projects exceeding 1 billion yuan in the semiconductor engineering market, showing a significant increase in contracts compared to the previous year[80]. - The company’s project design process includes three main stages: project scheme design, preliminary design, and construction drawing design, ensuring quality control at each stage[48]. - The company’s procurement model involves dynamic management of qualified suppliers and subcontractors based on project nature and complexity[48]. - The company’s engineering consulting services are organized similarly to its design operations, ensuring thorough evaluation and contract management[49]. - The company has expanded its solar power capacity in Inner Mongolia, with significant contributions from multiple projects, including Ba Yin and Hong Mu stations[118]. - The company is actively developing new solar power projects, with ongoing research and development in solar technology to enhance efficiency and output[118]. - The company plans to continue its market expansion strategy, focusing on both centralized and distributed solar power generation systems[118]. Future Outlook - The company anticipates an average annual new photovoltaic installed capacity exceeding 70 GW during the "14th Five-Year Plan" period[115]. - Future guidance indicates a positive outlook for revenue growth driven by increased electricity generation and new project developments[118]. - The photovoltaic power generation sector is expected to enter a subsidy-free era starting in 2021, significantly increasing renewable energy output[63]. - The company aims to focus on high-quality development during the "14th Five-Year Plan" period, emphasizing the need to avoid blind optimism and ensure safety in operations[169]. - The company plans to enhance its safety production measures in response to ongoing pandemic challenges, ensuring preparedness and resilience[171]. Corporate Governance - The board of directors and management confirm the authenticity and completeness of the annual report[4]. - The audit report issued by the accounting firm is a standard unqualified opinion, ensuring the accuracy of the financial report[5]. - The company has maintained a good integrity status during the reporting period, with no significant legal or financial issues reported[194]. - The company has engaged a domestic accounting firm for auditing services, with a remuneration of RMB 145,000 for the year[196]. - The employee stock ownership plan has been extended for an additional 12 months, now set to expire on January 17, 2022[197]. - The company has changed the management of the employee stock ownership plan from a third-party asset management company to its own management committee[197]. Research and Development - The company's total R&D expenses amounted to ¥535,512,153.53, representing 3.00% of total revenue[104]. - The number of R&D personnel reached 1,199, making up 15.29% of the total workforce[104]. - The company is committed to increasing R&D investment and advancing packaging and testing technologies to achieve breakthroughs in mass production[173]. Dividend Policy - The company’s cash dividend policy stipulates that at least 30% of the net profit attributable to shareholders will be distributed as cash dividends[183]. - The cash dividend per 10 shares for 2020 was RMB 1.70, an increase from RMB 1.48 in 2019, reflecting a commitment to maintain a stable profit distribution policy[186]. - The company has committed to distributing at least 30% of the net profit attributable to shareholders as cash dividends when conditions are met, ensuring continuity and stability in profit distribution[187].