中国海防(600764) - 2022 Q4 - 年度财报

Financial Performance - Basic earnings per share for 2022 was CNY 0.8232, a decrease of 31.09% compared to 2021[191]. - Diluted earnings per share for 2022 was CNY 0.8232, reflecting a 31.09% decline from the previous year[191]. - The weighted average return on equity for 2022 was 7.56%, down by 4.26 percentage points from 2021[191]. - The return on equity after excluding non-recurring gains and losses was 6.70%, a decrease of 4.65 percentage points compared to the previous year[191]. - Basic earnings per share after excluding non-recurring gains and losses was CNY 0.7297, a 36.40% decrease from 2021[191]. - The company achieved total revenue of 4,291.54 million yuan in 2022, a year-on-year decrease of 11.95%[198]. - The net profit attributable to the parent company was 584.98 million yuan, down 31.09% year-on-year[198]. - In the defense sector, the company generated revenue of 2,695.01 million yuan, a decline of 24.02% compared to the previous year[198]. - Revenue from underwater information detection and countermeasures reached 1,260.49 million yuan, down 36.37% year-on-year[198]. - Non-defense sector revenue increased by 21.63% year-on-year, totaling 1,569.06 million yuan, accounting for 36.80% of total revenue[198]. Cost Management - Direct materials cost for the industrial sector was approximately 2.19 billion yuan, accounting for 74.67% of total costs, a decrease of 3.01% compared to the previous year[23]. - The cost of direct labor decreased by 27.45% to approximately 298 million yuan, representing 10.14% of total costs, down from 13.09% in the previous year[23]. - The main business cost for underwater acoustic electronic defense products was approximately 765.78 million yuan, a decrease of 38.67% from approximately 1.25 billion yuan in the previous year[23]. - The electronic information product segment accounted for 41.65% of total costs, with a cost of approximately 1.22 billion yuan, an increase of 28.83% compared to the previous year[23]. Dividend and Investments - The company plans to distribute a cash dividend of 2.47 yuan per 10 shares, totaling approximately 175.53 million yuan (including tax) based on a total share capital of 710,629,386 shares[12]. - The company made an additional investment of CNY 214,500,000.00 in Beijing Xinchuan Anju Ruiye Co., Ltd., resulting in an equity method investment gain of CNY 5,046.57[111]. - The company’s cash dividends declared during the period were not specified, but the investment in joint ventures remains stable[111]. Technological Development - The company emphasizes the importance of digital transformation and intelligent manufacturing, aiming for 70% of large-scale manufacturing enterprises to achieve digitalization by 2025[29]. - The company is committed to enhancing its technological capabilities in line with national strategies for high-quality development in manufacturing[29]. - The company undertook 6 new national defense technology projects in 2022, enhancing its technological reserves[198]. - The company emphasized innovation and quality in product development to counteract adverse market conditions[198]. Financial Position - The total cash and cash equivalents at the end of the period amounted to ¥2,697,212,838.35, an increase from ¥2,492,561,081.29 at the beginning of the period, reflecting a growth of approximately 8.2%[85]. - The total amount of cash deposited in financial companies reached ¥2,246,464,057.33, indicating a significant portion of the company's cash reserves are held in financial institutions[85]. - The total balance of other receivables at the end of the period is CNY 68,493,107.39, up from CNY 49,361,183.36 at the beginning of the period[127]. - The company reported a bad debt provision of CNY 139,802,723.93 at the end of the period, after a provision of CNY 35,913,475.89 during the period[120]. - The total inventory balance at the end of the period is CNY 687,002,424.84, with a provision for impairment of CNY 70,670,664.28[131]. Lease and Contract Management - The company measures lease liabilities at the present value of unpaid lease payments as of the lease commencement date[41]. - Lease payments include fixed payments, variable payments based on indices or rates, and the exercise price of purchase options[48]. - The company uses the incremental borrowing rate as the discount rate when the implicit rate of the lease cannot be determined[41]. - Lease liabilities are subsequently measured by recognizing interest and reducing the liability when lease payments are made[41]. - The company capitalizes contract acquisition costs that are expected to be recoverable as an asset[44]. - Contract performance costs are recognized as an asset if they are directly related to a contract and expected to be recoverable[44]. - The company assesses impairment on contract-related assets when their carrying value exceeds the expected remaining consideration[44]. - Short-term leases are accounted for using a simplified approach, with lease payments recognized on a straight-line basis[48]. - Low-value asset leases are also accounted for using a simplified method, with payments recognized on a straight-line basis[48]. - The company recognizes lease modifications as a separate lease if they expand the scope of the lease and the additional consideration is comparable to the standalone price[48]. Risk Management - The company has detailed the potential risks in the report, particularly in the section on "Management Discussion and Analysis"[178]. - The company’s financial assets and liabilities are classified based on common credit risk characteristics, such as overdue information and credit risk ratings[171]. - The company evaluates credit risk based on individual financial instruments or portfolios, considering forward-looking information[171]. Inventory Management - The total inventory at the end of the period was ¥1,541,012.63, which includes raw materials, work in progress, and finished goods, showing a decrease from the previous total of ¥1,713,805.13[104]. - The company reported a total of ¥424,722.46 in inventory increases during the period, with a total of ¥597,514.96 in inventory reductions[104]. - The company classifies inventory into raw materials, turnover materials, finished goods, work in progress, and goods dispatched[139]. - Inventory is valued at actual cost upon acquisition, with a weighted average method used for issuing raw materials and finished goods[139]. - The net realizable value of inventory is determined by estimated selling price minus estimated costs to complete, sales expenses, and related taxes[139]. - The company adopts a perpetual inventory system for inventory counting[139].