Avic Hi-Tech(SH:600862)2023-03-15 16:00Financial Performance - The company's operating revenue for 2022 was CNY 4,446,112,680.24, representing a 16.77% increase from CNY 3,807,624,171.31 in 2021[18]. - The net profit attributable to shareholders of the listed company was CNY 765,300,799.53, a 29.40% increase compared to CNY 591,408,994.94 in the previous year[18]. - The net profit excluding non-recurring gains and losses was CNY 742,695,037.35, reflecting a 35.48% increase from CNY 548,177,073.87 in 2021[18]. - The cash flow generated from operating activities was CNY 419,761,991.22, up 9.93% from CNY 381,831,525.68 in the previous year[18]. - The company achieved operating revenue of CNY 4,446.11 million in 2022, representing a year-on-year growth of 16.77%[21]. - The net profit attributable to shareholders was CNY 765.30 million, a year-on-year increase of 29.40%[22]. - Basic earnings per share increased to CNY 0.55, up 30.95% compared to the previous year[21]. - The weighted average return on equity rose to 14.90%, an increase of 2.16 percentage points from the previous year[21]. - The total profit for the year was 965.21 million yuan, reflecting a year-on-year growth of 20.60%[31]. - The net profit reached 836.29 million yuan, up 22.17% compared to the previous year[31]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 1.65 per 10 shares, totaling CNY 229,853,102.66, which is 30.03% of the net profit attributable to shareholders[4]. - The company has maintained a cash dividend policy for four consecutive years, with a payout ratio exceeding 30% of the net profit each year[145]. - The company distributed a cash dividend of 0.128 yuan per share for the 2021 fiscal year, totaling 178,310,285.70 yuan, which is 30.15% of the net profit attributable to shareholders[145]. - The company declared a cash dividend of RMB 229,853,102.66, which accounts for 30.03% of the net profit attributable to ordinary shareholders in the consolidated financial statements[147]. Business Segments and Revenue Sources - The aerospace new materials business generated revenue of CNY 4,357.68 million, a growth of 18.71% year-on-year[21]. - The machine tool equipment business reported revenue of CNY 84.32 million, down from CNY 138.67 million, primarily due to supply chain disruptions[21]. - The company reported a net profit of CNY 82.46 million from the aerospace new materials segment, a 21.74% increase year-on-year[22]. - The company experienced a net loss of CNY 33.83 million in the machine tool equipment segment, worsening from a loss of CNY 30.06 million in the previous year[22]. - The main business revenue from new materials reached 426,257.41 million RMB, an increase of 18.00% year-on-year, with a gross margin of 30.87%[63]. - The machine tool products revenue decreased to 8,334.37 million RMB, down 29.39% year-on-year, with a gross margin of -7.06%[63]. - Domestic sales contributed 426,089.37 million RMB, a 14.68% increase year-on-year, with a gross margin of 30.53%[63]. - Overseas sales surged by 476.73%, reaching 8,502.41 million RMB, but the gross margin decreased by 48.92% to 10.91%[63]. Research and Development - The company invested 185 million yuan in R&D, applying for 25 patents and obtaining 23 patents during the year[34]. - Research and development expenses increased to CNY 163,323,782.82, up by 7.99% compared to the previous year[60]. - The company holds a total of 226 effective invention patents, with 25 new applications and 23 patents granted during the reporting period[55]. - The number of R&D personnel is 164, accounting for 10.70% of the total workforce[75]. - The company aims to invest at least 3% of its revenue in independent research and development to strengthen its core technological advantages[109]. Market and Industry Trends - The global passenger turnover is expected to grow at an annual rate of 3.9% over the next 20 years, with over 41,429 new aircraft deliveries valued at approximately $6.1 trillion[44]. - The domestic aerospace manufacturing industry is experiencing a continuous upgrade, leading to sustained growth in demand for specialized equipment, with a focus on digital transformation and customer-centric approaches[99]. - The domestic orthopedic implant market is becoming increasingly competitive, with local companies like Weigao and Chuangli emerging as strong competitors against foreign firms[48]. - The civil aviation brake sector is projected to experience stable growth, with passenger turnover expected to reach 3.3 trillion person-kilometers by 2040[96]. - Boeing forecasts a need for over 41,000 new aircraft globally by 2041, with a market value of $7.2 trillion for new aircraft deliveries over the next 20 years, representing an 80% increase in the global fleet size compared to 2019[97]. Corporate Governance and Compliance - The company has a commitment to transparency and accuracy in its financial reporting, as confirmed by its board and auditors[3]. - The company received an A-level rating in information disclosure for four consecutive years from the Shanghai Stock Exchange[41]. - The company has established a fair and transparent performance evaluation and incentive mechanism for senior management, enhancing the scientific and standardized management of personnel[120]. - The company has implemented a contract-based management system for its managerial staff, aligning with state-owned enterprise reform requirements[120]. - The company has not faced any regulatory criticism or penalties related to information disclosure violations during the reporting period[124]. Environmental and Social Responsibility - The company invested RMB 7,059,200 in environmental protection initiatives, demonstrating commitment to sustainability[155]. - The company has implemented a carbon peak and carbon neutrality work plan as part of its ESG initiatives[111]. - The company conducted 4 environmental impact assessments and 2 environmental impact analyses during the reporting period, achieving a 100% compliance rate with the "three simultaneous" execution requirement[161]. - The company has initiated over 10 energy-saving and environmental protection projects, with an expected reduction of over 10,000 tons in carbon emissions and a decrease of over 30 tons in hazardous waste[161]. - The company has established a comprehensive emergency response plan for environmental incidents, which was filed with local ecological and environmental departments[161]. Future Outlook and Strategic Initiatives - The company aims for a total revenue of 4.9 billion yuan and a total profit of 1.176 billion yuan for 2023, with the aerospace new materials business targeting 4.862 billion yuan in revenue and 1.296 billion yuan in profit[106]. - The company plans to enhance its planning and management capabilities to ensure alignment with the "14th Five-Year Plan" and achieve key management goals and economic indicators[107]. - The company is focusing on expanding its international civil aviation market presence while enhancing its core competitiveness in the aviation composite materials sector[44]. - The company is actively pursuing strategic investor partnerships to enhance production line capabilities and achieve expected economic indicators[113]. - The company is implementing a "Party Building + Business" model to integrate party leadership with business operations, enhancing organizational effectiveness[43].