杉杉股份(600884) - 2020 Q4 - 年度财报

Financial Performance - The net profit of the parent company for 2020 was CNY 29,070,338.70, with a total distributable profit of CNY 3,964,969,668.27 after adjustments[5] - The company's operating revenue for 2020 was approximately ¥8.22 billion, a decrease of 5.35% compared to ¥8.68 billion in 2019[20] - The net profit attributable to shareholders was approximately ¥138 million, down 48.85% from ¥270 million in 2019[20] - The basic earnings per share decreased by 59.58% to ¥0.097 from ¥0.240 in 2019[21] - The weighted average return on equity fell to 1.21%, a decrease of 1.19 percentage points from 2.40% in 2019[21] - The net cash flow from operating activities was approximately ¥329 million, down 62.85% from ¥886 million in 2019[20] - The company reported a net profit of -29,594.05 million yuan from non-core businesses, indicating significant losses in areas like charging piles and apparel[61] - The company’s net profit for the anode business was 21,230.70 million yuan, a year-on-year increase of 20.38%[68] - The company’s net profit for the cathode business was 20,244.96 million yuan, a year-on-year decrease of 27.78%[66] - The company reported a significant loss in its charging pile business, with a net profit of -92,168.4 million yuan, an increase in loss of 59,598.7 million yuan year-on-year[75] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.9 per 10 shares to all shareholders, based on the total share capital as of the dividend registration date[5] - The company aims to distribute at least 10% of its annual distributable profits as cash dividends, with a cumulative distribution over the last three years not less than 30% of the average annual distributable profits[180] - The company has maintained a consistent cash dividend distribution over the past three years, with a total of 291,918,896.36 RMB distributed, which is above the stipulated average[193] - The company plans to distribute cash dividends of 0.9 RMB per 10 shares for the year 2020, pending approval from the annual shareholders' meeting[194] Business Operations and Strategy - The company completed the acquisition of LG Chem's LCD polarizer business, marking a significant asset restructuring[27] - The company is focusing on its core lithium battery materials business while divesting non-core operations, including clothing brand operations and financial services[27] - The company has outlined potential risks in its report, advising investors to review the relevant sections for detailed information[6] - The company is focusing on core business development by gradually divesting non-core operations, including energy storage and electric vehicle design[76] - The company plans to further enhance its supply chain by optimizing procurement costs and ensuring raw material supply security amid rising prices[67] Market Trends and Demand - In 2020, global electric vehicle sales reached 3.31 million units, a year-on-year increase of 49.8%[34] - In China, new energy vehicle sales reached 1.367 million units in 2020, growing by 10.9% year-on-year[34] - The demand for lithium batteries in the small power market, particularly electric bicycles, saw a significant increase, with sales reaching 10.25 million units in China, up 50.7% year-on-year[36] - The installed capacity of new power storage projects in China reached 2.7 GW in 2020, with electrochemical storage capacity surpassing 1,083 MW, marking a 136% year-on-year increase[39] - The lithium battery market for energy storage in China is projected to demand 8.8 GWh in 2023, with total shipments expected to reach 18 GWh[44] Research and Development - The company has over 20 years of experience in the R&D and industrialization of lithium battery materials, maintaining a focus on technological innovation and self-research[51] - The company has established a comprehensive R&D team for its three major materials, ensuring rapid conversion of technological advantages into product and market advantages[52] - The company is currently trial producing a high-voltage lithium cobalt oxide battery to meet high capacity and low DCR requirements for 5G fast-charging smartphones[95] - The company has completed pilot production of medium-nickel ternary materials suitable for electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV)[95] Financial Position and Assets - The total assets at the end of 2020 were approximately ¥24.54 billion, a decrease of 1.90% from ¥25.02 billion at the end of 2019[20] - The company's net assets attributable to shareholders increased by 4.95% to approximately ¥12.41 billion from ¥11.82 billion at the end of 2019[20] - The total monetary assets at the end of the period amounted to ¥3,083,331,224.41, representing 12.61% of total assets, an increase of 33.67% from the previous year[99] - The accounts receivable balance at the end of the period was CNY 3,450.49 million, an increase of CNY 911.28 million or 36% year-on-year[114] Risks and Compliance - The company faces risks from market competition and raw material price fluctuations, which could impact production and operations[171] - The company faces risks in new product and technology development, particularly from emerging display technologies like OLED and Micro LED, which could impact the demand and profitability of its LCD polarizer business[172] - The company is exposed to foreign exchange risks due to overseas procurement and sales involving multiple currencies, including USD and EUR[173] - The company has committed to providing accurate and complete information regarding its operations and compliance with regulatory requirements[196] Acquisitions and Investments - The company completed the acquisition of LG Chem's LCD polarizer business on February 1, 2021, expanding its operational scope[62] - The company invested CNY 1,679.51 million in the lithium-ion battery anode material project (Phase I), with an estimated payback period of approximately 6.09 years and an IRR of 23.51%[120] - The company completed the transfer of 48.1% equity in the Shanshan brand operation company for a total transaction price of CNY 168.11 million[128] - The company sold 7,905.48 million shares of non-listed foreign capital stock, representing 22% of the total share capital of Fuyin Financing, for a total transaction price of RMB 100,794,870[129]