Jinko Power(SH:601778)2022-04-28 16:00Financial Performance - The company achieved a net profit attributable to shareholders of RMB 361,013,902.42 for the year 2021, with a distributable profit of RMB 159,217,613.19 at the end of the year [6]. - The company's operating revenue for 2021 was approximately ¥3.67 billion, an increase of 2.44% compared to ¥3.59 billion in 2020 [24]. - The net profit attributable to shareholders for 2021 was approximately ¥361 million, a decrease of 24.13% from ¥476 million in 2020 [24]. - The net cash flow from operating activities decreased by 49.52% to approximately ¥1.36 billion in 2021 from ¥2.70 billion in 2020 [24]. - The total assets at the end of 2021 were approximately ¥29.48 billion, a slight increase of 0.60% from ¥29.31 billion at the end of 2020 [24]. - The company's net assets attributable to shareholders increased by 11.18% to approximately ¥12.31 billion at the end of 2021 from ¥11.07 billion at the end of 2020 [24]. - Basic earnings per share for 2021 were ¥0.13, down 31.58% from ¥0.19 in 2020 [24]. - The weighted average return on equity for 2021 was 3.13%, a decrease of 1.69 percentage points from 4.82% in 2020 [24]. Dividends and Share Capital - The proposed cash dividend is RMB 0.1254 per 10 shares (including tax), amounting to an estimated total cash dividend of RMB 36,105,712.62 [6]. - The total share capital as of March 31, 2022, was 2,894,325,731 shares, after deducting 15,082,300 shares repurchased by the company [6]. Corporate Governance - The company’s financial report has been audited by Tianjian Accounting Firm, which issued a standard unqualified audit opinion [5]. - The company’s board of directors and supervisory board members have all attended the board meeting, ensuring accountability for the report's accuracy [5]. - The company has not faced any situations where more than half of the directors could not guarantee the authenticity, accuracy, and completeness of the annual report [8]. - The company held a total of 5 shareholder meetings during the reporting period, including 1 annual meeting and 4 extraordinary meetings [138]. - The board of directors convened 14 meetings during the reporting period, ensuring compliance with legal and regulatory requirements [133]. - The company strictly adhered to information disclosure regulations, ensuring all shareholders had equal access to information [133]. - The company has committed to transparency in its operations, ensuring timely and accurate disclosures in accordance with regulations [133]. Operational Highlights - The company faced challenges in 2021 due to rising supply chain costs and intensified market competition, but it improved asset structure and cash flow [34]. - The company held a photovoltaic power station equity installed capacity of approximately 2.85GW by the end of 2021, with 2.02GW from centralized stations and 0.83GW from distributed stations [37]. - The company achieved a total power generation of 3.43 billion kWh and reported operating revenue of 3.675 billion yuan, a year-on-year increase of 2.44%, while net profit attributable to the parent company was 361 million yuan, a year-on-year decrease of 24.13% [37]. - The company secured approximately 3.6GW of photovoltaic project indicators across various provinces, ranking first among private enterprises in Jiangxi, Guangxi, and Gansu provinces [37]. - The company expanded its operation and maintenance (O&M) scale to 5.28GW, with external O&M scale increasing by 39% to 2.36GW, and O&M revenue grew by 53.23% to 84.88 million yuan [39]. Research and Development - The total amount of research and development investment was 6.86 million yuan, accounting for 0.19% of operating revenue [77]. - The company had 38 R&D personnel, representing 2.93% of the total workforce, with 3 holding master's degrees and 27 holding bachelor's degrees [78]. - Research and development expenses for 2021 totaled 6.86 million yuan, reflecting a 34.80% increase year-over-year, mainly due to increased employee compensation following social security reductions in the previous year [76]. Strategic Initiatives - The company plans to expand its market presence and enhance its technology in the solar energy sector, focusing on new product development and strategic partnerships [90]. - The company is actively exploring opportunities for mergers and acquisitions to strengthen its competitive position in the industry [90]. - The company is developing a 300MW solar power project in Gansu with a total investment of approximately RMB 1.641 billion, expected to take about 6 months to complete [106]. - The company has signed a strategic investment agreement to jointly develop a 2GW solar power project in Fengcheng, Jiangxi, with a total investment estimated at RMB 8.8 billion [101]. Market Trends and Challenges - The fluctuation in supply chain prices has posed challenges for PV companies, impacting the expected new installed capacity [48]. - Increased market competition is anticipated during the 14th Five-Year Plan period, with more capital entering the photovoltaic sector, intensifying competition for quality resources [125]. - The company faces risks from macroeconomic fluctuations and policy adjustments, which could impact profitability due to the close relationship with national policies [125]. Employee and Management - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 14.9599 million yuan [174]. - The company has implemented a comprehensive employee welfare program, including health insurance and various subsidies [199]. - The company has established a dual-channel four-level job grade system to enhance employee development and retention [199]. Financial Position - The company’s cash and cash equivalents at the end of the period were 4.149 billion yuan, which is 14.07% of total assets, reflecting a 70.42% increase from the previous year [83]. - The company reported a significant increase in accounts receivable, which rose by 345.86% to 132.77 million yuan, indicating improved collection from EPC and grid projects [83]. - The company’s total liabilities included 214.30 million yuan in bonds payable, a 250.67% increase due to the issuance of new bonds in March and April 2021 [86].