星宇股份(601799) - 2021 Q4 - 年度财报

Financial Performance - The net profit for the parent company in 2021 was ¥974,464,778.33, with retained earnings of ¥2,711,311,837.73 after deducting cash dividends of ¥359,007,929.80 for the previous year [2]. - The proposed cash dividend distribution for 2021 is ¥11 per 10 shares, totaling ¥314,247,360.90, with remaining undistributed profits of ¥3,012,521,325.36 to be carried forward [2]. - The company reported a total of 285,679,419 shares as the basis for the dividend distribution [2]. - The company's operating revenue for 2021 was CNY 7,909,449,648.26, an increase of 8.01% compared to CNY 7,322,715,089.72 in 2020 [13]. - Net profit attributable to shareholders for 2021 was CNY 949,442,102.18, a decrease of 18.12% from CNY 1,159,535,632.55 in 2020 [13]. - The net cash flow from operating activities decreased by 72.30% to CNY 519,575,257.74 in 2021 from CNY 1,875,437,867.28 in 2020 [13]. - The total assets at the end of 2021 were CNY 11,933,382,346.75, representing a 4.42% increase from CNY 11,428,014,684.96 at the end of 2020 [13]. - Basic earnings per share for 2021 were CNY 3.4087, down 18.82% from CNY 4.1989 in 2020 [14]. - The weighted average return on equity for 2021 was 14.64%, a decrease of 7.12 percentage points from 21.76% in 2020 [14]. - The net profit after deducting non-recurring gains and losses was CNY 846,769,895.16, down 21.77% from CNY 1,082,475,664.50 in 2020 [13]. Research and Development - R&D expenses increased by 25.65% to 387.75 million yuan, driven by higher employee compensation and research materials [25]. - The company undertook 62 vehicle lamp development projects and commenced mass production for 42 new models in 2021 [24]. - The company established R&D centers in Shanghai and Wuhan, focusing on automotive lighting and electronics [24]. - The number of R&D personnel is 1,493, accounting for 18.98% of the total workforce [35]. Market and Industry Trends - The automotive lighting industry is trending towards electronic and intelligent features, with significant growth in ambient lighting due to consumer demand [20]. - The automotive lighting industry in China is dominated by a few leading companies, with strict quality requirements from large vehicle manufacturers driving this concentration [49]. - In 2021, over 26 million vehicles were produced and sold in China, marking a recovery from three consecutive years of decline, with new energy vehicles exceeding 3.5 million units and capturing a market share of 13.4% [49]. Risks and Challenges - Risks include potential declines in the automotive industry due to global economic uncertainties and supply chain issues, which could adversely affect production and sales [52]. - The company faces risks related to high customer concentration, as losing major clients could significantly impact revenue and profit levels [53]. - Rising raw material costs and increased competition in the automotive manufacturing sector may lead to a decline in gross margins for the company's lighting business [54]. - The ongoing COVID-19 pandemic poses risks to market expansion, supply chain, and logistics, potentially affecting project timelines and operational performance [54]. Corporate Governance and Management - The company’s legal representative is Zhou Xiaoping, and the accounting work is overseen by Li Shujun [6]. - The company has not reported any significant changes in business, products, or services during the reporting period [30]. - The total pre-tax remuneration for the board of directors and senior management during the reporting period amounted to 579.46 million yuan [61]. - The company has not faced any penalties from securities regulatory authorities in the past three years [69]. - There were no changes in the company's directors, supervisors, and senior management during the reporting period [69]. Financial Position and Assets - The total assets at the end of 2021 were CNY 11,933,382,346.75, representing a 4.42% increase from CNY 11,428,014,684.96 at the end of 2020 [13]. - The total net assets attributable to shareholders increased by 32.77% to CNY 7,859,029,733.49 at the end of 2021 from CNY 5,919,415,876.11 at the end of 2020 [13]. - The company has overseas assets totaling ¥415,706,046.09, representing 3.48% of total assets [39]. - The total amount of financial assets measured at fair value decreased by ¥418,239,628.86 to ¥2,531,322,533.83 [46]. Cash Flow and Investments - The net cash flow from investment activities improved by 50.85%, amounting to -¥938,255,177.37 [36]. - The company has made significant investments in construction projects, with in-progress construction assets increasing by 76.31% to ¥73,642.92 million [37]. - The company has entrusted cash asset management with a total of 7,675,440,000 RMB in structured deposits from its own funds, with an outstanding balance of 1,290,000,000 RMB [105]. Shareholder Information - The largest shareholder, Zhou Xiaoping, holds 102,520,320 shares, representing 35.89% of the total shares [117]. - The second largest shareholder, Zhou Bajin, holds 34,915,307 shares, representing 12.22% of the total shares [117]. - The company has a total of 7,410 common stock shareholders as of the report date, down from 10,766 in the previous month [116]. Audit and Compliance - The company received a standard unqualified audit report from Tianheng Accounting Firm [2]. - The company retained Tianheng Accounting Firm for the audit of the 2021 financial report and internal control audit [57]. - The audit opinion confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2021 [134]. Dividend Policy - The company maintains a cash dividend policy that requires at least 30% of the average distributable profit over the last three years to be distributed in cash [83]. - The company distributed a total cash dividend of CNY 359,001,801.60, with a payout of CNY 13.00 per 10 shares [84]. - The company plans to distribute a cash dividend of 11 CNY for every 10 shares in 2021, totaling 2.517 billion CNY in cumulative dividends over 11 years, which accounts for 46.02% of the net profit attributable to shareholders in the consolidated financial statements [94].