胜华新材(603026) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥4,475,299,824.87, a decrease of 3.62% compared to ¥4,643,499,947.61 in 2019[23] - The net profit attributable to shareholders of the listed company was ¥259,791,875.52, down 15.78% from ¥308,453,101.35 in the previous year[23] - Basic earnings per share decreased by 15.79% to CNY 1.28 in 2020 compared to CNY 1.52 in 2019[25] - The weighted average return on equity dropped by 4.8 percentage points to 13.43% in 2020 from 18.23% in 2019[25] - The company reported a main business income of CNY 221,052,865.51 and a main business profit of CNY 82,024,375.56 for 2020[128] Cash Flow and Investments - The net cash flow from operating activities increased significantly to ¥793,380,252.92, compared to a negative cash flow of ¥119,498,606.05 in 2019, marking a 763.92% improvement[23] - The company’s investment activities generated a net cash flow of approximately ¥86.70 million, an increase of 145.75% compared to the previous year[61] - The total cash flow for the current period is 332,565,806.13 CNY, a significant increase of 1,457.91% compared to the previous period[80] Assets and Liabilities - The net assets attributable to shareholders of the listed company rose to ¥2,059,841,691.36, reflecting a 13.95% increase from ¥1,807,663,849.42 at the end of 2019[23] - Total assets at the end of 2020 were ¥3,279,988,398.87, a slight increase of 1.23% from ¥3,240,056,532.87 in 2019[23] - Cash and cash equivalents increased by 87.02% to 578,761,675.23, representing 17.65% of total assets[88] - Accounts receivable rose by 36.56% to 456,828,876.24, accounting for 13.93% of total assets due to increased product prices and customer demand[88] - Short-term borrowings decreased by 71.02% to 217,496,894.44, accounting for 6.63% of total liabilities due to repayment of maturing loans[90] Market and Industry Outlook - The domestic new energy vehicle market saw sales exceed 1.36 million units in 2020, with a year-on-year growth of over 10%[38] - The company anticipates continued growth in demand for lithium battery electrolyte due to increasing investments in new energy vehicles[38] - The propylene glycol market is expected to recover as global supply and demand conditions improve, driven by favorable export policies[38] - The company expects the carbonate industry to face increased competition, leading to a concentration of resources among larger producers[131] Production and Operations - The production volume of dimethyl carbonate series was 459,596.98 tons, with a sales volume of 459,340.73 tons, reflecting a slight decrease in sales volume by 0.78%[66] - The company has established a vertically integrated production system for dimethyl carbonate, enhancing its competitiveness and reducing reliance on external raw materials[42] - The company is focusing on the development of new energy materials and has made significant progress in project construction and technological transformation[54] Risk Management - The company has outlined potential industry risks in its report, emphasizing the importance of investor awareness regarding these risks[8] - The company recognizes systemic risks from macroeconomic fluctuations and trade tensions that may impact product demand and export capabilities[146] - The company has implemented strict HSE management to mitigate production and operational risks associated with the oil and petrochemical industry[148] Dividend Policy - The company plans to distribute a cash dividend of ¥6.00 per 10 shares, totaling ¥121,608,000.00, based on a total share capital of 202,680,000 shares as of December 31, 2020[6] - The cash dividend distribution for 2020 represents 46.81% of the net profit attributable to ordinary shareholders, which was 259,791,875.52 RMB[160] - The company will prioritize cash dividends, with a minimum of 80% for mature stages without major capital expenditures, and 40% if there are significant expenditures[150] Research and Development - The total R&D investment for the current period is 164,341,878.59 CNY, accounting for 3.67% of operating revenue, with 233 R&D personnel, making up 14.88% of the total workforce[77] - The company is focusing on differentiated development in its basic chemical products to enhance market competitiveness[138] - The company is implementing a dual-driven strategy, leveraging internal strengths and external acquisitions to enhance competitiveness[140] Corporate Governance - The company has maintained a standard unqualified audit opinion from its accounting firm, indicating the reliability of its financial statements[5] - Independent directors must provide clear opinions on the profit distribution proposal, requiring a majority approval from all independent directors[158] - The profit distribution plan must be implemented within two months after the shareholders' meeting resolution[159]