TC(SH:603085)2022-04-24 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,703,718,700.37, representing a 19.33% increase compared to ¥1,427,717,717.78 in 2020[21]. - The company's operating revenue increased from 1.427 billion to 1.703 billion RMB, a growth of 19.33%[30]. - The main business revenue rose from 1.412 billion to 1.648 billion RMB, reflecting a growth of 16.63%[30]. - Net profit attributable to shareholders decreased by 44.18% to 28,203,760.11 RMB, primarily due to rising raw material and shipping costs[30]. - The cash flow from operating activities was 87,424,243.59 RMB, an increase of 73.99% compared to the previous year[22]. - Basic earnings per share dropped by 50% to 0.08 RMB, while diluted earnings per share also fell by 50% to 0.08 RMB[23]. - The weighted average return on equity decreased to 2.75%, down from 7.63% in the previous year[23]. - The total assets increased by 7.44% to 2,582,273,973.81 RMB compared to the previous year[22]. - The net profit for the year was ¥28,203,760.11, a decrease of 44.18% compared to the previous year, primarily due to increased international logistics costs and rising raw material prices[60]. - The gross profit margin for the seat series decreased by 6.59 percentage points to 13.92% due to rising costs[65]. - The gross profit margin decreased to 25.99%, primarily due to rising costs of raw materials and international shipping[66]. Business Segments and Revenue Sources - The automotive seating business generated 466,765,670.42 RMB, accounting for 28.33% of total revenue, with a growth of 22.75%[31]. - The aviation seating business saw revenue of 282,974,927.90 RMB, representing 17.18% of total revenue, with an impressive growth of 82.97%[31]. - The company's product lines include commercial vehicle seats (22.91% of revenue), engineering machinery seats (27.27%), passenger vehicle seats (28.33%), and aviation seats (17.18%)[63]. - The children's safety seat business achieved sales revenue of 9.6 million RMB in 2021, slightly down from 2020 due to international pandemic pressures[38]. - The company’s aviation seat subsidiary, Acro Aircraft Seating Limited, is a qualified supplier for major aircraft manufacturers Boeing and Airbus, with products certified by EASA and FAA[49]. - The company has a significant market share in the engineering machinery and commercial vehicle seat industry, successfully partnering with leading brands like Caterpillar and SANY[49]. Strategic Initiatives and Future Plans - The company plans to expand its presence in the new energy vehicle seating market, leveraging opportunities from the rapid growth of the sector[34]. - The company aims to achieve an annual production and sales scale exceeding 2 million sets, targeting a market share of over 10% in the passenger car seat supply sector[109]. - The company plans to launch two new children's safety seat products in 2022, expecting to generate sales of 40,000 units from these new products[119]. - The company intends to deepen cooperation with traditional customers while also establishing partnerships with leading new energy vehicle manufacturers to enhance its market position[114]. - The company is set to begin mass production of carbon fiber prepreg materials and aluminum alloy components for aircraft seats in 2022, enhancing its production capabilities[121]. - The company plans to expand its engineering machinery and commercial vehicle seat business, targeting foreign main engine brands and the domestic specialized vehicle market[117]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The company has not faced any issues with the authenticity and completeness of the annual report[7]. - The company is committed to ensuring the accuracy and integrity of its financial reports[4]. - The management has highlighted potential risks in future development strategies, which investors should be aware of[6]. - The company has maintained a consistent governance structure with all board members present at meetings[4]. - The company has established a compensation and assessment committee to evaluate senior management based on performance standards[150]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, with major pollutants including COD, ammonia nitrogen, total phosphorus, and VOCs, adhering to strict discharge standards[174]. - Wastewater is treated at the factory's sewage treatment station and meets the Class III discharge standards, with a total COD discharge limit of 2.263 tons and ammonia nitrogen of 0.113 tons[174]. - The company has established online monitoring systems at discharge points to ensure compliance with environmental standards[175]. - The company has implemented a comprehensive environmental management system across all subsidiaries, which are not classified as key pollutant discharge units[178]. Research and Development - The company developed 102 new products in the engineering machinery commercial vehicle sector in 2021, including projects for major domestic manufacturers[42]. - The company has multiple R&D centers in Shanghai, Zhejiang, and London, focusing on advanced technologies such as carbon fiber composites and aluminum alloy frameworks[56]. - The company’s R&D expenses increased by 13.21% to ¥57,909,045.19, reflecting its commitment to innovation[62]. - The company is focusing on the development of electric children's safety seats, incorporating advanced technologies and materials[124]. Market Position and Competition - The company has established stable partnerships with major clients such as Boeing and Airbus, with its S3, S6, and S7 seat models approved for installation on mainstream aircraft like Boeing 737 and Airbus A320[58]. - The global aviation seat market is dominated by major players like Zodiac Aerospace, B/E Aerospace Inc, and Recaro, which together hold nearly 80% of the market share[107]. - The company is focused on expanding its presence in the global aviation seat market, aiming to become one of the top three suppliers in this field[109]. Risk Management - The management team has extensive experience in the automotive and financial sectors, which is expected to drive strategic initiatives[144]. - The company is addressing risks related to macroeconomic fluctuations and raw material price volatility by diversifying markets and optimizing product structures[132]. - The company has not faced any delisting risks or bankruptcy restructuring matters during the reporting period[200].