GUILIN FUDA (SH:603166)2021-03-30 16:00Financial Performance - The company achieved a consolidated net profit of CNY 200,584,148.36 for the year 2020, representing a 50.47% increase compared to CNY 133,306,612.36 in 2019[4]. - Total operating revenue for 2020 was CNY 1,770,306,191.79, up 16.87% from CNY 1,514,774,256.12 in 2019[19]. - The company's basic earnings per share (EPS) increased by 54.55% to CNY 0.34 in 2020 compared to CNY 0.22 in 2019[20]. - Net profit for the reporting period rose by 50.47%, while net profit excluding non-recurring gains increased by 55.13% due to higher operating income and reduced costs from pandemic relief policies[20]. - The weighted average return on equity (ROE) improved by 2.85 percentage points to 9.14% in 2020 from 6.29% in 2019[20]. - The net profit attributable to shareholders was 200.58 million yuan, up 50.47% year-on-year, while the net profit after deducting non-recurring gains and losses was 149.51 million yuan, an increase of 55.13% year-on-year[48]. - The gross profit margin for the automotive and internal combustion engine parts sector was 25.73%, with a year-on-year increase of 0.14 percentage points[63]. Cash Flow and Dividends - The net cash flow from operating activities decreased by 21.69% to CNY 272,107,984.70 in 2020 from CNY 347,486,955.06 in 2019[19]. - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling CNY 118,403,742.00, based on a total share capital of 592,018,710 shares[4]. - For the year 2020, the cash dividend was increased to 2.00 RMB per 10 shares, amounting to 118,403,742.00 RMB, with a payout ratio of 59.03%[125]. - The company distributed a cash dividend of 1.5 RMB per 10 shares for the year 2019, totaling 89,288,806.50 RMB, with a payout ratio of 66.98%[125]. Assets and Liabilities - The company's total assets increased by 5.52% to CNY 3,389,635,667.74 at the end of 2020, compared to CNY 3,212,353,820.64 at the end of 2019[19]. - The net assets attributable to shareholders of the listed company rose by 5.32% to CNY 2,264,816,923.56 at the end of 2020 from CNY 2,150,327,481.70 at the end of 2019[19]. - The company's cash and cash equivalents increased by 48.92% to ¥227,165,139.21, representing 6.70% of total assets[73]. - The accounts receivable rose by 13.45% to ¥500,386,330.75, accounting for 14.76% of total assets[73]. Production and Sales - The production of crankshafts reached 1,121,670 units, with sales of 1,108,261 units, marking an increase of 27.91% in production and 22.68% in sales year-on-year[64]. - Sales of crankshafts increased by 22.68% to 1,108,261 units, compared to 903,363 units in the previous year[79]. - The company achieved an annual production of over 100 large molds, enhancing its manufacturing capabilities and extending its product supply chain[39]. Research and Development - The company invested nearly 90 million yuan in R&D, accounting for 5.05% of operating revenue in 2020[53]. - The company filed for and received acceptance of 70 patents in 2020, including 23 invention patents[54]. - The company has advanced production equipment, including CNC machines and heat treatment lines, ensuring high product quality and efficiency[36][37]. Market Position and Strategy - The company aims to expand its customer base from primarily domestic manufacturers to include international clients[30]. - The company has established long-term partnerships with major domestic engine and vehicle manufacturers, significantly strengthening its industry position and increasing its supply scale[41]. - The company is focused on resolving supply chain issues with raw material suppliers to reduce costs and improve competitiveness[114]. Corporate Governance and Compliance - The company has maintained compliance with environmental regulations and has not faced any administrative penalties during the reporting period[155]. - The company has a governance structure that complies with the requirements of the Company Law and the Securities Law[191]. - The company emphasizes internal control and performance evaluation as key research areas for its independent directors[178]. Social Responsibility - The company actively participated in poverty alleviation efforts, with over 90% of its 2,000 employees involved in related activities[148]. - The company donated RMB 300,000 to develop a chili planting demonstration base, resulting in an additional income of over RMB 100,000 for poor households[149]. - A total of 2.208 million RMB was allocated for poverty alleviation efforts, including employment support for 37 registered impoverished households[151].