LSHEC(SH:603169)2022-02-18 16:00Financial Performance - The company reported a net profit attributable to shareholders of 122.73 million yuan for 2021, with the parent company's net profit at 46.77 million yuan[7]. - The company's operating revenue for 2021 was CNY 4,037,060,987.70, representing a 39.17% increase compared to CNY 2,900,840,838.71 in 2020[24]. - The net profit attributable to shareholders in 2021 was CNY 122,728,595.54, a significant recovery from a loss of CNY 284,740,601.02 in 2020[24]. - The net cash flow from operating activities decreased by 80.20% to CNY 131,944,670.24 in 2021 from CNY 666,300,874.28 in 2020[24]. - The total assets increased by 14.95% to CNY 12,116,478,786.17 at the end of 2021, up from CNY 10,541,020,007.63 at the end of 2020[24]. - The net assets attributable to shareholders rose by 92.52% to CNY 2,962,787,189.55 at the end of 2021, compared to CNY 1,538,968,904.40 at the end of 2020[24]. - The basic earnings per share for 2021 was CNY 0.1167, recovering from a loss of CNY 0.2708 in 2020[24]. - The comprehensive gross profit margin for main business increased to 16.22%, up by 6.18 percentage points year-on-year[30]. - The company achieved a completion rate of 97.5% for 40 key reform tasks under the state-owned enterprise reform initiative, enhancing its governance structure[39]. Capital and Investment - The company raised 1.33 billion yuan through the issuance of 254,789,272 shares at a price of 5.22 yuan per share, netting 1.30 billion yuan after expenses[18]. - The funds raised will be invested in four projects, including the "Panjin Haoye 3.6 million tons/year heavy oil hydrogenation EPC project" and "Xuan Dong Energy 500,000 tons/year hazardous waste coal tar upgrading project"[18]. - The company has a capital reserve balance of 250.85 million yuan as of the end of 2021[7]. - The company completed the acquisition of a 55% stake in China Nuclear Jiahua, enhancing its position in the nuclear energy sector[36]. - The company invested CNY 181.06 million in Shenmu Shengbang, holding a 26.17% stake, to extend its coal utilization technology and create a demonstration base for clean and efficient coal utilization[126]. - The company is investing CNY 349.54 million in a new project for intelligent production and management of heavy pressure equipment, with CNY 340 million funded through a private placement[126]. Research and Development - Research and development investment reached CNY 92.17 million, a 191.04% increase compared to the previous year[37]. - The company implemented 56 technology innovation projects with a total R&D investment of 92.17 million CNY, successfully developing the first domestically produced nickel-based alloy (N08810) cold hydrogenation reactor[83]. - The total R&D expenditure for the period was ¥92,167,263.13, accounting for 2.28% of operating revenue[115]. - The number of R&D personnel is 339, representing 8.56% of the total workforce[115]. - The company has developed proprietary technologies for the manufacturing of nickel-based alloy materials, significantly shortening delivery times and reducing product costs[76]. Market and Industry Trends - The company is focused on expanding its nuclear energy business with multiple manufacturing bases and a research center[18]. - The hydrogen energy sector is experiencing significant investment activity, with over 80% of investments focused on hydrogen production, fuel cells, and storage equipment[52]. - The photovoltaic industry is in a rapid development phase, with continuous upgrades in production technology and processing techniques, leading to sustained market demand[52]. - The company is positioned to benefit from the rapid growth in demand for new chemical materials, with a target self-sufficiency rate of 75% by the end of the 14th Five-Year Plan[47]. - The nuclear power market is expected to see annual investments exceeding 100 billion yuan, with 16 nuclear units under construction and a total capacity of 17.5078 million kilowatts[48]. Risk Management - The company emphasizes the importance of risk management and has detailed various risks and countermeasures in the report[9]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company is enhancing its risk management system to control various operational, investment, financial, and legal risks effectively[177]. - The company faces financial risks due to a large scale of interest-bearing debt and weak cash flow coverage, necessitating improved capital efficiency and financing structure[188]. Governance and Compliance - The company has established a governance structure that ensures compliance with laws and regulations, enhancing decision-making processes and protecting minority shareholders' rights[191]. - The company actively communicates with investors regarding significant matters, ensuring fair and transparent information disclosure[199]. - The company emphasizes investor relations management through various channels, including phone, email, and performance briefings, to protect investor interests[200]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal regulations and the company's articles of association[194]. Strategic Goals - The company aims to achieve significant results in green and low-carbon transformation by 2025, as outlined in national policies[57]. - The company plans to achieve a comprehensive transformation towards becoming a system integrator and overall solution provider in the energy and chemical industry[150]. - The company is focusing on expanding its market presence in both domestic and international markets, particularly in the refining, coal chemical, nuclear power, photovoltaic polysilicon, and hydrogen equipment sectors[157]. - The company aims to achieve a revenue target of 6 billion yuan in 2022, with the new energy business accounting for 30% of total revenue[158].