天龙股份(603266) - 2021 Q4 - 年度财报

Definitions This section defines key terms and abbreviations used in the report, providing foundational definitions for understanding the content Definitions of Common Terms This chapter defines key terms and abbreviations used in the report, providing foundational definitions for understanding the content - The report defines abbreviations for the company, key subsidiaries (e.g., Shanghai Tianhai, Tianlong Mould), controlling shareholder (Antai Holding), and other related parties[11] Company Profile and Key Financial Indicators This section provides the company's basic information and key financial data for the past three years, including quarterly performance and non-recurring gains and losses Company Basic Information This chapter provides the company's basic business registration information, contact details, information disclosure channels, and stock overview Company Basic Information | Item | Content | | :--- | :--- | | Company Chinese Name | 宁波天龙电子股份有限公司 | | Company Chinese Abbreviation | 天龙股份 | | Stock Abbreviation | 天龙股份 | | Stock Code | 603266 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | 胡建立 | Key Accounting Data and Financial Indicators for the Past Three Years In 2021, the company's operating revenue grew by 21.74% and net profit attributable to shareholders increased by 5.59%, with profit growth lagging revenue due to rising raw material and labor costs, while total assets and net assets expanded Key Accounting Data for 2021 | Key Accounting Data | 2021 (CNY) | 2020 (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,184,889,105.59 | 973,308,916.07 | 21.74 | | Net Profit Attributable to Shareholders of Listed Company | 97,958,112.20 | 92,769,838.30 | 5.59 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 87,439,099.13 | 82,433,791.56 | 6.07 | | Net Cash Flow from Operating Activities | 147,381,072.70 | 133,807,502.66 | 10.14 | | Total Assets (Period-end) | 1,721,551,845.17 | 1,359,317,240.85 | 26.65 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,208,688,670.70 | 1,025,762,406.23 | 17.83 | Key Financial Indicators for 2021 | Key Financial Indicators | 2021 | 2020 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.50 | 0.47 | 6.38 | | Weighted Average Return on Net Assets (%) | 8.77 | 9.59 | Decrease by 0.82 percentage points | - The company attributes the slower net profit growth compared to revenue growth primarily to rising raw material and labor costs[23] Quarterly Financial Data In 2021, Q4 operating revenue reached its peak at CNY 342 million, but net profit attributable to shareholders was lowest at CNY 21 million, showing a quarterly decline Key Quarterly Financial Data for 2021 (Unit: CNY) | Item | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 276,018,276.43 | 285,937,095.26 | 281,281,611.87 | 341,652,122.03 | | Net Profit Attributable to Shareholders of Listed Company | 29,120,956.05 | 25,227,278.98 | 22,582,165.85 | 21,027,711.32 | Non-recurring Gains and Losses In 2021, non-recurring gains and losses totaled CNY 10.519 million, primarily from government subsidies and wealth management income, remaining largely consistent with 2020 levels Key Non-recurring Gains and Losses Items for 2021 (Unit: CNY) | Non-recurring Gains and Losses Item | 2021 Amount | | :--- | :--- | | Government Subsidies Recognized in Current Profit/Loss | 6,527,453.66 | | Gains/Losses from Entrusted Investments or Asset Management | 4,969,849.31 | | Total | 10,519,013.07 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, industry landscape, core competencies, and future outlook, highlighting key financial performance and strategic initiatives Discussion and Analysis of Operations In 2021, despite chip shortages and rising raw material prices, the company achieved revenue and profit growth by focusing on its core business, active R&D, and market expansion, driven primarily by automotive electronics and lightweight products, with steady growth in electrical appliance business, while also strengthening internal management and informatization 2021 Operating Performance Overview | Indicator | Amount (CNY million) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1,184.8891 | 21.74% | | Operating Profit | 106.1882 | 3.52% | | Net Profit Attributable to Shareholders | 97.9581 | 5.59% | - Automotive parts business achieved sales of CNY 833 million, a 17.97% year-on-year increase, with automotive electronic control products growing by 19.18%[33] - Electrical appliance business achieved sales of CNY 217 million, a 38.13% year-on-year increase, primarily benefiting from increased domestic and international infrastructure demand[34] - The company is focusing on developing IGBT functional carrier modules for new energy vehicles, with mass production expected in H2 2022, indirectly supplying Honda[34] - During the reporting period, the company secured 159 new project nominations, with 45 related to new energy vehicles[34] Industry Analysis The company operates in the plastic parts manufacturing industry, primarily serving the automotive and electrical appliance sectors; in 2021, the automotive industry ended three consecutive years of decline, with new energy vehicle market penetration reaching 13.4% driven by market demand, while the electrical appliance industry benefited from stable power investment and the Belt and Road Initiative - The plastic processing industry is trending towards functionalization, lightweighting, precision, ecological sustainability, and intelligence[39] - In 2021, China's automobile production and sales reached 26.082 million and 26.275 million units respectively, growing by 3.4% and 3.8% year-on-year[40] - New energy vehicle production and sales experienced explosive growth, reaching 3.545 million and 3.521 million units respectively, both increasing by over 157% year-on-year, with market penetration reaching 13.4%[41] - In 2021, national electricity consumption increased by 10.3% year-on-year, with stable development in the power industry providing a broad market for low-voltage electrical products[45] Main Business and Operating Model The company is a one-stop integrated solution provider for precision molds, injection molding, and assembly, with core businesses in automotive parts and electrical appliance precision plastic components, serving Tier-1 suppliers like Bosch and Continental, indirectly supporting mainstream brands such as Volkswagen and Tesla, operating on a 'make-to-order' basis with direct sales to customers - The company is committed to the development direction of 'electronic integration, precision, and lightweighting,' with products primarily applied in automotive parts and electrical appliances[48] - Automotive electronic control system products, such as electronic water pumps and IGBT modules, are mainly used in new energy vehicles, with most products compatible with both traditional and new energy vehicles[49][50] - Operating Model: Long-term relationships with suppliers for procurement, with some raw materials specified by clients; 'make-to-order' production; direct and order-based sales[51][52][53] Core Competitiveness Analysis The company's core competencies include R&D, mold development, national regional layout, experienced management, diverse product lines, and stable high-quality client resources, holding 32 invention patents and 162 utility model patents, with long-term partnerships with global leaders like Bosch and Schneider - Technology and R&D advantages: As of end-2021, the company holds 32 invention patents and 162 utility model patents, mastering key technologies in mold design and precision injection molding[54] - Regional layout advantage: Production bases established in industrial clusters across the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin, Central China, Southwest, and Northeast regions, enabling rapid response to client needs[55] - Client resource advantage: Major clients include well-known domestic and international Tier-1 automotive parts suppliers and electrical appliance manufacturers such as Brose, Hitachi, Continental Automotive, Bosch, and Schneider[56] Analysis of Main Operating Performance In 2021, the company's main business revenue grew by 21.54% year-on-year, but gross margin decreased by 2.92 percentage points to 20.68% due to rising raw material and labor costs; automotive electronics, precision plastic functional components, and electrical appliance products all achieved double-digit revenue growth, with R&D investment of CNY 47.525 million, accounting for 4.01% of revenue, alongside external equity investments in Wuhan Feisite and fund subscriptions Changes in Key Income Statement and Cash Flow Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,184,889,105.59 | 973,308,916.07 | 21.74 | | Operating Cost | 935,634,133.45 | 740,091,499.49 | 26.42 | | R&D Expenses | 47,525,018.38 | 41,873,169.82 | 13.50 | | Net Cash Flow from Operating Activities | 147,381,072.70 | 133,807,502.66 | 10.14 | Main Business by Product | Product Segment | Operating Revenue (CNY) | YoY Growth (%) | Gross Margin (%) | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Automotive Electronic Control Parts | 363,237,339.79 | 19.18 | 19.85 | Decrease by 3.16 percentage points | | Automotive Precision Plastic Functional Structural Components | 469,370,321.87 | 17.05 | 18.18 | Decrease by 4.65 percentage points | | Electrical Appliance Precision Plastic Structural Components | 217,177,980.15 | 38.13 | 21.96 | Decrease by 4.18 percentage points | | Molds | 116,143,405.17 | 21.19 | 31.01 | Increase by 6.67 percentage points | - Total R&D investment in 2021 was CNY 47.525 million, accounting for 4.01% of operating revenue, all expensed[70][71] - The company made new external equity investments, including acquiring and increasing capital in Wuhan Feisite Biotechnology Co., Ltd., and subscribing to fund units of Jiaxing Qijie Equity Investment Partnership (Limited Partnership)[96][97] Future Development Outlook The company will continue to focus on precision manufacturing, with a strategic emphasis on new energy vehicles and automotive electronics, pursuing 'electronic integration, precision, and lightweighting,' while also identifying key risks such as market competition, industry fluctuations, raw material price volatility, talent loss, and ongoing pandemic impacts - Development Strategy: Focus on new energy vehicles and automotive electronics, committed to 'electronic integration, precision, and lightweighting,' and exploring high-end market applications such as medical devices when appropriate[109] - Operating Plan: Deepen existing client relationships, develop high-complexity products like IGBT functional carrier modules, enhance high-end mold development capabilities, and seek M&A opportunities[110][111] - Key risks include: intensified market competition, fluctuations in downstream automotive and electrical appliance industries, raw material price volatility, loss of core technology and talent, and ongoing impact of the COVID-19 pandemic[112][113][114] Corporate Governance This section details the company's corporate governance structure, including board and management changes, profit distribution policies, and internal control effectiveness Overview of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and regulations, continuously improving its corporate governance structure, revising the Articles of Association and rules for the three meetings in 2021, ensuring a scientific and effective governance framework and independence from the controlling shareholder to protect all shareholders' legitimate rights - The company revised its Articles of Association, Rules of Procedure for Shareholder Meetings, and Rules of Procedure for Board Meetings, among other regulations, in accordance with the new Securities Law and relevant regulations, to enhance governance[116] - The company maintains independence from its controlling shareholder in personnel, assets, finance, organization, and business, with the Board of Directors, Supervisory Board, and internal departments operating independently[117] Directors, Supervisors, and Senior Management During the reporting period, the company completed the re-election of its Board of Directors and Supervisory Board; Mr. Hu Jianli continued as Chairman, and Mr. Shen Zhaohui was appointed General Manager; the report details the shareholdings, remuneration, and appointments of current and former directors, supervisors, and senior management, with no other concurrent positions in shareholder entities except for Chairman Hu Jianli at Antai Holding - In October 2021, the company completed the re-election of its Board of Directors and Supervisory Board and appointed a new term of senior management[128] - Mr. Hu Jianli transitioned from Chairman and General Manager to solely Chairman, and Mr. Shen Zhaohui was appointed General Manager[133] - During the reporting period, the total actual remuneration received by all directors, supervisors, and senior management amounted to CNY 5.915 million[132] Profit Distribution Policy and Proposal The company has established and strictly adheres to a clear cash dividend policy; the 2021 profit distribution proposal is to distribute a cash dividend of CNY 1.1 (tax inclusive) per 10 shares, totaling CNY 21.8775 million, subject to shareholder approval - The company's profit distribution policy stipulates that, in the absence of major investment plans, annual cash dividends shall not be less than 20% of the distributable profit for the year[150] - 2021 profit distribution proposal: Based on the total share capital on the equity distribution record date, a cash dividend of CNY 1.1 (tax inclusive) per 10 shares will be distributed to all shareholders[6] Internal Control During the reporting period, the company continuously improved its internal control system, ensuring a reasonable and effective framework that safeguards the legality, compliance, and asset security of operations; Tianjian Certified Public Accountants issued a standard unqualified audit opinion on the company's 2021 internal controls - The company's internal control system is sound and effective, achieving its intended objectives with no material weaknesses identified[157] - The accounting firm issued a standard unqualified audit report on the effectiveness of the company's internal controls over financial reporting for 2021[159] Environmental and Social Responsibility This section outlines the company's commitment to environmental protection and social responsibility, including compliance with environmental regulations and efforts to protect stakeholder rights Environmental Information The company and its subsidiaries are not classified as key pollutant-discharging entities; during the reporting period, the company strictly complied with environmental regulations, with no environmental violations or administrative penalties, implementing energy-saving measures like equipment upgrades and water recycling, and establishing emergency response plans for environmental incidents - The company and its subsidiaries are not listed as key pollutant-discharging entities by environmental authorities, and there were no administrative penalties for environmental issues during the reporting period[160] - The company implemented various energy-saving and consumption-reducing measures, such as purchasing low-energy equipment, using LED lighting, and establishing water recycling systems, to reduce energy consumption and carbon emissions[162] Social Responsibility The company actively fulfills its social responsibilities with specific measures to protect shareholder, employee, supplier, and client rights, engaging with investors through various channels, maintaining stable cash dividends, legally safeguarding employee interests, and fostering mutually beneficial relationships with suppliers and clients - Shareholder Rights: Enhanced communication through performance briefings and investor surveys, and consistent annual cash dividends since listing[164] - Employee Rights: Legally signed labor contracts, provided occupational health and safety protection, improved compensation incentives and training systems, fostering mutual development between the company and employees[165] - Supplier and Client Rights: Adhering to the principle of "mutual benefit and collaborative development," establishing strategic partnerships with suppliers and providing reliable quality products to clients[165] Significant Matters This section covers significant matters including the fulfillment of commitments, major related party transactions, guarantees, and entrusted wealth management activities Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments made during the initial public offering and equity incentive events, including share lock-ups, avoidance of horizontal competition, and regulation of related party transactions, with no breaches observed - The company's actual controllers, controlling shareholders, and shareholders holding 5% or more, among other related parties, strictly fulfilled commitments regarding share lock-ups, reduction intentions, avoidance of horizontal competition, and regulation of related party transactions during the reporting period[168][170][171][177][178] Major Related Party Transactions During the reporting period, the company's estimated daily related party transaction limit was CNY 32 million, with actual transactions totaling CNY 19.486 million, remaining within the limit; major related party transactions included sales of CNY 14.3906 million to associate Burteck LLC and CNY 4.9219 million to related party Wuhan Feien Microelectronics, in addition to leasing property from controlling shareholder Antai Holding for cafeteria and dormitory use - The estimated daily related party transaction limit for 2021 was CNY 32 million, with actual transactions amounting to CNY 19.486 million, not exceeding the estimated limit[187] Major Related Party Sales Transactions | Related Party | Related Transaction Content | Amount for Current Period (CNY) | | :--- | :--- | :--- | | Burteck LLC | Sales of Goods | 14,390,604.33 | | Wuhan Feien Microelectronics Co., Ltd. | Sales of Goods | 4,921,901.67 | - The company leased some properties from its controlling shareholder Antai Holding at market prices, recognizing CNY 0.8563 million in lease expenses for the current period[563] Guarantees During the reporting period, the company had no external guarantees; guarantees to subsidiaries primarily supported group bill pool operations and bank credit lines for subsidiary-issued bills, with the period-end guarantee balance to subsidiaries at CNY 32.6556 million, representing 2.7% of the company's net assets - The company had no external guarantees during the reporting period (excluding guarantees to subsidiaries)[197] Guarantees to Subsidiaries | Item | Amount (CNY) | | :--- | :--- | | Total Guarantees to Subsidiaries During Reporting Period | 48,343,531.37 | | Total Guarantees to Subsidiaries at Period-end | 32,655,617.75 | | Total Guarantees as % of Company's Net Assets | 2.7 | Entrusted Wealth Management The company utilized idle self-owned funds for entrusted wealth management, purchasing only principal-protected products during the reporting period, with a maximum daily balance of CNY 210 million and an outstanding balance of CNY 205 million at period-end, with no overdue unrecovered amounts - The company used idle self-owned funds to purchase principal-protected wealth management products, with the maximum daily balance for such entrusted wealth management reaching CNY 210 million during the reporting period[201] - As of the end of the reporting period, the outstanding balance of wealth management products was CNY 205 million, with no overdue unrecovered amounts[201] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholders and actual controllers Share Capital Changes During the reporting period, the company's total share capital decreased from 198,964,940 shares to 198,910,550 shares due to the repurchase and cancellation of some restricted shares; concurrently, the lifting of sales restrictions on certain restricted shares led to a decrease in restricted shares and an increase in unrestricted shares - Due to the repurchase and cancellation of 54,390 restricted shares, the company's total share capital decreased to 198,910,550 shares[211][212] - Due to the lifting of sales restrictions on 949,812 restricted shares, restricted shares at period-end decreased to 1,196,716 shares, accounting for 0.60% of total share capital[211][212] Shareholders and Actual Controllers As of the end of the reporting period, the company had 13,040 shareholders; the controlling shareholder is Zhejiang Antai Holding Group Co., Ltd., holding 48.35%, and the actual controllers are Mr. Hu Jianli and Ms. Zhang Xiujun; the top ten shareholders' holdings remained relatively stable, with some shares of controlling shareholder Antai Holding pledged - As of end-2021, the company had a total of 13,040 common shareholders[219] Top Three Shareholders' Shareholdings | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Zhejiang Antai Holding Group Co., Ltd. | 96,167,400 | 48.35 | Pledged 47,620,000 | | 张益华 | 21,489,660 | 10.80 | None | | 宁波均瑞投资合伙企业(有限合伙) | 11,760,000 | 5.91 | Pledged 5,000,000 | - The company's controlling shareholder is Zhejiang Antai Holding Group Co., Ltd., and the actual controllers are Mr. Hu Jianli and Ms. Zhang Xiujun[226][228] Preferred Shares Information This section states that the company has no preferred shares Preferred Shares Information This section states that the company has no preferred shares - The company is not subject to preferred share regulations during this reporting period[231] Bonds Information This section states that the company has no bonds or debt financing instruments Bonds Information This section states that the company has no bonds or debt financing instruments - The company is not subject to bond-related regulations during this reporting period[233] Financial Report This section presents the audited financial statements, including the audit report, balance sheets, income statements, cash flow statements, and notes on significant accounting policies and related party transactions Audit Report Tianjian Certified Public Accountants issued a standard unqualified audit opinion on the company's 2021 financial statements; key audit matters included 'revenue recognition' and 'impairment of accounts receivable,' with auditors concluding that the financial statements fairly present the company's financial position and operating results in all material respects - Tianjian Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report[234] - Key audit matters include: - Revenue Recognition: Due to its nature as a key performance indicator and the inherent risk of management manipulating recognition to achieve specific targets - Impairment of Accounts Receivable: Due to its material amount and the significant management judgment involved in impairment testing[237][239] Financial Statements This section includes the company's 2021 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets increased to CNY 1.722 billion, operating revenue was CNY 1.185 billion, and net profit was CNY 98 million Key Consolidated Balance Sheet Items (2021-12-31) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 1,721,551,845.17 | | Total Liabilities | 512,863,174.47 | | Total Equity Attributable to Parent Company Owners | 1,208,688,670.70 | Key Consolidated Income Statement Items (2021) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 1,184,889,105.59 | | Operating Profit | 106,188,221.72 | | Net Profit | 97,958,112.20 | Significant Accounting Policies and Estimates This section details the enterprise accounting standards followed and key accounting policies and estimates adopted by the company; the most significant accounting policy change during the reporting period was the adoption of new lease standards from January 1, 2021, and retrospective adjustments to the presentation of transportation and handling expenses - The company adopted new lease standards from January 1, 2021, adjusting relevant financial statement items at the date of initial application, such as recognizing right-of-use assets and lease liabilities[367] - The company reclassified transportation and handling expenses, previously recorded under 'selling expenses,' to 'cost of sales,' with retrospective adjustments to 2020 comparative data, a change that does not affect net profit[371] Notes to Consolidated Financial Statement Items This section provides detailed notes on key consolidated financial statement items; period-end accounts receivable had a book value of CNY 427 million, and inventories had a book value of CNY 252 million; the company's subsidiaries benefit from a 15% preferential income tax rate as high-tech enterprises, with detailed disclosures on government subsidies and entrusted wealth management - Period-end accounts receivable had a book balance of CNY 450 million, with an allowance for doubtful accounts of CNY 22.6721 million, resulting in a book value of CNY 427 million[398][400] - Period-end inventory had a book value of CNY 252 million, primarily comprising work-in-progress, raw materials, and finished goods[418] - The company and several subsidiaries are recognized as high-tech enterprises, enjoying a 15% preferential corporate income tax rate[382][383][384] - During the reporting period, the company received asset-related and income-related government subsidies, with CNY 6.5275 million recognized in current profit or loss[512][616] Related Parties and Related Party Transactions The company's ultimate controlling parties are Mr. Hu Jianli and Ms. Zhang Xiujun; during the reporting period, the company engaged in related party transactions including sales and purchases of goods and leases, primarily sales to associate Burteck LLC and property leases from controlling shareholder Antai Holding; total remuneration for key management personnel was CNY 5.915 million - The company's ultimate controlling parties are Mr. Hu Jianli and Ms. Zhang Xiujun[557] Major Related Party Transactions (2021) | Related Party | Transaction Content | Amount (CNY) | | :--- | :--- | :--- | | Burteck LLC | Sales of Goods | 14,390,604.33 | | Wuhan Feien Microelectronics Co., Ltd. | Sales of Goods | 4,921,901.67 | | Antai Holding Company | Lease of Property | 856,297.16 | - Total remuneration for key management personnel in 2021 was CNY 5.915 million[564] Events After Balance Sheet Date Subsequent to the balance sheet date, the company's Board of Directors approved the 2021 profit distribution plan, proposing a cash dividend of CNY 1.1 per 10 shares; additionally, the company continued to implement equity incentive repurchase and cancellation, and plans to invest CNY 50 million to subscribe for new fund units, specifically for investment in Guangzhou CanSemi Technology - The Board of Directors approved the 2021 profit distribution plan, proposing a cash dividend of CNY 1.1 (tax inclusive) per 10 shares[576] - In January 2022, the Board of Directors approved the repurchase and cancellation of 23,800 restricted shares that no longer met incentive conditions[577] - In April 2022, the Board of Directors approved the company's use of CNY 50 million of its own funds to subscribe for fund units of Jiaxing Junman Equity Investment Partnership, specifically for investment in Guangzhou CanSemi Technology[578]