Valin Precision(SH:603356)2021-04-14 16:00Financial Performance - The company's operating revenue for 2020 was CNY 1,911,945,763.67, representing a 32.53% increase compared to CNY 1,442,613,050.15 in 2019[24]. - The net profit attributable to shareholders of the listed company for 2020 was CNY 73,655,218.07, a 6.71% increase from CNY 69,021,258.31 in 2019[24]. - Basic earnings per share increased by 5.77% to CNY 0.55 in 2020 compared to CNY 0.52 in 2019[25]. - The company's overall revenue increased by 32.53% year-on-year, reaching approximately ¥1.91 billion, while net profit attributable to shareholders grew by 6.71%[41]. - The net profit for 2020 reached CNY 31,843,570.98, compared to CNY 25,597,875.78 in 2019, indicating a year-over-year increase of about 24.3%[191]. - The total operating profit for 2020 was CNY 30,328,256.28, an increase from CNY 26,190,840.36 in 2019, representing a growth of approximately 8.2%[191]. Assets and Liabilities - The total assets of the company at the end of 2020 reached CNY 1,787,230,226.53, marking a 40.02% increase from CNY 1,276,440,338.57 in 2019[24]. - The net assets attributable to shareholders of the listed company increased by 6.60% to CNY 781,234,299.47 at the end of 2020, compared to CNY 732,884,954.12 at the end of 2019[24]. - Total liabilities reached ¥926,581,405.72 in 2020, up from ¥513,105,441.73 in 2019, which is an increase of approximately 80.8%[179]. - Accounts receivable rose significantly to ¥674,805,512.13 in 2020, up from ¥497,548,807.73 in 2019, reflecting a growth of approximately 35.6%[178]. - Inventory increased to ¥180,534,817.37 in 2020, compared to ¥138,892,146.93 in 2019, marking a growth of about 30%[178]. Cash Flow - The net cash flow from operating activities for 2020 was CNY 1,528,984.56, a significant recovery from a negative cash flow of CNY -53,315,774.75 in 2019[24]. - Cash inflows from operating activities totaled CNY 1,833,257,395.78 in 2020, up from CNY 1,438,309,529.84 in 2019, reflecting a growth of approximately 27.5%[194]. - Cash inflow from financing activities amounted to CNY 395,975,000.00, compared to CNY 233,700,000.00 in 2019, marking an increase of about 69.5%[195]. - The cash outflow for investing activities was CNY 211,126,922.41 in 2020, down from CNY 329,431,458.74 in 2019, reflecting a decrease of about 36%[194]. Investments and Dividends - The company plans not to distribute cash dividends or issue new shares for the 2020 fiscal year due to ongoing investments in business expansion and new projects[5]. - The company is in a rapid development phase and is focusing on new business expansion, which requires substantial capital investment[5]. - The company has completed the acquisition of Sans Wind Power, achieving a net profit of RMB 39.22 million in 2020, exceeding the target of RMB 18.66 million by 210.16%[113]. Research and Development - Research and development expenses increased by 63.69% to approximately ¥34.21 million, reflecting the company's commitment to innovation[44]. - The total R&D expenditure was ¥34.21 million, accounting for 1.79% of the operating revenue, with 75 R&D personnel representing 18.12% of the total workforce[57]. - The company is committed to technological innovation, increasing R&D investments, and developing new products focused on energy efficiency and environmental sustainability[85]. Market and Growth - The smart parking market is projected to grow at a compound annual growth rate of over 20%, potentially reaching a market size of nearly CNY 40 billion by 2025[34]. - The wind power sector saw a 179% year-on-year increase in newly installed capacity, totaling 71.67 million kilowatts in 2020[33]. - The company aims for a 10% increase in sales revenue and net profit in 2021, focusing on elevator, parking, and wind power components[83]. Governance and Compliance - The company received a standard unqualified audit opinion from its accounting firm, ensuring the accuracy and completeness of its financial reports[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company is enhancing its governance and investor relations to ensure transparency and effective communication with stakeholders[85]. Risks and Challenges - The company has outlined potential risks in its future development discussions, urging investors to be aware of investment risks[9]. - The company is facing risks related to customer concentration, with a significant portion of sales dependent on core clients, which could impact operations if these clients experience difficulties[87]. - The company has identified potential risks related to accounts receivable collection, emphasizing the need for effective management to avoid financial strain[88].