Huada(SH:603358)2021-08-26 16:00Financial Performance - The company's operating revenue for the first half of 2021 reached ¥2,191,738,746.47, representing a 45.70% increase compared to ¥1,504,303,343.96 in the same period last year[23]. - Net profit attributable to shareholders of the listed company was ¥170,451,647.86, a significant increase of 116.91% from ¥78,581,313.19 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was ¥156,944,993.99, up 119.71% from ¥71,431,302.58 year-on-year[23]. - The net cash flow from operating activities was ¥265,596,284.62, reflecting a 71.07% increase compared to ¥155,256,651.14 in the same period last year[23]. - Basic earnings per share for the reporting period were ¥0.39, compared to ¥0.25 in the same period last year[23]. - The weighted average return on net assets increased to 5.93%, up 3.01 percentage points from 2.92% in the previous year[23]. - The company reported a net profit for the first half of 2021 of ¥181,911,354.77, up from ¥79,071,358.77 in the same period of 2020, reflecting a growth of approximately 129.5%[153]. - The total comprehensive income for the first half of 2021 was CNY 181,911,354.77, compared to CNY 79,071,358.77 in the first half of 2020, marking an increase of approximately 129.5%[155]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,141,867,445.81, a slight increase of 1.21% from ¥5,080,368,602.57 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were ¥2,823,010,428.40, showing a 1.28% increase from ¥2,787,302,574.76 at the end of the previous year[23]. - Cash and cash equivalents at the end of the period amounted to ¥1,114,291,049.06, accounting for 21.67% of total assets, up 12.08% from the previous year[70]. - Total liabilities were reported at RMB 2,145,175,658.01, a slight increase from RMB 2,142,844,375.32, reflecting a growth of about 0.2%[142]. - The company's equity attributable to shareholders increased to RMB 2,823,010,428.40 from RMB 2,787,302,574.76, showing an increase of approximately 1.3%[142]. Operational Highlights - The company has a strong manufacturing capability in the passenger car body parts sector, with major clients including Dongfeng Honda, SAIC Volkswagen, and Tesla[31]. - The company expanded into the new energy vehicle parts sector through the acquisition of Jiangsu Hengyi, adding products like battery box assemblies and electric drive assemblies[31]. - The company also entered the automotive electronics market by acquiring Shenzhen Yuntu Electric System, focusing on tire pressure monitoring systems and electric tailgates[31]. - The company operates five automatic progressive die production lines and three continuous die production lines, enhancing its production capacity[64]. - The company has implemented an ERP information management system to effectively control production processes and improve resource utilization efficiency[61]. Research and Development - The company is committed to ongoing research and development in new products and technologies to meet market demands[31]. - R&D expenses for the current period were ¥61,480,172.14, reflecting a 12.22% increase from ¥54,787,635.25 in the previous year[70]. - Research and development expenses for the first half of 2021 amounted to CNY 52,144,287.70, up from CNY 45,807,427.19 in the same period of 2020, which is an increase of about 13.5%[155]. Market and Industry Context - In the first half of 2021, China's automobile production and sales reached 12.569 million and 12.891 million units, respectively, representing year-on-year growth of 24.2% and 25.6%[52]. - The production and sales of new energy vehicles reached 1.215 million and 1.206 million units, respectively, both showing a year-on-year growth of 100%[52]. - The company has established stable partnerships with major domestic automobile manufacturers, including SAIC Volkswagen, FAW Volkswagen, and Tesla, among others[56]. Financial Management and Strategy - The company is focused on maintaining compliance with accounting standards and accurately reporting financial performance[30]. - The company has reduced sales expenses by 74.90%, from ¥62,183,626.35 to ¥15,608,573.86, due to the reclassification of transportation costs[71]. - The company has a significant advantage in mold development, having accumulated core technologies in high-precision and high-strength automated stamping molds[60]. - The company has reported that its stamping business orders remain sufficient despite challenges from chip shortages and rising raw material prices[63]. Shareholder Information - The total number of ordinary shareholders reached 9,673 by the end of the reporting period[128]. - The largest shareholder, Chen Jinghong, holds 241,867,410 shares, representing 55.09% of the total shares[128]. - The company did not issue any new shares to strategic investors or general corporations during the reporting period[131]. Risks and Challenges - The company faces risks related to the automotive industry's cyclical nature, which could impact sales if the downstream vehicle manufacturing sector declines[81]. - The average cost of automotive sheet metal accounted for about 80% of the company's main business costs, indicating significant exposure to raw material price fluctuations[83]. - The company has acquired multiple land use rights and plans to continue investing in capacity expansion, which may lead to performance growth risks due to external competition and cost increases[83].