Tiantai Xianghe(SH:603500)2022-04-21 16:00Financial Performance - In 2021, the company's operating revenue reached ¥488,430,079.16, representing a year-on-year increase of 78.81% compared to ¥273,155,332.08 in 2020[20]. - The net profit attributable to shareholders of the listed company was ¥62,747,182.41, which is a 10.95% increase from ¥56,554,915.52 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥59,858,671.22, reflecting an 8.98% increase from ¥54,925,422.44 in 2020[20]. - Cash flow from operating activities was ¥37,336,733.01, showing a significant decrease of 63.07% compared to ¥101,097,759.15 in 2020[20]. - As of the end of 2021, the total assets amounted to ¥1,084,845,039.81, marking a 12.65% increase from ¥962,982,351.07 at the end of 2020[20]. - The net assets attributable to shareholders of the listed company were ¥875,883,461.20, which is a 3.13% increase from ¥849,337,037.39 at the end of 2020[20]. - Basic earnings per share increased to 0.26 yuan, up 13.04% compared to the previous year[21]. - The weighted average return on equity rose to 7.35%, an increase of 0.94 percentage points year-on-year[21]. Revenue Breakdown - The company achieved operating revenue of 488.43 million yuan in 2021, representing a year-on-year increase of 78.81%[32]. - The revenue from the rail fastening business was 285.29 million yuan, up 33.35% compared to the previous year[32]. - The revenue from electronic components and accessories reached 113.43 million yuan, reflecting a significant growth of 98.59% year-on-year[32]. - The newly established Xiangfeng New Materials generated revenue of 83.48 million yuan from polymer modified materials[32]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of ¥1.30 per 10 shares (including tax) for the 2021 fiscal year, pending approval at the shareholders' meeting[6]. - The company implemented a profit distribution plan that increased the total number of shares from 176.4 million to 245.55 million[21]. - The company repurchased a total of 3,528,060 shares by May 6, 2021, as part of its share buyback program[22]. Market and Industry Outlook - The company anticipates a recovery in the capacitor industry, particularly in electrolytic capacitors, leading to significant growth in electronic component production capacity[33]. - The national railway operating mileage exceeded 150,000 kilometers by the end of 2021, with high-speed rail accounting for over 40,000 kilometers, enhancing transportation capacity[37]. - The "14th Five-Year" plan projects stable national railway fixed asset investment, maintaining a focus on high-quality railway construction and expansion[38]. - The demand for passive electronic components has increased due to the growth of 5G applications, automotive electronics, and other sectors, leading to a domestic substitution trend[49]. Cost Management and Efficiency - The company has implemented cost control measures, including self-supply of raw materials and technological upgrades to improve production efficiency, mitigating the impact of rising operational costs[36]. - The average purchase price of nylon PA66 increased by 66.28% in 2021 compared to 2020, leading to a decrease in gross margins for nylon and plastic components by 6.7% and 16.49%, respectively[76]. - The company experienced a decline in gross margin due to rising raw material costs, with natural rubber prices increasing by 24.03% compared to the previous year, affecting the gross margin of rubber components by 7.84%[76]. Research and Development - The company has a strong R&D capability with 18 authorized invention patents and 22 utility model patents as of the end of the reporting period[67]. - Research and development expenses amounted to ¥18,782,111.74, representing 3.85% of total revenue, with no capitalized R&D expenditures[86]. Corporate Governance and Compliance - The company has maintained compliance with the governance regulations set by the China Securities Regulatory Commission, with no significant discrepancies reported[127]. - The company has established a commitment to minimize related party transactions and ensure they are conducted at fair market conditions[172]. - The company has improved its internal control system by implementing the "Basic Norms for Internal Control of Enterprises" and related guidelines, enhancing efficiency in decision-making and operations[127]. Future Strategies - The company aims to enhance its core competitiveness by focusing on electronic components, rail transit equipment, and new materials, with a strategic goal of increasing the revenue share from electronic business by 2025[115]. - The company is prioritizing the development of new materials, particularly polymer modified materials, for applications in the power and new energy markets, automotive sector, and high-end equipment manufacturing[117]. - The company plans to stabilize its revenue from high-speed rail fasteners while expanding into the urban rail market and focusing on maintenance and replacement services[115]. Employee and Management Information - The total number of employees in the parent company and major subsidiaries is 590, with 413 in the parent company and 177 in subsidiaries[155]. - The company has a total of 590 employees, including 335 production personnel, 24 sales personnel, 48 technical personnel, and 90 quality personnel[155]. - The management team includes experienced professionals with backgrounds in various sectors, enhancing the company's strategic capabilities[137]. Financial Management and Investments - The company reported a total of 100 million yuan in bank wealth management products using temporarily idle raised funds[182]. - The company utilized 70 million yuan of its own idle funds for bank wealth management products, with an outstanding balance of 15 million yuan[182]. - The company has committed to maintaining strict budget management and will not misuse its controlling shareholder position[175].