奇精机械(603677) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥1,559,374,078.12, a decrease of 6.42% compared to ¥1,666,390,456.03 in 2019[21] - The net profit attributable to shareholders for 2020 was ¥56,206,359.28, down 26.35% from ¥76,316,812.65 in 2019[21] - The basic earnings per share for 2020 was ¥0.29, a decrease of 27.50% from ¥0.40 in 2019[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 34.03%, primarily due to a decline in operating revenue and an increase in exchange losses[23] - The automotive parts business grew significantly, with annual sales revenue reaching CNY 164.77 million, an increase of 43.11% year-on-year, making it the company's second main business[49] - The company’s net profit attributable to ordinary shareholders for 2020 was RMB 56,206,359.28, with a cash dividend payout ratio of 102.55%[106] Cash Flow and Assets - The net cash flow from operating activities increased by 171.48% to ¥309,325,081.13 in 2020, compared to ¥113,942,085.07 in 2019[21] - The total assets at the end of 2020 were ¥1,808,109,989.61, an increase of 1.87% from ¥1,774,935,312.59 at the end of 2019[21] - The company's long-term equity investments decreased by 98.87% year-on-year, with a return of 20 million yuan from the liquidation of an investment partnership[41] - The company's trading financial assets amounted to 70 million yuan, a year-on-year decrease of 32.73% due to continuous investment in fundraising projects[41] - The total liabilities increased by 9.89% to 770,275,465.55, compared to 700,953,292.45 in the previous year[75] Market and Industry Trends - The company faced a decline in sales due to the impact of the pandemic in the first half of 2020, contributing to the decrease in revenue and profit[22] - In 2020, the total sales volume of washing machines in China was 63.235 million units, a year-on-year decrease of 4.6%, with domestic sales down by 4.7%[36] - The automotive parts manufacturing industry in China has formed a preliminary scale and specialization, with the ability to manufacture nearly all automotive parts locally to meet domestic localization needs[37] - The export of China's automotive parts is gradually increasing, showing a trend towards overseas expansion due to comparative advantages in labor and wage levels[37] Research and Development - The company received 3 utility model patents during the reporting period, and a total of 124 new products were put into mass production, laying a foundation for future business growth[48] - Research and development expenses totaled ¥49,573,881.73, accounting for 3.18% of total revenue, with 275 R&D personnel representing 11.25% of the total workforce[68] - The company has a strong technical research and development capability, mastering key technologies such as metal material cold forging and stamping technology[45] Corporate Governance and Compliance - The company has committed to ensuring fair pricing in related party transactions to protect the interests of shareholders, especially minority shareholders[110] - The company has fulfilled its commitment regarding the management of funds and will adhere to relevant laws and regulations to prevent any improper financial transactions[110] - The company has established a policy to support and regulate the conduct of its directors and senior management[114] Environmental and Social Responsibility - The company has implemented strict environmental protection measures, with no incidents of environmental pollution reported during the reporting period[161] - The company donated 200,000 yuan to targeted poverty alleviation efforts in Qinglong County, contributing to the goal of building a moderately prosperous society[154] - The company contributed a total of 1,428,525 yuan to social welfare and charity in 2020[159] Shareholder and Dividend Policies - The company distributed cash dividends of RMB 2.8 per 10 shares for the 2019 fiscal year, totaling RMB 53,795,952.28, based on a total share capital of 192,128,401 shares after deducting restricted shares[104] - The proposed cash dividend for the 2020 fiscal year is RMB 1.0 per 10 shares, with a total estimated distribution of RMB 19,213,222.4, bringing the total cash dividends for 2020 to RMB 57,639,056.60[107] - The company maintained a consistent cash dividend policy, emphasizing long-term interests and sustainable development while ensuring reasonable returns for investors[103] Risks and Challenges - The company faces risks from raw material price fluctuations, particularly steel, which could significantly impact profitability if prices continue to rise[99] - The company is exposed to foreign exchange risks due to its reliance on exports priced in USD, which may lead to significant exchange gains or losses[100] - The company faced market competition risks due to increasing industry concentration and competition among leading enterprises, which could pressure its performance if strategic adjustments are not made[100]