奇精机械(603677) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company's operating revenue reached ¥2,005,264,572.32, representing a 28.59% increase compared to ¥1,559,374,078.12 in 2020[23] - The net profit attributable to shareholders was ¥88,905,437.96, a significant increase of 58.18% from ¥56,206,359.28 in the previous year[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥76,117,347.95, up 66.08% from ¥45,832,110.13 in 2020[23] - Basic earnings per share increased by 58.62% to CNY 0.46 compared to CNY 0.29 in 2020[24] - Net profit attributable to shareholders grew by 58.18% year-on-year, driven by increased revenue and effective foreign exchange management[24] - Operating revenue increased by 28.59% due to recovery from COVID-19 impacts and expanded production capacity[24] - The total profit for the year was 9,624.04 million CNY, which is a 56.49% increase compared to the previous year[54] - The net profit attributable to the parent company was 8,890.54 million CNY, marking a 58.18% increase year-on-year[54] Cash Flow and Assets - The net cash flow from operating activities decreased by 75.80% to ¥74,851,866.95 from ¥309,325,081.13 in 2020[23] - As of the end of 2021, the total assets amounted to ¥2,055,983,069.73, reflecting a 13.71% increase from ¥1,808,109,989.61 at the end of 2020[23] - The net assets attributable to shareholders increased by 6.66% to ¥1,106,916,667.51 from ¥1,037,834,524.06 at the end of 2020[23] - Cash flow from operating activities showed a significant decline of 75.80%, resulting in a net cash flow of 74,851,866.95 yuan[80] - Cash received from tax refunds increased by 95.30% to 50,060,095.88 yuan due to higher export tax rebates[79] - Cash paid for purchasing goods and services rose by 64.08%, totaling 1,388,574,131.14 yuan, driven by expanded production scale[80] - Cash flow from investing activities showed a net inflow of 16,808,618.80 yuan, a significant improvement compared to the previous year[80] - Cash and cash equivalents increased by 39.08% year-over-year, primarily due to an increase in foreign currency deposits[82] Investments and Expansion - The company plans to invest CNY 22,996 million in expanding production capacity for automotive key components[89] - The company has adjusted its investment direction, terminating projects such as the "annual production of 430,000 sets of washing machine clutches expansion project" and the "annual production of 1.35 million key components for automotive powertrains expansion project" due to economic considerations[37] - The company invested over 70 million yuan in other projects and infrastructure during the reporting period, focusing on operational needs and future development plans[37] - The company has entered the investment phase for kitchen appliance components, indicating ongoing expansion into new product lines[39] Sales and Market Performance - The company achieved sales revenue of CNY 1.485 billion, CNY 233 million, and CNY 259 million for home appliance parts, automotive parts, and power tool parts respectively, with year-on-year growth rates of 22.81%, 41.68%, and 59.19%[36] - The company reported a total washing machine sales volume of 74.72 million units in 2021, a year-on-year increase of 6.2%, with domestic sales of 44.53 million units and exports of 30.19 million units[44] - The company achieved a significant increase in foreign sales revenue, totaling 692 million yuan in 2021, representing a year-on-year growth of 43.39%[40] - The company’s total sales volume of washing machines in 2021 was 74.72 million units, representing a year-on-year growth of 6.2%, with domestic sales of 44.53 million units growing by 3.8% and exports of 30.19 million units increasing by 9.9%[106] Research and Development - Research and development expenses increased by 38.85% to 68,832,490.62 CNY, reflecting the company's commitment to product and process upgrades[56] - The company obtained 4 invention patents, 15 utility model patents, and 3 software copyrights during the reporting period[36] - The number of R&D personnel was 314, accounting for 11.95% of the total workforce[76] - The company is investing 50 million in R&D for new technologies aimed at improving product performance and sustainability[136] Corporate Governance and Compliance - The company is committed to improving corporate governance and internal control mechanisms to align with regulatory requirements and enhance decision-making processes[121] - The company has conducted multiple shareholder meetings to ensure compliance with legal regulations and maintain transparency with investors[124] - The company plans to increase its foreign exchange hedging business limits to mitigate currency risks associated with its growing export activities[124] - The company has maintained a stable leadership structure with no significant changes in shareholding among its top executives[126] Environmental and Social Responsibility - The company installed a distributed photovoltaic system with a capacity of 1.3 MW, resulting in a reduction of 1,004.01 tons of CO2 emissions[182] - The company processed wastewater through a third-party service, ensuring compliance with environmental regulations and standards[175] - The company donated a total of 1.631 million CNY to social welfare and charity in 2021[186] - The company signed a three-year pairing assistance agreement with Wudaoqing Town, Puge County, from 2021 to 2023, to strengthen collaboration between regions[187] Risks and Challenges - The company faces risks from raw material price fluctuations, particularly steel prices, which have reached a nearly ten-year high, potentially impacting profit margins[116] - Customer concentration risk is present, as the company relies on a limited number of major clients in the home appliance and automotive sectors, which could affect profitability if these clients face difficulties[116] - The competitive landscape in the home appliance parts industry is intensifying, with leading firms expanding capacity and focusing on cost control and new product development[117] - Currency exchange rate fluctuations pose a risk, as the company’s export orders are primarily priced in USD while raw material costs are in RMB, affecting profit margins[117]