Langdi Group(SH:603726)2022-04-18 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,819,604,562.82, representing a year-on-year increase of 29.86% due to an increase in customer orders[20]. - The net profit attributable to shareholders for 2021 was CNY 146,805,464.58, up 31.67% from the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 135,356,067.52, reflecting a 27.89% increase year-on-year[20]. - The net cash flow from operating activities for 2021 was CNY 123,790,076.22, an increase of 18.69% compared to 2020[20]. - As of the end of 2021, the total assets amounted to CNY 2,071,022,641.21, a 16.79% increase from the end of 2020[20]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,088,152,938.02, which is a 7.30% increase from the end of 2020[20]. - The basic earnings per share for 2021 were CNY 0.79, up 31.67% from CNY 0.60 in 2020[21]. - The weighted average return on equity for 2021 was 14.05%, an increase of 2.32 percentage points compared to 2020[21]. - The company achieved a net profit attributable to shareholders of 146.81 million RMB, a year-on-year increase of 31.67% driven by increased customer orders and investment income from its associate company[22]. - Total revenue for 2021 reached 1.82 billion RMB, representing a year-on-year growth of 29.86%[29]. - The company reported a net profit of 135.36 million RMB after deducting non-recurring gains and losses, up 27.89% year-on-year[29]. Segment Performance - The household air conditioning fan segment produced 99.98 million units, a 9.68% increase, with revenue of 1.19 billion RMB, up 24.81%[29]. - The mechanical fan segment's production reached 15.04 million units, a 13.88% increase, generating revenue of 494.84 million RMB, a 43.35% increase[30]. - The composite materials segment produced 9,738.62 tons, a 15.06% increase, with revenue of 88.44 million RMB, up 27.80%[32]. Research and Development - R&D investment in the household air conditioning fan segment increased by 28% year-on-year, with 66 new projects initiated[30]. - The company holds a total of 321 patents in the household air conditioning fan segment, including 42 invention patents[30]. - Research and development expenses amounted to ¥89,858,423.77, representing a 25.74% increase from the previous year[50]. - The number of R&D personnel is 446, representing 16.47% of the total workforce[63]. Investment and Dividends - The company plans to distribute a cash dividend of CNY 4.00 per 10 shares, totaling CNY 74,260,480.00, subject to shareholder approval[5]. - In 2021, the company distributed cash dividends of 0.4 RMB per share, totaling 74.26 million RMB, which represents 66.61% of the 2020 net profit attributable to shareholders[35]. - The company invested 80 million RMB in Ningbo Yanchuang Dexin Venture Capital Partnership, holding a 5.95% stake, with the fund's total size reaching 1.34555 billion RMB[33]. - The company holds an 8.92% stake in Yongxi Electronics, which has applied for an IPO on the Sci-Tech Innovation Board, with the application approved on February 22, 2022[33]. Market and Industry Trends - The household air conditioner industry in China produced 160 million units in 2021, a year-on-year increase of 7.0%, while sales reached 150 million units, up 7.9%[36]. - The central air conditioning industry achieved a sales revenue of 123.17 billion RMB in 2021, reflecting a year-on-year growth of 25.4%[38]. - The domestic market for central air conditioning reached 112.01 billion RMB, growing by 26.98% year-on-year, driven by demand recovery and economic stability[38]. - The company anticipates increased market demand driven by environmental policies, energy efficiency, and consumption upgrades, alongside the launch of trillion-scale "new infrastructure" projects[76]. Risk Management - The company has disclosed potential risks in its management discussion and analysis section, urging investors to be cautious[7]. - The company faces risks related to seasonal demand fluctuations for air conditioning fans, high customer concentration, and volatility in raw material costs[80]. - The company has a high accounts receivable balance risk, which could negatively impact operations if client financial conditions deteriorate[81]. Corporate Governance - The company has established a dedicated internal audit department to enhance internal control processes and ensure compliance with relevant regulations[86]. - The company has implemented various internal control systems, including the Internal Audit System and the Related Party Transaction Management System, to strengthen governance[86]. - The company continues to enhance its investor relations management to ensure equal access to information for all shareholders[86]. - The company has not identified any instances of insider trading during the reporting period, ensuring fair treatment of all shareholders[86]. Employee Management - The company has established a comprehensive training system to enhance employee skills, covering areas such as corporate culture, leadership, and cost management[110]. - The company has a performance evaluation mechanism for senior management, linking compensation to the achievement of annual business goals[115]. - The company has a total of 2,708 employees, with 257 in the parent company and 2,451 in major subsidiaries[108]. Environmental Responsibility - The company emphasizes safety production, conducting regular training and safety drills to create a safe working environment[124]. - The company actively engages in green manufacturing practices to enhance production efficiency and reduce energy consumption[123]. - The company has no major pollution sources and complies with environmental regulations, with no significant environmental incidents reported during the reporting period[121]. - The company faced an administrative penalty of 20,000 yuan due to environmental violations related to VOC emissions, which has been rectified[119].