宁波高发(603788) - 2021 Q4 - 年度财报

Financial Performance - The net profit attributable to the parent company for 2021 was CNY 145,463,099.06, with a statutory surplus reserve of CNY 14,769,546.86 deducted, resulting in a distributable profit of CNY 473,895,317.84[5] - The proposed cash dividend is CNY 5.00 per 10 shares, totaling CNY 111,532,534.00, which accounts for 76.67% of the net profit attributable to shareholders for 2021[6] - The company reported a total share capital of 223,065,068 shares as of December 31, 2021[6] - The company's operating revenue for 2021 was CNY 942 million, an increase of 5.67% compared to CNY 891 million in 2020[25] - The net profit attributable to shareholders decreased by 18.88% to CNY 145 million in 2021 from CNY 179 million in 2020[25] - The net profit after deducting non-recurring gains and losses was CNY 130 million, down 20.64% from CNY 164 million in 2020[25] - The net cash flow from operating activities was CNY 160 million, a decrease of 9.43% compared to CNY 177 million in 2020[25] - The basic earnings per share for 2021 was CNY 0.65, down 18.75% from CNY 0.80 in 2020[26] - The weighted average return on equity decreased by 1.96 percentage points to 7.63% in 2021 from 9.59% in 2020[26] Operational Developments - The company has expanded its product offerings to include electronic gear shifters and electronic throttle pedals for both fuel and new energy vehicles[35] - The company has begun supplying electronic gear shifters to Li Auto and electronic throttle pedals to GAC New Energy, entering the SAIC General supplier system[35] - The company is optimizing its supplier management to control raw material costs and enhance procurement efficiency[36] - The company implemented lean production management systems to improve production efficiency and product quality[36] - The automotive electronic gear shift project has begun to ramp up production, supplying major manufacturers such as Geely and Great Wall[37] - The company terminated the automotive virtual instrument project to mitigate investment risks and reallocate funds to working capital[38] - The company is focusing on developing new products in automotive electronics, electric control, and electromechanical integration[38] Market and Industry Insights - In 2021, China's automotive production and sales reached 26.08 million and 26.28 million units, respectively, with a year-on-year growth of 3.4% and 3.8%[39] - New energy vehicle sales exceeded 3.5 million units, with a market penetration rate of 13.4%, up 8 percentage points year-on-year[39] - The automotive industry in China saw a 3.4% increase in production and a 3.8% increase in sales, with new energy vehicles achieving a market share of 13.4%[71] - New energy vehicles (NEVs) achieved production and sales of 3.545 million and 3.521 million units respectively, representing a year-on-year growth of 160%, with a market penetration rate of 13.4%, an increase of 8 percentage points year-on-year[73] Financial Management and Investments - The company has invested a total of 76,205,000 RMB in bank and brokerage wealth management products, with an outstanding balance of 37,505,000 RMB[179] - The company has a structured deposit of 5,000,000 RMB with an annualized return of 3.90%, expected to yield 195,000 RMB[181] - The company has a total of 4,500,000 RMB in non-principal guaranteed floating income wealth management with an annualized return of 3.30%, expected to yield 37,020 RMB[181] - The total amount of structured deposits reached 90,705 million, with a total income of 719.98 million[182] - The average yield for structured deposits varied between 1.4% and 3.95% across different banks, showcasing competitive rates[182] Risk Management - The company has described significant risks that may adversely affect future development and operational goals in the report[10] - The company faces macroeconomic risks, including potential impacts from the ongoing COVID-19 pandemic and international political changes, which could adversely affect the automotive industry[89] - Supply chain risks are significant, as the automotive parts industry relies on a vast number of components, and disruptions due to the pandemic and geopolitical factors could impact production schedules[90] - The company acknowledges intense market competition, particularly from foreign and joint venture enterprises, which may require continuous technological investment and capacity expansion to meet customer demands[91] Governance and Compliance - The company has established a robust internal control system and governance structure to ensure compliance with legal regulations and protect shareholder interests[98] - The company has maintained an independent financial management process and software, ensuring compliance with corporate governance[104] - The company has not engaged in any related party transactions that have not been disclosed or approved through legal procedures[105] - The company has a clear separation between its operations and those of its controlling shareholders, ensuring independence in business activities[106] - The company has established specialized committees within the board, including audit, nomination, compensation, and strategy committees[118] Employee and Shareholder Engagement - The company’s training programs include new employee onboarding, team leader skills training, and management talent training[128] - The company has a structured approach to employee compensation, combining base salary with performance assessments[129] - The company actively engages with shareholders, especially minority shareholders, to gather feedback on dividend proposals[135] - The company’s profit distribution policy requires board approval and must be reviewed by independent directors and the supervisory board before being submitted to the shareholders' meeting[132] Shareholder Information - The largest shareholder, Ningbo Gaofa Holdings Co., Ltd., holds 83,790,000 shares, accounting for 37.56% of total shares[189] - The second largest shareholder, Great Wall Guorong Investment Management Co., Ltd., holds 11,620,000 shares, representing 5.21% of total shares[189] - The total number of ordinary shareholders decreased from 13,430 to 13,298 during the reporting period[186] - The company does not have any other shareholders holding more than 10% of shares[195]