Eurocrane(SH:603966)2021-04-27 16:00Financial Performance - The company's operating revenue for 2020 was ¥1,260,843,805.25, representing a 14.02% increase compared to ¥1,105,857,749.80 in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥154,773,225.63, a significant increase of 50.79% from ¥102,639,715.76 in 2019[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥128,947,657.62, up 38.15% from ¥93,335,912.74 in the previous year[24]. - Basic earnings per share increased by 51.02% to CNY 0.74 in 2020 compared to CNY 0.49 in 2019[25]. - Diluted earnings per share rose by 48.98% to CNY 0.73 in 2020 from CNY 0.49 in 2019[25]. - The weighted average return on equity increased by 3.41 percentage points to 14.11% in 2020 from 10.70% in 2019[25]. - Total revenue for 2020 was approximately CNY 714.35 million, a 16.71% increase from CNY 612.08 million in 2019[68]. - The company achieved a 14.02% year-on-year increase in operating revenue, reaching approximately 1.26 billion RMB, while net profit surged by 50.79%[61]. Cash Flow and Assets - The net cash flow from operating activities for 2020 was ¥196,914,186.69, a decrease of 5.96% compared to ¥209,395,906.40 in 2019[24]. - The total assets at the end of 2020 amounted to ¥2,832,593,954.59, which is a 15.38% increase from ¥2,455,069,146.85 in 2019[24]. - The company's cash flow from operating activities decreased by 5.96%, amounting to approximately 196.91 million RMB[64]. - The company's investment activities generated a net cash outflow of approximately 17.22 million RMB, indicating a strategic focus on growth despite short-term cash flow challenges[64]. - Current assets increased to approximately $1.86 billion in 2020, up from $1.58 billion in 2019, representing a growth of about 18%[200]. - Cash and cash equivalents rose to approximately $704.88 million in 2020, compared to $580.34 million in 2019, marking an increase of around 21%[200]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of ¥3.00 per 10 shares (including tax) and to increase capital by 4 shares for every 10 shares held[5]. - The cash dividend for 2020 represents 46.68% of the net profit attributable to shareholders in the consolidated financial statements, totaling 72.25 million RMB (including tax)[102]. - As of March 31, 2021, the total share capital is 213,315,963 shares, with a proposed cash dividend distribution amounting to 63.79 million RMB (including tax), and a capital increase of 85,058,105 shares[101]. - The company has a cash dividend policy in place, distributing RMB 21,097,960.00 in cash dividends for the 2019 fiscal year[99]. Research and Development - The company has a professional R&D team of 200 people and holds a total of 279 patents, including 26 invention patents[48]. - R&D expenses rose significantly by 106.04%, totaling approximately 75.28 million RMB, reflecting the company's commitment to innovation[64]. - The company plans to enhance its core competitiveness through R&D innovation, focusing on automation and intelligent technology in the crane sector[92]. - The company has completed the R&D of scissor-type and partial arm-type intelligent aerial work platforms, receiving positive customer feedback[93]. Market and Industry Position - The company operates in over 20 industries, including new energy vehicles, defense, and clean energy, focusing on high-end equipment manufacturing[34]. - The penetration rate of European-style cranes and automated cranes continues to rise as the industry shifts towards higher efficiency and safety standards[38]. - The company emphasizes green and low-carbon development, with its products widely used in clean energy sectors such as wind, nuclear, and hydropower[42]. - The company has successfully entered the wind power industry, providing components and services to internationally renowned wind power companies[43]. Corporate Governance and Compliance - The company maintained strict compliance with corporate governance regulations, ensuring clear responsibilities among the shareholders' meeting, board of directors, supervisory board, and management[176]. - The internal control audit report for 2020 received a standard unqualified opinion, confirming the effectiveness of the internal control system[179]. - There were no major litigation or arbitration matters reported for the year[115]. - The company has not reported any major related party transactions during the reporting period[120]. Shareholder Structure and Changes - The total number of ordinary shareholders decreased from 12,523 to 11,295 during the reporting period[145]. - The top shareholder, Jin Hongping, holds 48,724,312 shares, representing 23.09% of the total shares, with 26,485,000 shares pledged[147]. - The second-largest shareholder, Tao Fenghua, has reduced his holdings by 4,219,500 shares, now owning 34,182,396 shares, which is 16.20% of the total[147]. - The company has no known relationships among the top ten shareholders or the top ten unrestricted shareholders[148]. Risks and Challenges - The company acknowledges market volatility risks due to its reliance on crane equipment sales, which are influenced by macroeconomic cycles[95]. - The company faces raw material price fluctuation risks, particularly with steel and components, and plans to implement effective procurement strategies[95]. - The company emphasizes cost control and efficiency improvement as key competitive advantages, focusing on lean production and supply chain optimization[94].