长龄液压(605389) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥906,500,138.89, representing a 4.55% increase compared to ¥867,075,361.06 in 2020[22] - The net profit attributable to shareholders for 2021 was ¥201,509,816.09, a decrease of 14.56% from ¥235,857,142.26 in 2020[22] - The net profit after deducting non-recurring gains and losses was ¥195,222,585.60, down 15.72% from ¥231,646,947.83 in the previous year[22] - Cash flow from operating activities was ¥108,358,516.77, a significant decline of 47.35% compared to ¥205,803,136.84 in 2020[22] - Basic earnings per share were 2.21 RMB, down 31.58% from 3.23 RMB in 2020[24] - The weighted average return on equity decreased to 13.73%, down 23.92 percentage points from 37.65% in 2020[24] - The gross profit margin for the machinery equipment sector decreased by 6.30 percentage points to 32.95%[53] - The net profit attributable to shareholders of the listed company was 202 million yuan, a decrease of 14.56% year-on-year[49] Assets and Capital Structure - Total assets at the end of 2021 reached ¥2,049,896,116.96, a 99.59% increase from ¥1,027,038,596.08 at the end of 2020[23] - The company's net assets attributable to shareholders increased by 149.28% to ¥1,781,940,068.01 from ¥714,843,095.32 in 2020[23] - The total amount of funds raised from the public offering was RMB 958,735,960, with a net amount of RMB 894,989,813.50 after deducting issuance costs[174] - The total share capital increased from 73,000,000 shares to 97,333,400 shares after the issuance of 24,333,400 new shares at a price of RMB 39.40 per share[169] - The net asset value per share decreased from RMB 24.41 to RMB 18.31 following the share capital increase[170] Research and Development - Research and development expenses increased by 19.27% to RMB 37.4 million, up from RMB 31.4 million, indicating a commitment to innovation[50] - The total R&D expenditure for the period was CNY 37,401,165.64, accounting for 4.13% of the operating revenue[61] - The number of R&D personnel is 108, representing 19.35% of the total workforce[62] - The company has over 70 patents and has developed hydraulic central rotating devices with independent intellectual property rights[47] - The company added 6 new patents in 2021, including 5 invention patents, bringing the total to 74 effective patents[33] Operational Efficiency and Production - The company’s production lines operated smoothly, with ongoing improvements in production efficiency and product quality[33] - The company employs a "make-to-order" production model, which enhances production efficiency and optimizes inventory control[43] - The company has optimized its internal production structure, acquiring casting production assets to enhance its integrated operation system and reduce reliance on external raw materials[34] - The company aims to improve operational efficiency by implementing new technologies in its manufacturing processes[95] Market Position and Strategy - The company aims to achieve a market share of over 55% in the high-end excavator market during the "14th Five-Year Plan" period, with an overall domestic market share of around 70% for domestic brands[77] - The company is focusing on the development of high-pressure, multi-channel hydraulic rotary devices and plans to accelerate the import substitution of core hydraulic components[79] - The company is actively seeking to expand its international market presence and establish a globally influential brand in the hydraulic industry[80] - The company has established strategic partnerships with key industry players to enhance its market reach and technological capabilities[95] Governance and Compliance - The company has established a strong governance structure, including a board of directors with 5 members, 2 of whom are independent directors, ensuring compliance with legal and regulatory requirements[88] - The company has held 4 board meetings during the reporting period, adhering to all relevant regulations and ensuring effective decision-making[89] - The company has established a governance framework that complies with the Company Law and Securities Law, ensuring the protection of shareholder rights and interests[87] - The company has not disclosed any significant differences in governance practices compared to regulatory requirements, indicating a commitment to transparency and compliance[89] Risks and Challenges - The company faces high raw material costs, primarily steel, impacting overall profitability; cost reduction and efficiency improvement remain key strategies[34] - The company faces risks related to macroeconomic fluctuations and raw material price volatility, which could impact its operational performance[83] - The company has a high customer concentration risk, with sales to the top five customers accounting for a significant portion of total revenue, making it vulnerable to fluctuations in demand from major clients[84] - The hydraulic industry has a high demand for specialized talent, and any significant loss of technical R&D personnel could severely impact the company's innovation and development capabilities[85] Social Responsibility and Community Engagement - The company actively participated in social responsibility initiatives, including supporting local communities during the COVID-19 pandemic and aiding impoverished students[133] - The company engaged in targeted poverty alleviation activities, including a three-year commitment to support local farmers in selling apples[135] Shareholder Relations and Dividends - The company plans to distribute a cash dividend of ¥6.00 per 10 shares, totaling approximately ¥58,400,040.00, which accounts for 28.98% of the net profit attributable to shareholders[6] - The company has developed a three-year shareholder dividend return plan to enhance transparency and operational feasibility of profit distribution decisions[120] - The cash dividend policy stipulates that if there are no major capital expenditure plans, the minimum cash dividend ratio should be 80% for mature companies without significant expenditures[123]