Forecam(SH:688010)2021-06-06 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥587.55 million, representing a year-on-year increase of 1.32% compared to ¥579.91 million in 2019[24]. - The net profit attributable to shareholders decreased by 44.64% to ¥51.02 million in 2020 from ¥92.17 million in 2019[24]. - The net profit after deducting non-recurring gains and losses fell by 50.02% to ¥38.10 million in 2020 compared to ¥76.22 million in 2019[24]. - The basic earnings per share decreased by 52.80% to ¥0.3322 in 2020 from ¥0.7038 in 2019[25]. - The weighted average return on equity dropped to 2.85% in 2020, down 4.83 percentage points from 7.68% in 2019[25]. - The total profit for the year was 55.10 million yuan, a decrease of 46.71% compared to the previous year, primarily due to the impact of the pandemic and a decline in high-margin zoom lens revenue by 64.51 million yuan[79]. - The company reported a significant decline in financing cash flow, down 80.03% to 195.70 million RMB, indicating reduced capital inflow[98]. - The company reported a total R&D expenditure of CNY 183,447,000, with a net loss of CNY 100,353,767.96 for the year[67]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.01 per 10 shares, totaling RMB 15,405,355.37, which accounts for 30.19% of the net profit attributable to shareholders for the year 2020[6]. - In 2019, the company distributed a cash dividend of RMB 2.00 per 10 shares, totaling RMB 30,716,388.60, which was 33.33% of the net profit of RMB 92,166,296.88[154]. - The cumulative distributable profit of the parent company as of December 31, 2020, was RMB 280,568,528.62[152]. - The cash dividend distribution plan for 2020 has been approved by the board and requires shareholder meeting approval for finalization[153]. - The company has maintained a consistent approach to cash dividends over the past three years, with no stock dividends issued[154]. Research and Development - Research and development expenses accounted for 8.18% of operating revenue in 2020, an increase of 1.71 percentage points from 6.47% in 2019[25]. - The company increased its R&D investment by 28.08% year-on-year, totaling approximately ¥48.08 million, which represents 8.18% of its operating revenue[56]. - The number of R&D personnel decreased to 222, accounting for 12.77% of the total workforce, up from 12.14% in the previous year[71]. - Average salary for R&D personnel increased to CNY 97,873.80, compared to CNY 90,120.00 in the previous year[71]. - The company holds 546 patents, including 232 invention patents, with 91 new patents added during the reporting period, of which 26 are invention patents[45]. Market and Product Development - The optical lens market is expected to grow due to increasing demand in the aerospace and defense sectors, with China's space launch activities reaching a record high of 39 launches in 2020, a 29.3% increase from the previous year[40]. - The company is positioned to benefit from the rapid development of new technologies such as AI and 5G, which will create new applications for optical lenses[42]. - The company is exploring new strategies in market expansion and product development, particularly in the fields of artificial intelligence and optical sensing technologies[46]. - The company is focusing on military-civilian integration and technological innovation to enhance its competitive edge in the optical industry[74]. - The company is committed to increasing investment in customized research and development to achieve significant growth in customized product opportunities[146]. Operational Efficiency - The company reported a significant increase in cash flow management, attributed to improved receivables management and reduced social insurance costs due to pandemic relief policies[26]. - The net cash flow from operating activities increased significantly by 337.77% to ¥83.01 million in 2020 from ¥18.96 million in 2019[24]. - The company is committed to enhancing production efficiency through process optimization and automation to address manufacturing bottlenecks and reduce costs[85]. - The company plans to enhance the quality and yield of optical lenses through process optimization and stress analysis, with a budget of CNY 3,000,000[28]. Corporate Governance - The company has received a standard unqualified audit report from Huaxing Accounting Firm[5]. - The company has confirmed that all directors attended the board meeting, ensuring accountability for the report's accuracy[5]. - The company does not have any violations of decision-making procedures for providing guarantees[9]. - The company has established a stable profit distribution policy to ensure reasonable returns for shareholders, considering profitability, operational plans, and cash flow[152]. Risks and Challenges - The company faced challenges from the COVID-19 pandemic, resulting in a 13.49% decline in revenue during the first half of the year, but managed to achieve overall revenue growth by the end of the year[80]. - The company is experiencing heightened competition in the optical lens market, particularly in the security monitoring sector, which may affect its profitability[91]. - The company is facing risks related to core competitiveness, including potential insufficient R&D investment and the loss of key technical personnel, which could impact its market position[89]. - The company anticipates increased fixed costs once fundraising projects become operational, which could narrow profit margins if market expansion does not meet expectations[94].