江航装备(688586) - 2021 Q4 - 年度财报

Financial Performance - The company reported a profit available for distribution to investors of ¥365,789,490.10 for the year 2021[7]. - A cash dividend of ¥1.8 per 10 shares (including tax) is proposed, totaling ¥72,674,004.06, which represents 31.44% of the net profit attributable to shareholders[7]. - The company's operating revenue for 2021 was approximately ¥953.29 million, representing a year-over-year increase of 14.72% compared to ¥830.97 million in 2020[26]. - The net profit attributable to shareholders for 2021 was approximately ¥231.16 million, reflecting a growth of 19.23% from ¥193.88 million in 2020[26]. - The net cash flow from operating activities increased by 50.81% in 2021, amounting to approximately ¥321.34 million, primarily due to customer prepayments[26]. - The company's total assets as of the end of 2021 reached approximately ¥3.49 billion, a 16.67% increase from ¥2.99 billion at the end of 2020[29]. - The net profit attributable to the parent company was 231.16 million yuan, with a year-on-year increase of 19.23%[40]. - The total assets at the end of the reporting period were 3,485.06 million yuan, reflecting a year-on-year growth of 16.67%[43]. - The company achieved operating revenue of CNY 953.29 million, a year-on-year increase of 14.72% compared to 2020[122]. - Net profit attributable to shareholders reached CNY 231.16 million, reflecting a growth of 19.23% year-on-year[122]. Research and Development - The R&D expenditure as a percentage of operating revenue rose to 12.26% in 2021, up from 10.40% in 2020, indicating a focus on innovation[29]. - The total R&D investment amounted to ¥86,427,090.94, representing a year-on-year increase of 35.22%[86]. - R&D expenses accounted for 10.40% of total revenue, an increase of 1.86 percentage points compared to the previous year[86]. - The company filed 121 patents during the reporting period, with 58 patents granted, bringing the total granted patents to 586[85]. - The company is currently developing several oxygen systems and nitrogen systems for next-generation aircraft, aiming for international advanced levels in technology[92]. - The company has developed a series of oxygen systems for various aircraft, including military and civilian models, establishing itself as a leading manufacturer in this segment[106]. - The R&D team includes 1 PhD, 73 master's degree holders, and 115 bachelor's degree holders, indicating a strong educational background[105]. - The company is currently in the research and development phase for several new technologies aimed at enhancing military vehicle performance[78]. Market and Product Development - The company is focusing on expanding its market presence in both military and civilian sectors, including new product development and technological advancements[44]. - The company plans to enhance its operational management and core competencies through continuous investment in research and development[43]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[192]. - Plans for market expansion include targeting international markets, aiming for a 15% increase in overseas sales[192]. - The company aims to strengthen market expansion capabilities by targeting military clients and pursuing projects like the CR929 aircraft oxygen system and ARJ21-700 aircraft components[170]. - The company is committed to innovation-driven development, enhancing management systems, and improving quality control to achieve efficiency and quality-driven growth[167]. Governance and Management - The company does not have any special arrangements for corporate governance[10]. - The company has a governance structure consisting of a board of 9 directors, including 7 external directors and 3 independent directors[175]. - The company has established a series of internal management and control systems to ensure the rights and obligations of shareholders, directors, supervisors, and senior management are clearly defined[175]. - The company has implemented measures to enhance its governance structure, including revisions to its articles of association and internal rules[175]. - The company has maintained a clear division of responsibilities among its governance bodies to facilitate efficient decision-making[175]. Risks and Challenges - The company faces various risks as outlined in the management discussion and analysis section of the report[5]. - The company is exposed to risks from fluctuations in raw material prices and supply, despite having stable relationships with suppliers[116]. - The company’s main clients are concentrated in the military sector, which poses risks if it fails to maintain its competitive edge or if client procurement policies change[116]. - The company faces risks related to core competitiveness, including the need for continuous technological upgrades to meet military demands and potential industry competition[113]. Awards and Recognition - The company has received multiple awards for its technologies, including the National Science and Technology Progress Award and the Aviation Science and Technology Award[61]. - The company has received a total of 64 national and military-level technology awards, showcasing its advanced technological capabilities[56]. - The company has published 70 standards in the aviation industry, including 21 national standards, enhancing its influence in the sector[56]. Future Outlook - Future outlook includes a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[192]. - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year[199]. - A new product line is expected to launch in Q3 2023, anticipated to contribute an additional 5% to overall revenue[200]. - The management emphasized the importance of strategic partnerships to leverage technological advancements and market insights[192].