SEWPG(SH:688660)2022-03-28 16:00Financial Performance - The company achieved operating revenue of CNY 23.97 billion, a year-on-year increase of 15.89%, with a gross profit margin of 16.40%, up 2.78 percentage points from the previous year[140]. - Net profit attributable to shareholders for 2021 was approximately ¥507 million, a 21.68% increase from ¥416 million in 2020[28]. - The company's total assets at the end of 2021 were approximately ¥30.69 billion, a decrease of 3.38% from ¥31.77 billion at the end of 2020[28]. - The net cash flow from operating activities decreased by 77.24% to approximately ¥336 million in 2021, down from ¥1.48 billion in 2020[28]. - The company reported a decrease in other income from government subsidies, down 41.60% to CNY 55.38 million, compared to CNY 94.81 million in the previous period[140]. - The company’s net profit increased significantly, leading to a 79.84% rise in undistributed profits to 1,018,033,922.06 CNY[169]. - The company reported a significant increase in inventory levels for both turbine categories, primarily in preparation for 2022 deliveries[151]. Dividend Distribution - The company plans to distribute a cash dividend of 1.15 CNY per 10 shares, totaling 153,333,341 CNY, which represents 30.24% of the net profit attributable to shareholders for the year[7]. Risks and Challenges - The company reported no significant risks that could materially affect its operations during the reporting period[5]. - The company is facing risks related to market demand and competition, particularly after the withdrawal of subsidies, which may impact future order acquisition[131]. - Accounts receivable and contract assets are significant, accounting for a high proportion of total assets, which poses a risk to the company's financial status if downstream customers face financial difficulties[135]. Research and Development - R&D investment increased by 65.26% year-on-year, totaling approximately ¥925.14 million, representing 3.86% of operating revenue[95]. - The company has filed 457 patent applications during the reporting period, with 196 newly granted patents, reflecting a strong focus on innovation[94]. - The company is focusing on digital product development to enhance data utilization, which will improve product iteration and customer service offerings[123]. Market Position and Strategy - The company maintained a market share of 9% in the domestic market from 2019 to 2021, ranking fifth overall, while leading the offshore installation market with a share of 27.1%[72]. - The company is actively pursuing offshore wind turbine development, focusing on products above 15 MW and floating technology[42]. - The company is committed to a "Wind+" development strategy, expanding beyond wind energy to create greater value for users[184]. Product Development and Innovation - The company successfully developed and launched the S102 wind turbine blade, measuring over 100 meters, which enhances power generation efficiency and reduces environmental impact[87]. - The company is focusing on developing wind turbines with capacities of 8MW and above, with a trend towards larger and more intelligent designs[77]. - The company has developed a comprehensive lifecycle optimization strategy, ensuring consistent production quality and performance across its wind turbine products[87]. Operational Efficiency - The company plans to enhance its credit management policies and improve collection efficiency to mitigate risks associated with accounts receivable[135]. - The company is enhancing its product reliability and efficiency through advanced technologies, achieving domestic leading levels in various projects[113]. - The company is leveraging digital technologies to optimize wind farm operations and reduce the levelized cost of electricity, enhancing its market competitiveness[191]. Future Growth and Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[38]. - The offshore wind power sector is expected to continue its growth trajectory, supported by favorable policies and decreasing investment costs[63]. - The company is actively expanding its overseas market and increasing resource investment, aiming for breakthroughs in overseas business[197].