WFHT(SZ:000581)2022-04-18 16:00Financial Performance - The company reported a profit distribution plan of 16 RMB per 10 shares for all shareholders, based on a total of 1,008,603,293 shares[4]. - The company's operating revenue for 2021 was ¥13.68 billion, an increase of 6.20% compared to ¥12.88 billion in 2020[23]. - The net profit attributable to shareholders for 2021 was ¥2.58 billion, a decrease of 7.12% from ¥2.77 billion in 2020[23]. - The net profit after deducting non-recurring gains and losses was ¥2.54 billion, representing a significant increase of 21.75% from ¥2.09 billion in 2020[23]. - The total assets at the end of 2021 were ¥27.97 billion, an increase of 2.27% from ¥27.35 billion at the end of 2020[26]. - The net assets attributable to shareholders at the end of 2021 were ¥19.40 billion, up 6.11% from ¥18.28 billion at the end of 2020[26]. - The diluted earnings per share for 2021 was ¥2.57, a decrease of 7.89% from ¥2.79 in 2020[26]. - The weighted average return on equity for 2021 was 13.67%, down from 15.78% in 2020[26]. - The company reported a total of 4.70 billion in operating revenue for Q1 2021, with a net profit of ¥861.57 million[29]. - In 2021, the company achieved a historical high in revenue of 13.682 billion yuan, representing a year-on-year growth of 6.20%[53]. - The net profit attributable to shareholders decreased by 7.12% to 2.575 billion yuan[53]. - Total revenue for 2021 reached ¥13,682,426,710.95, representing a year-on-year increase of 6.20% compared to ¥12,883,826,306.60 in 2020[60]. Market and Product Performance - The commercial vehicle market saw a decline in demand, with production and sales down 10.7% and 6.6% respectively in 2021[38]. - The production and sales of fuel injection systems (multi-cylinder pumps) were 2.79 million units and 2.848 million units respectively, with sales increasing by 10.90% year-on-year[44]. - The company produced 618,000 units of hydrogen fuel cell core components, generating sales revenue of 58.593 million yuan[48]. - The market penetration rate of new energy vehicles reached 13.4% in 2021, an increase of 8 percentage points year-on-year[40]. - The production of exhaust after-treatment systems increased by 70.59% year-on-year, with sales reaching 444,000 units[44]. - The production of fuel injection systems (injectors) decreased by 14.58% year-on-year, with sales dropping by 21.91%[44]. - The company sold over 2.1 million common rail pumps and achieved a sales increase of over 29% for VE distribution pumps, with sales exceeding 450,000 units[53]. Research and Development - Research and development expenses increased by 11.80% to ¥595,406,951.64 compared to ¥532,581,209.78 in 2020[78]. - The number of R&D personnel increased by 1.65% to 1,112 in 2021, with the proportion of R&D personnel rising to 20.82%[85]. - The company is developing a clean fuel injection system core component, which is currently in progress and has partially entered customer applications, aiming to enhance market share in clean fuel products[79]. - The company is working on high-pressure common rail pump products that meet National VI emission standards, with some models already in customer applications[82]. - The company is developing hydrogen fuel cell core materials, which have achieved small-scale production and entered customer applications, representing a key growth direction for future business[82]. - The company is developing intelligent sensing core modules (millimeter-wave radar), with sample deliveries already made, targeting future business growth[85]. - R&D investment amounted to ¥595,406,951.64 in 2021, an increase of 11.80% from ¥532,581,209.78 in 2020, representing 4.35% of operating revenue[86]. Governance and Management - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring effective decision-making and risk control[138]. - The company’s independent directors actively participate in board meetings and uphold the interests of shareholders, particularly minority shareholders[138]. - The company has a clear organizational structure independent of the controlling shareholder, with defined responsibilities for the shareholders' meeting, board of directors, and management[140]. - The board of directors includes a chairman, two vice chairmen, and a general manager, with specific shareholdings: 420,781 shares for the chairman and 363,000 shares for the general manager[144]. - The company has a total of 12 independent directors and supervisors, ensuring governance and oversight[147]. - The company has not engaged in any related party transactions that would compromise its independence[140]. - The company is focused on maintaining the legal rights of shareholders and ensuring timely and efficient decision-making processes[181]. Strategic Focus and Future Plans - The company aims to achieve a doubling of scale and high-level profitability through its strategic focus on "energy conservation and emission reduction," "green hydrogen," and "intelligent electric" sectors during the 14th Five-Year Plan[113]. - The company plans to enhance its product market share in hybrid and plug-in hybrid vehicles, focusing on high-efficiency and clean alternative fuel technologies[115]. - The company is actively pursuing strategies for market expansion and potential mergers and acquisitions to enhance its competitive position[153]. - The company is enhancing its global engineering capabilities by establishing engineering centers in Asia-Pacific, Europe, and North America to improve product technology development[116]. - The company is focusing on strategic partnerships and resource integration to strengthen its hydrogen fuel cell core component business in the Asia-Pacific market[116]. - The company is committed to expanding its market presence and enhancing its operational strategies through ongoing evaluations and adjustments[182]. Risk Management - The company faces macroeconomic and market risks due to the ongoing impact of the COVID-19 pandemic, which may affect production and profitability[131]. - The company is exposed to raw material price volatility risks, particularly for steel, aluminum, and precious metals, which could increase costs[131]. - The company plans to improve its market forecasting capabilities and optimize supply chain management to manage raw material price risks[131]. - The company is addressing financial instrument-related risks, including credit, market, and liquidity risks, through effective risk management practices[132]. Employee and Talent Management - The total number of employees at the end of the reporting period was 5,340, with 3,203 in production, 1,231 in technology, and 167 in sales[189]. - The company has established a training and development system aimed at building a talent pool aligned with its strategic goals[191]. - The company is focusing on strengthening talent recruitment and training, with a focus on developing specialized personnel in key business areas[130]. - The company has not engaged in labor outsourcing, emphasizing its commitment to in-house talent development[194].