SHANTUI(SZ:000680)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was ¥7,098,162,031.02, an increase of 10.85% compared to ¥6,403,114,682.63 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥100,754,429.96, representing a significant increase of 77.87% from ¥56,644,111.29 in 2019[16] - The net cash flow from operating activities reached ¥666,640,072.06, up 65.74% from ¥402,212,825.55 in the previous year[16] - The basic earnings per share for 2020 was ¥0.0812, a 77.68% increase compared to ¥0.0457 in 2019[16] - Total assets at the end of 2020 amounted to ¥9,702,686,556.11, reflecting an 8.64% increase from ¥8,930,798,194.00 at the end of 2019[16] - The net assets attributable to shareholders increased to ¥3,509,467,523.25, a growth of 3.03% from ¥3,406,361,035.56 in 2019[16] - The weighted average return on net assets for 2020 was 2.91%, an increase of 1.24 percentage points from 1.67% in 2019[16] - The net profit after deducting non-recurring gains and losses for 2020 was ¥86,534,286.44, a significant recovery from a loss of ¥12,165,670.87 in 2019, marking an increase of 811.30%[16] Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[6] - The company reported a net profit of 100,754,429.96 yuan for the year 2020, with no cash dividends distributed[141] - In 2018, the company distributed cash dividends of 24,815,752.22 yuan, which accounted for 30.84% of the net profit attributable to ordinary shareholders[141] - The company has not proposed any cash dividend distribution for 2019 and 2020, citing the need for funds for production and investment projects[138][143] - The company emphasized that the cash dividend policy is in compliance with its articles of association and shareholder resolutions, ensuring the protection of minority shareholders' rights[136][137] - The company plans to utilize all undistributed profits for operational and developmental needs to enhance profitability[143] Market Position and Strategy - The company has maintained its leading position in the domestic bulldozer market, with a competitive landscape dominated by six main manufacturers[32] - The engineering machinery industry is experiencing a trend towards digitalization, smart technology, and industrial internet applications[32] - The company primarily engages in the research, development, manufacturing, sales, leasing, and maintenance of construction machinery and related components[35] - The company continues to focus on regional and personalized sales policies to enhance market competitiveness[36] - The company has developed intelligent engineering machinery products by integrating advanced technologies such as artificial intelligence and IoT[70] - The company participated in major domestic and international projects, including high-speed rail and pandemic response construction, showcasing its strong market presence[65] Research and Development - The company launched the world's first pure electric bulldozer SD17E-X and the first unmanned bulldozer DH17C2U in 2020[56] - The company developed the SD60, the world's first 5G remote-controlled bulldozer, enhancing its product leadership[56] - The company aims to provide high-performance roller products and is actively upgrading its roller technology[56] - The company is focusing on the development of pure electric loaders, achieving batch sales in the domestic market[60] - The company applied for 134 patents in 2020, including 29 invention patents, and received 10 technology achievement appraisals for new products and technologies[86] - In 2020, the company's R&D investment amounted to ¥251.57 million, accounting for 7.17% of the net assets and 3.54% of the operating revenue[87] - The number of R&D personnel increased by 12.76% from 1,027 in 2019 to 1,158 in 2020, with the proportion of R&D personnel rising by 2.04 percentage points to 21.13%[88] Financial Management and Risk Control - The company has established various financial cooperation agreements with banks to enhance sales and financing capabilities[45] - The company has implemented risk control measures, including customer credit investigations and asset collateral management, to mitigate potential risks in its financing operations[48] - The company has not experienced any repurchase or guarantee payment events during the reporting period, indicating a manageable risk profile[48] - The company reported a decrease in short-term loans by 3.25 percentage points to 10.82% of total assets, as part of a strategy to reduce financial risk[94] - The company engaged in derivative investments, specifically forward foreign exchange contracts, with a total purchase amount of $1,200,000 during the reporting period[101] - The company has established risk management strategies for its derivative investments, including stop-loss limits and reverse hedging to mitigate potential losses[104] Future Outlook and Challenges - The company plans to invest 612 million yuan in 2021, primarily relying on non-public stock issuance for funding[119] - The revenue target for 2021 is set at 8.84 billion yuan, with overseas revenue expected to reach 1.8 billion yuan[119] - The engineering machinery industry is expected to face challenges in 2021 due to increased competition and a shift from incremental to stock market dynamics[115] - The company is focusing on digital transformation and customer-centric strategies to improve market share and service efficiency[122] - Rising raw material prices, particularly steel, pose a significant cost control challenge, prompting the company to pursue strategic supplier partnerships and centralized procurement[127] - The company is closely monitoring macroeconomic policies and the impact of the COVID-19 pandemic on the engineering machinery industry, which is sensitive to economic cycles[126] Corporate Governance and Compliance - The company has made commitments to avoid competition with its controlling shareholder and related parties, ensuring no similar business activities are conducted[147] - The company has committed to minimizing and regulating related party transactions, ensuring they are conducted at fair market prices and in compliance with legal requirements[156] - The company will respect Shantui's independent corporate status and ensure that any related party transactions do not harm the interests of Shantui and its minority shareholders[158] - The company has established a mechanism for timely communication with investors regarding market conditions and operational updates[130] - The company engaged Da Xin Accounting Firm for auditing services, with a fee of 1.8 million yuan, and has a continuous service history of 25 years[171] Shareholder Relations - The company held 36 investor communication sessions during the reporting period, focusing on various topics including product sales and development strategies[132] - The company’s cash dividend policy has been transparent and compliant with relevant regulations[137] - The controlling shareholder has pledged not to reduce their holdings in the company for six months following the completion of the non-public offering[154] - The company guarantees that the shares subscribed will not be transferred within 36 months from the completion of the non-public issuance[162]