AECC AEC(SZ:000738)2021-03-29 16:00Financial Performance - The company's operating revenue for 2020 was approximately CNY 3.50 billion, representing a 13.14% increase compared to CNY 3.09 billion in 2019[11]. - The net profit attributable to shareholders for 2020 was approximately CNY 367.58 million, a 30.68% increase from CNY 281.28 million in 2019[11]. - Basic earnings per share for 2020 were CNY 0.3208, reflecting a 30.67% increase from CNY 0.2455 in 2019[11]. - The company's total operating revenue for Q4 2020 was ¥1,067,338,600.23, showing a significant increase compared to previous quarters[14]. - The net profit attributable to shareholders for Q2 2020 was ¥142,315,007.59, representing a strong performance in that quarter[14]. - The company reported a total revenue of 10 billion RMB for the year 2020, reflecting a year-on-year growth of 15%[129]. - The net profit attributable to shareholders was 1.5 billion RMB, representing an increase of 20% compared to the previous year[129]. - The total comprehensive income for the year 2020 was CNY 139,169,272.90, compared to CNY 86,635,026.76 in 2019, representing an increase of approximately 60.5%[184]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 65.19% to approximately CNY 405.31 million, down from CNY 1.16 billion in 2019[11]. - Cash flow from operating activities generated a net cash flow of CNY 405,310,794.15 in 2020, a significant decrease of 65.2% from CNY 1,164,397,161.49 in 2019[186]. - The total cash inflow from operating activities was CNY 3,378,769,384.42, down 12.4% from CNY 3,857,063,377.50 in the previous year[185]. - Cash outflow from operating activities totaled CNY 2,973,458,590.27, an increase of 10.4% compared to CNY 2,692,666,216.01 in 2019[186]. - The ending balance of cash and cash equivalents was CNY 1,810,858,553.39, down from CNY 1,890,594,717.33 at the end of 2019[187]. Assets and Liabilities - Total assets at the end of 2020 were approximately CNY 8.83 billion, an 11.81% increase from CNY 7.90 billion at the end of 2019[11]. - The total liabilities decreased to CNY 5,200,000,000.00 in 2020 from CNY 5,300,000,000.00 in 2019, indicating a reduction of approximately 1.9%[173]. - The company's equity increased to CNY 3,627,606,580.80 in 2020, up from CNY 2,595,392,471.80 in 2019, representing a growth of about 39.7%[171]. - The company's asset-liability ratio was 27.39% at the end of 2020, indicating a strong financial structure and debt repayment capability[87]. Research and Development - The company invested 53,074.34 million CNY in various research and development activities in 2020, focusing on core technologies for aviation engine control systems[88]. - Research and development expenses for 2020 were ¥145,928,888.64, a 7.03% increase from the previous year, with R&D personnel increasing by 2.37% to 1,296[37]. - The company holds 380 valid patents, with 326 being invention patents, accounting for 85.79% of the total[21]. Market Position and Strategy - The company is a leading player in the aviation engine control system sector, with a focus on both military and civilian markets, benefiting from national defense modernization goals[18]. - The implementation of national policies related to aviation engine development is expected to create significant market opportunities for the company's products[18]. - The company aims to enhance its international cooperation and market presence, particularly in the civil aviation sector, as the impact of the COVID-19 pandemic diminishes[57]. - The company plans to focus on the development of aviation engine control systems, with significant growth opportunities expected due to national projects and the development of domestic civil aircraft[56]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.45 per 10 shares to all shareholders[3]. - In 2020, the company distributed cash dividends of 0.45 yuan per share, totaling 51,553,905.71 yuan, which represents 14.03% of the net profit attributable to ordinary shareholders[64][65]. - The total distributable profit for the year was 458,035,913.11 CNY, with a net profit of 139,169,272.90 CNY for the year[66]. Corporate Governance and Management - The company has engaged Zhongzhun Accounting Firm for internal control audit services, with fees amounting to 350,000 CNY[74]. - The company has not experienced any significant accounting errors requiring retrospective restatement during the reporting period[72]. - The company has undergone significant management changes, including multiple resignations and appointments in 2020[126]. - The board of directors emphasized a commitment to sustainable practices, with plans to reduce carbon emissions by 20% by 2025[129]. Social Responsibility and Environmental Impact - The company invested CNY 3.41 million in the standardized treatment of waste gas, waste water, and noise pollution facilities, achieving a 100% rate of environmental hazard rectification and standardized discharge[92]. - A total of CNY 3.07 million was directly invested in poverty alleviation efforts, benefiting 3,648 registered impoverished individuals, with all targeted villages achieving poverty alleviation by the end of 2020[94]. - The company was recognized as an excellent unit for poverty alleviation efforts by the provincial government, reflecting its commitment to social responsibility[95]. Future Outlook - The revenue target for 2021 is set at 3.83 billion yuan, which is an estimated value and not a commitment to investors[58]. - The company plans to enhance its core capabilities and improve independent research and development capabilities, focusing on innovation and resource integration[58]. - The company provided guidance for 2021, projecting a revenue growth of 10-15% and a net profit increase of 15-20%[129].