宗申动力(001696) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥7,630,172,704.46, representing a 36.40% increase compared to ¥5,593,877,444.12 in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥587,732,615.28, up 39.28% from ¥421,972,040.96 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥421,908,538.56, a 9.98% increase from ¥383,609,019.04 in 2019[21]. - The basic earnings per share for 2020 was ¥0.5133, reflecting a 39.29% increase from ¥0.3685 in 2019[21]. - The weighted average return on equity for 2020 was 13.58%, an increase of 3.48 percentage points compared to 10.10% in 2019[21]. - The net cash flow from operating activities for 2020 was ¥655,185,159.98, a decrease of 16.81% from ¥787,579,251.92 in 2019[21]. - The company achieved a total revenue of 7.63 billion yuan in 2020, an increase of 36.40% compared to the previous year[43]. - The net profit attributable to shareholders was 588 million yuan, up 39.28% year-on-year[43]. - The company reported total assets of 9.71 billion yuan, a 15.49% increase from 8.41 billion yuan in the previous year[24]. - The net assets attributable to shareholders increased by 5.52% to 4.50 billion yuan[24]. Revenue Breakdown - The motorcycle engine business sold 2.88 million units, generating total revenue of 2.91 billion yuan, a 13.92% increase year-on-year[45]. - In 2020, the company achieved total sales of 4.704 million units in general power and terminal products, representing a year-on-year increase of 70.27%[48]. - The total operating revenue for 2020 reached 4.13 billion yuan, an increase of 68.65% compared to the previous year, with a net profit of 282 million yuan, up 71.78%[48]. - The mechanical manufacturing sector contributed 7.49 billion yuan, accounting for 98.14% of total revenue, with a year-on-year growth of 41.60%[54]. - The company’s engine products generated 2.90 billion yuan in revenue, representing 38.06% of total revenue, with a growth of 13.81%[54]. - The company’s general machinery products saw revenue of 4.13 billion yuan, which is 54.08% of total revenue, marking a significant increase of 69.06%[54]. - The company’s subsidiary in the aviation power sector achieved an operating revenue of 44.17 million yuan, a year-on-year increase of 116.49%[49]. Research and Development - The company continues to focus on the research and development of various engines and components, as well as expanding its market presence[19]. - The company’s R&D efforts have been directed towards high-displacement products, enhancing its competitive edge in the market[45]. - The company has made significant progress in new product development, including multi-fuel and electric power products, which have begun mass production[48]. - The company is focusing on transitioning from fuel power to electric and hybrid power, aiming to establish new profit growth points through its "oil-to-electric" strategy[50]. - The company plans to enhance R&D efforts for mid-to-large displacement motorcycle engines and improve production line automation to reduce costs and improve product quality[134]. Cost and Expenses - The total operating costs for 2020 amounted to ¥6,406,515,549.41, representing a 46.73% increase compared to ¥4,579,262,347.49 in 2019[64]. - Raw material costs were ¥6,018,272,085.48, accounting for 93.94% of total operating costs, with a year-on-year increase of 46.87%[60]. - Labor costs increased by 53.40% to ¥283,280,584.54, making up 4.42% of total operating costs[60]. - The depreciation expense was ¥47,620,806.74, representing 0.74% of total operating costs, with a year-on-year increase of 19.77%[60]. - Energy consumption costs rose by 42.51% to ¥23,016,306.64, accounting for 0.36% of total operating costs[60]. Strategic Initiatives - The company has undergone significant changes in its main business since its establishment, shifting from construction materials to engine manufacturing and related products[19]. - The company has focused on expanding into new markets, particularly in "aviation power, new energy, and high-end components" sectors[37]. - The company plans to continue its market expansion and product development strategies, focusing on enhancing its technological capabilities and service networks[106][107]. - The company plans to expand its business from motorcycle after-sales service to automotive after-sales service, reflecting a strategic shift in response to market trends[116]. - The company has adjusted its investment strategy to focus on the financial and internet sectors within the automotive aftermarket[116]. Cash Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥3.00 per 10 shares, totaling ¥343,508,076.00[6]. - The cash dividend for the 2020 fiscal year is also set at RMB 0.30 per share, maintaining the same distribution policy as the previous year[151]. - The total cash dividend amount for 2020 is RMB 343,508,076, which represents 100% of the distributable profit[156]. - The company has maintained a cash dividend payout ratio of 40% or more in accordance with regulatory requirements during its mature development stage[156]. Investments and Acquisitions - The company made a significant equity investment of ¥142,500,000.00 in Chongqing Dajiang Power Equipment Manufacturing Co., holding a 100% stake[88]. - The company’s investment in Chongqing Zongshen New Energy Development Co., Ltd. amounted to ¥6,530,000.00, with a 56% ownership stake[91]. - The company has fully utilized the raised funds as of December 31, 2020[110]. - The company aims to enhance its competitive advantage and core competitiveness through the acquisition of Chongqing Dajiang Power Equipment, which will become a wholly-owned subsidiary[120]. Compliance and Governance - The company is committed to maintaining compliance and governance standards to protect shareholder interests and ensure sustainable growth[140]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[166]. - The company has not disclosed any undisclosed significant information during investor interactions[144]. - The company emphasizes the importance of investor relations management and timely information disclosure to protect the interests of minority investors[146].