SACO(SZ:002025)2021-04-12 16:00Financial Performance - The company's operating revenue for 2020 was CNY 4,218,411,903.38, an increase of 19.38% compared to CNY 3,533,710,584.98 in 2019[12]. - The net profit attributable to shareholders for 2020 was CNY 433,589,756.82, representing a growth of 7.80% from CNY 402,233,891.06 in 2019[12]. - The net profit after deducting non-recurring gains and losses was CNY 401,846,646.09, an increase of 8.57% from CNY 370,143,518.21 in 2019[12]. - The total profit for the year was CNY 563,815,679.09, reflecting an 11.61% increase compared to the previous year[21]. - The basic earnings per share for 2020 was CNY 1.01, up 7.45% from CNY 0.94 in 2019[12]. - The total operating revenue for the fourth quarter reached ¥1,216,179,819.24, showing a consistent growth trend throughout the year[14]. - The net profit attributable to shareholders for the fourth quarter was ¥126,202,120.52, indicating a strong performance in profitability[14]. - The company reported a total comprehensive income of CNY 508,952,277.99 for 2020, compared to CNY 458,626,732.52 in 2019, reflecting a growth of 10.96%[170]. Cash Flow and Assets - The net cash flow from operating activities decreased by 74.64% to CNY 67,292,444.97 from CNY 265,348,926.68 in 2019[12]. - The company's cash flow from operating activities decreased by 74.64% to CNY 67,292,444.97, primarily due to increased reliance on commercial bills for payment[23]. - The company's cash and cash equivalents decreased by 204.18% to -¥109,450,935.38 in 2020 from an increase of ¥105,060,929.93 in 2019[39]. - The total assets at the end of 2020 were CNY 6,453,091,461.79, a 15.36% increase from CNY 5,593,990,470.97 at the end of 2019[12]. - Accounts receivable rose to ¥1,876,263,410.04, accounting for 29.08% of total assets, up from 27.37% in 2019[42]. - Inventory increased to ¥625,548,268.66, representing 9.69% of total assets, compared to 8.88% in 2019[42]. Research and Development - Research and development expenses were CNY 428,078,760.84, a 13.25% increase, driven by investments in new product development, particularly in 5G connectors and high-speed connectors[23]. - The company launched 78 key research projects during the year, with a notable achievement being the national second-class award for the "Extreme Environment Special Motor System Technology" project[22]. - The company applied for 272 patents and received 146 patent authorizations in 2020, indicating a strong commitment to innovation and market competitiveness[36]. - The number of R&D personnel increased to 1,209 in 2020, a growth of 13.63% from 1,064 in 2019[37]. Market and Competition - The company operates in high-tech fields such as aerospace, aviation, and communication, with over 70% of its products sold to high-end customers in these sectors[16]. - The company is facing increased competition from both domestic and international players, necessitating continuous investment in technology innovation and new business development[52]. - The company aims to enhance its market share in 5G communication, data centers, and new energy sectors through technology innovation and talent acquisition[59]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, based on a total of 429,000,000 shares[2]. - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling 85,800,000 CNY for the year 2020, which represents 19.79% of the net profit attributable to shareholders[63]. - The company has maintained a high cash dividend level since 2009, with a consistent policy that protects the rights of minority shareholders[61]. Subsidiaries and Organizational Structure - The company has established eight subsidiaries and several research institutes across major cities, forming a comprehensive industrial layout[16]. - The company has a controlling stake in several subsidiaries, including 100% in Shanghai Weikebao Communication Technology Co., Ltd. and 75.24% in Zunyi Jingxing Aerospace Electric Co., Ltd.[189]. - The company has implemented a unified management model for subsidiaries to improve operational efficiency and profitability[59]. Environmental and Social Responsibility - The company has established an environmental management system and has not faced any regulatory penalties related to safety or environmental issues[87]. - The company implemented three poverty alleviation projects in Guizhou Province, fulfilling its social responsibility[88]. - The company has established an emergency response plan for environmental incidents, compliant with national and local regulations[93]. Governance and Compliance - The company has maintained its accounting firm, Tianzhi International Accounting Firm, for five consecutive years, with an audit fee of 535,000 yuan[70]. - The audit report confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2020[149]. - The company has a comprehensive internal control system and has not provided guarantees or financial assistance to any related parties since its listing[87]. Future Outlook - The company plans to develop key new products in 2021, including a series of brushless starter motors and high-power density motors[54][55]. - The company anticipates a funding requirement of 452 million yuan for 2021 operations, which will be met through self-funding and bank loans if necessary[57]. - Future outlook indicates a projected revenue growth of 10% for 2021, with a target of 1.32 billion yuan[120].