SUNWARD(SZ:002097)2022-04-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 11,407,664,344.78, representing a 21.65% increase compared to CNY 9,377,367,500.65 in 2020[16] - The net profit attributable to shareholders for 2021 was CNY 318,493,535.23, a decrease of 43.62% from CNY 564,928,233.69 in the previous year[16] - The net profit after deducting non-recurring gains and losses was CNY 221,564,732.80, down 49.72% from CNY 440,663,449.01 in 2020[16] - The basic earnings per share for 2021 was CNY 0.2928, a decline of 44.29% compared to CNY 0.5256 in 2020[16] - The total assets at the end of 2021 were CNY 19,246,474,315.14, an increase of 10.88% from CNY 17,358,380,269.93 at the end of 2020[18] - The net assets attributable to shareholders at the end of 2021 were CNY 5,511,083,779.24, reflecting a 3.88% increase from CNY 5,305,456,642.49 at the end of 2020[18] - The net cash flow from operating activities for 2021 was CNY 33,149,268.69, a significant decrease of 98.16% from CNY 1,804,027,315.15 in 2020[16] - The weighted average return on net assets for 2021 was 5.72%, down from 10.71% in 2020, indicating a decline of 4.99%[16] - The company did not distribute any cash dividends for the year, with a proposal to distribute 0.00 CNY per 10 shares[3] Quarterly Performance - Total revenue for the first quarter was approximately ¥3.32 billion, with a net profit attributable to shareholders of ¥297 million[21] - In the second quarter, total revenue increased to approximately ¥3.57 billion, but net profit decreased to ¥234 million[21] - The third quarter saw a significant drop in revenue to approximately ¥2.21 billion, with a net loss of ¥38 million[21] - The fourth quarter revenue slightly increased to approximately ¥2.31 billion, but the net loss deepened to ¥175 million[21] - The net cash flow from operating activities was negative in the first quarter at approximately -¥252 million, but turned positive in the second quarter at approximately ¥863 million[21] Market and Industry Trends - The company reported a significant decline in demand for construction machinery in the second half of the year due to delayed project starts[28] - The engineering machinery sector remains competitive, with a trend towards increased market concentration and a shift towards domestic brands[28] - The company’s aviation equipment and services business has substantial growth potential in both domestic and international markets[29] Research and Development - The company continues to focus on R&D for new products, including lightweight sport aircraft and professional drones[32] - The R&D team has accumulated over 50 patents and has undertaken provincial and ministerial-level technology innovation projects over nearly 20 years[33] - The company has achieved a 214% year-on-year increase in patent applications in 2021, reflecting its commitment to technological innovation[37] - The company has invested in key common technology breakthroughs for the new generation of hydraulic hybrid excavators, with a project sales revenue target of over 500 million CNY during the project period[78] - The hydraulic hybrid excavator is expected to achieve over 15% reduction in fuel consumption, significantly enhancing the company's market competitiveness[80] Product Development and Innovation - In 2021, the company successfully launched 44 innovative products, with 12 reaching mass production status, including the world's first SWRP8600 double-layer quick-press pipe sinking machine and the SWCH980 super pile frame[39] - The company developed the first domestic pure electric intelligent excavator SWE240FED, suitable for high-altitude and confined space operations, which has been tested at an altitude of 4,300 meters[39] - The company launched 11 new products in the aerial work equipment division, achieving sales across 18 provinces in China and exporting to over 20 countries[53] Sales and Marketing - The company established a marketing service network with over 180 agents and has sold products in more than 100 countries[45] - The company achieved a 120% year-on-year increase in overseas sales of excavators, with European sales experiencing explosive growth of 150%[44] - The company has built a high-end marketing management system, establishing strategic partnerships with major state-owned enterprises and high-end clients[44] Environmental and Compliance - The company has established a wastewater treatment station that operates normally, ensuring compliance with the wastewater discharge standards[193] - Emissions from the company’s main pollutants, including particulate matter and SO2, were reported to be within the regulatory limits, with no exceedances noted[189] - The company has implemented effective pollution control measures, including the installation of online monitoring equipment for emissions from the spray painting room[194] Governance and Management - The company held 1 annual general meeting and 3 extraordinary general meetings during the reporting period, ensuring equal voting rights for minority shareholders[125] - The board of directors convened 8 meetings, maintaining compliance with legal and regulatory requirements, with independent directors constituting one-third of the board[126] - The company has established a transparent performance evaluation and incentive mechanism for senior management, linking their compensation to operational performance[127] Future Outlook - The company provided a future outlook projecting a revenue growth of 10% for 2022, driven by new product launches and market expansion strategies[152] - The company aims to achieve mass production of smart drilling rigs, hydraulic hybrid excavators, and mining trucks, while advancing the application of cutting-edge technologies such as 5G, industrial internet, big data, and artificial intelligence in smart mining and manufacturing[110]