康强电子(002119) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 1,548,632,508.79, representing a 9.19% increase compared to CNY 1,418,269,645.18 in 2019[17] - The net profit attributable to shareholders for 2020 was CNY 87,930,951.38, a decrease of 5.02% from CNY 92,582,917.83 in 2019[17] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 75,651,573.71, down 2.79% from CNY 77,823,042.74 in the previous year[17] - The net cash flow from operating activities was CNY 160,491,983.07, a significant increase of 2,008.24% compared to a negative cash flow of CNY 8,410,488.04 in 2019[17] - Basic earnings per share for 2020 were CNY 0.23, down 8.00% from CNY 0.25 in 2019[17] - The diluted earnings per share also stood at CNY 0.23, reflecting the same 8.00% decrease compared to the previous year[17] - The weighted average return on net assets was 9.44%, a decline of 1.47% from 10.91% in 2019[17] - The company's operating profit for 2020 was ¥83,028,848.36, a decrease of 25.44% year-on-year[39] - The total profit for 2020 was ¥93,250,296.32, down 5.87% from the previous year[39] Revenue Breakdown - Revenue from lead frame products was 886,978,189.52 CNY, accounting for 57.27% of total revenue, with a year-on-year growth of 10.76%[46] - The domestic market contributed 1,266,816,100.87 CNY, which is 81.80% of total revenue, showing a 12.84% increase year-on-year[46] - The sales volume of lead frames increased by 1.63% to 1,238.33 million units, while production volume decreased by 1.24% to 1,209.14 million units[47] - The company's gross profit margin for lead frame products was 25.41%, a decrease of 3.87% compared to the previous year[46] Assets and Liabilities - Total assets at the end of 2020 were CNY 1,829,046,813.59, an increase of 0.97% compared to CNY 1,811,443,649.36 at the end of 2019[18] - Net assets attributable to shareholders at the end of 2020 were CNY 971,201,122.31, representing an 8.80% increase from CNY 892,652,229.93 at the end of 2019[18] - Accounts receivable increased to ¥376,518,795.88, representing 20.59% of total assets, up from 19.84% in the previous year[66] - Inventory rose to ¥330,252,160.83, making up 18.06% of total assets, compared to 16.78% at the beginning of the year[66] Cash Flow - Operating cash inflow totaled ¥1,291,189,486.98 in 2020, representing a 17.42% increase from ¥1,099,604,707.70 in 2019[60] - Investment cash inflow surged by 296.36% to ¥72,527,037.95 in 2020, up from ¥18,298,369.82 in 2019[60] - The net increase in cash and cash equivalents was ¥21,853,662.54, a 547.45% increase from -¥4,884,023.03 in 2019[61] Research and Development - The company has 33 invention patents and 78 utility model patents, showcasing its strong R&D capabilities[33] - Research and development expenses for 2020 were 61,572,582.94 CNY, a decrease of 5.48% from the previous year[57] - The number of R&D personnel decreased by 17.83% to 106 in 2020, accounting for 11.50% of total employees[58] - The company plans to enhance its R&D capabilities by introducing 1-2 PhD candidates and establishing an academic workstation in 2021[92] Market Position and Strategy - The company has maintained a stable customer base with a coverage rate of 60% among major domestic semiconductor packaging enterprises[30] - The company’s main products include lead frames and bonding wires, which are essential materials for semiconductor packaging[26] - The company operates under a "sales-driven production" model, adjusting production plans based on market demand and inventory levels[30] - The company aims to achieve a revenue target of 1.78 billion RMB in 2021, contingent on market demand and other factors[92] Risk Management - The company has established a risk-hedging mechanism to address the volatility in raw material prices, which include copper, gold, and silver[4] - The company faces risks related to market fluctuations in the semiconductor industry, which is cyclical and can impact pricing and performance[96] - The company has established a risk management mechanism to mitigate the impact of raw material price fluctuations, including strategies like zero inventory and centralized procurement[96] Legal Matters - The company was awarded a judgment of RMB 637.5 million for the return of goods and compensation for losses in a lawsuit against Aomet Technology[121] - The court upheld the original ruling on September 18, 2020, maintaining the judgment against Aomet Technology[122] - Aomet Technology was ordered to return RMB 278.6 million and compensate for losses as per the court's decision[123] - The total amount involved in the lawsuits against Aomet Technology exceeds RMB 1 billion across multiple claims[123] Environmental Commitment - The company has achieved an 80% online reuse rate for electroplating wastewater, demonstrating its commitment to environmental sustainability[34] - The company has implemented a comprehensive emergency response plan for environmental incidents and conducts annual drills[153] - The company has established a pollution prevention facility that operates normally, ensuring that wastewater and air emissions meet regulatory standards[151] Shareholder Information - The total number of shares outstanding is 375,284,000, with 97.93% being unrestricted shares[162] - The largest shareholder, Ningbo Pulisai Electronic Co., Ltd., holds 19.72% of shares, totaling 74,009,208 shares, which are currently frozen[165] - The company does not have a controlling shareholder or actual controller, indicating a dispersed shareholding structure[167][169] Management and Governance - The company has a strong leadership team with extensive experience in the semiconductor and electronic components industry, including Zheng Kangding, who has over 30 years of experience[181] - The company has experienced management changes, with several executives holding multiple positions across different subsidiaries[188] - The company has a performance-based salary structure for senior management, which includes basic and performance pay determined by the board[191] Employee Information - The total number of employees in the company is 922, with 751 in the parent company and 171 in major subsidiaries[195] - The professional composition includes 693 production personnel, 18 sales personnel, 106 technical personnel, 10 financial personnel, and 95 administrative personnel[195] - The company conducted 34 training activities in 2020, training a total of 746 participants, focusing on various business training topics[198]