YINLUN(SZ:002126)2021-04-14 16:00Dividend Policy - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders, based on a total of 792,095,104 shares[4] - The company maintains a stable profit distribution policy, ensuring that cash dividends are clearly defined and aligned with shareholder interests[123] - The company proposed a cash dividend of 0.8 RMB per 10 shares for the 2020 fiscal year, based on a total share capital of 792,095,104 shares, resulting in a total cash dividend amount of 63,367,608.32 RMB[127] - The total cash dividend (including other methods) for 2020 was 66,413,202.32 RMB, which accounted for 100% of the distributable profit[127] - In 2019, the cash dividend was 0.8 RMB per 10 shares, with a total cash dividend amount of 62,824,325.20 RMB[127] - The cash dividend for 2018 was 0.5 RMB per 10 shares, totaling 39,739,445.20 RMB[127] - The company's net profit attributable to ordinary shareholders for 2020 was 321,583,085.75 RMB, with a cash dividend amount representing 19.70% of this net profit[127] - The cash dividend amount for 2019 represented 19.78% of the net profit attributable to ordinary shareholders, which was 317,677,156.02 RMB[127] - The company has maintained a consistent cash dividend policy over the past three years, ensuring clarity and compliance with regulations[126] - The company has not proposed any cash dividend distribution plan for the current reporting period, indicating a focus on retaining earnings for future growth[127] Financial Performance - The company's operating revenue for 2020 was CNY 6,324,186,529.70, representing a year-on-year increase of 14.55% compared to CNY 5,520,743,642.53 in 2019[6] - The net profit attributable to shareholders of the listed company was CNY 321,583,085.75, a slight increase of 1.23% from CNY 317,677,156.02 in the previous year[6] - The net profit after deducting non-recurring gains and losses was CNY 260,386,304.06, which is a significant increase of 50.64% compared to CNY 172,855,258.34 in 2019[6] - The total assets at the end of 2020 were CNY 9,856,245,406.68, an increase of 17.00% from CNY 8,424,106,635.59 at the end of 2019[6] - The net assets attributable to shareholders of the listed company increased by 5.58% to CNY 3,937,786,096.18 from CNY 3,729,627,295.93 at the end of 2019[6] - The basic earnings per share for 2020 was CNY 0.41, reflecting a 2.50% increase from CNY 0.40 in 2019[6] - The total profit for the year was CNY 41,883.12 million, reflecting a growth of 4.77% compared to the previous year[57] - The net profit attributable to shareholders was CNY 32,158.31 million, which is a 1.23% increase year-on-year[57] Research and Development - The company invested CNY 269 million in R&D, marking a 22.26% increase from the previous year, with 58 new R&D projects initiated and 198 new patents applied for[58] - The company has over 600 patents, including 79 invention patents and 5 international patents, establishing itself as a leader in the heat exchanger industry[51] - The company is focusing on the development of new energy vehicle thermal management systems and has established strategic partnerships with several universities[51] - The company has established R&D centers in Shanghai, Europe, and North America, enhancing its global R&D capabilities[36] - The number of R&D personnel increased by 15.39% to 1,327, maintaining a stable proportion of 17.34% of the total workforce[74] - Zhejiang Yinlun aims to invest 50 million RMB in R&D for new technologies in 2021, focusing on sustainable manufacturing processes[169] - Zhejiang Yinlun's R&D expenditure accounted for 8% of total revenue in 2020, highlighting its commitment to innovation[173] Market and Sales - Major clients in the new energy vehicle sector include Volvo, Porsche, NIO, Xiaopeng, and BYD, among others[34] - The company has a robust sales model, primarily utilizing direct sales to major automotive manufacturers, enhancing its market presence[40] - The sales volume of passenger vehicles increased by 7.04% year-on-year, reaching 1,612.34 thousand units, while the sales volume of commercial vehicles rose by 9.33% to 1,509.45 thousand units[62] - The company achieved a production capacity of 3.5 million units for thermal management products, with a production volume of 2.95 million units and sales volume of 2.91 million units[63] - The company secured 210 new projects during the reporting period, which are expected to generate nearly CNY 3.95 billion in annual sales revenue upon reaching full production, with approximately 27% from new energy vehicles[59] - The company is concentrating on major clients, projects, and sectors, particularly in emerging fields such as thermal management for new energy vehicles and power storage heat exchange[109] Risk Management - The company has a comprehensive risk assessment section in its report, highlighting potential future risks[4] - The company faces risks from macroeconomic fluctuations, which could impact orders and performance due to its reliance on the automotive industry[114] - Raw material price volatility poses a significant risk, as materials like aluminum, steel, and copper account for approximately 80% of the main business costs[115] - The company operates in a highly competitive automotive parts manufacturing industry, where failure to enhance product competitiveness could lead to a loss of market share[116] - Currency exchange rate fluctuations may affect the company's international competitiveness and performance, especially with sales in USD and EUR[117] - The ongoing COVID-19 pandemic presents risks to the automotive supply chain, which could adversely affect the company's performance if the situation worsens[118] Corporate Governance - The company emphasizes the importance of accurate financial reporting and has declared that the financial report is true, accurate, and complete[3] - The company has committed to avoiding related party transactions and ensuring the protection of minority shareholders' rights[128] - The company has not faced any major lawsuits or arbitration matters during the reporting period[139] - The company has not engaged in any significant related party transactions during the reporting period[145] - The company has not encountered any bankruptcy restructuring matters during the reporting period[138] Financial Management - The company has engaged in cash asset management through entrusted financial management during the reporting period[162] - The total amount of entrusted financial management from self-owned funds reached 19,230 million, with an unexpired balance of 1,330 million[164] - The total amount of entrusted financial management from raised funds was 29,200 million, with an unexpired balance of 28,450 million[164] - The overall total of entrusted financial management amounted to 48,430 million, with a total unexpired balance of 29,780 million[164] - The expected annualized return for the non-principal guaranteed floating income type products was set at 3.30%[164] - The company has confirmed that all entrusted financial management activities have been legally processed[164] Future Outlook - The company aims for a revenue target of RMB 73-76 billion in 2021, RMB 86-90 billion in 2022, and RMB 100-108 billion in 2023[104] - The company is focusing on non-principal guaranteed floating income products, with a significant portion of investments allocated to high liquidity assets[179] - The company is actively managing its financial products to ensure competitive returns in the market[191] - The company plans to continue expanding its fundraising strategies in the upcoming fiscal year[195] - The company has shown a strategic focus on increasing its fundraising capabilities through various financial instruments[195]