成飞集成(002190) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥983,749,274.02, a decrease of 41.26% compared to ¥1,674,708,643.52 in 2019[23] - The net profit attributable to shareholders for 2020 was ¥118,882,515.61, down 81.50% from ¥642,453,107.72 in 2019[23] - The basic earnings per share for 2020 was ¥0.3314, reflecting an 81.50% decline from ¥1.7909 in 2019[23] - The net cash flow from operating activities was ¥106,787,247.54, a significant increase of 271.08% compared to -¥62,418,162.61 in 2019[23] - The total assets at the end of 2020 were ¥3,548,168,203.72, a decrease of 6.44% from ¥3,333,396,952.11 at the end of 2019[26] - The net assets attributable to shareholders at the end of 2020 were ¥2,542,818,053.77, an increase of 1.30% from ¥2,510,289,808.05 at the end of 2019[26] - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of ¥27,913,279.47, a decrease of 9.82% from ¥30,953,052.38 in 2019[23] - The weighted average return on net assets for 2020 was 4.65%, down from 30.32% in 2019, indicating a decline of 25.67%[23] Revenue Breakdown - Total revenue for the year reached ¥1,983,749,374.02, with a significant increase in the fourth quarter to ¥467,900,375.34, representing a quarter-on-quarter growth[29] - The net profit attributable to shareholders for the fourth quarter was ¥108,088,656.05, showing a strong recovery from a loss of ¥9,513,914.94 in the first quarter[29] - The net cash flow from operating activities in the fourth quarter was ¥77,621,041.04, indicating improved cash generation capabilities[29] - The automotive mold business saw stable growth, with revenue driven by orders from the automotive industry, despite challenges from market competition[38] - The aerospace parts business achieved record revenue, reflecting successful market expansion efforts and strong partnerships with domestic aircraft manufacturers[40] - Revenue from tooling molds was 417,329,309.40 CNY, with a year-on-year increase of 4.55%[60] - Revenue from automotive parts reached 433,149,280.29 CNY, showing a year-on-year growth of 9.69%[60] - Revenue from aviation parts was 120,377,270.85 CNY, reflecting a year-on-year increase of 7.10%[60] Investment and Assets - The company adjusted its accounting method for its investment in AVIC Lithium Battery Technology Co., Ltd. from equity method to fair value measurement due to a decrease in ownership from 22.99% to 12.60%[6] - The company’s long-term equity investments decreased by 100% due to strategic decisions, resulting in a shift to fair value accounting for these investments[41] - Fixed assets decreased by 4.12% compared to the beginning of the year, primarily due to accumulated depreciation exceeding new asset additions[41] - Trading financial assets decreased by 44.35% compared to the beginning of the year, mainly due to the conversion of non-restricted shares to restricted shares and the impact of fair value changes[43] - Other equity investments increased by 6183.72% compared to the beginning of the year, as the company’s stake in lithium battery technology was diluted to 12.60% due to strategic considerations[43] - The company reported an asset impairment of -27,067,965.85 yuan, primarily from inventory write-downs and bad debt provisions for contract assets[86] Cash Flow and Financing - The net cash flow from investment activities increased by 88.55% year-on-year, mainly because there were no significant investment expenditures related to the lithium battery business after its restructuring in June 2019[82] - The net cash flow from financing activities increased by 99.89% year-on-year, driven by new policy bank loans and increased bank loans during the establishment of the new subsidiary[82] - The net increase in cash and cash equivalents rose by 100.61% year-on-year, attributed to a substantial decrease in investment and financing expenditures compared to the previous year[82] - Long-term borrowings increased to 101,300,717.00 yuan, accounting for 2.86% of total assets, reflecting the company's strategic financing needs[90] Research and Development - Research and development expenses in 2020 totaled ¥48,589,256.45, down 54.94% from ¥107,824,741.16 in 2019, primarily due to the exclusion of lithium battery business R&D costs from the consolidated scope[78] - The company’s investment in research and development personnel increased to 205 in 2020, representing 18.37% of the workforce, up from 17.31% in 2019[78] - The company completed a major national science and technology project, enhancing automation and intelligent technology applications in manufacturing[77] Shareholder and Dividend Information - The company proposed a cash dividend of ¥1 per 10 shares, based on a total of 358,729,343 shares[6] - The total distributable profit for the reporting period was 107,502,599.42 yuan, with 100% allocated to cash dividends[130] - The company distributed cash dividends of 0.6 yuan per 10 shares, totaling 21,523,760.58 yuan to shareholders[177] - The company has not conducted any capital reserve transfers to increase share capital in the past three years[125] Corporate Governance and Compliance - The company has committed to avoiding competition with its controlling shareholder's other enterprises during the reporting period[131] - The company has ongoing commitments to prevent conflicts of interest and competition with its controlling shareholder's businesses[131] - The company has established a commitment to maintain independent financial operations, including having a separate financial department and independent bank accounts, ensuring no interference from the major shareholder[137] - The company has not violated any of its commitments to maintain independence and these commitments are still being fulfilled as of the latest report[134] Market Outlook and Strategy - The company anticipates that the new energy vehicle market will become a growth point, supported by favorable government policies and increasing demand[38] - The company is optimistic about the automotive market's recovery, with total vehicle production and sales in 2020 reaching 25.22 million and 25.31 million units, respectively, a decrease of only 2% and 1.9% year-on-year[108] - The company plans to improve its mold business operations by focusing on core products and high-end markets, aiming for steady and quality growth in automotive stamping molds[111] - The company is committed to enhancing its innovation system and digital transformation to improve operational quality and achieve high-quality development[112] Environmental and Social Responsibility - The company has supported poverty alleviation efforts for 10 years, assisting children in rural areas and purchasing products from impoverished regions[183] - The company has received certifications for its environmental and occupational health safety management systems, promoting its environmental initiatives[183]