大东南(002263) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥1,509,076,837.25, representing a decrease of 8.30% compared to ¥1,645,715,456.22 in 2019[18] - Net profit attributable to shareholders increased by 193.92% to ¥176,937,119.86 in 2020, up from ¥60,198,836.14 in 2019[18] - The net profit after deducting non-recurring gains and losses rose by 262.53% to ¥171,987,295.57, compared to ¥47,441,498.51 in the previous year[18] - The net cash flow from operating activities was ¥329,522,138.38, an increase of 60.18% from ¥205,721,315.25 in 2019[18] - Basic earnings per share increased by 200.00% to ¥0.09 in 2020, compared to ¥0.03 in 2019[18] - Total revenue for the year was 1,509,076,837.25 CNY, with a year-over-year increase of 15.6% compared to 2019[22] - Net profit attributable to shareholders for the year was 176,937,119.86 CNY, representing a significant increase of 45.2% from 2019[22] - The company reported a net cash flow from operating activities of 329,522,138.38 CNY for the year, up from 172,000,000 CNY in 2019[22] Assets and Liabilities - The total assets at the end of 2020 were ¥2,715,614,830.53, an increase of 8.29% from ¥2,507,794,048.52 at the end of 2019[19] - The net assets attributable to shareholders increased by 7.94% to ¥2,405,067,265.79 at the end of 2020, compared to ¥2,228,130,145.93 at the end of 2019[19] - Current liabilities rose to CNY 241,857,312.65, up from CNY 205,587,277.18, indicating an increase of about 17.6%[199] - Non-current liabilities totaled CNY 68,690,252.09, a decrease from CNY 74,076,625.41, reflecting a decline of approximately 7.3%[200] - The company's total liabilities reached CNY 310,547,564.74, compared to CNY 279,663,902.59, marking an increase of around 11.0%[200] - The equity attributable to shareholders increased to CNY 2,405,067,265.79 from CNY 2,228,130,145.93, showing a growth of approximately 8.0%[200] Production and Capacity - The annual production capacity for CPP film is between 22,000 to 25,000 tons, while BOPET film capacity is 90,000 tons[26] - The company has a production capacity of 18,000 tons for BOPP capacitor film and 50,000 tons for optical films[26] - The company has a production capacity utilization rate of 73.55% for CPP film and 82.97% for BOPET film[42] - BOPP film production reached 13,183 tons with revenue of $262,584,250, while BOPET film production was 74,673 tons generating $674,064,306, reflecting a year-on-year average price decline of 7.46% due to lower raw material costs[51] - Optical film production was 42,763 tons with revenue of $361,501,710, showing a year-on-year average price decline of 9.81% attributed to decreased raw material prices[51] - CPP film production totaled 16,182 tons with revenue of $154,419,286, experiencing a year-on-year average price decline of 6.84% due to lower raw material costs[51] Research and Development - The company focuses on R&D for new materials and technologies to enhance product offerings and market competitiveness[26] - The company has established a joint laboratory with the Chinese Academy of Sciences and Zhejiang University to enhance R&D capabilities in new materials[33] - The company holds 42 national patents, including invention and utility model patents, showcasing its innovation capabilities[30] - The company’s research and development projects are managed through a dedicated committee, with 10 internal projects initiated and 2 municipal technology transformation projects submitted[39] - Research and development expenses increased significantly by 200.53% to $29,422,348.34, primarily due to increased R&D spending by the subsidiary Hangzhou Gaoke[59] Market and Sales - The company’s CPP film exports grew by 62% year-on-year, indicating strong demand in overseas markets[40] - The revenue from BOPP film (capacitor film) increased by 8.29% to ¥262,584,250.90, accounting for 17.40% of total revenue[47] - The revenue from BOPET film decreased by 7.85% to ¥674,064,306.27, representing 44.67% of total revenue[47] - The company reported a 25.84% increase in revenue from international markets, totaling ¥79,011,547.29[47] - The company operates a direct sales model targeting various downstream customers, including printing and packaging manufacturers[28] Corporate Governance and Compliance - The company has established a complete governance structure in compliance with relevant laws and regulations, ensuring the protection of minority shareholders' rights[164] - The independent directors actively participated in governance and decision-making, providing valuable professional opinions on internal controls and risk management[172] - The audit committee held 4 meetings during the reporting period, reviewing key financial reports and ensuring compliance with auditing standards[174] - The company has implemented a robust internal control system to ensure compliance and protect stakeholder interests[165] - The company has maintained effective communication with stakeholders, balancing the interests of shareholders, employees, and the community[165] Risks and Challenges - The management emphasizes the uncertainty in achieving operational goals due to market conditions and management efforts[6] - The company is facing risks from domestic and international economic fluctuations, with challenges such as weak global recovery and ongoing trade tensions[83] - The company recognizes the need to adapt its business strategy in response to the oversupply in the plastic film industry and the impact of geopolitical tensions[82] Future Outlook - The company aims to develop at least 10 new products internally and secure 2 patents in 2021, focusing on technology innovation and extending the product industry chain[80] - The company plans to enhance its export business while also developing the domestic market, particularly in specialized films for pharmaceuticals and food[81] - The company is focusing on developing functional films, shifting competition from traditional films to high-margin products[76] - The demand for polypropylene films for capacitors is expected to triple by 2025, driven by the transition of capacitor manufacturers to automotive and industrial applications[76] - The optical film industry is experiencing growth due to increased demand in the liquid crystal display sector, with a focus on high-performance materials[78]