BOSUN(SZ:002282)2021-04-19 16:00Financial Performance - The company's operating revenue for 2020 was CNY 1,292,337,965.78, representing a 10.62% increase compared to CNY 1,168,217,076.64 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 132,969,017.40, an increase of 84.12% from CNY 72,219,763.79 in 2019[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 104,264,039.99, up 64.68% from CNY 63,313,013.32 in 2019[17]. - The net cash flow from operating activities for 2020 was CNY 209,575,775.14, a 31.60% increase from CNY 159,253,172.76 in 2019[17]. - Basic earnings per share for 2020 were CNY 0.29, an increase of 81.25% compared to CNY 0.16 in 2019[17]. - The weighted average return on net assets for 2020 was 5.58%, up from 3.32% in 2019[17]. - The company’s operating profit was CNY 161.67 million, up 77.32% compared to the previous year[45]. - The company reported a total revenue of ¥1.29 billion, with domestic sales accounting for ¥893.57 million and international sales at ¥398.76 million[57]. - The company reported a total distributable profit of 367,340,354.39 CNY for the 2020 fiscal year[138]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.8 per 10 shares, totaling CNY 43,515,549.12 based on 543,944,364 shares[5]. - The cash dividend for 2020 represents 32.73% of the net profit attributable to the company's shareholders[137]. - The cash dividends for the past three years were 13,132,155.33 CNY in 2018, 26,264,310.66 CNY in 2019, and 43,515,549.12 CNY in 2020[137]. - The company has maintained a cash dividend payout ratio of at least 80% during its mature development stage[138]. Acquisitions and Business Expansion - In August 2020, the company acquired 100% equity of Wenzhou Haiwei Locomotive Parts Co., Ltd., expanding into the high-speed train brake disc business[15]. - The company completed the acquisition of Haiwei Locomotive, enhancing its capabilities in the production and sales of train brake components[26]. - The acquisition of Haiwei Locomotive resulted in an increase of fixed assets by CNY 124.88 million and intangible assets by CNY 36.84 million[35]. - The company has expanded its business into the coated abrasive sector through the acquisition of Jinniu Grinding, positioning itself as a major player in the abrasive tools industry[27]. - The company completed the acquisition of 86.53% of Weishanghai Weijichu Co., which became a wholly-owned subsidiary, impacting financial results from September 2020[62]. Research and Development - The company emphasizes ongoing research and development of new products and technologies to enhance its competitive position in the market[15]. - The company has a total of 145 valid national patents, including 32 invention patents, enhancing its technological advantage[39]. - The company invested CNY 48,356,879.07 in R&D in 2020, representing a 24.71% increase from CNY 38,774,415.94 in 2019, with R&D expenditure accounting for 3.74% of total revenue[72]. - R&D expenses increased by 24.59% to ¥48.36 million, reflecting the company's commitment to innovation[67]. Market Performance and Sales - The company reported a significant increase in user data and market expansion efforts, particularly in the diamond tool product segment[15]. - The diamond tool segment achieved operating revenue of ¥479,865,100, with a year-on-year growth of 8.45%, and net profit attributable to shareholders increased by 346.70% to ¥5,024.18 million[48]. - The coated abrasive segment generated operating revenue of CNY 743.73 million, a year-on-year increase of 4.37%[46]. - The company’s revenue from diamond tools and coated abrasives improved significantly in the second half of 2020, following the initial impact of the COVID-19 pandemic[33]. Financial Management and Risks - The company faced a rise in raw material procurement costs due to increased overall orders in the domestic manufacturing sector and international commodity market fluctuations[47]. - The company’s effective tax rate increased from 15% to 25% due to the failure to pass the high-tech enterprise re-evaluation, impacting overall profitability[47]. - The company’s cash flow from financing activities decreased by 62.01% to CNY 187,324,192.34, influenced by the payment of underwriting fees for stock issuance[74]. - The company faces risks from raw material price fluctuations, which account for over 60% of total product costs, potentially impacting profitability[125]. Compliance and Governance - The company has not reported any significant accounting errors that require retrospective restatement during the reporting period[164]. - The company has established a fundraising management system to ensure the proper and legal use of raised funds, in compliance with relevant laws and regulations[151]. - The company emphasizes the importance of governance to protect the rights of minority shareholders and ensure efficient decision-making processes[151]. - The company will ensure compliance with relevant laws and regulations regarding related party transactions[142]. Future Outlook - The company plans to achieve operating revenue of 1.68 billion yuan and a net profit of 222.56 million yuan in 2021, representing growth of 29.85% and 67.37% respectively compared to 2020[114]. - The company anticipates a revenue growth of 12% for the upcoming fiscal year, driven by new product launches and market expansion strategies[100]. - The company aims to enhance its competitive advantage by increasing R&D investment and expanding its market presence globally[38]. - The company plans to strengthen internal management and operational efficiency, with a target of over 15% revenue growth and over 20% net profit growth for the grinding materials segment in 2021[115].