兴森科技(002436) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 4,034,655,205.99, representing a 6.07% increase compared to CNY 3,803,722,198.74 in 2019[13]. - Net profit attributable to shareholders for 2020 was CNY 521,551,934.79, a significant increase of 78.66% from CNY 291,916,734.51 in 2019[13]. - The net profit after deducting non-recurring gains and losses was CNY 291,899,939.54, up 13.62% from CNY 256,910,559.67 in the previous year[13]. - Basic earnings per share for 2020 increased to CNY 0.35, a 75.00% rise from CNY 0.20 in 2019[13]. - The weighted average return on net assets increased to 17.29% at the end of 2020, up from 10.89% at the end of 2019, representing a growth of 6.40% compared to the previous year[14]. - Total assets reached ¥6,163,815,892.00 in 2020, marking an 18.51% increase from ¥5,201,013,136.82 in 2019[14]. - Net assets attributable to shareholders increased by 16.17% to ¥3,289,281,863.27 in 2020, compared to ¥2,831,371,264.81 in 2019[14]. - The company reported a total operating income of ¥1,026,157,809.52 in Q4 2020, with a net profit attributable to shareholders of ¥64,155,869.27 for the same quarter[16]. - The total revenue for 2020 reached CNY 4,034.66 million, a year-on-year increase of 6.07%[37]. - PCB industry revenue was CNY 3,086.18 million, accounting for 76.49% of total revenue, with a growth of 5.63%[38]. - Semiconductor business revenue was CNY 838.58 million, representing 20.79% of total revenue, with a growth of 4.61%[37]. - IC packaging substrate revenue increased by 13% to CNY 336.16 million, with a gross margin of 13%[39]. Cash Flow and Investments - The net cash flow from operating activities decreased by 20.60% to CNY 407,672,002.49, down from CNY 513,457,721.00 in 2019[13]. - The total cash inflow from investment activities increased by 133.18% to CNY 2,016,827,537.12 in 2020, while cash outflow from investment activities doubled to CNY 2,461,700,772.95[52]. - The net cash flow from financing activities significantly improved, reaching CNY 369,052,270.22, a 458.25% increase from the previous year[52]. - The net increase in cash and cash equivalents was CNY 332,259,786.21, representing a remarkable growth of 715.59% year-on-year[52]. - The company's total investment in 2020 was CNY 481,600,772.95, a substantial increase of 147.20% compared to CNY 194,822,520.64 in the previous year[59]. - Cash and cash equivalents at the end of 2020 amounted to CNY 860,131,044.59, which is 13.95% of total assets, up from 10.15% at the beginning of the year[55]. Research and Development - The company has applied for a total of 104 patents, including 52 invention patents, demonstrating its commitment to innovation and technology development[27]. - Research and development (R&D) investment for 2020 amounted to ¥238,826,055.94, an increase of 20.72% compared to ¥197,840,530.75 in 2019[48]. - The R&D investment accounted for 5.92% of operating revenue in 2020, up from 5.20% in 2019[51]. - The company maintains a strong focus on R&D, with a dedicated team and advanced testing facilities, ensuring high-quality product development and reliability assessments[27]. - The company has established joint laboratories with major global players, enhancing its R&D capabilities in 5G, cloud services, and other advanced technologies[28]. Market Position and Strategy - The company focuses on PCB and semiconductor businesses, providing customized services and solutions, with a strong emphasis on high-value-added products[19]. - The PCB industry is projected to grow at a compound annual growth rate of approximately 5.8%, reaching $79.2 billion by 2025, with China accounting for over half of the global output[20]. - The company operates on a "sales-driven production" model, ensuring customized services based on customer orders[19]. - The company is a leading provider of PCB prototype and small batch manufacturing services, maintaining an average of 25,000 types of PCB orders per month, which positions it at the forefront of the industry[21]. - The company plans to continue expanding its semiconductor business and leverage capital market resources to achieve strategic goals[33]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.80 per 10 shares to all shareholders, based on the total share capital after deducting 14,879,000 shares in the repurchase account[2]. - The cash dividend for 2020 represents 22.59% of the net profit attributable to ordinary shareholders, which was approximately 521.55 million yuan[91]. - The cash dividend distribution is fully compliant with the minimum requirement of 20% for companies in a growth phase with significant capital expenditures[92]. - The company has maintained a consistent cash dividend policy over the past three years, with increasing amounts distributed each year[91]. Environmental and Social Responsibility - The company has implemented ISO14001:2015 environmental management system certification and ISO45001:2018 occupational health and safety management system certification[134]. - The company has received multiple environmental certifications, including the "Green Environmental Excellent Enterprise" title for four consecutive years from 2017 to 2020[135]. - The company has actively participated in social responsibility initiatives, creating job opportunities and supporting public welfare[135]. - The company has established a long-term environmental protection mechanism focused on risk identification and continuous improvement[135]. - The company has achieved wastewater treatment standards for total nickel, with an annual discharge of 0.007 tons[140]. Corporate Governance - The company has a diverse board of directors with extensive backgrounds in finance and technology, enhancing its strategic decision-making capabilities[192]. - The company experienced changes in senior management, with several executives resigning for personal reasons in 2020[189]. - The company has established a three-dimensional incentive system for the remuneration of directors, supervisors, and senior management, based on position, performance, and salary[200]. - The company has no preferred shares outstanding during the reporting period[182]. Future Outlook - The company anticipates growth opportunities in high-layer boards, HDI boards, and IC packaging substrates within the industry[82]. - Future guidance suggests a positive outlook with expected revenue growth driven by new product launches and market expansion strategies[126]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2023[197]. - New product launches are expected to contribute an additional 200 million RMB in revenue in 2021, with a focus on advanced semiconductor technologies[197].