CBGF(002478)2023-03-21 16:00Financial Performance - The company's operating revenue for 2022 was ¥6,223,365,024.31, representing a 47.25% increase compared to ¥4,226,439,754.36 in 2021[18]. - Net profit attributable to shareholders reached ¥471,032,813.12, a significant increase of 246.78% from ¥135,829,222.15 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥449,197,784.64, up 1,007.77% from ¥40,549,754.85 in 2021[18]. - The basic earnings per share rose to ¥0.52, reflecting a 246.67% increase from ¥0.15 in 2021[18]. - The total assets at the end of 2022 were ¥7,335,394,006.38, an increase of 5.23% from ¥6,970,682,706.84 at the end of 2021[18]. - The net assets attributable to shareholders increased by 8.01% to ¥4,579,471,301.21 from ¥4,239,883,161.83 in 2021[18]. - The cash flow from operating activities was ¥783,199,195.75, a turnaround from a negative cash flow of -¥482,757,773.40 in 2021, marking a 262.23% improvement[18]. - The weighted average return on equity was 10.79%, up from 3.15% in the previous year, indicating improved profitability[18]. Revenue Breakdown - The oil casing segment generated ¥3,699,593,073.2, accounting for 59.45% of total revenue, with a remarkable growth of 105.13% year-on-year[42]. - The company achieved an export revenue of ¥2,839,839,540.5, which is 45.63% of total revenue, reflecting a significant increase of 146.34% compared to the previous year[42]. - The internal sales revenue was ¥3,383,525,483.7, which is a 10.08% increase from the previous year, while external sales revenue grew by 21.11%[44]. Production and Capacity - The company has a production capacity of 1 million tons for small and medium-caliber special pipes, enhancing its competitive advantage in the industry[30]. - The PQF production line project has been released, contributing to a substantial increase in production and sales scale, achieving historical highs[33]. - The production line for PQF has achieved a total output of 300,000 tons, marking a successful phase in capacity release since its trial operation[39]. Research and Development - The company obtained 41 new patents during the reporting period, indicating a significant enhancement in both the quantity and quality of its intellectual property[38]. - Research and development investment increased by 45.36% to ¥230,582,267.06, accounting for 3.71% of operating revenue[51]. - The company is developing high-precision reaction pipes for the petrochemical industry, aiming to capture a share of the high-end market[51]. Risk Management - The company acknowledges various risks including raw material price fluctuations and foreign exchange losses, which may impact future performance[5]. - The company has established a comprehensive risk management framework for foreign exchange hedging, including measures to address market, internal control, and legal risks[68]. - The company only conducts foreign exchange hedging with qualified large commercial banks to minimize legal risks[68]. Environmental Responsibility - Jiangsu Changbao Steel Tube Co., Ltd. has obtained pollution discharge permits for its subsidiaries, with validity periods ranging from March 15, 2022, to March 14, 2027, and from September 30, 2022, to September 29, 2027[153]. - The company reported a total emission of 0.25560 tons/year for particulate matter, 8.44858 tons/year for NOx, and 0.0138 tons/year for sulfur dioxide, all within the regulatory limits[154]. - 90% of the treated cooling water and domestic sewage is reused in production, while 10% is sent to the Qizhu Yany sewage treatment plant for centralized processing[157]. Corporate Governance - The company has a total of 7 board members, including 3 independent directors, complying with legal and regulatory requirements[85]. - The company has established a fair and effective performance evaluation and incentive mechanism for senior management, combining base salary with year-end performance assessments[86]. - The company ensures transparent information disclosure, adhering to legal requirements and maintaining equal access to information for all shareholders[86]. Employee Management - The total number of employees at the end of the reporting period is 1,803, with 460 in the parent company and 1,343 in major subsidiaries[128]. - The professional composition includes 1,060 production personnel, 49 sales personnel, 411 technical personnel, 24 financial personnel, 206 administrative personnel, and 53 others[128]. - The company has implemented a differentiated salary system based on performance evaluations and value contributions, with a focus on position performance grading[129]. Future Outlook - The company anticipates stable domestic demand for oil and gas exploration pipes in 2023, supported by national energy security strategies and increased exploration needs[78]. - The company aims to achieve a gross margin of 30% in the next fiscal year, up from 28%[104]. - Future guidance suggests a revenue target of 1.5 billion RMB for the next fiscal year, reflecting a growth rate of 25%[104].