JINGU(SZ:002488)2022-04-28 16:00Financial Performance - The company's operating revenue for 2021 was CNY 2,728,026,797.62, representing a 4.12% increase compared to CNY 2,620,073,619.50 in 2020[26]. - The net profit attributable to shareholders for 2021 was CNY 67,551,727.64, a significant recovery from a loss of CNY 163,170,926.52 in 2020, marking a 4.12% increase year-over-year[26]. - The basic earnings per share for 2021 was CNY 0.09, a 156.25% improvement from negative CNY 0.16 in 2020[26]. - The total assets at the end of 2021 were CNY 6,611,574,802.02, reflecting a 4.05% increase from CNY 6,354,117,748.53 at the end of 2020[26]. - The total revenue for 2021 was approximately $2.73 billion, representing a 4.12% increase from $2.62 billion in 2020[72]. - Revenue from automotive parts manufacturing was approximately $1.75 billion, accounting for 64.25% of total revenue, with a year-over-year growth of 5.39%[72]. - The automotive aftermarket business saw revenue of approximately $79.49 million, a significant increase of 20.23% compared to the previous year[72]. - The gross profit margin for automotive parts manufacturing decreased to 14.06%, down 2.62% from the previous year[74]. - The company reported a gross profit margin of 20.12% for the automotive aftermarket business, an increase of 1.26% year-over-year[74]. - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2021, representing a year-over-year growth of 15%[189]. Cash Flow and Investments - The net cash flow from operating activities for 2021 was negative CNY 260,747,851.72, a decline of 253.61% compared to negative CNY 73,739,054.57 in 2020[26]. - The net cash flow from investment activities increased by 374.48%, reaching ¥220,669,663.35 in 2021, compared to a net outflow of ¥80,394,574.49 in 2020[95]. - The net cash flow from financing activities improved by 207.87%, resulting in a net inflow of ¥115,990,855.01 in 2021, compared to a net outflow of ¥107,523,713.30 in 2020[95]. - The total cash and cash equivalents increased by 122.38%, amounting to ¥59,764,790.13 in 2021, compared to a decrease of ¥267,003,464.29 in 2020[95]. - The total investment amount for the reporting period reached ¥2,255,000,000, a significant increase of 20,215% compared to ¥11,100,000 in the same period last year[104]. Market and Production - The company operates in the automotive manufacturing sector, specifically in the automotive parts manufacturing industry[4]. - The company plans to expand its market presence in automotive parts and distributed photovoltaic power generation sectors[28]. - The company has established a strong market presence in the automotive aftermarket through its subsidiary "Auto Superman," leveraging online and offline integration[43]. - The company has become a key supplier for major domestic and international automotive manufacturers, including SAIC Volkswagen and Ford, and has entered the global supply chain for high-end automotive parts[44]. - The company’s production capacity is approximately 12 million units, with a current production line for Avatar low-carbon wheels capable of producing 1 million units[49]. - In 2021, the company produced 10,012,098 automotive parts, representing a year-on-year increase of 0.79%[50]. - The company plans to expand its Avatar low-carbon wheel production capacity by adding 1 million units in 2022 and an additional 3 million units in 2023 across various locations[49]. - The company plans to achieve an annual production capacity of approximately 2 million Avatar low-carbon wheels by the end of 2022, with targets of 5 million in 2023 and 10 million in 2024[133]. Research and Development - The company has established a provincial-level high-tech R&D center and employs a team of 261 engineers to enhance its product development capabilities[68]. - Research and development expenses increased by 28.87% to ¥55,048,705.32 from ¥42,716,717.13 in the previous year[91]. - The total R&D investment for 2021 was ¥60,605,078.20, an increase of 9.18% compared to ¥55,509,785.48 in 2020[93]. - The proportion of R&D investment to operating revenue rose to 2.22% in 2021 from 2.12% in 2020, reflecting a 0.10% increase[93]. - The company is advancing the research and development of the Avatar low carbon wheel, aiming to enhance its position in the automotive wheel market[92]. Sustainability and Environmental Impact - The company's "Avatar" low-carbon wheels have been recognized for their lightweight, high strength, and precision, with production costs significantly lower than aluminum wheels[42]. - The "Avatar" low-carbon wheel technology is expected to significantly reduce carbon emissions, aligning with national goals for carbon peak and carbon neutrality[46]. - The company was recognized as a "green factory" by the Ministry of Industry and Information Technology in 2021, highlighting its commitment to sustainable practices[44]. - The reduction in vehicle weight from using Avatar commercial vehicle wheels is 288 kg, leading to a significant decrease in fuel consumption[59]. - The carbon emissions reduction from the use of Avatar wheels is approximately 14 tons annually, calculated using the BP China carbon emission calculator[61]. - The company emphasizes the importance of technological innovation to maintain competitiveness and adapt to market changes[134]. - The management team emphasized a commitment to sustainability, aiming for a 20% reduction in carbon emissions by 2025[189]. Corporate Governance and Investor Relations - The company emphasizes its commitment to corporate governance, ensuring compliance with all relevant regulations and maintaining transparency in operations[151]. - The company has established a robust internal audit system to monitor financial performance and compliance, enhancing operational efficiency[153]. - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, organization, and finance[154]. - The company has a complete and independent asset structure, with all operational assets clearly owned by the company[155]. - The company appears to be maintaining a consistent dialogue with investors, which is crucial for transparency and trust-building[136][138][142][144]. - The company conducted multiple investor communications, including phone calls and on-site visits, throughout October to December 2021, engaging with various institutional investors[136][138][142][144]. Challenges and Risks - The company expects to face risks related to raw material price volatility, exchange rate fluctuations, and potential impacts from the COVID-19 pandemic on production[134]. - The automotive industry is experiencing a trend of consumption downgrade, with increasing demand for cost-effective and reliable vehicles among mid-to-low-end consumers[127].