KDTECH(SZ:002516)2021-04-14 16:00Financial Performance - The company's operating revenue for 2020 was ¥1,489,962,592.08, a decrease of 5.34% compared to 2019[29]. - Net profit attributable to shareholders for 2020 was ¥209,768,330.17, an increase of 25.60% from the previous year[29]. - The net profit after deducting non-recurring gains and losses was ¥182,820,758.19, reflecting a growth of 26.34% year-on-year[29]. - The net cash flow from operating activities reached ¥256,779,363.12, up by 21.70% compared to 2019[29]. - Basic and diluted earnings per share for 2020 were both ¥0.1426, representing a 27.21% increase from the previous year[29]. - Total assets at the end of 2020 were ¥3,960,964,186.81, a decrease of 4.29% from the end of 2019[29]. - The company reported a total revenue of ¥1,487,962,592.08, with a year-on-year decrease of 5.29%[66]. - The company's revenue from the power sector reached ¥203,158,738.42, representing a year-on-year increase of 6.17% with a gross margin of 59.27%[66]. - The revenue from the textile industry was ¥936,431,060.65, which decreased by 11.50% year-on-year, with a gross margin of 23.75%[66]. - The company achieved a net profit available for distribution to ordinary shareholders of CNY 81,811,915.88, with a cash dividend distribution plan of CNY 73,315,444.10, representing 100% of the profit distribution total[154]. Dividend Policy - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[9]. - In 2020, the company proposed a cash dividend of 0.50 yuan per share, totaling 73,315,444.10 yuan, which represents 34.95% of the net profit attributable to ordinary shareholders[150]. - The company has consistently increased its cash dividends over the past three years, with a notable 220.17% payout ratio in 2019[151]. - The cash dividend per 10 shares is set at CNY 0.50, with no stock dividends or capital reserve transfers planned[154]. - The company has committed to distributing at least 10% of the annual net profit as cash dividends, with a minimum of 30% over any three consecutive years[155]. Business Segments - The automotive interior segment, a secondary supplier to automotive manufacturers, faced significant challenges in Q1 2020 due to the pandemic, but began to recover from April onwards[8]. - The overall automotive production and sales growth rate for 2020 showed a slight decline but has stabilized, indicating a recovery trend[8]. - The automotive interior products are primarily produced based on orders, with a focus on woven and knitted fabrics[43]. - The automotive interior materials segment generated a net profit of CNY 118.62 million, a year-on-year increase of 40.63%, despite challenges from the pandemic[52]. - The company maintains a strong position in the automotive interior materials industry, holding a significant market share and qualifying as a global supplier for major automotive brands[59]. Investments and Acquisitions - The company completed a joint acquisition of NSD's controlling stake in October 2020, entering the high-end SAW filter market[27]. - The company has optimized its photovoltaic power station investment and operations, selling some assets to align with industry policy changes and market demand[27]. - The company has established a new subsidiary, Kuangda Fucheng, with a registered capital of 10 million yuan, focusing on investment activities and technical services[76]. - The company made significant investments totaling ¥328,000,000.00 during the reporting period, a 100% increase compared to the previous year[109]. - The company has cumulatively invested CNY 424,999,964.40 in the Shaanxi Yulin 100MW photovoltaic project, with no direct investment in the current year[118]. Research and Development - The company has developed a self-cleaning colored differentiated PET fiber for automotive interior materials, addressing issues such as harmful residues and durability, with a project timeline from January 2019 to December 2021[94]. - The company has also developed a regenerated environmentally friendly fiber that meets high standards for automotive interior textiles, with a project timeline from January 2019 to December 2021[94]. - The company has successfully launched high-elasticity special large loop differentiated fibers, enhancing softness and mechanical strength for automotive textiles, with a project timeline from January 2020 to December 2022[94]. - The company has completed the R&D of high flame-retardant self-cleaning automotive interior materials, which have already entered mass production, with a project timeline from January 2018 to December 2020[94]. - The company has developed composite functional knitted materials for automotive interiors, which have also entered mass production, with a project timeline from January 2018 to December 2020[94]. Operational Efficiency - The company has established a comprehensive service network covering major automotive production bases in China, facilitating timely product design and support[48]. - The company has developed a surface defect automatic detection system to improve product quality and reduce production costs[100]. - The company's production capacity for yarn and fabric is 13,590.05 tons, with a utilization rate of 68%, down from 71% the previous year[84]. - Inventory turnover days were reported at 91 days, with inventory balance increasing by 1.51% year-on-year[90]. - The company has a total of 6,383.61 million yuan in rental agreements scheduled from January 1, 2020, to December 31, 2024[188]. Market Conditions - The automotive market in China showed signs of recovery, with total vehicle sales declining only 1.9% year-on-year, indicating a narrowing of the decline compared to previous periods[57]. - The automotive interior business is subject to cyclical fluctuations, with pressures from declining vehicle prices impacting sales prices of interior materials[141]. - The company has not experienced any significant discrepancies in its actual operating performance compared to previously disclosed profit forecasts, maintaining stability[141]. Risk Management - The company reported that there are no significant risks affecting its normal operations, although it acknowledges potential risks in daily operations[8]. - The company has confirmed that all commitments made by major shareholders and related parties have been fulfilled during the reporting period[155]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[161]. Compliance and Governance - The company’s financial report is guaranteed to be true, accurate, and complete by its board and management, ensuring accountability[6]. - The company has engaged the same accounting firm for nine consecutive years, ensuring continuity in audit services[168]. - The company has implemented new revenue recognition standards starting January 1, 2020, affecting the accounting policies without significant impact on financial results[162].