XZCE(SZ:002534)2021-03-29 16:00Financial Performance - The company's operating revenue for 2020 was ¥5,355,666,321.19, representing a 36.37% increase compared to ¥3,927,432,985.42 in 2019[27]. - The net profit attributable to shareholders for 2020 was ¥515,483,501.21, a 40.79% increase from ¥366,123,625.55 in 2019[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥371,617,123.31, up 58.32% from ¥234,719,273.09 in 2019[27]. - The basic earnings per share for 2020 was ¥0.70, a 40.00% increase from ¥0.50 in 2019[27]. - The total assets at the end of 2020 were ¥10,409,269,681.16, an increase of 11.95% from ¥9,298,019,715.08 at the end of 2019[27]. - The net assets attributable to shareholders at the end of 2020 were ¥3,383,512,272.85, a 4.03% increase from ¥3,252,353,041.92 at the end of 2019[27]. - The company reported a net cash flow from operating activities of ¥852,475,235.91 in 2019, which decreased by 5.82% in 2020[27]. - The total operating revenue for 2020 reached ¥5,355,666,321.19, representing a year-on-year increase of 36.37% compared to ¥3,927,432,985.42 in 2019[78]. - The boiler and prime mover manufacturing sector contributed ¥5,292,613,117.65, accounting for 98.82% of total revenue, with a year-on-year growth of 38.39%[78]. - The sales of waste heat boilers amounted to ¥2,210,417,717.17, which is 41.27% of total revenue, showing a growth of 38.74% year-on-year[78]. - The gross profit margin for the boiler and prime mover manufacturing sector improved to 22.91%, up by 2.49% from the previous year[78]. - Domestic sales accounted for 86.28% of total revenue, amounting to ¥4,620,774,266.61, with a year-on-year increase of 32.84%[78]. - The company reported a significant increase in foreign sales, which grew by 63.73% year-on-year, totaling ¥734,892,054.58[78]. - The company reported a significant increase in sales expenses to ¥118,252,187.12, up 79.91% from ¥65,729,808.45 in 2019, primarily due to increased sales scale[93]. Dividends and Share Capital - The company reported a cash dividend of 4 RMB per 10 shares for a total of 718,632,904 shares, excluding repurchased shares[7]. - The total cash dividend proposed for 2020 is RMB 287,453,161.60, with a distribution of RMB 4 per 10 shares[166]. - The cash dividend for 2020 represents 55.76% of the net profit attributable to ordinary shareholders, which is RMB 515,483,501.21[170]. - The total cash dividend amount, including other methods, is RMB 320,170,649.75, which accounts for 100% of the profit distribution[171]. - The company’s total share capital is 739,201,050 shares, with 20,568,146 shares repurchased[7]. Business Operations and Strategy - The company operates in the energy-saving and environmental protection industry, focusing on waste heat boilers and clean energy equipment[41]. - The company maintains an order-based production model and direct sales approach for its products[43]. - The company is committed to expanding its core business in energy-saving and environmental protection equipment, particularly waste heat boilers[43]. - The company plans to focus on energy utilization upgrades and solution innovations, aiming to become a global leader in energy-saving and environmental protection equipment[58]. - The company has developed a 50MW molten salt energy storage system, which has achieved the highest average power generation rate among similar plants globally[48]. - The company is implementing a "Lean Manufacturing" and "Innovative Cooperation" strategy to enhance its core competitiveness[58]. - The company has established a new energy + energy storage business model, which is set to be applied in various scenarios such as energy storage and peak shaving[54]. - The company achieved new orders of 6.24 billion yuan during the reporting period, a 32% increase year-on-year, with waste heat boiler equipment orders growing by 55% to 3.52 billion yuan[64]. - The company is actively exploring new energy and storage business models, with initial research and development completed for applications in energy storage and peak shaving[63]. - The company is expanding its market presence internationally, establishing offices in Thailand and Dubai, and planning to open offices in Bangladesh, Indonesia, and Russia[69]. - The company aims to transition from being a single equipment provider to a comprehensive energy solution supplier, enhancing its market share through integrated solutions[134]. - The company is committed to achieving carbon neutrality by 2060 and will continue to explore new business models in energy conservation and emission reduction[139]. Research and Development - Research and development investment reached 30.488 million yuan, a 55% increase compared to the previous year, reflecting the company's commitment to innovation[68]. - The company established a strategic cooperation with Zhejiang University to form an advanced energy joint research center, focusing on solar power, biomass utilization, and carbon capture technologies[68]. - The company has established a joint energy technology research institute with Xi'an Jiaotong University and an advanced energy R&D center with Zhejiang University to enhance product quality and address key technology challenges in the new energy sector[95][97]. - The company successfully developed a high-efficiency waste heat recovery device for propane dehydrogenation systems, expanding its product offerings in the petrochemical industry[98]. - The company is actively engaged in research on nuclear power products, focusing on pressure vessels and heat exchangers, to promote the development of domestic nuclear power products[99]. - The company's R&D investment reached ¥304,882,704.59 in 2020, an increase of 54.90% compared to ¥196,820,475.57 in 2019, with R&D expenses accounting for 5.69% of total revenue[101]. - The number of R&D personnel increased to 596 in 2020, representing 26.68% of the workforce, up from 530 and 25.35% in 2019[101]. - The company applied for 24 patents in 2020, with 29% being invention patents, and received 32 authorized patents, with 19% being invention patents[94]. Risk Management - The company faces risks including fluctuations in raw material prices, bad debts from accounts receivable, and market competition[6]. - The company has a risk of market changes and competition that could impact its financial performance[6]. - The company is addressing risks related to raw material price fluctuations and accounts receivable by implementing stricter management and control measures[147]. Corporate Governance and Compliance - The company has not changed its main business since its listing, indicating stability in operations[25]. - The company has not reported any changes in its controlling shareholders since its listing, indicating stable ownership[25]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and management[5]. - The company strictly fulfilled commitments related to avoiding competition and related transactions, with a commitment to increase shareholding between 14,784,100 shares (approximately 2% of total shares) and 22,176,000 shares (approximately 3% of total shares) by Wang Shuifu[174]. - The company executed new revenue recognition standards starting January 1, 2020, impacting the financial statements without adjusting prior periods[177]. - The company reported no significant accounting errors requiring restatement during the reporting period[178]. - The company had no major litigation or arbitration matters during the reporting period[183]. - The company disclosed a related party transaction amounting to 28.2655 million yuan for engineering construction services, representing 26% of similar transaction amounts[188]. - The company did not engage in any asset or equity acquisition or sale transactions during the reporting period[189]. - The company did not have any major guarantees during the reporting period[195]. - The company has no instances of illegal external guarantees during the reporting period[198]. Investments and Acquisitions - The company acquired a 22.23% stake in Zhejiang Zhongguang New Energy Technology Co., Ltd. for ¥300,119,906.81, focusing on solar thermal power station operations[118]. - The company invested ¥302,594,940.31 in the Dingqiao Joint Factory Renovation Project, with a total actual investment of ¥387,277,322.31, aimed at enhancing R&D and manufacturing services[121]. - The company approved a guarantee amount of ¥17,850 million for its subsidiary, Hangzhou Lin'an Green Energy Environmental Power Co., Ltd., with a guarantee period of 10 years[197]. - The actual guarantee amount utilized during the reporting period totaled ¥10,000 million, which is 2.96% of the company's net assets[197]. - The company engaged in cash asset management, with a total of ¥40,500 million in broker financial products and ¥150,720 million in bank financial products[200]. - The outstanding balance for broker financial products is ¥12,000 million, while the outstanding balance for bank financial products is ¥46,195.37 million[200]. Industrial Development - The company has successfully attracted over 100 enterprises to its second phase of the industrial park, which covers approximately 240,000 square meters[156]. - The occupancy rate of the second phase project has exceeded 45%, indicating strong demand for the facilities[156]. - The company plans to complete the construction of the fourth phase, which focuses on smart manufacturing and covers about 60,000 square meters, by 2022[156]. - The industrial park is positioned to become a stable profit growth point and an important platform for investment development once fully operational[156]. - The company has introduced high-end brands such as Sam's Club, Haidilao, KFC, and Starbucks to its third phase of the industrial park, enhancing its commercial offerings[156]. - The company is developing the Xizi Smart Industrial Park, which is expected to become a new profit growth point upon full operation[154].