亚太科技(002540) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥3,989,600,120.25, representing a 12.99% increase compared to ¥3,531,012,329.37 in 2019[22] - The net profit attributable to shareholders for 2020 was ¥357,256,375.26, a decrease of 1.31% from ¥361,998,416.13 in 2019[22] - The net cash flow from operating activities was negative at ¥-32,116,681.25, a decline of 119.36% compared to ¥165,849,610.83 in 2019[22] - The total assets at the end of 2020 amounted to ¥5,305,595,798.62, an increase of 5.66% from ¥5,021,425,757.11 at the end of 2019[22] - The net assets attributable to shareholders were ¥4,628,950,913.72 at the end of 2020, slightly up by 0.18% from ¥4,620,685,854.88 at the end of 2019[22] - Basic earnings per share for 2020 were ¥0.2864, a decrease of 0.90% from ¥0.2890 in 2019[22] - The weighted average return on net assets was 7.58% in 2020, showing a slight increase from 7.54% in 2019[22] Dividend and Shareholder Information - The company plans to distribute a cash dividend of ¥0.6 per 10 shares to all shareholders based on the total share capital as of April 23, 2021[5] - A total of CNY 200 million was allocated for profit distribution to shareholders in the first half of 2020, reflecting the company's commitment to shareholder returns[65] Market and Industry Trends - The company specializes in high-performance aluminum extrusion materials, serving key sectors such as automotive, aerospace, and industrial applications[35] - The company has expanded its international market presence across Asia, Europe, North America, South America, and Africa[35] - The Chinese government's New Energy Vehicle (NEV) sales target is set to reach approximately 20% of total new car sales by 2025, with an average energy consumption of pure electric passenger vehicles reduced to 12.0 kWh per 100 km[39] - In 2020, China's automobile production and sales were 25.225 million and 25.311 million units, respectively, representing a year-on-year decline of 2% and 1.9%[39] - The aluminum extrusion material's share in vehicles is expected to increase from 9%-10% to around 22% when the aluminum usage per vehicle reaches 565 pounds (approximately 256 kg)[39] - The demand for aluminum alloy materials in the aerospace sector is significant, with approximately 28% of aircraft aluminum being extrusion materials[43] - The 5G sector is driving substantial demand for aluminum materials, particularly in the construction of new 5G base stations[43] Research and Development - The company emphasizes stable R&D investment, focusing on technology accumulation and product quality improvement to enhance core competitiveness[43] - The company invested CNY 150.16 million in R&D, accounting for 3.76% of its revenue, and holds 382 patents[52] - R&D investment increased by 7.63% to ¥150,160,646.93 in 2020, while the number of R&D personnel decreased by 6.76% to 386[86] - The company has a strong team of 386 R&D personnel, enhancing its capability to meet diverse customer needs[52] Production and Capacity - The company’s aluminum extrusion capacity reached 230,000 tons, with ongoing projects including a 65,000-ton project and a 40,000-ton project[64] - The company plans to expand its production capacity to approximately 250,000 tons of aluminum extrusion materials by 2021, with a projected year-on-year growth in production and sales of 8% to 30%[183] - The company is actively expanding its capacity with projects such as a 65,000-ton project and a 40,000-ton project, focusing on applications in new energy vehicles and aerospace[191] Cash Flow and Financial Management - Operating cash inflow rose by 9.68% to ¥3,747,673,413.42, but operating cash outflow increased by 16.26% to ¥3,779,790,094.67, resulting in a net cash flow from operating activities of -¥32,116,681.25, a decline of 119.36%[91] - Investment cash inflow grew by 10.80% to ¥3,634,900,766.93, while investment cash outflow surged by 28.33% to ¥3,298,147,810.44, leading to a net cash flow from investment activities of ¥336,752,956.49, down 52.61%[91] - Financing cash inflow increased by 55.73% to ¥149,938,581.86, while financing cash outflow decreased by 58.60% to ¥399,688,727.24, resulting in a net cash flow from financing activities of -¥249,750,145.38, an improvement of 71.26%[91] Risk Management - The company faces risks related to high market concentration in the automotive sector, which could impact its revenue if the industry experiences significant downturns[185] - The company faces significant risks from raw material price fluctuations, particularly aluminum, which constitutes a large portion of its operating costs[189] - Trade barriers due to U.S. tariffs on Chinese aluminum products pose a risk to the company's export trade, with ongoing uncertainties in foreign markets[190] - The company has implemented a pricing model based on "aluminum price + processing fee" to mitigate the impact of aluminum price volatility[191] Investor Relations - The company conducted a total of 65 investor communication sessions throughout 2020, including both on-site research and phone communications[199] - The company has engaged with various institutional investors, including Huatai Securities and Cinda Asset Management, to discuss operational conditions and publicly disclosed data[199] - The investor relations activities included meetings with multiple investment management firms, showcasing a diverse interest from the investment community[199] - The company has been proactive in maintaining communication with investors, indicating a commitment to transparency and engagement[199]