豪迈科技(002595) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 5,294,480,426.30, representing a 20.68% increase compared to CNY 4,387,056,102.32 in 2019[10]. - The net profit attributable to shareholders for 2020 was CNY 1,007,210,457.12, up 16.74% from CNY 862,763,843.42 in 2019[10]. - The net profit after deducting non-recurring gains and losses was CNY 957,493,475.37, a 14.92% increase from CNY 833,168,538.55 in 2019[10]. - The basic earnings per share for 2020 was CNY 1.2590, reflecting a 16.74% increase from CNY 1.0785 in 2019[10]. - The total assets at the end of 2020 were CNY 6,972,147,328.88, a 2.66% increase from CNY 6,791,766,521.33 at the end of 2019[10]. - The net assets attributable to shareholders at the end of 2020 were CNY 5,769,854,730.45, up 16.54% from CNY 4,951,177,386.04 at the end of 2019[10]. - The net cash flow from operating activities for 2020 was CNY -127,801,322.40, an improvement of 25.34% compared to CNY -171,173,891.62 in 2019[10]. - The weighted average return on equity for 2020 was 18.72%, slightly down from 18.76% in 2019[10]. Revenue Breakdown - The company's total revenue for Q1, Q2, Q3, and Q4 of 2020 was approximately ¥1.08 billion, ¥1.37 billion, ¥1.39 billion, and ¥1.45 billion respectively, showing a steady increase throughout the year[13]. - The net profit attributable to shareholders for the same quarters was approximately ¥191 million, ¥321 million, ¥288 million, and ¥206 million, indicating fluctuations in profitability[13]. - Domestic sales accounted for 59.34% of total revenue, growing by 46.56% year-on-year, while international sales decreased by 4.05% to 40.66% of total revenue[22]. - The automotive tire equipment sector generated CNY 3.10 billion in revenue, contributing 58.64% to total revenue, with a growth of 3.75%[22]. - The large component machinery products segment saw a significant revenue increase of 56.73%, reaching CNY 2.09 billion, which accounted for 39.43% of total revenue[22]. Research and Development - The company maintained a strong focus on R&D, achieving multiple patents and adopting advanced manufacturing technologies such as laser engraving and 3D printing[18]. - The company focused on enhancing R&D and technological innovation, leading to continuous upgrades of specialized equipment and automation in production[20]. - The company increased its R&D investment to ¥200,128,809.98 in 2020, representing a 13.24% increase compared to ¥176,724,267.97 in 2019[33]. - The company plans to enhance its research and development capabilities and expand its product line in the tire mold and rubber machinery sectors[52]. - The company has a strong focus on innovation and continuous improvement to enhance its core competitiveness[52]. Risk Management - The company faces risks including economic environment risk, exchange rate fluctuation risk, market competition risk, and raw material price fluctuation risk[2]. - Economic environment risks may impact product sales and revenue growth, prompting the company to develop effective risk mitigation strategies[58]. - The company faces exchange rate fluctuation risks due to its significant export sales, which could affect pricing and profitability[59]. - The company emphasizes risk management in foreign exchange operations to mitigate potential losses from currency fluctuations[48]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[2]. - The company has distributed a total cash dividend of 600 million yuan over the past three years, with 2020 plans to not distribute cash dividends or issue new shares[67]. - The cash dividend in 2020 represented 29.79% of the net profit attributable to ordinary shareholders, which was 1,007,210,457.12 CNY[70]. - The retained earnings for 2020 increased compared to previous years, indicating a focus on reinvestment rather than dividend distribution[69]. Subsidiaries and Expansion - The company added two subsidiaries in Brazil during the reporting period, expanding its consolidation scope[28]. - The company established two new subsidiaries in Brazil, which will help better serve local customers and expand market presence[51]. - The company aims to increase its international market share and develop a comprehensive manufacturing base for tire molds and rubber machinery[52]. Financial Stability - The company's debt-to-asset ratio stood at 17.16%, indicating a healthy financial status[20]. - The total liabilities decreased to CNY 1,196,481,839.53 in 2020 from CNY 1,834,637,570.30 in 2019, a reduction of approximately 34.73%[171]. - The equity attributable to shareholders of the parent company increased to CNY 5,769,854,730.45 in 2020, up from CNY 4,951,177,386.04 in 2019, representing a growth of about 16.43%[171]. Corporate Governance - The company has appointed Xinyong Zhonghe Accounting Firm with an audit service fee of 520,000 RMB, maintaining a continuous service period of 13 years[80]. - The company has established an internal audit department to oversee internal control and audit processes[149]. - The audit report was signed on March 29, 2021, by the accounting firm Xinyong Zhonghe[158]. - The company has maintained compliance with corporate governance standards set by regulatory authorities, with no significant discrepancies reported[136]. Employee and Management - The company has a total of 12,890 employees, with 8,925 in production, 157 in sales, and 2,431 in technical roles[131]. - The company has established a comprehensive training system, completing various training programs in 2020, including new employee onboarding and management training[134]. - The company has a diverse board with members having extensive backgrounds in engineering and management[119]. Audit and Compliance - The company reported a standard unqualified audit opinion for the financial statements for the year ended December 31, 2020[158]. - The audit committee reviewed the financial reports and internal control systems, ensuring compliance with relevant regulations[148]. - The company has implemented key audit procedures to assess the reasonableness of management's assumptions regarding expected credit losses and the adequacy of the bad debt provision[163].