良信股份(002706) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 3,016,563,222.31, representing a 47.98% increase compared to CNY 2,038,513,229.74 in 2019[24] - The net profit attributable to shareholders for 2020 was CNY 375,467,233.97, a 37.49% increase from CNY 273,089,847.42 in 2019[24] - The net cash flow from operating activities increased by 91.20% to CNY 633,409,825.21 in 2020, up from CNY 331,286,519.74 in 2019[24] - The total assets of the company at the end of 2020 were CNY 3,260,945,946.79, a 39.98% increase from CNY 2,329,648,816.15 at the end of 2019[24] - The net assets attributable to shareholders increased by 12.81% to CNY 2,038,051,613.91 at the end of 2020, compared to CNY 1,806,565,872.15 at the end of 2019[24] - The basic earnings per share for 2020 were CNY 0.49, a 40.00% increase from CNY 0.35 in 2019[24] - The weighted average return on equity for 2020 was 18.45%, up from 13.80% in 2019, reflecting a 4.65% increase[24] Revenue Breakdown - The company's total revenue for the year was approximately ¥3.2 billion, with a quarterly breakdown of ¥446.89 million in Q1, ¥835.43 million in Q2, ¥861.09 million in Q3, and ¥873.16 million in Q4[29] - The revenue from distribution electrical products reached ¥1,427,202,447.73, accounting for 47.31% of total revenue, with a year-on-year growth of 56.21%[54] - The company's domestic revenue was ¥2,964,753,354.30, which is 98.28% of total revenue, showing a 47.78% increase compared to the previous year[54] Cash Flow and Assets - The total cash inflow from operating activities was ¥2,259,101,696.70, a 31.86% increase from ¥1,713,210,895.70 in 2019[74] - The company's cash and cash equivalents increased by 97.05% to ¥261,910,647.80 in 2020, compared to ¥132,915,479.04 in 2019[74] - The total assets increased, with cash and cash equivalents accounting for 16.79% of total assets at year-end 2020, up from 12.25% at the beginning of the year[77] Research and Development - Research and development expenses accounted for 9.10% of operating revenue, with a 55.80% increase from the previous year[70] - The company applied for a total of 445 patents, including 172 invention patents, and obtained 211 authorizations, bringing the cumulative total to 1,540 applications and 879 authorizations by the end of the year[48] - The number of R&D personnel rose by 32.39% to 703 in 2020, up from 531 in 2019[71] Strategic Initiatives - The company signed strategic contracts in the real estate sector, increasing from 53 to 103, with over 40 contracts from top 100 companies[37] - The company achieved a breakthrough in the offshore wind power sector and became a preferred supplier for top machine manufacturers in the new energy sector[37] - The company plans to focus on the low-voltage electrical industry, enhancing product lines in terminal electrical, distribution electrical, and control electrical products, while developing smart low-voltage electrical products and smart home products[99] Dividend Policy - The company plans to distribute a cash dividend of CNY 3 per 10 shares to all shareholders, based on a total of 781,289,195 shares after repurchase[8] - For the 2020 fiscal year, the company increased the cash dividend to RMB 3.00 per 10 shares and also issued 3 additional shares for every 10 shares held, with a total cash dividend amounting to RMB 234,386,758.50, representing 62.43% of the net profit[112] - The company has committed to a shareholder return policy, aiming to distribute 200 million yuan in dividends this year[124] Market Position and Competition - The company faces risks from increasing competition in the low-voltage electrical market, particularly from multinational companies with greater scale and brand influence[5] - The company maintained its leading position in the centralized inverter market while achieving rapid growth in string inverters, becoming the preferred supplier for top manufacturers[47] Corporate Governance and Compliance - The current auditor is Lixin Certified Public Accountants, with an audit fee of RMB 900,000 and a continuous service period of 13 years[142] - The company has no significant accounting errors that require retrospective restatement during the reporting period[140] - There are no major litigation or arbitration matters during the reporting period[144] Employee Engagement and Social Responsibility - The company emphasizes employee rights protection, adhering to labor laws and providing various social insurances and regular health check-ups[181] - The company has actively engaged in poverty alleviation efforts, although specific metrics and outcomes were not detailed in the report[182] - The company encourages continuous learning and organizes cultural activities to enhance employee cohesion and morale[181]