永和智控(002795) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥644,368,479.02, representing a 17.82% increase compared to ¥546,912,362.09 in 2017[15] - The net profit attributable to shareholders for 2018 was ¥81,332,627.35, a 40.16% increase from ¥58,028,368.05 in the previous year[15] - The net profit after deducting non-recurring gains and losses was ¥87,695,724.58, which is a 62.90% increase from ¥53,833,143.98 in 2017[15] - The net cash flow from operating activities surged by 405.00% to ¥120,619,053.38, compared to ¥23,885,079.43 in 2017[15] - The basic earnings per share for 2018 was ¥0.41, up 41.38% from ¥0.29 in 2017[15] - Operating profit reached 100.13 million yuan, representing a year-on-year growth of 46.30%[45] - The company achieved total operating revenue of 644.37 million yuan, an increase of 17.82% compared to the previous year[45] - The valve product category generated ¥402,633,572.71, accounting for 62.48% of total revenue, with a growth of 11.06% from the previous year[51] - The pipe fittings category saw significant growth of 59.88%, with revenue of ¥148,411,189.53, increasing from ¥92,827,586.18 in 2017[51] - Gross profit margin improved to 28.92%, up 1.50 percentage points from the previous year, with a gross profit of ¥186,369,742.18[53] Assets and Liabilities - The total assets at the end of 2018 were ¥757,903,017.47, a slight decrease of 0.38% from ¥760,808,222.10 at the end of 2017[16] - The net assets attributable to shareholders increased by 5.06% to ¥647,967,559.61 from ¥616,751,659.55 in 2017[16] - The company reduced accounts receivable and notes receivable by 35.50 million yuan, a decrease of 24.37% from the beginning of the year[31] - The company reported a total of 110,170,894.84 CNY in accounts receivable and accounts payable combined for the current period[120] - The company’s previous period accounts receivable and accounts payable combined amounted to 145,666,427.58 CNY[120] Cash Flow and Investments - Operating cash inflow increased by 35.95% to ¥757,781,021.64 compared to ¥557,406,573.29 in 2017[62] - Investment cash inflow rose by 57.24% to ¥884,157,738.36, while investment cash outflow increased by 69.88% to ¥912,168,862.06, resulting in a net cash flow from investing activities of -¥28,011,123.70[62] - The company's cash and cash equivalents increased by ¥42,509,146.60, reversing a decrease of ¥2,563,338.94 in the previous year[62] - The company reported a net investment loss of ¥9,349,776.57, primarily due to losses from foreign exchange forward contracts[66] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥5.00 per 10 shares, based on a total of 200,000,000 shares[4] - The cash dividend for 2018 represents 122.95% of the net profit attributable to shareholders, which was 81,332,627.35 CNY[107] - The company has maintained a consistent cash dividend policy over the past three years, with no changes to the profit distribution plan[102] - The cash dividend payout ratio for 2018 is 100% of the total distributable profit[107] Market and Industry Position - The company has established itself as a key supplier for major international brands such as HONEYWELL and WATTS, primarily through ODM and OEM models[26] - The company is actively exploring self-owned brand plans in emerging markets such as Eastern Europe, South America, and Southeast Asia[26] - The global demand for plumbing materials is driven by urbanization in developed countries and emerging markets, creating stable demand for the industry[28] - The company operates in a cyclical industry, with demand influenced by fixed asset investment, real estate investment, and infrastructure investment[28] Research and Development - The company has 28 patented technologies and multiple non-patented technologies, showcasing strong R&D capabilities[37] - The company is focusing on the development of new products, including copper and carbon steel pressing products, which have completed certification in parts of Europe and America[60] - The company completed the development and small-scale production of new products, which are expected to become new profit growth points[46] Risk Factors - The company has highlighted various risk factors affecting its operations, including raw material price fluctuations and policy risks[4] - The company is exposed to raw material price fluctuations, with copper rods accounting for about 60% of production costs, and is implementing strategies to mitigate these risks[92] - The company recognizes the risk of policy changes affecting export tax rebates, which could negatively impact profitability, especially in the U.S. market where it holds a 50% sales share[97] Corporate Governance and Management - The company has established a comprehensive quality management system to ensure high-quality product delivery[155] - The company emphasizes a "people-oriented" management culture, supporting employee needs and enhancing cohesion[154] - The company has a structured compensation and assessment system for determining salaries of directors and senior management[193] - The company has maintained its accounting firm, with the current auditor being Lixin Accounting Firm for 8 years, and the audit fee for the period was ¥850,000[125] Employee and Workforce - The total number of employees in the company is 913, with 564 in the parent company and 349 in major subsidiaries[195] - The company has 590 production personnel, 25 sales personnel, 87 technical personnel, 18 financial personnel, 155 administrative personnel, and 38 quality inspection personnel[195] - The company emphasizes a compensation policy that aligns individual goals with corporate performance to achieve a win-win situation[196] Social Responsibility and Environmental Commitment - The company actively engages in social responsibility, integrating it into its internal operations and corporate culture[150] - The company is committed to building an environmentally friendly and resource-saving enterprise[156] - The company does not belong to the key pollutant discharge units as per environmental protection department announcements[160]