翔鹭钨业(002842) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥1,524,401,033.47, representing an increase of 18.13% compared to ¥1,290,408,755.92 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥24,749,950.04, a decrease of 40.48% from ¥41,583,223.33 in 2020[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥17,032,039.69, a significant increase of 1,668.65% compared to a loss of ¥1,085,778.55 in 2020[24]. - The net cash flow from operating activities for 2021 was ¥31,072,401.60, down 47.67% from ¥59,381,220.94 in 2020[24]. - The basic earnings per share for 2021 was ¥0.09, a decrease of 40.00% from ¥0.15 in 2020[24]. - Total assets at the end of 2021 were ¥2,425,286,571.84, a slight increase of 0.42% from ¥2,415,189,076.62 at the end of 2020[25]. - The net assets attributable to shareholders at the end of 2021 were ¥1,012,324,287.37, reflecting a growth of 2.59% from ¥986,763,653.28 at the end of 2020[25]. - The company reported a total of ¥7,717,910.35 in non-recurring gains for 2021, compared to ¥42,669,001.88 in 2020[30]. - The company reported a total revenue of 52.38 billion CNY for the year, a decrease of 2.73 billion CNY compared to the previous year[122]. - The net profit for the year was 29.48 billion CNY, reflecting a significant increase from the previous year's profit of 79.13 billion CNY[122]. Market and Industry Dynamics - The company faces risks related to raw material supply and price fluctuations, particularly for tungsten concentrate, which is essential for production[6]. - The company’s export volume is significant, making it susceptible to exchange rate fluctuations that could impact financial performance[9]. - The company’s performance may be influenced by macroeconomic fluctuations in the primary customer countries, affecting market demand for tungsten products[5]. - The total tungsten consumption in China reached 65,000 tons in 2021, a year-on-year increase of 13%[39]. - The automotive industry and aerospace sector are driving the demand for hard alloy tools, with electronic consumer goods also contributing to the growth in demand for tungsten products[105]. - Tungsten is a rare metal with significant strategic importance, widely used across various sectors of the economy, and its demand is expected to grow rapidly as the global economy recovers[104]. Production and Sales - The company sold over 5,800 tons of tungsten carbide powder, a year-on-year increase of 19.73%, and over 700 tons of hard alloy bars, up 79.63%[41]. - The company exported 24,000 tons of tungsten products (excluding hard alloys) in 2021, a year-on-year increase of 55.16%[40]. - The revenue from tungsten carbide powder reached CNY 1,162,744,403.37, accounting for 76.28% of total revenue, with a year-on-year growth of 35.61%[57]. - The revenue from hard alloy increased by 73.56% to CNY 197,658,035.37, while the revenue from alloy tools surged by 127.00% to CNY 29,012,612.77[57]. - Domestic sales contributed CNY 1,245,791,545.76 (81.72% of total revenue), while international sales amounted to CNY 278,609,487.71 (18.28%), reflecting a 27.03% increase in international sales[57]. Research and Development - R&D investment amounted to ¥67,535,701.61 in 2021, an increase of 15.18% compared to ¥58,634,573.16 in 2020[74]. - The company completed several R&D projects, including the development of a new sintering process that significantly reduces production time and costs[70]. - The company plans to develop a new product of non-metallic bonded tungsten carbide with improved comprehensive performance and quality[72]. - The project aims to research and develop high-purity, nano-sized isotropic tungsten carbide powder[73]. - The company has made significant technological breakthroughs in tungsten industry technology through a combination of innovation and collaboration with academic institutions[53]. Environmental and Social Responsibility - The company has implemented a low-nitrogen combustion device for air pollution control, operational since 2020, with a capacity of 6,000 m³/h[179]. - The company has established a comprehensive environmental monitoring plan, which includes regular sampling and third-party testing to ensure compliance with emission standards[181]. - The company has been certified with ISO 14001 for its environmental management system, demonstrating its commitment to environmental responsibility[179]. - The company donated 560,000 RMB to the Chaozhou Charity Association and provided materials worth 210,000 RMB to the fire brigade, promoting social harmony[184]. - The company emphasizes employee rights protection by adhering to the Labor Contract Law and providing social insurance, training, and health check-ups[184]. Governance and Management - The company has maintained a stable management team with no significant changes in the board of directors or senior management personnel during the reporting period[126]. - The company’s governance structure includes a remuneration committee that oversees the compensation of board members[130]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 2.365 million[131]. - The company has established effective internal control systems in accordance with the Basic Norms for Enterprise Internal Control, ensuring the accuracy of financial reporting and risk management[170]. - The company’s internal control audit report confirmed that it maintained effective internal controls related to financial statements as of December 31, 2021[175]. Future Outlook and Strategic Plans - The company plans to continue expanding its market presence and developing new products to enhance revenue growth in the coming years[57]. - The company aims to enhance its innovation system, focusing on deep processing technology and strengthening collaborations with research institutions to boost R&D capabilities[106]. - The company plans to expand its marketing network and shift from direct sales to a mix of direct and distribution sales to increase market share[107]. - The future outlook remains positive, with management projecting growth in revenue and profitability driven by market expansion and product innovation[126]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence[138].