伟隆股份(002871) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was CNY 355,225,906.74, representing a 2.46% increase compared to CNY 346,704,773.62 in 2018[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 42,611,653.26, a decrease of 31.71% from CNY 62,400,470.01 in the previous year[16] - The basic earnings per share decreased by 32.84% to CNY 0.45, down from CNY 0.67 in 2018[16] - The net profit attributable to shareholders was CNY 52,983,867.54, a decrease of 31.79% year-on-year[39] - The company achieved a net profit of ¥67,783,389.02 for the year 2019, with a profit distribution plan proposing a cash dividend of ¥4.50 per 10 shares, totaling ¥52,524,900 (including tax) to be distributed to shareholders[86] - The net profit attributable to ordinary shareholders for 2019 was CNY 52,524,900, representing a 99.13% increase compared to CNY 23,348,400 in 2018[89] Cash Flow - The net cash flow from operating activities significantly increased by 344.97% to CNY 132,922,717.03, compared to CNY 29,872,088.47 in 2018[16] - The total cash inflow from operating activities was ¥415,790,283.88, a year-on-year increase of 14.38%[58] - The net cash flow from investment activities decreased significantly by 427.94%, resulting in a net outflow of ¥152,524,949.11[58] - The net cash flow from financing activities was negative at ¥-23,525,000.00, a 133.20% increase in outflow compared to ¥-10,087,740.00 in 2018[58] - The company received tax refunds, contributing to the increase in net cash flow from operating activities[58] Assets and Liabilities - The total assets of the company at the end of 2019 were CNY 799,909,010.24, reflecting a 1.89% increase from CNY 785,086,524.19 in 2018[17] - The net assets attributable to shareholders increased by 6.67% to CNY 651,310,430.22, compared to CNY 610,558,766.49 in the previous year[17] - The proportion of cash and cash equivalents to total assets decreased by 6.76%, from 14.78% in 2018 to 8.02% in 2019[62] - Fixed assets increased significantly by 16.02%, amounting to ¥258,179,216.00, up from ¥127,683,162.00 in 2018[62] Revenue Composition - The company's operating revenue for Q1, Q2, Q3, and Q4 were approximately ¥88.68 million, ¥84.07 million, ¥87.27 million, and ¥95.21 million respectively, showing a strong Q4 performance[21] - The net profit attributable to shareholders for Q1, Q2, Q3, and Q4 was approximately ¥13.83 million, ¥12.76 million, ¥16.11 million, and ¥10.28 million respectively, with Q3 being the highest[21] - Sales of valves contributed CNY 299,719,900.54, which is 84.37% of total revenue, showing a decrease of 0.62% from the previous year[45] - Export revenue was CNY 302,665,316.89, making up 85.20% of total revenue, down from 85.83% in 2018[45] Research and Development - The company has established a robust R&D capability with 26 patents, including 2 domestic invention patents, enhancing its competitive edge in valve technology[32] - R&D expenses increased by 92.05% to CNY 21,350,293.92, representing 6.01% of total revenue[56] - The number of R&D personnel rose to 61, an increase of 7.02% from 57 in 2018[56] Market Presence and Strategy - The company exported 85.20% of its revenue in 2019, maintaining a strong international market presence across over 50 countries[28] - The company has a strategic focus on expanding its market presence through its wholly-owned subsidiaries in the UK and the US, enhancing its international sales platform[33] - The company participated in over 20 international and domestic exhibitions and client visits, expanding its customer base significantly[39] Governance and Management - The company has been recognized as an A-grade enterprise for information disclosure quality by the Shenzhen Stock Exchange[41] - The company has a strong management team with members holding significant experience in engineering, finance, and international sales[158][159][160] - The company has independent directors with diverse backgrounds, enhancing governance and strategic oversight[158] Shareholder Information - The company plans to distribute a cash dividend of CNY 4.5 per 10 shares, totaling CNY 52,033,000, based on 116,722,000 shares[5] - The company maintained a consistent cash dividend policy, ensuring clear communication with shareholders regarding profit distribution[85] - The total distributable profit for the year was CNY 273,099,446.22, with the cash dividend representing the entire profit distribution[90] Compliance and Internal Controls - The company maintained effective internal controls over financial reporting as of December 31, 2019, according to the internal control verification report[188] - The audit opinion issued by Heshin Accounting Firm was a standard unqualified opinion, confirming the fair presentation of the financial statements[192] - The company’s internal control evaluation report was disclosed on April 28, 2020, indicating full compliance with relevant regulations[186] Risks and Challenges - Raw material costs accounted for 60%-70% of the company's main business costs, with fluctuations in steel prices posing a risk to product costs[80] - The company faces risks related to the stability of product quality, which is critical for customer trust and market reputation[79] - Labor costs are rising due to ongoing industrialization and urbanization, which may impact product pricing and market competitiveness[79] - The company is exposed to exchange rate fluctuations, particularly with the RMB/USD rate affecting export revenues[80]