智能自控(002877) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 551,724,703.77, representing a 15.76% increase compared to CNY 476,613,790.84 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 57,084,304.45, a decrease of 18.58% from CNY 70,107,852.79 in 2019[17]. - The net profit after deducting non-recurring gains and losses was CNY 54,578,231.14, showing a slight increase of 1.10% from CNY 53,983,831.05 in 2019[17]. - The net cash flow from operating activities was negative at CNY -48,288,055.52, a decline of 337.32% compared to CNY 20,346,870.20 in 2019[17]. - Basic earnings per share decreased by 19.05% to CNY 0.17 from CNY 0.21 in 2019[17]. - Total assets at the end of 2020 were CNY 1,458,062,614.15, an increase of 9.90% from CNY 1,326,722,834.86 at the end of 2019[17]. - The net assets attributable to shareholders increased by 4.70% to CNY 779,296,919.61 from CNY 744,332,379.35 at the end of 2019[17]. - The weighted average return on equity for 2020 was 7.45%, down from 10.51% in 2019, a decrease of 3.06%[17]. Revenue and Sales - The company's total revenue for 2020 was 552 million yuan, representing a growth of 15.7% compared to 2019's revenue of 477 million yuan[28]. - Control valves accounted for 85.06% of total operating revenue, generating CNY 469.31 million, reflecting a 14.14% increase from the previous year[44]. - The company reported a significant increase in revenue from accessories, which rose by 174.54% to CNY 30.42 million[44]. - The East China region contributed 68.33% of total revenue, amounting to CNY 377.01 million, with a year-on-year growth of 14.78%[44]. - In 2020, the company achieved a sales volume of 14,497 units for control valves, representing a year-on-year increase of 5.60% compared to 2019[48]. Research and Development - The company has a total of 53 invention patents and 92 utility model patents as of December 31, 2020, indicating a strong focus on innovation[33]. - The company’s R&D team focuses on high-end control valve products, achieving breakthroughs in various technical fields, thus competing directly with international brands[32]. - Research and development expenses increased by 32.60% to ¥22,189,285.79, representing 4.02% of total operating revenue[54]. - The company is advancing the development of new products, including the P series single-seat valve and M series sleeve valve, with new product molds already in trial production[54]. - The company has successfully developed multiple new products, including the "Y-type direct connection jacket gas valve" and "multi-turn pneumatic actuator," which have been applied in various domestic installations[179]. Market Position and Strategy - The company secured first place in all six bidding sections for Sinopec's 2020 control valve procurement framework, providing a solid market foundation for sustainable development[38]. - The company has established long-term cooperative relationships with major domestic enterprises, enhancing its market position in the control valve industry[27]. - The domestic control valve market is expected to maintain rapid growth due to increased investment in sectors like oil and gas, petrochemicals, and environmental protection[79]. - The company plans to enhance production efficiency and management levels, aiming to break through capacity constraints and fully implement annual production targets[80]. - The company plans to expand its market presence with new product offerings and technological advancements[137]. Cash Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.38 per 10 shares (including tax) to all shareholders[6]. - The cash dividend amount for 2020 is CNY 12,635,831.71, which represents 22.14% of the net profit attributable to ordinary shareholders[90]. - The total cash dividend, including other methods, amounts to CNY 22,640,460.92, accounting for 100% of the profit distribution total[91]. - The company plans to maintain a stable and reasonable profit distribution policy, prioritizing cash dividends while ensuring sustainable development[85]. - The company has not proposed a cash dividend distribution plan despite having positive profits available for distribution to ordinary shareholders[90]. Risks and Challenges - The company faces risks including macroeconomic fluctuations, customer and industry concentration, and declining gross margins[6]. - The company is at risk of declining gross margins due to increased competition in the industry[82]. - The top five customers accounted for 45.91%, 48.47%, and 37.93% of sales from 2018 to 2020, highlighting a concentration risk in customer base[82]. - The company faces risks related to macroeconomic fluctuations, particularly in industries such as petrochemicals and steel, which are closely tied to its sales[82]. Corporate Governance and Compliance - The company has established a complete and independent financial management system, ensuring no interference from shareholders in financial operations[198]. - The company operates independently in business, personnel, assets, institutions, and finance, with no reliance on related parties[197]. - The company has maintained a stable relationship with its accounting firm, which has provided audit services for nine consecutive years[115]. - The company has not faced any penalties or rectification issues during the reporting period[119]. - The company has no significant related party transactions during the reporting period[125]. Employee Management and Social Responsibility - The total number of employees in the company is 783, with 638 in the parent company and 145 in major subsidiaries[186]. - The company has established a comprehensive training system for employees, enhancing their skills and overall quality[142]. - The company actively engaged in social responsibility, including donations during the COVID-19 pandemic, receiving recognition from local authorities[143]. - In 2020, over 95% of employees received salary increases due to performance evaluations linked to departmental and individual performance[188]. - The company has implemented salary regulations to ensure that employees' wages are not affected during the COVID-19 pandemic[188]. Shareholder Information and Stock Management - The company repurchased a total of 1,330,540 shares, accounting for 0.40% of the total share capital, with a total transaction amount of RMB 10,001,426.00[153]. - The company plans to use repurchased shares for employee stock ownership plans or equity incentives[153]. - The largest shareholder, Shen Jianbiao, holds 37.48% of the shares, totaling 124,616,800 shares, with 93,462,600 shares under lock-up[159]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing, ensuring stability in shareholding[95]. - The company will disclose any share reduction plans three trading days in advance[96].