BESTWAY(SZ:300008)2023-04-21 16:00Business Directions and Focus - The company has established three main business directions: "Ship and Ocean Engineering," "Military-Civil Integration," and "New Energy Utilization" after its listing[6]. - In 2020, the company completed its bankruptcy reorganization, clarifying its focus on "Ship and Ocean Engineering," "Military Defense," and "New Energy" sectors[6]. - The company is focusing on expanding its business into military and new energy sectors while maintaining stability in its defense business[35]. - The company aims to adjust its industry and product structure to mitigate risks associated with the cyclical nature of the international shipping market[7]. - The company has established a comprehensive military-civilian integration business structure, covering six high-tech fields including defense vessels and special rescue equipment[49]. Financial Performance - The company's operating revenue for 2020 was approximately ¥523.55 million, a decrease of 11.17% compared to ¥589.37 million in 2019[26]. - The net profit attributable to shareholders was approximately ¥25.56 million, a significant increase of 107.13% from a loss of ¥358.27 million in 2019[26]. - The net cash flow from operating activities was negative at approximately ¥128.53 million, a decline of 620.93% compared to ¥24.67 million in 2019[26]. - The total assets at the end of 2020 were approximately ¥2.04 billion, reflecting a slight increase of 0.71% from ¥2.02 billion in 2019[26]. - The net assets attributable to shareholders increased by 307.83% to approximately ¥1.65 billion from ¥404.30 million in 2019[26]. Revenue Breakdown - Revenue from the shipbuilding and marine engineering segment was 45.83 million yuan, an increase of 1.39% year-on-year[74]. - Revenue from the EPC business was 332.26 million yuan, a decrease of 5.31% year-on-year due to previous order shortages[74]. - Revenue from defense equipment and products was 68.13 million yuan, a year-on-year increase of 2.56%[74]. - Revenue from the natural gas business was 64.30 million yuan, a significant year-on-year decrease of 44.32% due to funding and procurement price issues[74]. Cost Management and Risks - The company faces risks from rising raw material prices and labor costs, which may increase the cost of ongoing projects[12]. - The company will implement cost control measures to reduce the proportion of costs in relation to revenue[12]. - The gross profit margin for the manufacturing sector was 24.10%, down from 20.42% in the previous year, with costs rising by 24.40%[80]. - The energy business revenue saw a significant decline of 44.32%, dropping to ¥64.30 million, with a gross profit margin of only 2.78%[81]. Research and Development - The company is committed to developing new products and technologies to enhance its market position and competitiveness[7]. - Research and development expenses for the year were RMB 35.93 million, which is 6.86% of the total operating revenue, an increase from 5.80% in 2019[99]. - The company completed 10 R&D projects focusing on core technologies in marine engineering and intelligent technologies during the reporting period[98]. - The company has a strong technical research and design team, participating in national-level research projects and key engineering projects[45]. Restructuring and Governance - The company completed a restructuring in 2020, changing its controlling shareholder to Longhai Energy and improving its financial and governance structure[35]. - The company successfully completed its restructuring plan by December 31, 2020, as confirmed by the court ruling[163]. - The restructuring process alleviated the company's heavy debt burden and improved its financial condition, eliminating the risk of stock delisting[157]. - The company is under a restructuring process supervised by a management team, following a court ruling on February 14, 2020, which has raised concerns regarding its ability to continue as a going concern[155]. Market Position and Competitive Advantage - The company has established a strong competitive shipbuilding engineering EPC business model, which has become a significant revenue source[34]. - The company maintains a leading market position in the design of special engineering vessels, with an increasing proportion of high-end product orders[39]. - The company aims to enhance its capabilities in developing environmentally friendly and high-end special ship types, focusing on market opportunities in new energy and deep-sea equipment[115]. - The company is implementing a differentiated strategy to build unique competitive advantages in product technology and service experience[122]. Legal and Compliance Issues - The company has ongoing litigation related to a debt transfer dispute with a total claim amount of 29.7 million yuan[165]. - The company has received multiple court notifications regarding enforcement actions and arbitration decisions[166]. - The company has made commitments to avoid any illegal occupation of funds or assets, ensuring compliance with regulatory requirements[150]. - The company reported a total litigation amount of 297 million yuan, with no expected liabilities formed[165]. Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[145]. - The company aims to launch two new products in the defense sector by Q3 2021, which are anticipated to contribute an additional 200 million RMB in revenue[146]. - The company has set a performance guidance for 2021, aiming for a revenue growth of 15% and a net profit increase of 10%[144]. - The company is committed to reducing operational costs by 5% through efficiency improvements in production processes[142].