泰胜风能(300129) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 1,472,526,169.31, a decrease of 7.39% compared to CNY 1,590,000,234.30 in 2017[24]. - The net profit attributable to shareholders for 2018 was CNY 10,530,894.26, down 93.15% from CNY 153,693,839.02 in 2017[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -6,638,154.14, a decline of 105.04% compared to CNY 131,673,209.47 in 2017[24]. - The basic earnings per share for 2018 were CNY 0.0146, down 93.07% from CNY 0.2107 in 2017[24]. - The diluted earnings per share for 2018 were also CNY 0.0146, reflecting the same decline of 93.07% from CNY 0.2107 in 2017[24]. - The weighted average return on net assets for 2018 was 0.47%, a decrease of 6.51% from 6.98% in 2017[24]. - The company achieved total operating revenue of RMB 1,472.53 million in 2018, a decrease of 7.39% compared to the previous year, with domestic sales down 22.96% and foreign sales up 25.45%[59]. - The net profit attributable to the parent company was RMB 10.53 million, a significant decrease of 93.15% year-on-year, primarily due to rising raw material costs and reduced gross profit margins[60]. Cash Flow and Assets - The net cash flow from operating activities increased by 198.31% to CNY 209,287,877.33 from CNY 70,158,788.90 in 2017[24]. - The company's cash balance increased by 47.03% compared to the beginning of the year, attributed to improved cash flow management and timely sales collections[45]. - Total assets at the end of 2018 were CNY 3,461,362,384.01, an increase of 7.57% from CNY 3,217,674,304.31 at the end of 2017[24]. - The net assets attributable to shareholders at the end of 2018 were CNY 2,208,258,261.06, a decrease of 2.16% from CNY 2,257,042,938.99 at the end of 2017[24]. - The company's total investment during the reporting period was ¥1,466,627,054.96, reflecting a 27.34% increase from the previous year[102]. Revenue Breakdown - Wind power equipment sales generated revenue of ¥137,313.18 million, accounting for 93.25% of total revenue, showing slight growth compared to the previous year[34]. - The revenue from onshore wind power equipment reached ¥1,110,548,232.64, representing a year-on-year increase of 20.63%[76]. - Offshore wind power equipment revenue decreased by 3.52% to ¥261,933,274.08, with a significant decline in sales volume by 46.69%[78]. - Domestic sales amounted to ¥830,818,896.75, up 11.05%, while international sales increased by 24.57% to ¥641,707,272.56[76]. Research and Development - The company has developed over a hundred effective patents in wind power and marine engineering, showcasing its strong R&D capabilities[54]. - The company obtained 37 new patents in 2018, bringing the total to 136 patents, including 9 invention patents and 124 utility model patents[67]. - Research and development expenses totaled ¥57,865,097.14, representing 3.93% of operating revenue, an increase of 5.18% year-on-year[87]. - The number of R&D personnel decreased to 94, making up 11.44% of the workforce, while R&D investment increased compared to previous years[88]. Market and Industry Outlook - The wind power industry is expected to maintain a steady growth trajectory, with global new installed capacity projected to exceed 55 GW annually by 2023[37]. - The offshore wind power market is expected to benefit from supportive government policies and strong developer interest, creating significant market opportunities[44]. - The reduction in curtailment rates in China, with a 7% overall curtailment rate in 2018, down 5 percentage points from the previous year, indicates a more favorable market environment for wind energy[38]. - The average utilization hours for wind power in China increased to 2,095 hours, up 147 hours year-on-year, reflecting improved operational efficiency[38]. Challenges and Risks - The company faced significant challenges in 2018 due to rising raw material prices, particularly steel, which increased costs and affected profitability[128]. - The company is facing risks related to significant fluctuations in raw material prices, particularly steel, which is a major cost component[149]. - The company is facing risks from project delays in wind power and marine engineering due to high investment and long cycles[150]. - The company has identified challenges in the wind power sector due to local energy consumption issues, which may delay project timelines[111]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.80 per 10 shares to all shareholders[7]. - The cash dividend for 2018 is also proposed to be RMB 0.80 per 10 shares, with the same total share capital of 719,153,256 shares, pending shareholder approval[170]. - The cash dividend payout ratio for 2018 is 546.32% of the net profit attributable to ordinary shareholders, indicating a significant return to shareholders[170]. - The company has maintained a consistent cash dividend policy over the past three years, with the cash dividend amounting to RMB 57,532,260.48 in both 2017 and 2018[170]. Corporate Governance - The company’s independent directors have fulfilled their responsibilities, ensuring the protection of minority shareholders' rights[165]. - The company has complied with relevant laws and regulations regarding its cash dividend policy, ensuring transparency and clarity in its decision-making processes[165]. - The company has not reported any violations of commitments by its major shareholders during the reporting period[183]. - The company guarantees no illegal occupation of funds or assets, committing to not request any form of guarantee from the company[174].