Tongyu Heavy(SZ:300185)2022-04-28 16:00Financial Performance - Total operating revenue for Tongyu Heavy Industry in 2021 was RMB 574,872.70 million[2] - Net profit attributable to shareholders was RMB 28,461.83 million, with a net profit excluding non-recurring gains and losses of RMB 25,742.00 million[2] - Cash dividend amount was RMB 11,690.35 million, resulting in a cash dividend rate of 41.07%[2] - The company's operating revenue for 2021 was CNY 5,748,727,046.65, representing a 1.07% increase compared to 2020[37] - The net profit attributable to shareholders for 2021 was CNY 5,748,727,046.65, a decrease of 25.36% from the previous year[37] - The net profit after deducting non-recurring gains and losses was CNY 257,419,964.17, down 31.04% year-on-year[37] - The total assets at the end of 2021 amounted to CNY 13,471,241,363.11, an increase of 8.48% from the end of 2020[37] - The net assets attributable to shareholders reached CNY 6,512,016,146.26, reflecting a growth of 16.97% compared to the previous year[37] - The company's cash flow from operating activities was CNY 205,287,332.36, a significant decrease of 70.40% from 2020[37] - The basic earnings per share for 2021 was CNY 0.08, down 33.33% from the previous year[37] - The weighted average return on net assets was 4.50%, a decline of 2.52% compared to 2020[37] Market Position and Recognition - Tongyu Heavy was included in the FTSE Russell international index, enhancing its market visibility[10] - Tongyu Heavy ranked 172nd in the 2021 China Machinery 500 list, reflecting its competitive position in the industry[9] - The company received an A-class rating for information disclosure in its first ESG report, indicating strong governance practices[2] Research and Development - The company invested CNY 152 million in R&D in 2021, resulting in the application for 40 patents and recognition as a national pilot enterprise for intellectual property utilization[76] - The company holds over 150 patented technologies, demonstrating its commitment to independent research and innovation[71] - The company has enhanced its processing capabilities for high-end products through the successful development of deep hole processing technology for 600MW generator rotors[108] Production and Capacity - The company achieved a 79% year-on-year increase in wind turbine assembly, totaling 435 units during the reporting period[61] - The company has a production capacity of 1,500 tons for hard alloy products, which are exported to countries including the USA, Canada, Italy, Germany, Japan, and South Korea[65] - The company has developed a complete manufacturing chain that includes steel smelting, forging, casting, welding, heat treatment, and machining[67] Financial Strategy and Investments - The company plans to issue convertible bonds not exceeding RMB 1.5 billion, marking its largest refinancing effort to date[11] - The company completed a targeted stock issuance to the group, raising CNY 944 million, significantly optimizing its capital structure[79] - The average financing interest rate decreased from 5.8% in 2020 to 5.1% in 2021, leading to a substantial reduction in financing costs[79] Operational Challenges and Risks - The company faces macroeconomic volatility risks, with potential impacts on its performance due to the correlation between its business growth and economic cycles, especially under the current global economic downturn[166] - Raw material costs constitute over half of the company's operating costs, and significant price increases in key materials like pig iron and steel scrap could impact gross margins and overall performance[168] Corporate Governance - The company has maintained independence in its operations, assets, personnel, and finances, with no guarantees provided for the controlling shareholder or related parties during the reporting period[183] - The company continues to comply with the governance requirements set by the China Securities Regulatory Commission[181] - The company has revised or added over 20 internal regulations to enhance management levels in accordance with new legal requirements[181] Future Outlook and Strategic Goals - The company aims to become a leading international energy equipment manufacturer and a well-known functional materials supplier, focusing on optimizing resource allocation and enhancing core competitiveness[161] - The company plans to improve capital utilization efficiency and enhance development quality by analyzing project construction progress and focusing on high-potential projects[162] - The company is actively exploring offshore and overseas markets for wind power products to enhance its competitive edge[167]