天银机电(300342) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥898,386,035.02, a decrease of 4.97% compared to ¥945,337,267.60 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥127,579,308.33, down 9.87% from ¥141,545,479.17 in 2019[16] - The net cash flow from operating activities increased significantly by 250.82% to ¥175,941,651.63 from ¥50,151,826.87 in 2019[16] - The total assets at the end of 2020 were ¥2,084,657,267.24, reflecting a growth of 12.04% from ¥1,860,703,369.69 at the end of 2019[16] - The net assets attributable to shareholders increased by 5.49% to ¥1,500,792,413.99 from ¥1,422,667,035.41 in 2019[16] - The basic earnings per share for 2020 were ¥0.30, a decrease of 9.09% compared to ¥0.33 in 2019[16] - The weighted average return on equity for 2020 was 8.77%, down from 10.38% in 2019[16] - The company reported a net profit excluding non-recurring gains and losses of ¥121,569,488.32, which is a 2.09% increase from ¥119,078,871.98 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 23,754,513.57, a decrease from CNY 28,011,756.87 in 2019, representing a decline of approximately 15%[19] - The net profit after deducting non-recurring gains and losses was CNY 23,052,238.97 in 2020, down from CNY 25,626,325.36 in 2019, indicating a decrease of about 10%[19] Cash Flow and Investments - The net cash flow from operating activities for 2020 was CNY 35,008,256.64, an increase from CNY 30,765,040.27 in 2019, reflecting a growth of approximately 14%[19] - The company’s cash and cash equivalents increased by 50.84% at the end of the period, primarily due to tax payments received from a shareholder prior to acquisition[48] - Long-term equity investments rose by 87.08% due to the final investment payment to a joint venture[48] - The company’s inventory increased by 43.28%, mainly due to higher levels of work-in-progress and raw materials[48] - The company reported a decrease in investment cash inflow by 32.59%, totaling ¥132,188,959.40[83] - The total amount of cash and cash equivalents decreased by 90.06%, resulting in a net decrease of ¥24,206,295.17[83] Market and Industry Position - The company is a leading supplier of refrigerator compressor components, providing products to major domestic manufacturers such as Casibella and Embraco[26] - The total production of household refrigerators in China for 2020 reached 90.147 million units, representing a year-on-year increase of 8.4%[32] - The company has established a stable market share in the refrigerator compressor parts industry, having covered major manufacturers and accumulated a long-term client base[35] - The company has developed a no-power consumption starter for refrigerator compressors, which has a power consumption of less than 0.05W, significantly lower than the 2-5W of PTC starters[27] - The market for variable frequency compressors is projected to reach a usage rate of 30% by 2020, 50% by 2025, and 60% by 2030, indicating a growing demand for variable frequency controllers[36] Military Electronics Sector - The defense budget in China has been increasing annually, benefiting companies with core technologies in the military electronics sector[44] - The company has developed a comprehensive technical platform that enhances the rapid development of new products and technologies in the military electronics business[43] - The company’s military electronic products are strictly produced according to national military standards, ensuring compliance and quality[43] - The company has accumulated significant engineering experience and technical data, creating strong competitive barriers against potential rivals[45] - The military electronics business achieved revenue of 292.67 million yuan, a year-on-year increase of 49.40%[71] Research and Development - Research and development (R&D) investment for 2020 was ¥86,887,726.75, accounting for 9.67% of total operating revenue[78] - The number of R&D personnel increased to 376, making up 30.95% of the total workforce[79] - The company has a strong technological foundation, having pioneered the development of electronic starters for compressors since the 1980s[33] - The company has developed its core technology for variable frequency refrigerator controllers independently, showcasing high-level software algorithms[34] Risk Management - The company has identified potential risks in macroeconomic conditions, raw material prices, market competition, and employee turnover, along with corresponding countermeasures[5] - The company is facing risks from macroeconomic fluctuations and raw material price volatility, which could significantly impact its operational performance[119] - The company faces intensified competition risks in the compressor industry, necessitating increased R&D investment and market expansion efforts[120] Profit Distribution and Shareholder Rights - The company plans to distribute a cash dividend of ¥1.5 per 10 shares to all shareholders, based on a total of 425,035,113 shares[4] - The cash dividends for 2020 represented 49.97% of the net profit attributable to ordinary shareholders[137] - The company has consistently proposed a cash dividend of 1.50 CNY per 10 shares over the past three years[136] - The company has a clear and structured profit distribution policy, ensuring transparency and protection of minority shareholders' rights[128] - The company is committed to protecting investor rights by enhancing overall financial planning and asset management practices[116] Corporate Governance - The company has implemented a robust corporate governance structure to protect the interests of all shareholders, especially minority shareholders[179] - The company emphasizes shareholder rights protection by ensuring accurate and timely information disclosure and facilitating shareholder participation in meetings[179] - The company has established a long-term effective commitment to avoid any form of fund occupation or resource misappropriation[142] Stock and Shareholder Structure - The company repurchased and canceled 66,000 restricted shares, accounting for 0.0153% of the total share capital before the repurchase[162] - The total number of shares after the repurchase and cancellation decreased from 431,844,272 to 431,778,272 shares[199] - The company’s stock structure and shareholder composition underwent changes during the reporting period[198] - The company has implemented a lock-up period for 76.44% of shares post-IPO, restricting transfer for 36 months[140]