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 total profit amounted to 146.38 million yuan, down 8.92% year-on-year[57] - The net profit attributable to shareholders was 127.58 million yuan, reflecting a decline of 9.87% from the previous year[57] - The company reported a net profit excluding non-recurring gains and losses of ¥121,569,488.32, which is an increase of 2.09% from ¥119,078,871.98 in 2019[16] - The basic earnings per share for 2020 was ¥0.30, a decrease of 9.09% from ¥0.33 in 2019[16] - The weighted average return on equity for 2020 was 8.77%, down from 10.38% in 2019[16] Cash Flow and Assets - 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 reached ¥2,084,657,267.24, reflecting a growth of 12.04% from ¥1,860,703,369.69 at the end of 2019[16] - Cash and cash equivalents increased by 50.84% at the end of the period compared to the beginning, due to tax payments received from shareholders[46] - Long-term equity investments rose by 87.08% compared to the beginning of the period, attributed to the final investment payment to a joint venture[46] - Inventory increased by 43.28% at the end of the period, mainly due to higher levels of work-in-progress and raw materials[46] 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 market share and brand recognition of the company remain leading in the industry, supported by a stable customer base of downstream leading enterprises[34] - The total production of household refrigerators in China for 2020 reached 90.147 million units, representing a year-on-year growth of 8.4%[31] - The company has established a stable procurement model, ensuring quality and reliability by selecting multiple suppliers for raw materials[29] - The company is focusing on expanding its presence in international markets, including Europe, Southeast Asia, and South America, while strengthening its domestic market position[116] Research and Development - The company has established a complete independent intellectual property system and maintains a leading position in product R&D and technological innovation within the industry[49] - The company's total R&D investment for 2020 was ¥86,887,726.75, accounting for 9.67% of its revenue[78] - The number of R&D personnel increased to 376 in 2020, representing 30.95% of the total workforce[78] - The company has developed its core technology for variable frequency refrigerator controllers independently, showcasing high-level software algorithms[33] - The company is focusing on the development of new technologies, including high-precision long-life star sensors for satellite applications[60] Dividend and Profit Distribution - 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[5] - The company plans to distribute 10% of its net profit as a legal surplus reserve, amounting to 10,012,599.12 yuan for the 2020 fiscal year[129] - The company has a clear profit distribution policy, ensuring that minority shareholders have opportunities to express their opinions during the decision-making process[126] - The company has consistently maintained a cash dividend payout ratio of around 45% to 50% over the past three years[133] - The total cash dividends distributed over the three years amounted to 191,300,000 CNY, reflecting a stable return to shareholders[133] Risks and Challenges - The company highlighted potential risks in its future outlook, including macroeconomic factors, raw material prices, and market competition[5] - The company faced delays in production and delivery due to the COVID-19 pandemic and a shortage of chips, which impacted the project's capacity and increased production costs, leading to a decrease in gross margin[96] - The company is facing intensified competition in the compressor market, prompting increased R&D investment and the development of new products to maintain a competitive edge[118] - Seasonal fluctuations impact the company's performance, with typically stronger results in the first half of the year; strategies are in place to develop new products during off-peak seasons[119] Corporate Governance and Compliance - The company has a legal commitment to avoid related party transactions that could harm shareholder interests, ensuring fair practices in its operations[134] - The company is committed to maintaining the stability of its core management and technical teams during the performance commitment period[139] - The company has ensured compliance with fair and reasonable pricing principles in related party transactions[139] - The company has not reported any non-standard audit reports for the current period[142] - The company has established a comprehensive supplier management system to ensure quality, cost, and timely delivery from suppliers[176] Shareholder Information - The largest shareholder, Foshan Lanhai Rui Xing Equity Investment Partnership, holds 28.53% of the shares, totaling 123,200,000 shares[199] - The second-largest shareholder, Changshu Tianheng Investment Management Co., Ltd., holds 8.66% of the shares, totaling 37,390,213 shares, with 14,009,900 shares pledged[199] - The total number of shareholders at the end of the reporting period was 30,351[198] - The company’s total share capital after the repurchase reflects a minor adjustment, indicating a strategic move to manage equity incentives[196] - The company has not conducted any agreed repurchase transactions among the top 10 shareholders during the reporting period[200]