Dare Auto(SZ:300473)2021-05-27 16:00Financial Performance - The company experienced significant adverse effects on its overseas business performance due to the COVID-19 pandemic, leading to a loss for the year and a revenue shortfall compared to expectations [4]. - The company's operating revenue for 2020 was approximately ¥3.39 billion, a decrease of 12.30% compared to ¥3.86 billion in 2019 [20]. - The net profit attributable to shareholders was a loss of approximately ¥422.81 million, representing a decline of 805.95% from a profit of ¥59.89 million in 2019 [20]. - The company's total revenue for 2020 was approximately ¥3.39 billion, representing a decrease of 12.30% compared to 2019 [70]. - The gross profit margin for the industrial sector was 22.10%, down 3.97% from the previous year [71]. - The company reported a significant asset impairment of CNY 359,744,028.41, primarily due to goodwill impairment and inventory write-downs, accounting for 94.17% of total profit [84]. - The company’s cash and cash equivalents decreased by 80.02% to a net reduction of CNY 29.61 million [80]. - The company reported a net loss of approximately 422.81 million RMB for the year 2020, with no cash dividends distributed [125]. Asset and Investment Management - A total impairment provision of CNY 346.25 million was made for goodwill and long-term assets related to the German subsidiary CCI, significantly impacting the company's current performance [4]. - The company’s overseas assets totaled CNY 1,667,055,425.47, with a significant impairment of CNY -45,240,307.51, representing 84.89% of the company's net assets [45]. - The total investment amount for the reporting period was CNY 194,828,933.33, representing a decrease of 34.04% compared to the previous year's investment of CNY 295,395,630.98 [91]. - The company achieved a total investment of RMB 55.17 million in its commitment projects, with no significant changes in project feasibility [97]. Research and Development - The company is actively expanding its product line in the new energy sector, including hydrogen fuel cells and all-solid-state batteries [30]. - The company has formed a strategic partnership with Shanghai Jiao Tong University to establish a joint R&D center for advanced materials, aiming for breakthroughs in lightweight materials and fuel cells [46]. - The company has integrated global R&D resources to support the transition towards electric control and electric drive technologies, ensuring a modular development system [61]. - Research and development expenses amounted to CNY 210.33 million, representing 6.21% of total revenue, slightly up from 6.15% in 2019 [79]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency and sustainability [200]. Market and Industry Outlook - The automotive parts industry does not face overcapacity, continuous decline, or technological substitution issues, suggesting a favorable market environment [5]. - The overall automotive production in China decreased by approximately 2% in 2020, while commercial vehicle production reached a historical high with a year-on-year growth of 20% [36]. - The domestic automotive parts industry is entering a new phase of accelerated upgrading and high-quality development, driven by internationalization and technological advancements [39]. - The company is actively involved in the development of new energy vehicles, with production capacity shared between traditional fuel vehicle parts and new energy vehicle components [66]. Corporate Governance and Compliance - The company’s financial report is guaranteed to be true, accurate, and complete by its management, ensuring accountability [3]. - The company has established a robust internal management and control system to enhance corporate governance [156]. - The board of directors emphasizes a commitment to corporate governance and compliance, ensuring transparency and accountability in operations [200]. - The company has not engaged in any major litigation or arbitration matters during the reporting period [131]. Strategic Partnerships and Client Relations - The company has developed a strong customer base, establishing long-term partnerships with major automotive manufacturers such as Daimler, BMW, and Ford, and has become a designated supplier for Great Wall Motors [50]. - The company has maintained communication with major clients such as Daimler, BMW, and Ford, ensuring no significant contract cancellations or price changes occurred [110]. - In 2020, the company successfully expanded its customer base, entering supply agreements with major automakers including Hyundai, Toyota, and Honda [111]. Future Plans and Projections - The company aims to enhance its core competitiveness by focusing on the trends of "intelligent, integrated, and lightweight" automotive components [107]. - The company plans to enhance the professional technical level of its market development team to improve product competitiveness [108]. - The company has set a future revenue guidance of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20% [200]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market presence [200]. Financial Structure and Shareholder Information - The company’s stock code is 300473, and it is listed under the name "德尔股份" (Dare Auto) [16]. - The largest shareholder, Liaoning Del Real Estate Co., Ltd., holds 27.69% of the shares, totaling 31,538,042 shares [175]. - The company has a total of 0 preferred shareholders at the end of the reporting period [174]. - The total number of ordinary shareholders at the end of the reporting period is 11,186 [174].