Haibo(SZ:300517)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥857.23 million, representing a 17.52% increase compared to ¥729.42 million in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥51.90 million, a significant increase of 103.09% from ¥25.56 million in 2019[16]. - The basic earnings per share for 2020 was ¥0.49, up 104.17% from ¥0.24 in 2019[16]. - The total assets at the end of 2020 were approximately ¥1.81 billion, reflecting a 28.55% increase from ¥1.41 billion at the end of 2019[16]. - The net cash flow from operating activities for 2020 was approximately ¥12.46 million, a decrease of 90.25% compared to ¥127.74 million in 2019[16]. - The weighted average return on equity for 2020 was 6.94%, an increase from 3.80% in 2019[16]. - The net profit after deducting non-recurring gains and losses for 2020 was approximately ¥50.82 million, up 118.30% from ¥23.28 million in 2019[16]. - The total net assets attributable to shareholders at the end of 2020 were approximately ¥844.31 million, a 16.95% increase from ¥721.95 million at the end of 2019[16]. - The company's non-recurring gains and losses totaled CNY 1,080,581.41 in 2020, a decrease of 52.5% compared to CNY 2,276,343.49 in 2019[21]. Market and Industry Context - The total profit of qualified general contracting and specialized contracting construction enterprises in the country was CNY 8,303 billion in 2020, reflecting a growth of 0.3% year-on-year[26]. - The domestic GDP for 2020 was CNY 10,159.86 billion, with a growth rate of 2.3% compared to the previous year[25]. - The fixed asset investment in the country reached CNY 51,890.7 billion in 2020, marking a year-on-year increase of 2.9%[26]. - The construction industry added value was CNY 72,996 billion in 2020, showing a year-on-year growth of 3.5%[26]. - The bridge steel structure industry is experiencing accelerated development and increasing competition, with leading companies gaining market share through industry consolidation[31]. Company Operations and Strategy - The company operates in the bridge steel structure sector, which is a significant part of the infrastructure industry, characterized by high efficiency and green construction methods[27]. - The company is positioned to benefit from the ongoing infrastructure development, with significant projects planned during the 14th Five-Year Plan period, including 25,000 kilometers of new and renovated highways[29]. - The company has established a "super heavy bridge steel structure R&D, manufacturing, and logistics base," enhancing its competitive advantage in the market[33]. - The company operates a contract-driven business model, focusing on self-sourced projects and providing integrated services[39][41]. - The company has a strong presence across more than 20 provinces in China, covering various types of bridge structures[37]. Research and Development - The company has focused on developing new technologies and methods to enhance the manufacturing and installation processes of steel structures, contributing to market competitiveness[82]. - The company reported a significant increase in research and development expenses, totaling ¥29.94 million, which is a 27.97% increase compared to the previous year[80]. - R&D investment in 2020 amounted to ¥29,936,495.90, representing 3.49% of total revenue, an increase from 3.21% in 2019[83]. - The company holds 10 invention patents and 7 utility model patents, focusing on innovative welding techniques and automated manufacturing processes to enhance efficiency[49]. Financial Management and Cash Flow - Cash and cash equivalents grew by 120.74%, mainly due to funds raised from convertible bond issuance and increased collections compared to the previous year[47]. - The net cash flow from financing activities for 2020 was CNY 245.66 million, an increase of CNY 273.70 million compared to the previous year, primarily due to the issuance of convertible bonds[86]. - The company has implemented several R&D projects aimed at reducing construction costs and improving efficiency, with applications already in multiple projects[82]. - The company has optimized internal control and cost management through detailed budgeting and the use of information technology, enhancing operational efficiency and risk management[53]. Risk Management - The company recognizes macroeconomic policy risks that could significantly impact its main business due to fluctuations in infrastructure investment policies[116]. - The company has established a comprehensive risk control system for accounts receivable, but the increasing scale of projects may lead to longer recovery times[117]. - The company faces high revenue concentration risk, with the top five customers contributing 66.34%, 65.32%, and 52.90% of total revenue in 2018, 2019, and 2020 respectively[124]. - The cost of steel, which constitutes a large portion of the company's raw material expenses, has been volatile, impacting operational performance during the reporting period[118]. Shareholder and Governance Matters - The company proposed a cash dividend of CNY 0.50 per 10 shares (tax included), totaling CNY 5,336,300.00[143]. - The controlling shareholder holds 53% of the shares, which may concentrate decision-making power and affect minority shareholders[131]. - The company has established a governance structure to mitigate risks associated with concentrated ownership[131]. - The company is implementing a stock repurchase plan to stabilize stock prices, which must comply with relevant laws and regulations[150]. Legal and Compliance - The company won a lawsuit against China Communications Construction Company with a claim amount of 9.8592 million RMB, and the case is currently in execution[176]. - The company reported a total of 1,184.25 million yuan in a lawsuit victory against Wuhan Municipal Special Construction Group Co., Ltd., which has been executed[177]. - The company is currently involved in a retrial against Henan Liu Jian Construction Group Co., Ltd. with a claim amount of 1,508.84 million yuan, which is still under trial[177]. - The company has no penalties or rectifications during the reporting period[178].