TNP(SZ:300569)2021-04-26 16:00Investment and Expansion Plans - The company plans to increase its investment in wind farm operations and enter the offshore wind tower and monopile manufacturing sectors, which are significantly different from its existing main business [10]. - The company is actively expanding its business in the renewable energy sector, focusing on wind and solar power generation projects [48]. - The company plans to continue investing in the development and operation of wind and solar power generation projects [48]. - The company is currently in the construction phase for several wind power projects, with varying degrees of completion [136]. - The company aims to expand its industry chain related to wind power generation and marine equipment manufacturing [160]. - The company has established several new subsidiaries focused on manufacturing and renewable energy technology [156]. - The company has established three coastal bases for offshore tower production, promoting its "two-sea strategy" to expand into offshore wind power markets [169]. Financial Performance - The company's operating revenue for 2020 was CNY 3,424,874,350.86, representing a 38.99% increase compared to CNY 2,464,179,940.27 in 2019 [34]. - The net profit attributable to shareholders for 2020 was CNY 427,584,013.95, a 58.67% increase from CNY 269,487,681.17 in 2019 [34]. - The net cash flow from operating activities improved significantly to CNY 377,116,556.93, compared to a negative cash flow of CNY -165,867,760.52 in 2019, marking a 227.36% increase [34]. - The total assets at the end of 2020 were CNY 7,603,468,408.43, up 30.71% from CNY 5,817,128,951.68 at the end of 2019 [34]. - The company reported a basic earnings per share of CNY 1.0937 for 2020, which is a 56.80% increase from CNY 0.6975 in 2019 [34]. - The company achieved operating revenue of approximately 3,424.87 million yuan, a year-on-year increase of 38.99%, and a net profit attributable to shareholders of approximately 427.58 million yuan, up 58.67% year-on-year [49]. - The company reported a gross profit margin of 25.72% in the manufacturing sector, with a slight increase of 0.92% year-on-year [102]. - The total revenue from the main subsidiaries in wind power equipment manufacturing is 459,087,961.33 [156]. Risk Management - The company aims to mitigate risks associated with raw material price fluctuations, particularly steel, by adopting a sales-based production model and implementing price adjustment mechanisms in contracts [11]. - The company acknowledges the risks of project contract delays due to the long investment cycle and uncertainties caused by the COVID-19 pandemic, which may adversely affect its operating performance [12]. - The company emphasizes the importance of project management and optimizing the marketing system to prevent and reduce risks related to project delays [16]. - The company faces risks from changes in industry policies and technology, which could impact investment progress and market demand for tower products [178]. - The company will enhance project management to mitigate risks associated with project delays, which could adversely affect financial performance [183]. Research and Development - The company is committed to actively conducting new product research and development and timely adjustments in response to policy and industry developments [6]. - The company has 28 national patents related to wind power technology, enhancing its technological advantages in high-end wind turbine tower manufacturing [76]. - The company’s R&D investment as a percentage of operating revenue was 2.69% in 2020, slightly down from 2.78% in 2019 [119]. - In 2020, the company's R&D expenses amounted to ¥92,092,548.72, representing a 34.64% increase compared to the previous year, primarily due to an increase in R&D projects [118]. - The number of R&D personnel increased to 63, accounting for 11.93% of the total workforce, up from 6.81% in 2019 [119]. - The company will strengthen R&D investment to enhance competitiveness in the wind turbine tower sector, focusing on both domestic and international markets [161]. Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 2.6 RMB per 10 shares (including tax) and to increase capital by 7 shares for every 10 shares held [18]. - The cash dividend represents 24.29% of the net profit attributable to ordinary shareholders, which was 427,584,013.95 RMB [200]. - The total distributable profit for 2020 was 1,159,856,741.33 RMB, with the cash dividend amounting to 100% of the profit distribution total [194]. - The company has maintained a consistent dividend distribution policy over the past three years, with cash dividends of 21.25% in 2018 and 47.90% in 2019 [198]. - The independent directors have expressed clear agreement with the profit distribution plan, ensuring compliance with governance standards [192]. - The company has provided opportunities for minority shareholders to express their opinions during the decision-making process for profit distribution [193]. Market Position and Competitiveness - The company is positioned as a leading manufacturer of wind turbine towers in the domestic market, benefiting from favorable policies for renewable energy development [61]. - The company aims to enhance its market share in the wind turbine tower sector through increased marketing efforts and technological research and development [72]. - The company will enhance marketing efforts to improve market share and competitiveness in a highly fragmented tower manufacturing market [184]. - The company is focused on enhancing its operational capabilities through external talent acquisition and internal training to support its strategic transformation [10]. Government Support and Industry Trends - The company reported that the domestic wind power industry has benefited significantly from national support for renewable energy, which is crucial for its operational performance [4]. - The cumulative installed wind power capacity in China reached 281 million kW by the end of 2020, a year-on-year increase of 34.6% [71]. - The global wind power installed capacity increased by 59% in 2020, with new installations reaching 96.7 GW, including 90.2 GW of onshore and 6.5 GW of offshore wind power [68]. - By 2050, global CO2 emissions related to energy are expected to decrease by 70%, with wind power becoming a major source of electricity [158]. - The cumulative installed offshore wind power in China is projected to become the world's largest by 2030 [159]. - The company is committed to achieving carbon neutrality by 2060, aligning with national climate goals [159].