GRKJ(SZ:300600)2020-05-19 16:00Financial Performance - The company's operating revenue for 2019 was ¥486,133,135.94, a decrease of 0.55% compared to ¥488,806,525.45 in 2018[15]. - Net profit attributable to shareholders was ¥86,169,854.49, down 20.45% from ¥108,321,895.77 in the previous year[15]. - The net cash flow from operating activities was -¥151,144,501.46, a significant decline of 488.87% compared to ¥38,867,410.88 in 2018[15]. - Basic earnings per share decreased by 22.22% to ¥0.28 from ¥0.36 in 2018[15]. - Total assets increased by 57.58% to ¥2,041,150,264.80 at the end of 2019, up from ¥1,295,345,277.66 in 2018[15]. - The weighted average return on equity was 7.60%, down from 11.13% in 2018, reflecting a decrease of 3.53%[15]. - The total non-recurring gains and losses amounted to ¥28,388,845.36 for 2019, compared to ¥25,803,306.42 in 2018[22]. - The company experienced a significant drop in net profit in the fourth quarter, reporting only ¥11,981,437.89 compared to higher profits in previous quarters[17]. - The company achieved operating revenue of 48,613.31 million yuan and a net profit of 8,616.99 million yuan during the reporting period[27]. - As of December 31, 2019, the company's total assets increased by 57.58% year-on-year to 204,115.03 million yuan, while the net assets attributable to shareholders rose by 2.30% to 112,521.05 million yuan[27]. Dividend Policy - The company reported a cash dividend of 0.6 RMB per 10 shares based on a total of 302,964,120 shares, with no stock bonus or capital reserve conversion[5]. - The total cash dividend for 2019 amounts to 18,177,847.20 yuan, representing 21.10% of the distributable profit of 86,169,854.49 yuan[92]. - In 2018, the company distributed a cash dividend of 1.80 yuan per 10 shares and converted 8 shares from capital reserves, totaling 30,358,620 yuan in cash dividends[89]. - The company has maintained a consistent cash dividend policy over the past three years, with cash dividends of 2.50 yuan, 1.80 yuan, and 0.6 yuan per 10 shares in 2017, 2018, and 2019 respectively[91]. Research and Development - The company emphasizes the need for ongoing investment in technology research and development to mitigate risks from technological advancements and product replacements[5]. - The company has initiated fundraising projects for expanding marine electrical equipment production and establishing a research and development center, which are expected to enhance overall efficiency and core competitiveness[5]. - The company’s R&D efforts have led to the successful development of key products such as the "ship medium voltage distribution board," positioning it as a leader in domestic innovation[33]. - The company added 1 invention patent, 3 national defense patents, 1 utility model patent, 1 design patent, and 9 software copyrights during the reporting period, with 6 patent applications under review[44]. - The company has a total of 55 patents, including 13 invention patents, 22 utility model patents, 9 design patents, and 11 national defense patents[44]. - The number of R&D personnel increased to 111 in 2019, representing 20.56% of the total workforce, up from 18.79% in 2018[62]. - The proportion of R&D investment to operating revenue decreased to 4.99% in 2019 from 7.22% in 2018[62]. - The company aims to enhance its research and development capabilities by launching new products such as ship switches and energy recovery systems, which will extend its existing product line[84]. Market Position and Strategy - The company operates in a cyclical industry, with its performance closely tied to the global economic climate and international trade volumes[31]. - The company has established long-term cooperative relationships with major domestic shipyards and design institutes, enhancing its market position[29]. - The company focuses on a "make-to-order" production model, aligning production with customer orders, which enhances operational efficiency[26]. - The company secured its first bid for a medium-voltage distribution project in the domestic shipbuilding market, breaking the monopoly of foreign companies[43]. - The company signed contracts for 35 sets of desulfurization tower projects, delivering 11 sets within the year, demonstrating significant progress in new business development[43]. - The company is transitioning from a ship equipment manufacturer to a system integrator, enhancing its product system integration capabilities[88]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2021[165]. Financial Stability and Governance - The company did not report any continuous losses over the past two years, indicating financial stability[16]. - The company has maintained a stable financial position, with no non-operating fund occupation by controlling shareholders or related parties during the reporting period[108]. - The company has not faced any penalties or corrective actions during the reporting period, reflecting good governance practices[111]. - The company has adhered to all commitments made by its controlling shareholders and related parties during the reporting period[93]. - The company has established a governance structure that complies with the requirements of the "Corporate Governance Guidelines for Listed Companies" and the "Guidelines for the Standardized Operation of Listed Companies on the Shenzhen Stock Exchange" as of the end of the reporting period[178]. - The board of directors consists of 9 members, including 3 independent directors, meeting legal and regulatory requirements[179]. - The audit committee held 5 meetings during the reporting period, ensuring oversight of financial reporting and internal controls[188]. - The company has not engaged in any related party transactions during the reporting period[116]. Operational Efficiency - The company has developed a mature pre-sales service process, enhancing customer satisfaction and loyalty through tailored solutions[36]. - The company maintains a comprehensive quality management system, recognized by various international classification societies[39]. - The company has a strong technical innovation capability, essential for providing customized solutions for non-standard ship electrical equipment[44]. - The company’s procurement strategy includes direct sourcing from manufacturers or agents, ensuring quality control through military inspection certifications for materials used in military products[26]. - The company aims to reduce operational costs by 15% through efficiency improvements in the manufacturing process[165]. Employee Management - The total number of employees in the company is 540, with 477 in the parent company and 63 in major subsidiaries[171]. - The company has 259 production staff, 146 technical staff, and 24 sales staff, indicating a strong focus on production and technical capabilities[171]. - The total remuneration for directors and senior management during the reporting period amounts to CNY 424.84 million[171]. - The company has implemented a training program in 2019, focusing on management skills and core talent development[175]. - The company has established a performance evaluation system for determining the remuneration of directors and senior management based on their performance[169]. Audit and Compliance - The audit opinion issued by the accounting firm was a standard unqualified opinion, confirming that the financial statements fairly reflect the company's financial position[195]. - The internal control self-assessment report was consistent with the auditor's report, indicating no discrepancies[192]. - The company has not issued any bonds that are due or unable to be fully repaid as of the annual report approval date[193]. - The company has not made any changes to its accounting policies or estimates during the reporting period, ensuring consistency in financial reporting[109].