GRKJ(SZ:300600)2022-04-25 16:00Financial Performance - The company's operating revenue for 2020 was ¥384,634,794.20, a decrease of 20.88% compared to ¥486,133,135.94 in 2019[21]. - The net profit attributable to shareholders for 2020 was ¥68,189,243.05, down 20.87% from ¥86,169,854.49 in 2019[21]. - The basic earnings per share for 2020 was ¥0.23, a decline of 17.86% from ¥0.28 in 2019[21]. - Total assets at the end of 2020 amounted to ¥1,817,318,822.01, a decrease of 10.97% from ¥2,041,150,264.80 at the end of 2019[21]. - The net assets attributable to shareholders increased by 3.73% to ¥1,167,223,430.06 at the end of 2020, compared to ¥1,125,210,484.52 at the end of 2019[21]. - The company reported a quarterly revenue of ¥82,291,364.97 in Q1, ¥104,857,389.49 in Q2, ¥101,788,594.28 in Q3, and ¥95,697,445.46 in Q4 of 2020[24]. - The net profit attributable to shareholders in Q4 was ¥21,733,394.95, showing a recovery from earlier quarters[24]. - The revenue from the ship power distribution system was ¥110,874,071.40, down 39.91% from ¥184,527,733.94 in 2019, accounting for 28.83% of total revenue[59]. - The revenue from the ship engine automation system was ¥204,270,959.05, a decrease of 29.72% from ¥290,632,841.67 in 2019, representing 53.11% of total revenue[59]. - The gross profit margin for the ship power distribution system was 35.91%, down 10.98% from the previous year[61]. Investment and R&D - The company acknowledges the need for continuous investment in technology research and development to mitigate risks from technological advancements and competition[5]. - The company has committed to enhancing its research and development capabilities by increasing investment and collaborating with external research institutions[95]. - The company has a strong R&D team that has added 1 invention patent and 7 utility model patents during the reporting period, showcasing its commitment to innovation[43]. - The company has developed core technologies such as medium-voltage distribution boards and ship circuit breakers, achieving high-level domestic replacements for foreign products[41]. - The company has a total of 64 patents, including 25 invention patents, and has 20 additional patents under review[44]. - The company invested 50 million RMB in R&D for new technologies, focusing on energy efficiency and automation[191]. Governance and Management - The company has established a comprehensive governance structure to manage its rapid growth and ensure effective operational and financial management[6]. - The company highlights the potential impact of management risks on its long-term development if it fails to adapt to market changes[6]. - The company has not reported any significant internal control deficiencies or non-standard audit opinions for the reporting period[4]. - The company has maintained compliance with all commitments made by its controlling shareholders and related parties during the reporting period[105]. - The company underwent a significant change in its board of directors on September 14, 2020, due to a change in the controlling shareholder and actual controller[176]. - The new management team is expected to bring fresh perspectives and strategies to the company, focusing on market expansion and technological innovation[177]. Market and Competitive Landscape - The company emphasizes the importance of maintaining military qualifications, as military product revenue significantly impacts overall sales and profitability[5]. - The company recognizes the competitive landscape for skilled technical personnel and the associated risks of talent retention[5]. - The company is focused on maintaining its core competencies in electrical and automation systems for marine engineering[9]. - The company operates a direct sales model, engaging directly with shipowners, shipyards, and design institutes without intermediaries[32]. - The company has established stable long-term partnerships with major domestic shipyards and design institutes, enhancing its market position[46]. - The company aims to leverage opportunities in the domestic shipbuilding supply industry to contribute to national shipbuilding initiatives[94]. Shareholder and Dividend Policy - The company reported a profit distribution plan, proposing a cash dividend of 0.5 RMB per 10 shares based on a total of 296,847,720 shares[6]. - The cash dividend for 2020 represents 21.77% of the net profit attributable to ordinary shareholders, which is 68,189,243.05 yuan[104]. - The company has a clear cash dividend policy that aligns with its articles of association and shareholder resolutions[100]. - The company did not implement any stock increases or bonus shares for the 2020 fiscal year, maintaining a focus on cash dividends[101]. - The company has committed to fulfilling all promises made to minority shareholders[111]. Operational Efficiency - The company aims to reduce operational costs by 5% through process optimization initiatives in the upcoming year[191]. - The company’s R&D expenses for 2020 were ¥16,412,601.45, which is 4.27% of total operating revenue, down from 4.99% in 2019[70]. - Sales expenses decreased by 28.36% to ¥15,530,991.39 in 2020 compared to ¥21,679,585.27 in 2019[69]. - Management expenses decreased by 40.29% to ¥44,592,881.54, primarily due to the impact of stock incentive expenses[69]. - Financial expenses increased by 248.91% to ¥18,706,769.64, mainly due to increased interest expenses[69]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[191]. - The company aims to optimize its existing service system and expand its global service network to better serve high-end customers[94]. - A strategic acquisition of a local competitor is planned, which is anticipated to add 300 million RMB in annual revenue[191]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[191].