英搏尔(300681) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 654,683,392.95, representing a 22.09% increase compared to CNY 536,230,469.57 in 2017[28]. - The net profit attributable to shareholders for 2018 was CNY 53,076,063.80, a decrease of 37.04% from CNY 84,295,415.03 in 2017[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 42,731,410.02, down 46.36% from CNY 79,666,974.87 in 2017[28]. - The net cash flow from operating activities improved to CNY 23,311,663.59, a significant increase of 128.05% from a negative CNY 83,108,661.32 in 2017[28]. - The total assets at the end of 2018 reached CNY 1,226,294,004.74, a 35.38% increase from CNY 905,784,638.97 at the end of 2017[28]. - The net assets attributable to shareholders at the end of 2018 were CNY 650,379,811.56, showing a slight increase of 1.20% from CNY 642,663,747.76 at the end of 2017[28]. - The basic earnings per share for 2018 were CNY 0.70, down 46.56% from CNY 1.31 in 2017[28]. - The diluted earnings per share for 2018 were also CNY 0.70, reflecting the same percentage decrease as the basic earnings per share[28]. - The weighted average return on equity for 2018 was 8.26%, a decrease of 18.91% from 27.17% in 2017[28]. - The company achieved total revenue of 654.68 million yuan, a year-on-year growth of 22.09%[41]. Revenue Breakdown - The company's revenue from low-speed electric vehicles decreased to 40.61% of total revenue in 2018[8]. - The company's revenue from the new energy vehicle (NEV) business accounted for 51.79% of total revenue, with NEV sales in China reaching 1.256 million units in 2018, a year-on-year increase of 61.7%[42]. - Revenue from the new energy sector was ¥339,073,662.32, accounting for 51.79% of total revenue, with a year-on-year growth of 38.74%[68]. - The sales volume of new energy products decreased by 4.68% to 217,285 units, while inventory dropped by 58.63% to 18,076 units[71]. - The electric motor segment saw a significant increase in revenue, up 299.07% year-on-year, reaching ¥124,156,301.52[68]. Costs and Expenses - Direct materials accounted for over 87% of the company's costs, with electronic components being the largest cost contributor[6]. - The comprehensive gross margin for the motor controller decreased by 4.41 percentage points due to price declines of old products and rising raw material costs[58]. - Sales expenses increased by 28.26% to ¥39,997,282.46 in 2018, primarily due to growth in business volume and an increase in sales personnel[81]. - Management expenses rose by 32.18% to ¥21,175,058.30, attributed to an increase in management personnel and office environment upgrades[81]. - Financial expenses surged by 1,213.95% to ¥4,889,289.74, mainly due to new short-term loan interest costs[81]. Research and Development - The company invested 46.12 million yuan in R&D, representing 7.03% of total revenue, and increased its R&D personnel from 110 to 149[49]. - The company focuses on the research and development of electric vehicle motor control systems and key components, including motor controllers and on-board chargers[36]. - The company is committed to independent research and development, leading to several industry-leading core technologies[40]. - The company has strengthened its R&D team and increased investment in R&D to lay a solid foundation for future development[59]. - The company plans to invest 200 million RMB in new technology research and development over the next three years[194]. Market and Competition - The company acknowledges the potential impact of market competition on its operational performance and emphasizes the need for ongoing improvements in technology and management efficiency[9]. - The decline in net profit is attributed to reduced government subsidies and increased competition in the electric vehicle industry[41]. - The company is closely monitoring changes in new energy vehicle industry policies to mitigate risks associated with potential subsidy reductions[7]. - The NEV industry is projected to continue rapid growth, with government policies aiming for over 2 million units produced and sold annually by 2020[44]. - The company aims to leverage the national support for electric vehicles to enhance its competitive advantage in the electric vehicle control system market[164]. Inventory and Receivables - The company's inventory value at the end of the reporting period was 196.507 million RMB, accounting for 16.02% of total assets[11]. - Accounts receivable amounted to 402.2354 million RMB, representing 34.09% of total assets, indicating stable but increasing receivables due to growing customer base[11]. - The total inventory for the company decreased by 49.73% in the low-speed sector, attributed to policy impacts on inventory consumption[73]. - Accounts receivable totaled ¥253,728,854.30, accounting for 20.69% of total assets, showing a decrease of 1.98% compared to the previous year[91]. Dividend Policy - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares based on a total of 75.6 million shares[14]. - The cash dividend policy was executed in accordance with the company's articles of association and received approval from the board and independent directors[126]. - The company has a policy that mandates a minimum cash dividend ratio of 20% during growth phases with significant capital expenditures[127]. - The company plans to distribute a cumulative cash dividend of no less than 30% of the average annual distributable profits over three consecutive years[133]. - The company will ensure that the distribution of dividends occurs within two months after the shareholders' meeting approval[133]. Governance and Compliance - The company has established a robust internal management and control system to enhance corporate governance[163]. - The company has committed to ensuring that its board members and senior management adhere to strict governance practices to protect company interests[139]. - The company will maintain a transparent process for profit distribution decisions, requiring independent directors to express clear opinions on proposals[134]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[141]. - The company adheres to environmental protection laws and has passed environmental management system certification, ensuring compliance with relevant regulations[169]. Future Outlook - The company aims for a sales revenue growth of over 10% and a net profit growth of over 10% for 2019, despite uncertainties in the industry[112]. - The company plans to continue expanding its market presence in the new energy vehicle sector[104]. - The company is focused on optimizing production processes and enhancing product quality to meet increasing demands for cost-effective solutions in the NEV market[45]. - The company plans to recruit talent through various channels to meet the growing business demands[115]. - The company aims to accelerate its regional strategic layout to enhance competitiveness and expand its customer base[139].