双一科技(300690) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company achieved operating revenue of CNY 1,001,623,981.84, a year-on-year decrease of 28.04%, and net profit attributable to shareholders of CNY 150,469,210.53, down 53.30%[4] - The company's operating revenue for 2021 was ¥1,001,623,981.84, a decrease of 28.04% compared to ¥1,391,961,973.95 in 2020[29] - The net profit attributable to shareholders for 2021 was ¥150,469,210.53, down 53.30% from ¥322,192,744.87 in 2020[29] - The net profit after deducting non-recurring gains and losses was ¥135,858,348.86, a decline of 56.11% compared to ¥309,552,996.15 in the previous year[29] - The net cash flow from operating activities was ¥76,505,413.52, a significant drop of 74.37% from ¥298,461,908.26 in 2020[29] - The total assets at the end of 2021 amounted to ¥1,617,282,683.24, a decrease of 3.51% from ¥1,676,123,828.24 at the end of 2020[29] - The net assets attributable to shareholders increased by 3.35% to ¥1,327,525,227.23 at the end of 2021, compared to ¥1,284,487,321.31 at the end of 2020[29] - The basic earnings per share for 2021 was ¥0.90, down 53.61% from ¥1.94 in 2020[29] - The diluted earnings per share was ¥0.91, a decrease of 53.33% compared to ¥1.95 in the previous year[29] - The weighted average return on equity was 11.75%, down 16.40% from 28.15% in 2020[29] - The company reported a significant decline in both revenue and profit metrics, indicating challenges in market performance and operational efficiency[29] Market Conditions - The decline in revenue is primarily due to a 33.63% year-on-year decrease in new wind power installations, which totaled 47.57 GW in 2021 compared to 71.67 GW in 2020[4] - Wind power bidding prices fell sharply from approximately CNY 3,600-4,100 per KW in 2020 to CNY 1,600-2,200 per KW in 2021, impacting the gross profit margins of industry chain enterprises[4] - The company recognizes significant growth potential in the wind power sector driven by national carbon neutrality goals, despite recent industry challenges[6] - The global wind power installed capacity reached 837 GW in 2021, with a year-on-year growth of 12%[41] - In the wind power sector, China's offshore wind power installation reached 16.88 GW in 2021, contributing significantly to the global total of 21.1 GW[41] - The company anticipates that the shift to a market-driven wind power industry will enhance the sustainability of the sector despite potential margin pressures due to subsidy reductions[44] Research and Development - The company maintains a strong core competency in composite materials, focusing on R&D, production, and sales across various sectors including wind power and transportation[4] - The company has a strong focus on technology R&D, with established centers for composite materials and non-metal materials, and holds multiple patents[13] - The company holds a total of 134 national patents, including 21 invention patents and 113 utility model patents, reflecting its commitment to innovation[60] - Research and development expenses in 2021 were ¥33,195,180.72, a decrease of 42.75% from ¥57,981,611.35 in 2020, representing 3.31% of total revenue[85] - The company invested in a joint venture to enhance its R&D capabilities and expand its technological processes[62] - The company is focusing on enhancing technological innovation by transitioning its R&D system to lead market development with advanced technologies, including the promotion of intelligent manufacturing and new product lines[110] Strategic Partnerships and Client Relationships - The company has established stable partnerships with major wind power companies, but remains exposed to risks from customer concentration[8] - The company established long-term partnerships with global leaders like Vestas, Siemens Gamesa, and Caterpillar, enhancing its market presence[50] - The company maintained a stable relationship with major clients such as Siemens Gamesa and Vestas, which is crucial for sustained business growth[66] Operational Efficiency and Cost Management - The company has established a comprehensive cost control system, contributing to long-term competitive advantages in procurement and production costs[64] - The company has implemented a production model based on sales orders, ensuring predictable and controllable product delivery[55] - The company plans to implement a comprehensive cost reduction and efficiency enhancement strategy in response to rising raw material prices and declining bidding prices[109] Dividend and Shareholder Information - The company plans to distribute a cash dividend of CNY 3 per 10 shares, based on a total of CNY 166,312,657[14] - The company distributed cash dividends of RMB 49,893,797.10, which is 3.00 RMB per 10 shares, representing 100% of the total profit distribution[156] - The total share capital as of December 31, 2021, was 166,317,757 shares, with the dividend distribution based on 166,312,657 shares[158] Human Resources and Talent Management - The company faces risks related to talent retention, as high-quality personnel are crucial for maintaining competitive advantage[10] - The number of R&D personnel decreased by 17.41% to 185 in 2021 from 224 in 2020[86] - The total number of employees at the end of the reporting period was 1,771, with 1,609 in the parent company and 162 in major subsidiaries[152] - The company has a cash dividend policy that requires a minimum of 20% of profit distribution to be in cash dividends during growth stages[156] Governance and Compliance - The company has established a sound corporate governance structure, ensuring compliance with relevant laws and regulations[117] - The company has maintained transparency in information disclosure, ensuring that all shareholders and investors can access important operational information fairly[124] - The company operates independently from its controlling shareholder in all aspects, including business, personnel, assets, organization, and finance[126] - The company has a complete and independent business structure without any competition with its controlling shareholder[126] Environmental and Social Responsibility - The company purchased 3,377,150 KWH of green electricity in 2021, supporting its commitment to sustainable development and reducing carbon emissions[178] - The company emphasizes resource conservation and environmental protection through advanced facilities and green electricity usage[182] - The company actively supports local economic development through tax contributions and job creation[182] Future Outlook and Expansion Plans - The company aims to capitalize on the growth opportunities in the wind energy sector and vehicle lightweighting, driven by national carbon reduction strategies[58] - The company plans to enhance its market presence with projects in both Wucheng and Yancheng, enhancing its production capabilities[99] - The company is exploring potential mergers and acquisitions to further strengthen its market position[135]