兆丰股份(300695) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥469,861,286.13, a decrease of 15.98% compared to ¥559,196,641.51 in 2019[17] - The net profit attributable to shareholders for 2020 was ¥159,849,557.21, down 25.38% from ¥214,204,901.39 in the previous year[17] - The net profit after deducting non-recurring gains and losses was ¥132,485,957.17, a decline of 34.05% from ¥200,878,129.25 in 2019[17] - The basic earnings per share for 2020 were ¥2.40, down 25.23% from ¥3.21 in 2019[17] - The weighted average return on equity was 8.55%, a decrease of 3.35% from 11.90% in the previous year[17] - The company's total revenue for the first quarter was approximately CNY 123.49 million, with a peak in the second quarter at CNY 130.86 million, followed by a decline to CNY 95.39 million in the third quarter, and a recovery to CNY 120.13 million in the fourth quarter[19] - The net profit attributable to shareholders for the first quarter was CNY 41.97 million, peaking at CNY 45.74 million in the second quarter, then decreasing to CNY 40.80 million in the third quarter, and dropping to CNY 31.34 million in the fourth quarter[19] - The company's revenue from automotive parts manufacturing was approximately ¥456.38 million, a decrease of 16.53% year-over-year, with a gross margin of 45.42%[75] Cash Flow and Assets - The net cash flow from operating activities increased by 39.37% to ¥211,355,873.89, compared to ¥151,654,221.85 in 2019[17] - The total assets at the end of 2020 were ¥2,231,755,304.43, reflecting a slight increase of 0.64% from ¥2,217,548,503.84 at the end of 2019[17] - The net cash flow from operating activities reached CNY 70.05 million in the third quarter, the highest for the year, while the first quarter recorded CNY 33.36 million and the fourth quarter recorded CNY 56.64 million[19] - The total cash inflow from operating activities was ¥612.84 million, an increase of 14.59% from the previous year[85] - The company's cash and cash equivalents decreased from 1,428,946,990.44 yuan (64.44% of total assets) at the beginning of the year to 1,238,205,611.39 yuan (55.48% of total assets) at year-end, a reduction of 8.96%[91] Inventory and Construction - The company's inventory increased by 31.12%, amounting to CNY 2,501.55 million, primarily due to severe container shortages affecting export shipments[38] - The company's in-progress construction projects increased by 411.06%, with an additional CNY 22,270.65 million invested, mainly due to accelerated investment in fundraising projects[38] - The company reported a significant increase in construction in progress from 54,178,171.38 yuan (2.44% of total assets) to 276,884,710.97 yuan (12.41% of total assets), an increase of 9.97% as projects are under construction[91] Research and Development - The company has a strong focus on research and development, particularly in the areas of fourth-generation wheel hub bearing units and electric control wheel hub bearing units[28] - R&D expenses totaled ¥35.29 million in 2020, representing 7.51% of total revenue, with a year-on-year increase of 2.73%[66] - The company holds 88 patents, including 35 invention patents, and was granted 4 invention patents and 3 utility model patents in 2020[45] Market and Sales - The company maintained a high proportion of overseas aftermarket revenue, which was significantly impacted by the global pandemic[35] - The domestic automotive market saw a slight decline, with production and sales down 2% and 1.9% respectively, but still leading globally[35] - The company has established a nationwide marketing network for the automotive aftermarket through authorized dealers, rapidly promoting its own brand "Zhaofeng"[35] - The company aims to enhance its market share by leveraging its ODM sales model and expanding its online marketing channels[61] Strategic Partnerships and Ventures - In October 2020, the company established a joint venture with Shaanxi Dongming Vehicle Systems Co., Ltd., focusing on commercial vehicle components and new energy vehicle axles, with the company holding a 60% stake[29] - The company has formed a strategic partnership with Shaanxi Automobile Group to expand its business in commercial vehicle chassis systems[59] - The company established a new subsidiary, Shaanxi Shanjia Zhaofeng Technology Co., Ltd., with a registered capital of ¥120 million, in which it holds a 60% stake[79] Risk Factors - The company faces risks including macroeconomic fluctuations, the impact of COVID-19, and a decline in gross profit margin[5] - The ongoing COVID-19 pandemic has disrupted global logistics, affecting order delivery and customer operations, with the company actively adjusting strategies to mitigate these impacts[119] - The company is exposed to foreign exchange risks, particularly with USD settlements; it is engaging in hedging activities to mitigate the impact of currency fluctuations on financial performance[123] Profit Distribution - The profit distribution plan for shareholders includes no cash dividends and no bonus shares, with a capital reserve transfer of 0 shares for every 10 shares held[5] - For the 2020 fiscal year, the company proposed not to distribute any cash dividends, stock bonuses, or capital reserve transfers, with the remaining undistributed profits carried forward to future years[135] - The company’s total distributable profits for the reporting period were RMB 624,099,150.15, with no cash dividends distributed[131] Corporate Governance - The company emphasizes the importance of independent opinions from independent directors regarding profit distribution decisions[140] - The company has established measures to ensure the fulfillment of commitments related to compensating for any dilution of immediate returns after the issuance of A-shares[143] - The company has committed to ensuring or making efforts to minimize the impact of the issuance on immediate returns, protecting shareholders' rights[141] Social Responsibility - The company has actively participated in social responsibility initiatives, including poverty alleviation efforts with a total investment of 65,000 CNY in various projects[174] - In response to the COVID-19 pandemic, the company donated 2,000,000 CNY for epidemic prevention efforts[170] - The company provided 50,000 CNY in scholarships to support impoverished students through the "Zhaofeng Class" at Hangzhou Technical College[171]