ZFGF(SZ:300695)2022-04-20 16:00Financial Performance - The company's operating revenue for 2021 was ¥718,328,777.62, representing a 52.88% increase compared to ¥469,861,286.13 in 2020[19] - The net profit attributable to shareholders for 2021 was ¥126,126,414.04, a decrease of 21.10% from ¥159,849,557.21 in 2020[19] - The net profit after deducting non-recurring gains and losses was ¥112,736,153.80, down 14.91% from ¥132,485,957.17 in the previous year[19] - The net cash flow from operating activities was ¥139,706,005.18, a decline of 33.90% compared to ¥211,355,873.89 in 2020[19] - The total assets at the end of 2021 amounted to ¥2,542,344,316.3, reflecting a 13.92% increase from ¥2,231,755,304.43 at the end of 2020[19] - The net assets attributable to shareholders increased by 6.88% to ¥1,959,828,362.8 from ¥1,833,701,948.79 in 2020[19] - The basic earnings per share for 2021 were ¥1.89, down 21.25% from ¥2.40 in 2020[19] - The diluted earnings per share also stood at ¥1.89, a decrease of 21.25% compared to the previous year[19] - The weighted average return on net assets was 6.65%, down from 8.55% in 2020[19] Quarterly Performance - In Q1 2021, the company reported revenue of approximately ¥134.04 million, with a net profit attributable to shareholders of about ¥35.35 million[22] - In Q2 2021, revenue increased to approximately ¥187.50 million, while net profit attributable to shareholders decreased to about ¥20.58 million[22] - Q3 2021 saw revenue of approximately ¥158.37 million and a net profit attributable to shareholders of about ¥34.08 million[22] - The company achieved its highest revenue in Q4 2021, totaling approximately ¥238.42 million, with a net profit attributable to shareholders of about ¥36.12 million[22] - The net cash flow from operating activities was negative in Q1 2021 at approximately -¥9.64 million, but improved significantly to ¥105.21 million in Q4 2021[22] Market and Industry Context - The automotive industry faced challenges in 2021, including chip shortages and rising raw material prices, impacting overall market performance[30] - The market for automotive parts continues to expand, with a notable increase in the market share of new energy vehicles[31] - The company specializes in manufacturing automotive wheel hub bearing units and has developed over 4,500 types of products for various vehicle models[35] Production and Sales - The company reported a 25.85% increase in the production of wheel hub bearing units, reaching 457.31 thousand units compared to 363.37 thousand units in the same period last year[43] - Sales of wheel hub bearing units increased by 33.20%, totaling 468.36 thousand units, up from 351.61 thousand units year-over-year[43] - The company achieved a 124.66% increase in the production of separation bearings, with 16.31 thousand units produced compared to 7.26 thousand units in the previous year[44] - The aftermarket service market saw a growth of 31.48%, with sales reaching 423.75 million compared to 322.29 million in the same period last year[44] Strategic Initiatives - The company has strategically entered the new energy electric axle market through its subsidiary, focusing on logistics and light truck applications[41] - The company plans to build a smart factory with an annual production capacity of 30 million precision forged automotive wheel hub bearing units, enhancing vertical integration[50] - The company has implemented a dual-driven strategy focusing on both aftermarket and OEM markets, leading to significant growth in both areas[41] - The company is actively adjusting its business layout to expand into the new energy electric vehicle market to mitigate the impact of declining commercial vehicle orders[64] Research and Development - R&D investment reached 41.40 million yuan, up 17.31% year-on-year, maintaining 96 valid patents[59] - The company is focusing on the development of new products, including automotive hub bearing units and high-speed motor bearings, to enhance its competitive edge[73] - The company is also investing in the research of new energy vehicle hub bearing units to capture market opportunities in the growing electric vehicle sector[73] - The number of R&D personnel increased by 38.60% from 114 in 2020 to 158 in 2021, with a notable rise in the number of bachelor's degree holders by 78.26%[74] Financial Management and Governance - The company has established a comprehensive and effective compensation management system, aligning employee remuneration with performance and contribution[167] - The company has a structured governance framework with a shareholders meeting, board of directors, and supervisory board in place[134] - The board of directors consists of 7 members, including 3 independent directors, with independent directors holding a majority in most committees[122] - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operations[129] Shareholder Relations and Profit Distribution - The company distributed a cash dividend of RMB 1.80 per 10 shares, totaling RMB 12,767,376.96, which represents 100% of the total profit distribution[171][172] - The company has committed to a profit distribution policy that ensures cash dividends to shareholders of no less than 10% of the distributable profits each year[188] - The company emphasizes the importance of considering the opinions of shareholders and independent directors in its profit distribution decisions[188] Environmental and Social Responsibility - The company has implemented ISO14001 environmental management system and clean production certification, adhering to environmental protection regulations[180] - The company has set up a charity fund of 10 million RMB, contributing 500,000 RMB annually for charitable activities from 2017 to 2021[182] - The company emphasizes employee welfare and growth, providing a supportive work environment and annual health check-ups[181] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[191] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[189] - The company aims to enhance its core competitiveness through technological innovation and market expansion[193]