Andawell(SZ:300719)2021-04-19 16:00Financial Performance - The company's operating revenue for 2020 was ¥609,699,797.57, representing a 10.36% increase compared to ¥552,446,608.01 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥95,478,461.42, a 30.53% increase from ¥73,149,067.02 in 2019[17]. - The net profit after deducting non-recurring gains and losses was ¥86,471,219.96, up 22.38% from ¥70,657,228.69 in 2019[17]. - The basic earnings per share for 2020 was ¥0.3755, reflecting a 30.29% increase from ¥0.2882 in 2019[17]. - The total assets at the end of 2020 were ¥1,443,482,589.43, an increase of 11.97% from ¥1,289,147,662.52 at the end of 2019[17]. - The net assets attributable to shareholders at the end of 2020 were ¥1,051,263,859.46, a 7.33% increase from ¥979,479,998.04 at the end of 2019[17]. - The company reported a net cash flow from operating activities of -¥16,323,362.01 for 2020, compared to -¥4,823,976.98 in 2019[17]. - The weighted average return on equity for 2020 was 9.40%, up from 7.60% in 2019[17]. - The company reported a total of ¥11,996,884.88 in government subsidies for 2020, a notable increase from ¥1,338,903.47 in 2019[22]. Revenue Breakdown - Revenue from airborne equipment manufacturing reached RMB 359.45 million, accounting for 58.96% of total revenue, with a growth of 25.12%[59]. - The aviation maintenance business generated RMB 149.66 million, representing a decline of 12.22% compared to the previous year[59]. - The measurement and control equipment manufacturing segment saw revenue of RMB 74.40 million, an increase of 25.24% year-on-year[59]. - The total revenue from the top five customers amounted to ¥484,565,214.07, accounting for 79.48% of the annual sales[64]. Cash Flow and Investments - The company’s total investment cash inflow decreased by 66.76% to ¥120,505,547.07, primarily due to a significant reduction in cash received from investment recoveries[71]. - The company’s long-term equity investments decreased by 48.94% year-on-year to 1.1775 million yuan, mainly due to profit changes in its joint venture[36]. - The company’s financing cash inflow increased by 47.06% to ¥188,161,366.90, driven by higher borrowings[71]. - The company received government subsidies amounting to 42.60 million yuan, which accounted for 41.37% of total profit, indicating a significant reliance on government support[74]. Operational Strategy and Market Position - The company focuses on providing comprehensive products and services throughout the entire lifecycle of aerospace and defense equipment[30]. - The company has maintained a diversified business layout in the aerospace and defense sector, ensuring coverage across various stages of equipment lifecycle[30]. - The company aims to leverage its competitive advantages by engaging early in the development process of new models and technologies[28]. - The company has adjusted its operational strategy to enhance collaboration in the development of high-end equipment, responding to the evolving defense procurement reforms[31]. Research and Development - Research and development expenses reached ¥83,675,583.71 in 2020, a 20.38% increase from ¥69,507,398.58 in 2019, representing 13.72% of total revenue[67][69]. - The company is focusing on R&D for new technologies, including helicopter low-altitude obstacle avoidance and lightweight passenger seats[55]. - The company completed the development of multiple products, including an integrated testing system and a smart tool management system, enhancing its product lines[67]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of ¥2 per 10 shares to all shareholders[4]. - The cash dividend for 2020 represents 100% of the total distributable profit, indicating a strong commitment to shareholder returns[132]. - The cash dividend amount was 50,805,850.00, representing 53.21% of the net profit attributable to ordinary shareholders[137]. Risk Management and Future Outlook - The company has outlined potential risks and countermeasures in its future development outlook section[4]. - The company is facing risks related to market competition and policy changes, which may impact its market share and growth[120][121]. - The company’s future outlook indicates that the aerospace and defense industry is a crucial pillar of the national economy, with China being the second-largest civil aviation market globally[104]. Corporate Governance and Compliance - The company has not reported any significant changes in the measurement attributes of its main assets during the reporting period[78]. - The audit firm, Xinyong Zhonghe, has been engaged for six consecutive years, with an audit fee of 600,000 RMB for the reporting period[149]. - The company has not faced any penalties or rectification issues during the reporting period[152]. Employee Engagement and Corporate Social Responsibility - During the pandemic, the company donated CNY 1.5 million to Hubei and provided protective supplies to all employees[186]. - The company emphasizes employee development by providing free MBA and EMBA training opportunities, enhancing overall employee quality and technical capabilities[187]. - The company has implemented a rigorous quality management system to ensure product quality and enhance internal management standards[189].