Keshun(SZ:300737)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was ¥7,770,724,151.68, representing a 24.57% increase compared to ¥6,237,878,504.62 in 2020[37]. - The net profit attributable to shareholders for 2021 was ¥672,619,138.53, a decrease of 24.45% from ¥890,334,135.37 in 2020[37]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥572,154,046.95, down 35.42% from ¥885,987,331.88 in 2020[37]. - The total assets at the end of 2021 were ¥10,789,490,108.38, an increase of 32.41% from ¥8,148,385,473.43 at the end of 2020[37]. - The net assets attributable to shareholders at the end of 2021 were ¥4,967,875,431.55, up 19.64% from ¥4,152,488,797.20 at the end of 2020[37]. - The basic earnings per share for 2021 was ¥0.60, a decrease of 26.83% from ¥0.82 in 2020[37]. - The diluted earnings per share for 2021 was ¥0.59, down 28.05% from ¥0.82 in 2020[37]. - The net cash flow from operating activities for 2021 was ¥611,134,567.34, an increase of 10.68% from ¥552,180,280.32 in 2020[37]. - The company reported a total of ¥100,465,091.58 in non-recurring gains for 2021, significantly higher than ¥4,346,803.49 in 2020[45]. - The company experienced a negative net profit in the fourth quarter of 2021, amounting to -¥709,645.04 attributable to shareholders[42]. Market and Industry Insights - The company reported a significant reliance on the real estate sector, which is a major source of sales revenue, indicating that any downturn in the real estate market could adversely affect revenue growth and profitability[7]. - The company emphasizes the importance of macroeconomic conditions and government policies on its financial health, particularly regarding the collection of accounts receivable[10]. - The domestic waterproofing industry has a market capacity exceeding 200 billion RMB, with the company holding less than 5% market share, indicating significant growth potential[151]. - The company anticipates increased demand for waterproofing materials due to infrastructure investments exceeding 11 trillion RMB planned for 2022[151]. - The real estate sector is expected to rebound in 2022, which may lead to higher quality requirements for waterproofing materials[152]. - The industry is experiencing an exit of outdated production capacity, improving the competitive environment for larger enterprises[153]. - The waterproofing industry is entering a new phase of high-quality development, focusing on green, intelligent, and service-oriented growth[156]. Research and Development - The company focuses on independent research and development, with a structured process from product design to mass production[61]. - The company has a research and development team of over 400 people and has established partnerships with prestigious universities, enhancing its technological capabilities[69]. - The company launched nearly 50 new projects in 2021, with several new products achieving mass production and receiving industry awards[105]. - Research and development expenses for 2021 amounted to ¥339,996,564.46, reflecting a 20.64% increase compared to the previous year[102]. - The R&D personnel count increased by 25.95% to 466 in 2021, with the proportion of R&D personnel in the total workforce rising to 11.33%[107]. - The company will continue to invest in R&D, particularly in advanced second-generation production technology and equipment for polymer waterproofing materials[159]. Strategic Initiatives - The company plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves[11]. - The company focused on a "dual hundred billion" strategy, successfully acquiring Fengze Co., entering the damping and isolation industry, and launching the "Keshun Oasis" rainwater management system[80]. - The company aims to achieve over 10 billion RMB in sales revenue in 2022 as part of its "Double 10 Billion" strategy[160]. - The company plans to increase the coverage rate of its distributors to 100% and enhance market penetration in emerging fields and advantageous products[162]. - The company will implement a convertible bond refinancing plan to raise funds for capital investment over the next three years[166]. - The company aims to improve its operational efficiency and self-reform to adapt to changing market conditions and enhance its competitive advantage[165]. Risk Management - The company faces risks related to raw material price fluctuations, particularly for petroleum-based products, which could impact profitability if prices rise significantly[8]. - The company acknowledges the risk of accounts receivable collection issues due to potential financial deterioration of its major debtors amid economic downturns[10]. - The company will enhance its risk management strategies to address potential risks from real estate demand fluctuations and raw material price volatility[167][171]. Corporate Governance - The company is committed to maintaining a robust governance structure, ensuring compliance with relevant laws and regulations[184]. - The company has established a strategic committee to provide professional insights for decision-making processes[186]. - The company held 11 supervisory meetings during the reporting period, approving 78 proposals to ensure compliance with legal and regulatory requirements[189]. - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management to enhance governance efficiency[190]. - The company has a clear set of guidelines for the general manager's responsibilities and conducts regular management meetings to oversee daily operations[191]. - The company adheres to strict information disclosure practices, ensuring timely and accurate communication with investors through designated media[192].