PERI(SZ:300831)2021-04-22 16:00Financial Performance - The company's operating revenue for 2020 was ¥121,534,652.54, a decrease of 48.08% compared to ¥234,084,126.41 in 2019[19]. - The net profit attributable to shareholders for 2020 was ¥29,222,839.64, down 53.15% from ¥62,374,725.87 in 2019[19]. - The net profit after deducting non-recurring gains and losses was ¥16,934,597.16, a decline of 72.17% compared to ¥60,840,893.76 in 2019[19]. - The company has experienced a significant decline in net profit and revenue, indicating challenges in the market environment and operational efficiency[19]. - The company's total operating revenue for 2020 was ¥121,534,652.54, a decrease of 48.08% compared to ¥234,084,126.41 in 2019[54]. - Revenue from the power electronics industry was ¥120,899,789.71, accounting for 99.48% of total revenue, also down by 48.30% from ¥233,847,973.95 in 2019[54]. - The gross profit margin for the power electronics industry was 53.24%, which is an increase of 4.34% compared to the previous year[56]. - The company reported a net profit of 100 million RMB for the year 2020, representing a year-on-year increase of 20%[112]. Dividend Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 0.17 RMB per 10 shares, based on a total of 320 million shares[7]. - A cash dividend of CNY 0.17 per share (totaling CNY 5,440,000.00) is proposed for 2020, representing 21.03% of the total distributable profits[105][106]. - The cash dividend for 2020 accounts for 18.62% of the consolidated net profit attributable to the company's ordinary shareholders[107]. - The company has committed to ensuring reasonable returns for investors while considering long-term development[105]. - The cash dividend distribution plan reflects the company's profitability and commitment to shareholder value[105][106]. - The company has a history of consistent dividend payments, with a focus on maintaining a balance between shareholder returns and business growth[106]. Research and Development - The company has a strong focus on research and development of new products and technologies in the power semiconductor sector[6]. - The R&D team consists of approximately 170 members, with 43.36% of the total workforce dedicated to research and development[39]. - The company has submitted 6 patent applications during the reporting period, with 5 patents granted, enhancing its technological competitiveness[44]. - The company has developed a new flexible direct current protection thyristor, making progress in R&D for future national projects[49]. - Research and development expenses decreased by 33.23% to ¥4,956,190.21 due to pandemic-related disruptions[65]. - The company is actively developing new products such as IGCTs and fast recovery diodes, which are gradually being introduced to the market[49]. - The company completed 4 out of 12 internal R&D projects aimed at consolidating its position in the ultra-high voltage direct current transmission market[66]. - The company plans to increase R&D investment to bridge the technology gap with international standards, particularly in key areas related to national security and economic development[90]. Market Position and Strategy - The company operates in an encouraged industry according to national energy construction policies, with low risk of overcapacity and technological replacement[6]. - The company is actively pursuing market expansion opportunities and strategic acquisitions to enhance its competitive position[6]. - The company has achieved a significant market presence as a core supplier of converter valves for power transmission projects[6]. - The company aims to become a leading enterprise in the power electronics device market with international competitiveness and technological leadership[89]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[116]. - A strategic acquisition of a smaller semiconductor firm was completed, expected to enhance production capacity by 40%[117]. - The company is actively seeking acquisition targets related to its core business to optimize its industrial layout and expand production scale[90]. Operational Efficiency - The company reported a stable operational situation with low major risks in its current business activities[6]. - The company maintains a production cycle of approximately 3 months and a procurement cycle of 3 to 4 months for raw materials[33]. - The company employs a direct sales model for high-voltage direct current thyristors, primarily serving national power transmission projects[34]. - The company has established a quality management system based on ISO9001 to ensure product quality throughout the production process[31]. - The company has implemented stricter quality control measures, including a veto power on raw material acceptance and enhanced testing standards for product parameters[50]. - The company is focused on optimizing its operational management to improve efficiency across sales, procurement, and production[92]. Financial Management and Compliance - The company emphasizes the importance of accurate financial reporting and compliance with accounting standards[5]. - The company has maintained compliance with its commitments regarding profit distribution and shareholder returns[109]. - The company has adopted new revenue recognition standards starting from January 1, 2020, in accordance with the Ministry of Finance's regulations[145]. - The company has made commitments to not transfer benefits to other entities or individuals under unfair conditions[140]. - The company will ensure that any share reduction does not violate its previous commitments made during the IPO[120]. - The company will disclose the details of the share reduction plan to the public in accordance with regulatory requirements[124]. Challenges and Risks - In 2020, the company faced delays in key projects and bidding processes due to the COVID-19 pandemic, impacting its performance[6]. - Future plans and forecasts are subject to risks, and investors are advised to maintain awareness of these risks[7]. - The company is addressing risks related to uneven investment in national DC transmission projects, which could lead to performance fluctuations[95]. - The company is currently facing delays in its project due to the need for new land acquisition, which may extend the construction timeline[82]. Shareholder Structure and Governance - The company publicly issued 80 million RMB ordinary shares at a price of 3.98 RMB per share, increasing total share capital from 240 million to 320 million shares[177]. - The shareholding structure post-issuance shows that the state-owned entity holds 39.55% of the shares, while other major shareholders include a state-owned investment fund with 11.18% and a private investment management center with 6.43%[181]. - The controlling shareholder, Xi'an Electric Power Electronics Research Institute, has not changed during the reporting period[185]. - The actual controller is the Shaanxi Provincial Government State-owned Assets Supervision and Administration Commission, which oversees multiple listed companies[186]. - The company appointed Pang Yanli and Bai Jie as vice presidents in June 2020 to enhance corporate governance[199]. - The management team has extensive experience in the power electronics industry, which is crucial for the company's future growth and market expansion[200].