浙江力诺(300838) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 469,768,361.77, representing a 3.83% increase compared to CNY 452,446,430.10 in 2019[16] - The net profit attributable to shareholders decreased by 8.40% to CNY 62,083,446.32 in 2020 from CNY 67,776,664.82 in 2019[16] - The net profit after deducting non-recurring gains and losses was CNY 56,029,473.89, down 12.40% from CNY 63,962,566.10 in the previous year[16] - The net cash flow from operating activities increased by 39.27% to CNY 52,638,287.61 in 2020, compared to CNY 37,795,810.47 in 2019[16] - The total assets at the end of 2020 reached CNY 979,158,500.48, a significant increase of 58.15% from CNY 619,132,658.27 at the end of 2019[16] - The net assets attributable to shareholders doubled to CNY 773,351,108.15 at the end of 2020, compared to CNY 386,659,814.19 at the end of 2019, marking a 100.01% increase[16] - Basic earnings per share decreased by 21.21% to CNY 0.52 in 2020 from CNY 0.66 in 2019[16] - The weighted average return on net assets fell to 10.70% in 2020, down from 18.94% in 2019, a decrease of 8.24 percentage points[16] Revenue Breakdown - The company's total revenue for 2020 was 369,168,461.77 CNY, with a quarterly breakdown of 51,299,182.22 CNY in Q1, 128,852,833.54 CNY in Q2, 126,592,890.26 CNY in Q3, and 163,023,455.75 CNY in Q4[18] - The net profit attributable to shareholders for the year was 62,083,446.32 CNY, with quarterly figures of 5,445,597.39 CNY in Q1, 24,232,539.83 CNY in Q2, 14,271,328.34 CNY in Q3, and 18,133,980.76 CNY in Q4[18] - The company's sales revenue for 2020 reached 530 million CNY, showing a slight increase from 510 million CNY in 2019, and it has consistently maintained sales above 500 million CNY for several years[51] - The company's revenue from the chemical industry increased by 29.22% year-on-year, accounting for 63.13% of total revenue[76] - The company's revenue from the petrochemical industry decreased by 52.61% year-on-year, accounting for 4.74% of total revenue[76] - The company's revenue from switch valves reached ¥269,961,907.62, accounting for 57.47% of total revenue, with a year-on-year increase of 7.73%[77] - The total revenue from domestic sales was ¥432,433,423.46, representing 92.05% of total revenue, with a year-on-year growth of 3.74%[77] Investment and R&D - The company plans to invest 324.61 million yuan in projects, including a production line for 25,000 high-performance control valves and a research and development center[72] - The company has significantly increased its investment in R&D for automatic control valves, optimizing its product structure to include various types of control valves such as electric and pneumatic[47] - The company's research and development expenses for 2020 were ¥16,015,778.77, accounting for 3.41% of operating revenue, with a year-on-year increase of 2.66%[89] - The company has established four research centers to accelerate technological upgrades and meet customer demands for new and high-quality products[138] - The company is focused on developing new technologies and products to enhance its competitive edge in the control valve market[120] Market Position and Strategy - The company ranked 15th among the top 50 domestic control valve manufacturers in terms of sales in 2020, and 5th among domestic brands[52] - The company emphasizes customer-centric marketing strategies, enhancing customer satisfaction through high-quality products and personalized services, which helps in acquiring new orders[38] - The company actively promotes brand building and has been recognized as a first-class supplier by major oil companies[69] - The company is positioned to benefit from the trend of chemical enterprises concentrating in industrial parks, which enhances production control and safety operations[123] - The company has established long-term cooperative relationships with several internationally renowned enterprises, exporting products to countries including the USA, Finland, Russia, South Africa, and Southeast Asia[63] Supply Chain and Production - The company maintains a stable supply chain with long-term suppliers for key raw materials, ensuring sufficient supply for production[34] - The company has established a strict evaluation system for suppliers, focusing on delivery timeliness, quality pass rate, and service attitude, ensuring only qualified suppliers are retained[35] - The production model is based on customer orders, utilizing an integrated ERP and MES system to control order management and ensure timely delivery of materials[36] - The company has accumulated extensive experience in R&D and production of key products such as single-seat and sleeve control valves, ball valves, butterfly valves, and knife gate valves, with a rich product line[58] Corporate Governance and Compliance - The company has not encountered any major changes in the controlled structured entities during the reporting period[116] - The company has not experienced any major litigation or arbitration matters during the reporting period[175] - The company has maintained its accounting policies in accordance with the new revenue recognition standards effective from January 1, 2020, without significant impact on its financial results[170][171] - The company has retained its accounting firm, Zhonghui Certified Public Accountants, for 9 years, with an audit fee of 477,000 RMB for the reporting period[173] - The company actively fulfills its corporate social responsibilities, creating value for shareholders while also considering employees, customers, and society[190] Dividend Policy - The company plans to distribute a cash dividend of ¥1.50 per 10 shares, totaling ¥20,451,000, which represents 100% of the distributable profit[144] - The company declared cash dividends of CNY 20,451,000 in 2020, representing 32.94% of the net profit attributable to ordinary shareholders[152] - The company plans to distribute at least 20% of the distributable profits as cash dividends annually, provided there are no major investment plans or cash expenditures[157] - The profit distribution policy can be adjusted in response to significant external impacts or major changes in the company's operations[159] Risk Management - The company acknowledges potential risks in its future development and has outlined corresponding measures in its report[3] - The company acknowledges risks related to industry policy changes and plans to increase R&D investment to strengthen its competitive position[136] - The company has established a plan to stabilize the stock price, which includes measures such as share repurchase and increasing shareholding by directors and senior management[155]