新强联(300850) - 2021 Q4 - 年度财报

Company Information - The company's stock code is 300850, and its legal representative is Xiao Zhengqiang[19] - The company's registered and office address is located in Luoxin Industrial Park, Luoyang City, with a postal code of 471822[19] - The company's website is http://www.lyxqlbearing.com.cn, and its email is xql@lyxql.com.cn[19] - The company's board secretary is Kou Congmei, and the securities affairs representative is Zha Xiaoping[20] - The company's annual report is disclosed on the Shenzhen Stock Exchange website (www.szse.cn) and other media platforms such as China Securities Journal and Shanghai Securities News[21] - The company's auditor is Da Hua Certified Public Accountants (Special General Partnership), located in Beijing[23] - The company's sponsor is Dongxing Securities Co., Ltd., with continuous supervision period from July 13, 2020, to December 31, 2023[23] Financial Performance - Revenue in 2021 reached 2,476,874,367.22 yuan, a year-on-year increase of 19.98%[25] - Net profit attributable to shareholders in 2021 was 514,307,382.17 yuan, up 21.09% year-on-year[25] - Net cash flow from operating activities in 2021 was -342,353,639.61 yuan, a significant decrease of 183.44% compared to 2020[25] - Total assets at the end of 2021 were 6,256,359,027.96 yuan, an increase of 87.48% compared to the end of 2020[25] - Net profit attributable to shareholders in Q3 2021 was 224,638,669.12 yuan, the highest among all quarters[28] - The company's weighted average return on equity in 2021 was 23.07%, a decrease of 17.65 percentage points compared to 2020[25] - Non-recurring gains and losses in 2021 amounted to 30,404,941.85 yuan, a decrease from 47,459,976.30 yuan in 2020[35] - The company achieved operating revenue of 2,476.87 million yuan, a year-on-year increase of 19.98%, and net profit attributable to shareholders of 483.90 million yuan, a year-on-year increase of 28.27%[55] - The company achieved a total operating income of 2,476,874,367.22 yuan in 2021, a year-on-year increase of 19.98%[67] - Net profit attributable to shareholders of the listed company was 514,307,382.17 yuan, a year-on-year increase of 21.09%[67] - The company's total assets reached 6,256,359,027.96 yuan, a year-on-year increase of 87.48%[67] Wind Power Industry - The company's wind power bearing products are mainly focused on models of 3.0MW and above, with successful development of 5.5MW and 6.25MW large-megawatt wind power main shaft products[41] - The company has started batch supply of large-megawatt products to Mingyang Smart Energy[41] - The wind power industry is experiencing rapid growth driven by national policies and the "carbon peak, carbon neutrality" strategy[40] - Wind power products accounted for 85.92% of total revenue, generating 2,128,193,675.10 yuan, a year-on-year increase of 16.87%[68] - The gross profit margin for wind power products was 31.56%, with a slight increase of 0.07% year-on-year[71] - The company plans to focus on expanding new technology applications in response to the trend of large-scale and offshore wind power[146] - The company acknowledges potential risks from policy changes in the wind power industry, which could impact its profitability[147] Subsidiaries and Investments - The company's subsidiary, Shengjiu Forgings, has developed precision forging technology for extra-large rings, capable of producing rings with diameters up to 12 meters and single-piece weights up to 80 tons, leading the world[49] - The company's subsidiary, Haozhi Machinery, has over a decade of experience in the production and R&D of wind turbine lock discs, supplying multiple wind turbine and gearbox manufacturers[48] - The company's subsidiary, Xinsheng New Energy, focuses on the development, consultation, investment, construction, and operation of new energy photovoltaic and wind power projects[46] - The company acquired 55% of Luoyang Haozhi Machinery Co., Ltd., which specializes in wind power lock plates[76] - The company established a wholly-owned subsidiary, Luoyang Xinsheng New Energy Co., Ltd., with a capital of 30 million yuan to focus on photovoltaic and wind power projects[76] - The company acquired a 55% stake in Luoyang Haozhi Machinery Co., Ltd. for RMB 176 million, resulting in an investment gain of RMB 890,463.26[114] - The company established a wholly-owned subsidiary, Luoyang Xinsheng New Energy Co., Ltd., with an investment of RMB 30 million, resulting in an investment loss of RMB 70,793.18[114] - The company invested RMB 145 million for a 36% stake in Luoyang Zhongjing Shuofeng Mining Co., Ltd., resulting in an investment gain of RMB 119,467.97[114] - The company invested RMB 99.752 million for a 4.5% stake in Shandong Jindi Precision Machinery Technology Co., Ltd.[114] - The company's total investment in the reporting period amounted to RMB 450.752 million, with a total investment gain of RMB 939,138.05[114] - The company's stock investments had an initial cost of RMB 149,999,994.02, with a fair value change of RMB 79,720,764.08 and cumulative investment income of RMB 57,159,982.10[117] - The company's total financial assets had a fair value of RMB 871,996,366.10 at the end of the reporting period[117] Research and Development - The company has mastered various production technologies and holds multiple patents in rolling, heat treatment, machining, and inspection, including core technologies such as soft-band-free intermediate frequency quenching and soft-band-free slewing bearings[44] - The company has successfully developed and mass-produced 5.5MW and 6.25MW large-capacity wind turbine main shaft bearings, and has started supplying them to Mingyang Smart Energy[49] - The development of ultra-large diameter shield machine joint bearings has been completed, meeting the demand for tunnels with diameters exceeding 15 meters and achieving domestic advanced levels[90] - The large-diameter heavy-duty slewing bearing has entered mass production, reaching domestic leading levels and adding new technological innovation and economic growth points for the company[90] - The three-row cylindrical roller pitch bearing development has been completed, achieving domestic leading and world advanced levels, and has been mass-produced domestically[90] - The development of 6 MW offshore wind turbine pitch and yaw bearings is in the prototype processing and trial production stage, aiming to meet domestic leading standards[90] - The 5 MW offshore wind turbine double-row tapered roller main bearing has entered small-scale production, filling domestic gaps and reaching international advanced levels[90] - The 7 MW offshore wind turbine double-row tapered roller main bearing is in the structural design and verification stage, aiming for international advanced levels[92] - The independent pitch bearing for high-power wind turbines is in the prototype trial production stage, aiming for domestic leading levels[92] - The number of R&D personnel increased by 17.06% to 295 in 2021, with the proportion of R&D personnel rising to 15.36%[95] - The number of R&D personnel with bachelor's degrees increased by 38.46% to 18 in 2021[95] - The number of R&D personnel aged below 30 increased by 4.49% to 93 in 2021[95] - R&D investment in 2021 was RMB 106.34 million, accounting for 4.29% of revenue, a slight decrease from 4.66% in 2020[98] Corporate Governance - The company's governance structure complies with relevant laws and regulations, including the "Company Law" and "Securities Law," and no unresolved governance issues were reported[162] - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[174] - The company has established a comprehensive internal control system, including an independent audit committee and internal audit department to ensure financial accuracy and compliance[171] - The company's board of directors consists of 6 members, including 3 independent directors, ensuring compliance with corporate governance requirements[164] - The company has implemented a performance evaluation and incentive system that links executive compensation to business performance[168] - The company ensures fair and transparent information disclosure through designated media and platforms, maintaining equal access to information for all investors[169] - The company has a complete and independent financial system, including separate bank accounts and tax filings, with no shared financial resources with controlling shareholders[177] - The company's asset structure is independent, with clear ownership of production facilities, equipment, and intellectual property, free from reliance on controlling shareholders[175] - The company's personnel management is independent, with no overlapping roles or compensation arrangements with controlling shareholders, and all employees are under formal employment contracts[176] - The company has a sound organizational structure with independent and complete internal management institutions, ensuring no institutional overlap with controlling shareholders or other related enterprises[178] - The company is primarily engaged in the R&D, production, and sales of large slewing bearings and industrial forgings, with an independent and complete business chain[178] - The 2021 annual general meeting had an investor participation rate of 62.91%, while the first, second, and third extraordinary general meetings had participation rates of 45.98%, 48.49%, and 45.89% respectively[181] - The company's capital reserve was converted into share capital, resulting in significant increases in shareholdings for key executives, such as Xiao Zhengqiang's shares increasing from 22,975,500 to 39,058,350[183] - Cao Baigen resigned as director, board secretary, and vice president on May 24, 2021, due to personal reasons[189] - Kou Congmei was appointed as the board secretary on August 6, 2021, following the resignation of Cao Baigen[190] - The company's board members have diverse professional backgrounds, including experience in auditing, education, and law, contributing to the company's governance[191] - Chen Mingcan, born in 1982, holds a master's degree in accounting and serves as an independent director of the company[194] - Zhang Zhanpu, born in 1981, is the Chairman of the Supervisory Committee and also serves as the Chairman of the Labor Union and the Production Department Head[195] - Li Huaqing, born in 1973, is a member of the Supervisory Committee and holds the position of Chief Engineer[195] - Niu Linlin, born in 1990, is a member of the Supervisory Committee and works in the Sales Department[195] - Xiao Gaoqiang, born in 1973, is the General Manager and a member of the Board of Directors[196] - Kou Congmei, born in 1987, is the CFO and Board Secretary, holding multiple professional certifications including CPA, CTA, and CPV[196] - Hao Shuang serves as the Executive Director of the Risk Control Department at Haitong Kaiyuan Investment Co., Ltd[196] - Xiao Zhengqiang holds multiple positions including Chairman and Director at various subsidiaries[199] - The remuneration for directors, supervisors, and senior management is determined by the Board of Directors and approved by the shareholders' meeting[200] Profit Distribution and Shareholder Information - The company's profit distribution plan is to distribute a cash dividend of 2.66 yuan per 10 shares (tax included) and transfer 7 shares per 10 shares from capital reserve, based on a total of 193,946,351 shares[6] Sales and Production - The company's sales model is direct, primarily serving wind turbine manufacturers, shield machine manufacturers, and other specialized equipment manufacturers[51] - Sales volume in the slewing bearing industry increased by 22.24% to 19,474 units, and production volume increased by 22.24% to 19,474 units[72] - Inventory in the slewing bearing industry increased by 23.28% to 20,706 units[72] - Sales volume in the forging industry increased by 28.30% to 142,367 tons, and production volume increased by 27.63% to 141,561 tons[72] - Inventory in the forging industry decreased by 48.97% to 840 tons[72] - Sales volume in the lock plate industry increased by 100.00% to 723 units, and production volume increased by 100.00% to 749 units[72] - Direct material costs in the slewing bearing industry increased by 28.13% to 1,053,505,621.91 yuan, accounting for 68.68% of operating costs[78] - Direct material costs in the forging industry increased by 16.34% to 121,374,658.27 yuan, accounting for 85.01% of operating costs[78] - The top five customers accounted for 82.00% of total annual sales, amounting to 2,031,068,519.49 yuan[83] Cash Flow and Investments - Operating cash flow in 2021 was -RMB 342.35 million, a 183.44% decrease YoY, mainly due to the end of the wind power subsidy rush and increased material purchases[99][102] - Investment cash flow in 2021 was -RMB 1.52 billion, a 141.15% increase YoY, primarily due to investments in Jindi Precision, Shuofeng Mining, and the acquisition of Haozhi Machinery[99][102] - Financing cash flow in 2021 was RMB 1.70 billion, a 106.19% increase YoY, driven by private placement fundraising and increased bank loans[99][102] - Accounts receivable increased by 2.51% of total assets in 2021, reaching RMB 908.23 million, due to normalized payment terms and the acquisition of Haozhi Machinery[102] - Inventory increased by RMB 186.97 million in 2021, driven by sales growth and increased raw material and finished goods stockpiles[102] - Fixed assets increased by RMB 306 million in 2021, mainly due to expanded production capacity for slewing rings and forgings, as well as new photovoltaic equipment[102] - Short-term loans increased by 5.33% of total assets in 2021, reaching RMB 549.37 million, due to increased borrowing[105] - Total investment in 2021 was RMB 450.75 million, a 138.77% increase YoY[111] - Restricted assets at the end of 2021 totaled RMB 894.22 million, mainly due to bank acceptance guarantees, pledged receivables, and financing lease collateral[107][110] Fundraising and Capital Management - The company raised RMB 1.459 billion through a private placement of shares, with a net amount of RMB 1.450 billion after deducting issuance costs[124] - The company's total raised funds amounted to RMB 1.893 billion, with RMB 1.028 billion still unused[121] - The company's IPO raised RMB 520.99 million, with a net amount of RMB 442.35 million after deducting issuance costs[121] - The unused balance of funds raised through the private placement as of December 31, 2021, is RMB 1,028,720,810.06, accounting for 70.91% of the net amount of funds raised[125] - The unused funds include RMB 228,720,810.06 in bank accounts, RMB 500,000,000.00 in wealth management products, and RMB 300,000,000.00 temporarily used to supplement working capital[125] - The 3.0MW and above high-power wind turbine main bearing construction project is still under construction as planned, which is the reason for the unused funds[125] - The total investment in the 2.0MW and above high-power wind turbine main bearing project is RMB 322,355,000, with a cumulative investment of RMB 322,512,000 as of the reporting period, achieving 100% of the planned investment[126] - The 3.0MW and above high-power wind turbine main bearing construction project has an investment progress of 10.61%, with RMB 9,918,900 invested out of the total planned investment of RMB 93,500,000[130] - The R&D center construction project has an investment progress of 0.18%, with only RMB 33,000 invested out of the total planned investment of RMB 18,779,420[130] - The company used RMB 300,000,000 of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months[136] - The company replaced RMB 24,840,200 of self-raised funds with raised funds for pre-invested projects, which was approved by the board of directors and verified by auditors[133] Subsidiary Performance - Saint Jiu Forging Co., Ltd. achieved a total revenue of 1,086.47 million yuan, a year-on-year increase of 38.76%[142] - Saint Jiu Forging Co., Ltd. reported a net profit of 103.11 million yuan, a year-on-year increase of 77.49%[142] Strategic Planning and Risks - The company's strategic planning and execution are scientifically sound, with a focus on technological innovation and market transformation, enhancing the synergy between parent and subsidiary businesses[56] - The company aims to enhance its core competitiveness by leveraging the issuance of convertible bonds to enrich and improve its product structure[146] - The company faces risks from fluctuations in raw material prices, particularly for steel billets, ingots, and forgings, which account for a significant portion of production costs[148] - The company is exposed to operational risks due to the use of natural gas and high-temperature processes in its subsidiary, Saint Jiu Forging Co., Ltd.[155] - The company anticipates potential delays in order delivery and revenue recognition due to the impact of the COVID-19 pandemic on logistics and product acceptance[156] - The company acquired a 55% stake in Haozhi Machinery for 176 million yuan in 2020, with a risk of goodwill impairment if Haozhi Machinery's performance does not meet expectations[152] Investor Relations - The company held multiple investor communication activities throughout 2021, including online performance briefings and on-site research visits, with detailed records available on