ToLand(SZ:300855)2022-04-18 16:00Financial Performance - The company's operating revenue for 2021 was ¥697,865,455.19, representing a 27.73% increase compared to ¥546,340,730.32 in 2020 [24]. - The net profit attributable to shareholders for 2021 was ¥181,335,002.71, a significant increase of 66.24% from ¥109,080,772.03 in 2020 [24]. - The net profit after deducting non-recurring gains and losses was ¥163,772,837.45, which is a 73.51% increase from ¥94,387,431.72 in 2020 [24]. - The net cash flow from operating activities reached ¥178,840,544.13, marking a 98.24% increase compared to ¥90,214,914.76 in 2020 [24]. - The total assets at the end of 2021 were ¥1,367,336,556.62, a 23.36% increase from ¥1,108,370,199.34 at the end of 2020 [24]. - The net assets attributable to shareholders increased by 15.54% to ¥1,225,902,839.44 at the end of 2021 from ¥1,061,055,980.19 at the end of 2020 [24]. - The basic earnings per share for 2021 was ¥0.91, up 42.19% from ¥0.64 in 2020 [24]. - The diluted earnings per share for 2021 was ¥0.90, reflecting a 40.63% increase from ¥0.64 in 2020 [24]. - The company reported a weighted average return on equity of 15.95% for 2021, compared to 14.86% in 2020 [24]. - The company's total revenue for the year was 697,865,455.19 CNY, representing a year-on-year increase of 27.73% [110]. Dividend and Profit Distribution - The company reported a profit distribution plan to distribute a cash dividend of 2.00 RMB per 10 shares (including tax) and to increase capital by 5 shares for every 10 shares held [5]. Corporate Information - The company’s registered address is located at No. 9 Fenglin Avenue, Danyang City, Jiangsu Province, with a postal code of 212352 [18]. - The company is listed under the stock code 300855 on the Shenzhen Stock Exchange [18]. - The company’s legal representative is Wan Baifang, and the contact number for investor relations is 0511-86165566 [19]. - The company’s website for further information is www.toland-alloy.com [18]. Audit and Compliance - The company has engaged Lixin Certified Public Accountants for auditing services during the reporting period [23]. - The report indicates that all board members attended the meeting to review the annual report, ensuring accountability and transparency [5]. - The company has no significant discrepancies between financial reports prepared under international accounting standards and Chinese accounting standards [28]. - The company has established a comprehensive quality management system, including 22 procedural documents and 21 management regulations, ensuring product reliability and stability [75]. Market and Industry Outlook - High-temperature alloys are crucial in the aerospace sector, with usage in advanced aircraft engines accounting for 40%-60% of total engine weight [43]. - Boeing predicts that China will require over 6,300 new civil aviation large and medium-sized aircraft from 2020 to 2040, indicating strong demand for high-temperature alloys [43]. - The domestic nuclear power sector has 48 operational units with a total installed capacity of 49.88 million kW and 17 units under construction with a capacity of 18.53 million kW [45]. - By 2025, China's nuclear power capacity is expected to reach around 70 million kW, with nuclear power generation accounting for approximately 8% of the national total [45]. - The automotive sector shows potential for growth, with a current turbocharger installation rate of 50% in China, compared to 80% in countries like the UK, US, and France [46]. - The "Two Machines Special Project" aims to enhance the development of aviation engines and gas turbines, addressing long-standing investment issues in these sectors [49]. - The demand for high-temperature alloys in gas turbines is expected to remain high due to the growth of clean energy initiatives and naval shipbuilding [44]. - The market for special stainless steel is anticipated to grow alongside advancements in military aviation and nuclear power equipment [50]. - The advanced metal materials industry is a key focus of national policy support, with significant backing expected to continue for the foreseeable future [80]. - The market for advanced metal materials is expanding due to their applications in aerospace, gas turbines, nuclear power, and other industries, driven by technological advancements and new product developments [81]. Research and Development - The company has developed key technologies for ultra-pure melting and precision casting, essential for high-end equipment manufacturing in aerospace and nuclear sectors [52]. - The company is actively developing new technologies and products, with ongoing research on various alloys such as K417G, GH99, and GH1139 [177]. - The number of R&D personnel increased by 7.14% to 90, with a notable rise in the number of master's degree holders [121]. - Research and development expenses increased by 32.10% to 44,763,415.95 CNY, accounting for 6.41% of total revenue [118]. - The company is enhancing its research and development capabilities to improve product quality and innovation, which is essential for maintaining competitive advantages [190]. Production and Capacity - The company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, positioning itself as a key supplier in the industry [52]. - The company has a complete production process for high-performance alloy materials, including special smelting, forging, hot rolling, and casting, making it one of the few in China capable of mass production of both deformation and casting high-temperature alloys [57]. - The company established a fully-owned subsidiary in Shenyang, aiming to achieve an annual production capacity of 500,000 aviation-related small and medium-sized components [56]. - The company plans to add an annual production capacity of 1,000 tons of ultra-pure high-performance high-temperature alloys and 3,300 complex thin-walled high-temperature alloy components after the completion of fundraising projects [176]. - The construction area for the project "Annual Production of 3,300 Complex Thin-Walled High-Temperature Alloy Structural Parts" was increased by 16,540 square meters, with an additional investment of approximately RMB 27.00 million, accounting for 10.46% of the original project investment [150]. Investment and Fundraising - The total amount of funds raised from the initial public offering (IPO) was RMB 52,550.00 million, with a net amount of RMB 46,805.97 million after deducting issuance costs [150]. - As of December 31, 2021, the cumulative amount of raised funds used was RMB 13,945.80 million, leaving a balance of RMB 34,226.20 million [152]. - The company has allocated RMB 28,000.00 million to purchase bank structured deposit products, which are characterized by high safety and good liquidity [152]. - The company approved the use of up to RMB 32,000.00 million of idle raised funds for cash management, ensuring that it does not affect the normal investment plans [151]. - The company has established a special account for the raised funds, with a tripartite supervision agreement signed with banks and sponsors [150]. - The company has maintained accurate and timely disclosures regarding the use of raised funds, with no issues of non-compliance reported [165]. Risk Management - The company is addressing risks related to high customer concentration by increasing efforts in the civilian market [183]. - The main raw materials include electrolytic nickel, cobalt, and chromium, with rising prices posing a risk to profit margins; the company has implemented measures to mitigate this risk, including increasing supplier diversity and enhancing market prediction capabilities [190]. - The company has established a comprehensive confidentiality management system to mitigate the risk of technology leakage [186]. - The company has established a comprehensive confidentiality management system to protect national secrets, which is crucial for its operations in the defense sector [192]. Strategic Focus - The company is positioned to benefit from national policies promoting advancements in high-end materials and defense technology, which are expected to support industry growth [53]. - The company aims to enhance its core competitiveness by expanding production scale and improving product structure and market layout [174]. - In 2022, the company will focus on high-value-added areas and improve quality management and lean management levels to achieve high-quality development goals [175]. - The company is monitoring market conditions and technological trends closely to ensure the feasibility and success of its investment projects [191].