Tianqin Equipment(SZ:300922)2021-04-15 16:00Financial Performance - The company's operating revenue for 2020 was CNY 230,188,146.54, representing an increase of 8.20% compared to CNY 212,750,230.69 in 2019[17]. - The net profit attributable to shareholders for 2020 was CNY 64,397,016.25, a growth of 22.54% from CNY 52,552,399.44 in 2019[17]. - The net profit after deducting non-recurring gains and losses was CNY 61,365,212.63, reflecting a 22.11% increase from CNY 50,254,322.97 in 2019[17]. - The total assets at the end of 2020 reached CNY 891,879,354.57, a significant increase of 115.97% from CNY 412,955,424.54 at the end of 2019[17]. - The net assets attributable to shareholders at the end of 2020 were CNY 835,781,228.26, up 129.37% from CNY 364,378,571.72 at the end of 2019[17]. - The company reported a basic earnings per share of CNY 0.77 for 2020, which is a 22.22% increase from CNY 0.63 in 2019[17]. - The total profit reached CNY 74,551,370.21, reflecting a growth of 22.93% year-on-year[73]. - The company achieved a net profit of RMB 64,397,016.25 for the consolidated financial statements in 2020, and RMB 66,690,385.54 for the parent company[155]. - The company reported a net profit margin of 12% for 2020, with plans to increase it to 15% in 2021 through cost optimization[172]. Cash Dividend Policy - The company plans to distribute a cash dividend of 3.5 RMB per 10 shares to all shareholders, based on a total of 112,008,000 shares[4]. - The proposed cash dividend distribution for 2020 is RMB 3.5 per 10 shares, totaling RMB 39,202,800.00, which represents 60.88% of the net profit attributable to shareholders[159]. - The cumulative undistributed profits as of December 31, 2020, amounted to RMB 127,351,061.91 for the consolidated statements and RMB 122,944,020.60 for the parent company[155]. - The company has established a cash dividend policy, distributing a total of 39,202,800 CNY in cash dividends, which represents 100% of the profit distribution total[154]. - The cash dividend distribution is aimed at balancing immediate and long-term interests of shareholders while ensuring normal operations and long-term development[155]. - The company will conduct cash dividends annually after the shareholders' meeting, considering profitability and capital needs for mid-term distributions[165]. - The company has committed to ensuring stable and reasonable returns to investors in accordance with regulatory guidelines[155]. Research and Development - The company has reported a significant focus on research and development of new technologies and products, although specific figures are not provided in the extracted content[4]. - The company focuses on the research, development, production, and sales of specialized protective devices and equipment components, positioning itself as a core supplier in the defense equipment sector[26]. - The company plans to increase R&D efforts to expand the application of high-performance engineering plastics in both defense and civilian sectors, aiming to design more specialized protective devices[33]. - Investment in R&D increased by 30%, focusing on innovative technologies and new product development to enhance competitive advantage[169]. - Research and development expenses amounted to ¥10,646,328.72, which is 4.63% of the operating revenue[93]. - The number of R&D personnel remained stable at 29, accounting for 15.10% of the total workforce[94]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, which may include mergers and acquisitions, though detailed financial metrics are not specified in the available documents[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[168]. - A strategic acquisition of a smaller competitor is expected to be finalized by Q2 2021, which will enhance the company's product offerings and market reach[169]. - The company aims to improve customer satisfaction scores by 10% through enhanced service offerings in 2021[170]. - The company plans to expand its market presence by entering two new provinces in 2021, aiming for a 25% increase in market share[170]. Operational Efficiency and Production - The company utilizes advanced manufacturing technologies, including finite element analysis and mold flow analysis, to enhance product quality and efficiency[10]. - The production process is strictly regulated, requiring compliance with national standards and oversight by appointed representatives throughout the production cycle[61]. - The company has increased its use of outsourcing for non-core components to enhance production efficiency and meet rising demand due to significant business growth[63]. - The company aims to improve operational efficiency, targeting a 5% reduction in production costs by the end of 2021[172]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and goals, as outlined in the section discussing potential operational risks and countermeasures[4]. - The company recognizes the risk of core technical personnel turnover and is implementing measures to enhance employee retention and engagement[131]. - The company has a stable relationship with upstream suppliers, allowing it to obtain favorable procurement prices and mitigate raw material price volatility risks[134]. - The company has established long-term cooperative relationships with core military clients, reducing the risk of customer turnover and ensuring stable demand for high-tech products[133]. Corporate Governance and Compliance - The financial report assures the accuracy and completeness of the financial statements, with key personnel affirming their responsibility for the report's integrity[3]. - The company has a dedicated investor relations team, ensuring effective communication with stakeholders[14]. - The company emphasizes the importance of maintaining confidentiality and has established a comprehensive confidentiality management system to mitigate risks related to national secrets[130]. - The company guarantees that the issuance of new shares will not involve any fraudulent activities and will comply with all legal requirements[163]. Product Development and Innovation - The company has developed over 20 types of high-performance engineering plastics for protective devices, including six series (GX1XX to GX6XX) to meet specific technical requirements[32]. - The company has successfully developed a new high-performance packaging material, GX601, which meets stringent fire-retardant and anti-static requirements[141]. - New product development includes the launch of a next-generation equipment line expected to generate an additional 200 million RMB in revenue in 2021[171]. - The company is committed to increasing R&D investment in strategic and forward-looking technologies, focusing on innovative product development in the defense protection field[120]. Customer and Supplier Relationships - The company has established long-term stable partnerships with various defense equipment research and manufacturing units, contributing to the enhancement of military combat capabilities[27]. - The company’s major customers accounted for 81.26% of total annual sales, with the top five customers generating CNY 187,050,615.42 in sales[88]. - The top five suppliers had a total procurement amount of ¥43,928,890.33, representing 41.87% of the annual total procurement[90]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[168]. - Future guidance indicates a projected revenue growth of 20% for 2021, targeting 1.44 billion RMB[171]. - The company plans to adjust the distribution ratio if there are changes in the share capital before the implementation of the distribution plan[156].