Tianqin Equipment(SZ:300922)2022-04-21 16:00Financial Performance - The company's operating revenue for 2021 was ¥241,024,188.26, representing a 4.71% increase compared to ¥230,188,146.54 in 2020[18]. - The net profit attributable to shareholders for 2021 was ¥80,669,602.73, a 25.27% increase from ¥64,397,016.25 in 2020[18]. - The net cash flow from operating activities surged by 220.13% to ¥93,510,861.37 in 2021, compared to ¥29,210,555.56 in 2020[18]. - The total assets at the end of 2021 amounted to ¥928,983,166.17, reflecting a 4.16% increase from ¥891,879,354.57 at the end of 2020[18]. - The company reported a basic earnings per share of ¥0.72 for 2021, down 6.49% from ¥0.77 in 2020[18]. - The weighted average return on equity for 2021 was 9.45%, a decrease of 6.79% from 16.24% in 2020[18]. - The company received government subsidies amounting to ¥4,542,721.93 in 2021, compared to ¥1,467,558.42 in 2020[24]. - Total revenue for 2021 reached ¥241,024,188.26, representing a year-on-year increase of 4.71% compared to ¥230,188,146.54 in 2020[78]. - The specialized protective devices segment generated ¥185,098,114.35, accounting for 76.80% of total revenue, with a growth of 2.03% from the previous year[78]. - Equipment components sales increased significantly by 29.43% to ¥43,778,176.67, representing 18.16% of total revenue[78]. - The digital printing industry saw a decline of 32.59%, with revenue dropping to ¥6,356,598.02, down from ¥9,430,338.31 in 2020[78]. - The gross profit margin for the other manufacturing sector was 41.63%, slightly down by 0.52% from the previous year[81]. Dividend and Profit Distribution - The company reported a profit distribution plan, proposing a cash dividend of 3.50 RMB per 10 shares (including tax) and a capital reserve increase of 4 shares per 10 shares[3]. - The total number of shares for the dividend distribution is based on 112,008,000 shares[3]. - The cash dividend distribution accounted for 100% of the total profit distribution amount[186]. - The company achieved a net profit of RMB 83,015,159.39 for the year 2021, with a distributable profit of RMB 74,713,643.45 after statutory surplus reserves[188]. - The total undistributed profit of the parent company as of December 31, 2021, was RMB 158,454,864.05, with a capital reserve of RMB 568,933,312.90[188]. - The company plans to increase its total share capital to 156,811,200 shares by distributing 4 additional shares for every 10 shares held, using capital reserves[189]. Research and Development - The company has a strong R&D team with expertise in material modification, product design, and application evaluation, contributing to its leading position in the industry[70]. - The company is committed to continuous innovation, developing new materials and technologies to meet the evolving demands of integrated defense systems[65]. - The company has implemented a strategy of "small core, large collaboration," leveraging market-oriented division of labor to provide high-quality products and services[34]. - The company aims to improve its core competitiveness in specialized protective equipment through new material innovations and product upgrades[92]. - The company plans to increase R&D efforts to expand the application of high-performance engineering plastics in both defense and civilian sectors[43]. - The company has a dedicated R&D department that follows a structured process for project development, ensuring systematic innovation[60]. - R&D investment amounted to ¥10,218,911.38, accounting for 4.24% of operating revenue, a decrease from 4.63% in the previous year[93]. - The company is developing a new series of large-caliber ammunition packaging, which is expected to enhance product performance and contribute significantly to future revenue[90]. - The company is exploring different models and materials for shell production, with two types already in mass production, enhancing its capabilities in the ammunition sector[91]. Market and Industry Position - The company has been recognized as a national-level "Little Giant" enterprise and a champion enterprise in Hebei Province, indicating its strong position in the industry[34]. - The defense budget for 2022 is projected to grow by 7.1% compared to 2021, indicating a stable increase in military spending[28]. - The demand for informationized ammunition is expected to rise due to advancements in national security information construction[29]. - The company focuses on the research, development, and production of specialized protective devices and equipment components, serving as a core supplier in the defense equipment sector[34]. - The company has established long-term stable partnerships with various defense equipment research and manufacturing units, contributing to the combat readiness of military forces[37]. - The company has expanded its business scope to include military logistics and military equipment-related operations, enhancing its competitiveness in military product research and production[38]. Governance and Compliance - The company has a governance structure that ensures independent operation from its controlling shareholder, with no instances of fund occupation or guarantees provided to the controlling shareholder[141]. - The company held six shareholder meetings in 2021, ensuring compliance with regulations and providing online voting services for shareholders[141]. - The board of directors consists of 9 members, including 3 independent directors, and held 11 meetings during the reporting period[142]. - The supervisory board has 3 members, including 1 employee representative, and convened 7 meetings during the reporting period[143]. - The company has established independent financial and operational structures, ensuring clear asset ownership and management[145]. - The company adheres to strict information disclosure practices, ensuring timely and accurate communication with investors[142]. - The company actively engages with stakeholders to balance interests among shareholders, employees, and customers[143]. - The company has established specialized committees under the board to enhance decision-making processes[142]. Employee and Talent Management - The total number of employees at the end of the reporting period was 195, with 141 in the parent company and 54 in major subsidiaries[178]. - The professional composition includes 113 production personnel, 6 sales personnel, 32 technical personnel, 10 financial personnel, and 34 administrative personnel[178]. - The educational background of employees shows 13 with master's degrees or above, 49 with bachelor's degrees, 25 with associate degrees, and 108 with vocational or lower education[178]. - The company emphasizes talent development through a comprehensive training program that includes both internal and external training[181]. - New employees undergo orientation training covering company policies, safety, and quality management standards[182]. - The company conducts ongoing business training for employees to enhance their skills and knowledge relevant to their positions[182]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[3]. - The report includes a detailed discussion on potential operational risks and corresponding countermeasures[3]. - The company faces risks related to national security leaks, core technical personnel turnover, and maintaining technological advancement[131][132]. - The company is addressing high customer concentration risks by diversifying its product offerings and expanding into new markets[133]. - The company has established stable relationships with upstream suppliers, allowing it to secure favorable procurement prices and mitigate raw material price fluctuation risks[134]. - The company has implemented measures to manage accounts receivable risks, including credit assessments and regular communication with clients[135]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, with total emissions of 2.74 tons/year for total hydrocarbons and 0.226 tons/year for particulate matter[199]. - The company employs VOC purification equipment to manage volatile organic compound emissions, ensuring compliance with environmental standards[199].