TARRY(SZ:300976)2021-04-28 16:00Financial Performance - In 2020, the company's operating revenue reached ¥959,479,778.19, representing a 10.69% increase compared to ¥866,784,611.46 in 2019[17]. - The net profit attributable to shareholders decreased by 5.61% to ¥213,901,736.28 from ¥226,618,801.32 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥201,536,381.08, down 17.70% from ¥244,875,052.90 in 2019[17]. - The net cash flow from operating activities fell by 48.27% to ¥136,612,663.11, compared to ¥264,064,253.99 in 2019[17]. - The total assets increased by 45.54% to ¥1,102,304,097.82 at the end of 2020, up from ¥757,368,113.77 at the end of 2019[17]. - The net assets attributable to shareholders rose by 33.16% to ¥858,765,950.82 from ¥644,896,327.60 in 2019[17]. - The basic earnings per share decreased by 9.75% to ¥5.46, down from ¥6.05 in the previous year[17]. - The weighted average return on equity was 28.45%, a decrease of 17.58% from 46.03% in 2019[17]. - The company achieved a total sales revenue of 959.48 million yuan in 2020, representing a year-on-year growth of 10.69%[49]. - The net profit attributable to shareholders was 213.90 million yuan, a decrease of 5.61% compared to the previous year[49]. - The company's total assets reached 1,102.30 million yuan, an increase of 45.54% year-on-year, while net assets attributable to shareholders grew by 33.16% to 858.77 million yuan[49]. Cash Flow and Investments - The net cash flow from operating activities turned negative in Q4 at -2,498,752.97, a decline from 73,750,922.39 in Q1, indicating a significant cash flow challenge[19]. - Operating cash inflow decreased by 5.17% to ¥884,557,751.85 in 2020, while cash outflow increased by 11.85% to ¥747,945,088.74, resulting in a net cash flow of ¥136,612,663.11, down 48.27% year-on-year[77]. - Investment cash inflow increased by 36.00% to ¥1,131,871,675.28, while outflow rose by 44.90% to ¥1,315,537,668.30, leading to a net cash flow of -¥183,665,993.02, a 142.69% decline from the previous year[77]. - The company's cash and cash equivalents decreased by 120.70% to -¥54,885,717.07, reflecting significant changes in customer payment terms and increased accounts receivable[77]. Research and Development - The company focuses on R&D in the consumer electronics sector, developing functional and structural components, as well as automation equipment for 3C smart assembly[26]. - The company has a strong emphasis on independent R&D, with a dedicated team that continuously innovates and develops new products based on market trends and customer needs[32]. - Research and development investment amounted to 57.66 million yuan, up 29.27% year-on-year, accounting for 6.01% of total revenue[52]. - The company's R&D investment reached 57.66 million yuan in 2020, a year-on-year increase of 29.27%, accounting for 6.01% of operating revenue[73]. - The number of R&D personnel increased by 49.62% year-on-year, totaling 199 employees[73]. - The company aims to increase R&D investment to ensure the continuous launch of high-value-added products, maintaining competitive advantages and sustainable development[99]. Market and Sales - The company reported a significant increase in accounts receivable compared to the previous year, attributed to business expansion and longer settlement periods with clients[33]. - Domestic sales accounted for 52.57% of total revenue, with a significant increase of 55.11% year-on-year, while foreign sales decreased by 15.98%[58]. - The sales volume of consumer electronic functional devices increased by 41.44% year-on-year, reaching 279,519.87 thousand PCS in 2020[61]. - The production volume of consumer electronic functional devices grew by 57.52% year-on-year, totaling 313,250.64 thousand PCS in 2020[61]. - The company is actively expanding its overseas market presence, with a new subsidiary established in Vietnam to better serve clients[54]. - The company plans to enhance its market development by targeting leading terminal brand customers and providing solutions for EMS factories, thereby increasing customer stickiness[98]. Corporate Governance and Compliance - The company has established a solid corporate governance structure, ensuring efficient operations and collaboration across departments[40]. - The company has committed to avoiding non-standard audit reports and has adhered to relevant accounting policies and estimates[132]. - The company has ensured compliance with regulations regarding related party transactions and has committed to fair pricing in such transactions[130]. - The company has established measures to publicly disclose reasons for any unfulfilled commitments and will apologize to shareholders[127]. - The company has committed to strictly fulfill all public commitments made during its initial public offering and actively accept social supervision[128]. Future Outlook and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on current market trends[123]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on smart electronics and IoT devices[123]. - The company is considering strategic acquisitions to bolster its market position, with a budget of up to 300 million RMB for potential targets[123]. - The company plans to enhance its digital marketing strategy, aiming for a 50% increase in online sales channels by the end of 2021[195]. - The management emphasized the importance of sustainability, committing to reduce carbon emissions by 25% over the next five years[123]. Shareholder Returns - The company plans to distribute a cash dividend of ¥10 per 10 shares, with a capital reserve conversion of 8 shares for every 10 shares held[5]. - The company declared a cash dividend of 52,214,667.00, representing 24.41% of the net profit attributable to ordinary shareholders for the year 2020[119]. - The company has a stable profit distribution policy, ensuring reasonable returns for investors while considering sustainable development[111]. - The company has committed to actively implementing a dividend policy as outlined in its three-year dividend return plan, emphasizing shareholder returns[125]. Risks and Challenges - The company faces risks from intensified market competition and potential trade barriers due to ongoing global trade tensions[103]. - The company acknowledges the impact of the COVID-19 pandemic on traditional consumer electronics but sees opportunities in the rapid innovation and iteration of products[95].