JIN LEI(300443)2021-02-07 16:00Investment and Development - The company reported a significant increase in investment in the development of large megawatt wind turbine main shafts and other precision transmission shaft products, aiming to enhance market competitiveness[6]. - The company is actively developing new products, technologies, and processes to optimize production and improve employee skills, thereby stabilizing quality and enhancing core competitiveness[6]. - The company is undergoing the optimization and upgrading of its 8000-unit MW-level wind turbine main shaft production line, which is expected to significantly impact its operational scale[10]. - The company has established a first-class spindle coating production line, which is at a leading level in the domestic and global wind power industry[57]. - The company has developed 14 new wind turbine spindle products and 10 major free forging products during the reporting period[71]. - The company applied for 16 new patents and was granted 10 patents during the reporting period, reflecting its commitment to innovation[51]. Financial Performance - The company's operating revenue for 2020 was ¥1,476,556,394.27, representing a 31.37% increase compared to ¥1,124,000,775.49 in 2019[32]. - The net profit attributable to shareholders for 2020 was ¥522,230,745.07, a significant increase of 154.50% from ¥205,198,565.91 in 2019[32]. - The basic earnings per share for 2020 was ¥2.16, up 151.16% from ¥0.86 in 2019[32]. - The total assets at the end of 2020 amounted to ¥3,114,845,303.03, a 39.58% increase from ¥2,231,634,296.01 at the end of 2019[32]. - The net profit after deducting non-recurring gains for 2020 was ¥456,444,909.10, reflecting a 125.95% increase from ¥202,014,950.96 in 2019[32]. - The company achieved a revenue of 1.477 billion with a net profit of 522 million during the reporting period, driven by increased domestic market demand and customer development efforts[46]. Market and Risk Management - The company has a high export business ratio, making it sensitive to foreign exchange rate fluctuations, which can impact sales revenue and foreign currency assets[9]. - The company is closely monitoring global wind power market fluctuations and adjusting its business direction accordingly to mitigate market risks[9]. - The company acknowledges the risks associated with policy fluctuations in the wind power industry, which could significantly affect market demand[6]. - The company is diversifying its market by developing other precision shaft markets alongside its wind power business to reduce market risk[9]. - The company is committed to maintaining close cooperation with financial institutions to manage foreign exchange risks effectively[9]. Cash Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 6 RMB per 10 shares to all shareholders, based on a total of 261,753,484 shares[12]. - The total cash dividend for 2020 is 100% of the distributable profit, which is CNY 1,328,490,801.33[135]. - The cash dividend distribution plan for 2020 has been approved by the board and will be submitted for shareholder approval[138]. - The company has maintained a consistent cash dividend payout ratio over the past three years, with 20.46% in 2018, 20.88% in 2019, and 30.07% in 2020[139]. - The company has established a robust decision-making process and mechanism for profit distribution, ensuring the protection of minority shareholders' rights[134]. Operational Efficiency and Management - The company emphasizes the importance of project management to ensure timely project completion and expected returns, despite potential market and technical changes[10]. - The company has a management team with rich experience in various fields, ensuring a deep understanding of future business trends[58]. - The company emphasizes human resource management and continuous employee training to enhance staff quality for sustainable development[59]. - The company has established a robust talent development model, enhancing the growth of its talent pool and improving organizational structure[77]. Research and Development - Total R&D investment for 2020 was ¥62,773,912.68, accounting for 4.25% of operating revenue, up from 3.83% in 2019[96]. - The number of R&D personnel increased to 110, representing 11.80% of the total workforce[96]. - R&D expenses rose by 37.85% to ¥48,606,012.08, reflecting increased investment in research and development efforts[94]. Customer and Market Position - The company has established strategic partnerships with major wind turbine manufacturers, including Vestas and Siemens Gamesa, enhancing its market position[46]. - The wind power industry contributed ¥1,383,053,711.20, accounting for 93.67% of total revenue, with a year-on-year growth of 45.92%[78]. - The top five customers accounted for 70.48% of the total annual sales, with the largest customer contributing 18.39%[89]. Financial Management and Investments - The total amount of funds raised in 2020 was approximately CNY 499.99 million, with a net amount of CNY 493.47 million after deducting issuance costs[111]. - The company plans to use the unutilized raised funds for structured deposits and to maintain them in a dedicated account[111]. - The company has no financial liabilities reported[107]. - The company has no overdue amounts or expected inability to recover principal in entrusted financial management[196].