Canlon(300715)2023-04-27 16:00Financial Performance - In 2021, the company's main business revenue achieved a significant growth despite challenges, with a bad debt provision of 151.23 million yuan due to financial difficulties faced by some real estate clients[6]. - The company's operating revenue for 2021 was ¥2,585,783,925.51, representing a 28.80% increase compared to ¥2,007,646,596.20 in 2020[30]. - The net profit attributable to shareholders of the listed company decreased by 74.18% to ¥71,923,477.59 from ¥278,551,614.56 in the previous year[30]. - The net profit after deducting non-recurring gains and losses was ¥30,325,113.85, down 88.31% from ¥259,446,006.48 in 2020[30]. - The net cash flow from operating activities was -¥339,441,670.19, a decline of 204.86% compared to -¥111,344,963.33 in 2020[30]. - Basic earnings per share dropped by 78.02% to ¥0.20 from ¥0.91 in the previous year[30]. - The company reported a negative net profit for the last three accounting years, indicating uncertainty in its ability to continue as a going concern[30]. - The fourth quarter saw a net profit attributable to shareholders of -¥106,662,039.25, contrasting with profits in the first three quarters[33]. - The company’s weighted average return on equity decreased to 3.30% in 2021 from 23.36% in 2020[30]. - The company reported a net profit margin of 2.92% for the year, indicating a stable financial performance amidst market challenges[81]. Revenue and Sales - Revenue from waterproof materials sales accounted for 92.74% of total revenue, amounting to ¥2,397,935,031.69, with a year-on-year growth of 22.48%[56]. - The waterproof engineering construction segment saw a remarkable revenue increase of 270.10%, reaching ¥180,354,484.97 in 2021[56]. - The total revenue from waterproofing enterprises in China reached ¥1,261.59 billion in 2021, an increase of ¥174.6 billion or 16.06% compared to 2020[42]. - The company achieved operating revenue of 258,578.39 million CNY in 2021, representing a year-on-year growth of 28.80%[52]. - The domestic market contributed 97.38% of total revenue, while international sales grew by 117.99% to ¥67,688,934.53[56]. Research and Development - R&D investment increased from 5,032.72 million CNY in 2019 to 13,877.83 million CNY in 2021, accounting for 5.37% of operating revenue[50]. - The company is developing a new TPO metal composite board aimed at enhancing durability and weather resistance, which is expected to significantly impact future growth[67]. - The company launched a new self-adhesive waterproof membrane product (MBP-Pro) that meets international advanced standards, enhancing its competitive position in the polymer waterproofing market[69]. - The company has committed to invest RMB 4.50 million in waterproof material technology research and development, with no funds utilized as of the report date[87]. - The company is focusing on enhancing automation in production to reduce costs and improve product quality amidst rising material costs[48]. Market Strategy and Expansion - The company aims to become an internationally leading functional building materials manufacturer, focusing on innovative waterproof systems and maintaining a strong competitive edge in the market[9]. - The company plans to reduce reliance on real estate clients and expand into non-real estate sectors, aiming to increase the proportion of non-real estate business[14]. - The company has established long-term strategic partnerships with leading real estate developers, including Vanke and Poly, to enhance revenue structure and risk management[53]. - The company plans to expand its dealer network from over 700 to 1,500 in the next three years, enhancing sales channel diversity[51]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions, to strengthen its competitive position[81]. Financial Management and Governance - The company has a total of 7 board members, including 3 independent directors, complying with legal and regulatory requirements[105]. - The company has a performance evaluation and incentive mechanism in place for its directors and senior management, aligning with its development status[106]. - The company has maintained a stable leadership team, with no changes in senior management roles reported[113]. - The company has a dedicated board secretary responsible for information disclosure, ensuring timely and accurate communication with investors[104]. - The company has implemented a stock incentive plan for 2021-2023, linking performance to the positions held by executives[157]. Environmental Responsibility - The company strictly adheres to environmental protection laws and regulations, with no penalties for violations during the reporting period[167]. - The total emissions of pollutants such as non-methane total hydrocarbons and nitrogen oxides are within the permitted limits, with specific concentrations reported at 1.6 mg/m³ and 12 mg/m³ respectively[168]. - The company has achieved a waste gas collection and VOCs treatment rate exceeding 90% through the use of advanced incineration systems[170]. - Environmental protection taxes have been paid in accordance with relevant tax laws during the reporting period[171]. - The company is committed to promoting energy-saving technologies and improving production efficiency to reduce carbon emissions[171]. Challenges and Risks - The company is facing intensified competition in the waterproof materials market, with a focus on enhancing R&D, product quality, and brand influence to maintain its competitive advantage[17]. - The company acknowledges risks related to accounts receivable losses due to the real estate sector's financial challenges, with CNY 188.33 million in receivables from Evergrande Group[97]. - The company faces risks from raw material price fluctuations, which constitute about 90% of its main business costs[99]. - The company has implemented strategies to manage raw material costs and enhance production efficiency to mitigate risks associated with price fluctuations[44]. - The company is committed to enhancing its competitive edge through R&D innovation and optimizing product quality amidst increasing industry competition[100].