SYEP(300867)2021-04-21 16:00Financial Performance - The company achieved a total revenue of 1.5 billion RMB in 2020, representing a growth of 12% compared to the previous year[16]. - Shengyuan's net profit for 2020 was reported at 200 million RMB, an increase of 10% from 2019[16]. - The company's operating revenue for 2020 was ¥1,033,725,653.71, representing a 16.37% increase compared to ¥888,339,180.75 in 2019[23]. - The net profit attributable to shareholders for 2020 was ¥303,699,283.52, a 39.70% increase from ¥217,395,479.43 in 2019[23]. - The net cash flow from operating activities for 2020 was ¥483,244,982.48, an 8.89% increase from ¥443,797,192.91 in 2019[23]. - The total assets at the end of 2020 were ¥6,933,723,754.08, a 64.79% increase from ¥4,207,683,133.32 at the end of 2019[23]. - The basic earnings per share for 2020 were ¥1.3414, a 25.72% increase from ¥1.0670 in 2019[23]. - The company reported a total revenue of 5,200 million for the year 2020[157]. Debt and Liabilities - The total interest-bearing debt of the company reached CNY 3,116.21 million, accounting for 44.94% of total assets as of the end of 2020[9]. - The company’s total liabilities increased, with long-term borrowings reaching ¥2,685,267,926.39, a decrease in proportion of 5.38% due to increased total assets from fundraising[78]. - The company has a total of 8,000 million in guaranteed liabilities due in 2032[158]. - The company has guaranteed liabilities totaling 21,000 million, maturing in 2026[158]. - The company has a contingent liability of 6,000 million due in 2031[158]. Cash Flow and Investments - The company reported a net cash flow from financing activities of ¥1,860,894,047.88, a dramatic increase of 3,284.79% year-on-year[73]. - The total investment amount for the reporting period reached ¥2,572,891,217.40, a significant increase of 337.57% compared to the previous year's investment of ¥587,992,627.14[83]. - The company has ongoing non-equity investments in multiple waste incineration power generation projects, with total investments of ¥1,255,370,977.73 and cumulative actual investments of ¥1,540,543,682.98[86]. - The company utilized idle raised funds of ¥161,000,000.00 for purchasing financial products during the reporting period[91]. Operational Performance - Shengyuan Environmental Protection reported a significant increase in waste incineration volume, reaching 1.2 million tons in 2020, up 15% year-over-year[15]. - The company processed 4.1484 million tons of waste in its incineration plants, a 7.03% increase compared to the previous year[47]. - The total electricity generated from waste incineration was 1.267 billion kWh, up 11.36% year-on-year[47]. - The company treated 88.4423 million tons of sewage, marking a 7.39% increase from the previous year[47]. - The company operates 7 waste incineration projects and 5 sewage treatment projects, showcasing extensive project investment, construction, and operational experience[39]. Research and Development - Shengyuan is investing 100 million RMB in R&D for advanced waste treatment technologies, aiming to enhance operational efficiency and reduce emissions[16]. - Research and development expenses reached ¥14,020,060.51, a 30.12% increase from ¥10,774,862.35 in 2019, reflecting increased investment in R&D[69]. - The company completed 10 out of 12 research projects in 2020, accumulating a total of 71 patents by the end of the year[70]. Environmental Compliance - The company has adopted mature pollution prevention technologies to ensure compliance with national standards during operations[6]. - The company reported a total nitrogen oxides (NOx) emission of 291.96 tons from the Nan'an facility, with an emission concentration of 149.23 mg/m³, complying with the GB18485-2014 standard[171]. - The total sulfur dioxide (SO2) emissions from the Putian facility reached 114.40 tons, with an emission concentration of 34.36 mg/m³, adhering to the same pollution control standard[172]. - The company has established an online monitoring system for wastewater discharge, with real-time data transmission to provincial and municipal environmental departments[178]. Market Strategy and Growth - The company plans to expand its waste treatment capacity by 20% over the next two years, focusing on new projects in Jiangsu and Fujian provinces[15]. - The company aims to increase revenue and profit levels through project expansions and new project developments[32]. - The company plans to expand its market presence by developing new waste-to-energy projects in key cities and enhancing existing project management to maximize efficiency[105]. - The company is committed to diversifying its solid waste disposal services, including the development of technologies for sludge and kitchen waste treatment[105]. Profit Distribution - The company plans to distribute a cash dividend of CNY 1.2 per 10 shares (including tax) based on a total of 271,741,053 shares[10]. - The total distributable profit for the year is RMB 1,041,756,706.79, with the cash dividend accounting for 100% of the total profit distribution[121]. - The cash dividend distribution will be prioritized, with a minimum of 10% of the distributable profit allocated for cash dividends if no major investment plans arise[116]. - The company has established a profit distribution policy that emphasizes reasonable returns to investors while ensuring sustainable development[115]. Shareholder Information - The total number of shares before the public offering was 203,741,053, which increased to 271,741,053 after the issuance of 68,000,000 new shares[184]. - The largest shareholder, Zhu Hengbing, holds 25.00% of the shares, totaling 67,943,152 shares, with no changes during the reporting period[193]. - The company has a total of 9,113,031 shares held by shareholder Xu Jinqing, representing 3.35% of the total shares[194]. - The company has not experienced any changes in its actual controllers during the reporting period[198]. Risks and Challenges - The company faces risks related to the inability to obtain national subsidies for new projects, which could impact revenue and profitability[7]. - The competitive landscape in the waste-to-energy sector is intensifying, potentially complicating the acquisition of new projects and affecting operational performance[5]. - The company is exposed to risks from rising interest rates, which could significantly increase interest expenses and negatively affect cash flow[9]. - The company is at risk of not receiving national subsidies for projects not included in the subsidy list, which could impact revenue[111].