精达股份(600577) - 2020 Q4 - 年度财报

Financial Performance - The company achieved a net profit of ¥255,494,560.83 for the year 2020, with a proposed cash dividend of ¥0.20 per share[7]. - Total revenue for 2020 was ¥12,446,903,327.22, representing a 3.75% increase compared to ¥11,997,432,321.66 in 2019[25]. - The net profit attributable to shareholders decreased by 4.29% to ¥418,902,737.52 in 2020 from ¥437,688,660.78 in 2019[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 363,196,478.87, a decrease of 8.12% compared to the previous year[28]. - The net cash flow from operating activities was CNY 412,858,537.81, down 29.83% from CNY 588,352,715.85 in the previous year[28]. - Basic earnings per share decreased by 4.35% to CNY 0.22 from CNY 0.23 in the previous year[29]. - The weighted average return on net assets decreased by 1.57 percentage points to 11.48% from 13.05% in the previous year[29]. - The company reported a quarterly revenue of CNY 3,612,575,175.51 in Q4, showing a sequential increase from Q3[32]. - The net profit attributable to shareholders in Q4 was CNY 117,761,794.67, reflecting a decrease compared to Q3[32]. - The company reported a consolidated main business revenue of CNY 12,144,054,022.71, an increase of 3.73% compared to the previous year[76]. - The net profit for the year was CNY 50,100.61 million, reflecting a decrease of 6.19% year-on-year[73]. Dividend and Profit Allocation - The company plans to allocate ¥25,549,456.08 to statutory surplus reserves, which is 10% of the net profit[7]. - The total distributable profit available for shareholders as of December 31, 2020, was ¥254,365,109.59 after accounting for previous dividends[7]. - In 2020, the company distributed cash dividends of RMB 0.7 per 10 shares, totaling RMB 134,498,363.37, which represents 32.11% of the net profit attributable to ordinary shareholders[154]. - The company is enhancing its cash dividend policy to ensure transparency and appropriate returns to shareholders while balancing future development needs[154]. Assets and Liabilities - The total assets increased by 43.53% to CNY 8,965,775,684.24 from CNY 6,246,772,695.96 at the end of the previous year[28]. - Accounts receivable reached ¥1,737,439,449.85, representing 19.38% of total assets, with a substantial increase of 3,448.19% from the previous period's ¥48,966,873.99[105]. - The company’s short-term liabilities rose to ¥1,141,163,897.8, an increase of 56.98% from ¥726,953,159.7[109]. - Long-term loans increased to ¥24,801,673.07, a rise of 310.4% from ¥6,043,289.15 in the previous period[114]. - The company’s other comprehensive income decreased by 50.12% to ¥42,336,556.87 from ¥84,883,504.64, primarily due to fluctuations in foreign currency financial statement translation[114]. Production and Sales - The company is the largest manufacturer of special electromagnetic wires in China, with a sales volume of approximately 148,000 tons of enameled round copper wire and enameled flat copper wire in 2020[44]. - The sales of enameled round aluminum wire exceeded 70,000 tons in 2020, with production bases located in Anhui and Guangdong[44]. - The company achieved a sales volume of about 68,000 tons for special conductors in 2020, with production facilities in multiple provinces[44]. - The company achieved a total product output of 283,200 tons in 2020, with sales revenue of 12.144 billion yuan and a total profit of 622 million yuan, successfully meeting the targets set by the board at the beginning of the year[66]. - The company reported a production volume of enameled wire of 210,013 tons, with a sales volume of 208,884 tons, reflecting a slight decrease of 0.65% in sales volume year-over-year[84]. Research and Development - The company holds 214 valid patents as of December 31, 2020, including 59 invention patents and 155 utility model patents, reflecting its strong focus on intellectual property protection and innovation[66]. - The company has established 12 R&D platforms and 3 national-level CNAS laboratories, enhancing its technological innovation capabilities[59]. - The company is actively developing new products for the new energy vehicle market, focusing on high-performance flat electromagnetic wires[48]. - The company has ongoing R&D projects, including a high-density flat electromagnetic wire for drive motors, with an investment of ¥491.53 million in 2020[96]. - The company completed the development of high-performance aluminum-based electromagnetic wire with a production capacity of 1,200 tons, achieving a revenue of 1,199.52 million in 2020[99]. Market Position and Strategy - The company has a market share of approximately 12% in the domestic electromagnetic wire demand, with a total demand of about 1.8 million tons in 2020[56]. - The company exports about 10% of its products to 27 countries and regions, including Southeast Asia, Europe, and the Middle East[53]. - The company is focusing on developing flat electromagnetic wires for new energy vehicles and photovoltaic applications, positioning itself as a domestic leader in this market segment[66]. - The company is actively implementing a "two-pole stretching" development strategy, aiming to expand its market share from the current 12% in the domestic electromagnetic wire market, which has an annual demand of approximately 1.8 million tons[66]. - The company plans to expand production capacity and solidify its leading position in the electromagnetic wire market, with a focus on a 30,000-ton flat electromagnetic wire project[149]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the report[9]. - The company faces risks from raw material price fluctuations, particularly for copper and aluminum, which could impact production costs[150]. - The company has established a risk control management committee to monitor customer dynamics and mitigate accounts receivable risks due to tight customer funding[150]. - The company is closely monitoring macroeconomic conditions and adjusting its product structure to mitigate potential impacts on sales from economic fluctuations[150]. Corporate Social Responsibility - The company has invested over CNY 800,000 in poverty alleviation efforts, successfully helping the entire village of Xinbu escape poverty[72]. - The company actively engaged in various poverty alleviation efforts, including employment and education support, to assist villagers in increasing their income[182]. - The company has committed to ongoing poverty alleviation efforts, including direct assistance to impoverished households and community support activities[188]. - The company emphasizes compliance with laws and regulations, ensuring accurate and timely information disclosure to protect shareholder rights[189]. - The company has implemented environmental protection measures, including a catalytic combustion device to manage waste gas emissions during production[193].