Company code: 603169 company abbreviation: Lanzhou Ls Heavy Equipment Co.Ltd(603169) Lanzhou Ls Heavy Equipment Co.Ltd(603169)
Summary of annual report 2021
Section I important tips
(I) the summary of this annual report is from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should go to http://www.sse.com.cn. The website carefully reads the full text of the annual report. (II) the board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. (III) all directors of the company attend the board meeting. (IV) Dahua Certified Public Accountants (special general partnership) has issued a standard unqualified audit report for the company. (V) the profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
On February 17, 2022, the 27th meeting of the Fourth Board of directors of the company deliberated and approved the profit distribution plan for 2021. According to the audit report issued by Dahua Certified Public Accountants (special general partnership), the net profit attributable to the shareholders of the listed company in the consolidated statements of the company in 2021 was 122.7286 million yuan, of which the net profit of the parent company was 46.7694 million yuan. As of December 31, 2021, the cumulative distributable profit in the consolidated statements of the company is -979216700 yuan, of which the cumulative distributable profit of the parent company is -899222100 yuan and the balance of capital reserve of the parent company is 2508548900 yuan. According to the company law, the articles of association and other provisions, the company plans not to distribute cash dividends, bonus shares or convert capital reserve into share capital in 2021.
Section II basic information of the company
1、 Company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange Lanzhou Ls Heavy Equipment Co.Ltd(603169) 603169 is not applicable
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Wu ruiruirui, Zhou Huailian
Office address: No. 528, west section of Huanghe Avenue, Lanzhou New Area, Lanzhou City, Gansu Province
Tel: 0931-2905396
E-mail [email protected]. [email protected].
2、 Introduction to the company's main business during the reporting period
(I) basic information of the industry
1. Energy demand continues to grow
In terms of traditional energy, international oil prices rose sharply during the reporting period. At the end of 2021, the spot FOB price of Brent crude oil was US $77.24/barrel, up 53% from US $50.37/barrel at the beginning of the year. The rising trend of crude oil price is conducive to guiding Petrochina Company Limited(601857) refining and chemical enterprises to reasonably increase capital investment, and is conducive to the stable development of the market of energy and chemical equipment industry.
In terms of new energy, on October 9, 2021, Premier Li Keqiang chaired a meeting of the National Energy Commission to consider and adopt the "14th five year plan" modern energy system plan, the implementation plan of energy carbon peak, and the opinions on improving the institutional mechanisms and policies and measures of energy green and low-carbon transformation. The meeting clearly pointed out the need to promote the large-scale application of advanced energy storage technology. During the reporting period, China's installed capacity of renewable energy exceeded 1 billion kw, the installed capacity of photovoltaic power generation exceeded 300 million KW, and the annual power generation of new energy exceeded the 1 trillion kwh mark for the first time. The development of new energy industry ushered in an outbreak cycle, and the demand for equipment continued to rise.
2. The traditional oil refining capacity is saturated, the coal chemical market is affected by policies, and the increment of equipment market is stable
During the 14th Five Year Plan period, China's oil refining industry is at the historical intersection of industrial transformation. The approval of oil refining and chemical projects has been tightened since 2020, and the investment in new projects has been reduced. However, large-scale refining and chemical integration projects are still in the growth stage, and the industry is moving towards a large-scale, integrated, clustered and large-scale development pattern. During the 14th Five Year Plan period, China will continue to put into operation a number of large-scale refining and petrochemical integrated units. China's oil refining capacity is expected to increase by about 100 million tons, 11.1 million tons of ethylene capacity and 10.2 million tons of aromatics or p-xylene capacity.
The coal chemical industry has relatively high energy consumption and carbon emissions. Under the regulation of China's "double carbon" goal and "two high" policy, it is difficult to expand production capacity significantly, the approval is significantly tightened, and some projects are suspended or cancelled. During the reporting period, the coal chemical industry gradually eliminated the high energy consumption industrial chain, and the market demand for traditional coal chemical equipment was facing contraction. At the same time, the new coal chemical industry advocates to develop in the direction of high-end, green, intelligent and integrated, and strive to build a clean, low-carbon, safe and efficient energy system.
The transformation and development of downstream industries will effectively promote the extension of the company's energy and chemical equipment industry to the whole industrial chain, and the application of integrated, intelligent, refined, differentiated and green technical equipment; At the same time, with the integration of modern coal chemical industry and renewable energy hydrogen production, promote the development of comprehensive utilization equipment of industrial waste residue, waste gas and waste.
3. The self-sufficiency rate of new chemical materials has increased significantly, and the demand for equipment has increased rapidly
In January 2021, Petrochina Company Limited(601857) and the "14th five year plan" development guide for petroleum and chemical industry issued by the Chemical Industry Federation proposed that by the end of the 14th five year plan, China's self-sufficiency rate of new chemical materials should reach 75%, accounting for more than 10% of the overall chemical industry, advanced metals, inorganic non-metallic materials, high-performance fibers and their composites, biomedicine, high-performance resins Electronic high-purity materials are the development focus of China's high-end new materials in the 14th five year plan. New chemical materials benefit from the transformation and upgrading of semiconductor, electronic and electrical appliances, new energy and other fields, and the market demand will enter a period of rapid growth, bringing broad development space for relevant equipment manufacturing industries. 4. New energy equipment has broad development prospects
During the reporting period, driven by changes in economic structure and environmental and climate policies, China's energy structure has changed significantly, and the "double carbon" target policy has been continuously promoted. The development of new energy is the future trend. The new energy manufacturing industry will also usher in a period of rapid development, and the new energy equipment and related service industries have good development prospects.
The nuclear power market will enter a new stage of positive and orderly development during the 14th Five Year Plan period. By the end of 2021, 16 nuclear power units were under construction in Chinese mainland, with a total installed capacity of 17 million 507 thousand and 800 kilowatts. China expects that the construction of nuclear power is expected to advance steadily at the pace of 6-8 units per year. Based on the investment of about 20 billion yuan per unit, the average annual investment scale is expected to reach more than 100 billion yuan; In the "one belt, one road" line, 28 countries plan to develop nuclear power, and the total size of the 126 generating units is about 150 million kilowatts, and the average cost of the three generation units is 16 thousand yuan / kilowatt, and the total market volume is about 2 trillion and 400 billion yuan. In the first half of 2021, the state approved five nuclear power units, and the policy of "actively and orderly development of nuclear power" is being gradually implemented. In December 2021, the No. 1 reactor of Huaneng Shidaowan high temperature gas cooled reactor nuclear power plant participated by the company was successfully connected to the grid for power generation, becoming the world's first grid connected fourth generation nuclear power plant.
One belt, one road, has been promoted in China. The nuclear power industry has been facing an important historical opportunity. One belt, one road, has a large demand for nuclear power and a vast market space. 28 countries plan to develop nuclear power, and the total number of units for generating 126 units is about 150 million kilowatts. Estimated by the average cost of 16000 yuan / kW of the three generation units, the total market volume is about 2.4 trillion yuan.
As a "national card" for China Hi-Tech Group Co.Ltd(600730) technology and high-end manufacturing industry to go to the world, nuclear power China National Nuclear Power Co.Ltd(601985) technology represented by Hualong 1 and high temperature gas cooled reactor technology has been in the forefront of the world. In January 2021, Hualong 1, the world's first reactor, Fujian Fuqing nuclear power unit 5 of CNNC group, was put into commercial operation; In February 2022, the demonstration project of Huaneng Shidaowan high temperature gas cooled reactor nuclear power plant (the world's first) participated by the company was successfully connected to the grid for power generation, marking that the China National Nuclear Power Co.Ltd(601985) technical level and comprehensive strength have ranked first in the world. Actively responding to the general trend of global energy reform and closely following the policy dividend, China National Nuclear Power Co.Ltd(601985) "going global" has a solid foundation and multiple advantages.
During the reporting period, the photovoltaic industry chain benefited from overseas business expansion and the improvement of China's installed capacity, rapid growth of power generation and strong demand for equipment. In 2021, the newly installed capacity of photovoltaic power generation will be 54.88 million KW, accounting for 31.1% of the newly installed capacity in China; The cumulative installed capacity of photovoltaic power generation is 306 million KW, accounting for 12.9% of the total installed capacity of power generation in China; Photovoltaic power generation was 325.9 billion kwh, a year-on-year increase of 25.1%.
The photovoltaic industry chain can be roughly divided into five links: polycrystalline silicon material, monocrystalline silicon rod and silicon wafer, Cecep Solar Energy Co.Ltd(000591) battery, Cecep Solar Energy Co.Ltd(000591) module and photovoltaic power station. From the perspective of photovoltaic equipment, the core equipment of polysilicon feed link is cold hydrogenation reactor and reduction furnace, and the core equipment of monocrystalline silicon rod and silicon wafer link is monocrystalline furnace and slicer. Affected by economic growth and policy changes, the revenue growth of photovoltaic equipment industry shows a certain volatility with the changes of installed capacity demand and expectation. The core enterprises in polysilicon industry include Oriental hope, Asian silicon industry, Xinjiang Daqo New Energy Co.Ltd(688303) , new special energy, etc. During the reporting period, as the whole photovoltaic industry is still in the stage of rapid development, the upgrading and iteration of relevant production technology and processing technology is rapid, and the market demand continues to grow.
During the reporting period, the development of hydrogen energy was strongly supported by policies. The production of green hydrogen from solar power generation, industrial by-product hydrogen, nuclear hydrogen production, hydrogen storage equipment, hydrogen fuel cell and hydrogen metallurgy are all important directions for future development.
From the perspective of industrial chain distribution, hydrogen production, fuel cell, hydrogen storage and other hydrogen energy equipment go hand in hand, which is the most active field of industrial investment, accounting for more than 80%. Among them, hydrogen production accounts for the highest proportion in the number of projects and investment scale, and most of them invest in the form of linkage with new energy projects such as wind and solar hydropower or chemical projects, which has the characteristics of high investment and long cycle. Hydrogen fuel cell is second only to hydrogen production. It is one of the main landing scenarios of hydrogen energy industry and the main focus of industrial development. The industrial investment is hot and dense. Hydrogen energy equipment mainly includes hydrogen production equipment, hydrogen storage containers, testing equipment, compressors, hydrogenation station equipment, etc. the rapid development of hydrogen production links, hydrogen storage equipment and hydrogenation station construction in 2021 has not only strongly driven the demand for hydrogen energy equipment, but also driven hydrogen energy equipment enterprises to invest and expand production in China.
(II) significant impact of newly promulgated laws, administrative regulations, departmental rules and industrial policies on the industry
During the reporting period, the promulgation and implementation of a number of national policies pointed out the ideas and direction of the company's industry in terms of green transformation, standardization implementation and transformation and development to new energy.
In February 2021, the State Council issued the guiding opinions on accelerating the establishment and improvement of a green and low-carbon circular development economic system. The opinions pointed out that we should improve the production system of green and low-carbon circular development, promote green industrial upgrading, and accelerate the implementation of green transformation in petrochemical, chemical, nonferrous metals and other industries.
In March 2021, the two sessions of the National People's Congress deliberated and adopted the 14th five year plan for national economic and social development of the people's Republic of China and the outline of long-term objectives for 2035 (Draft), and hydrogen energy was officially written into the national 14th five year plan. The plan proposes to organize and implement the future industry incubation and acceleration plan and plan the layout of a number of future industries in the fields of cutting-edge science and technology and industrial transformation such as hydrogen energy and energy storage.
In April 2021, the National Energy Administration issued the notice on matters related to the development and construction of wind power and photovoltaic power generation in 2021. In 2021, the proportion of wind power and photovoltaic power generation in the whole society will reach about 11% and 16.5% by 2025.
In June 2021, the National Energy Administration issued the notice on submitting the pilot scheme for roof distributed photovoltaic development of the whole county (city, district). The household photovoltaic market will usher in huge development space with the policy of "promoting the whole county". By 2025, the renewable energy substitution rate of urban buildings will reach 8%, and the roof photovoltaic coverage rate of new public institution buildings and new factories will strive to reach 50%, The corresponding market size is expected to exceed 500 billion.
In October 2021, the State Council issued the opinions on completely, accurately and comprehensively implementing the new development concept and doing a good job in carbon peak and carbon neutralization, and the action plan for carbon peak before 2030. Ten key tasks of carbon peaking and carbon neutralization were defined, including promoting the comprehensive green transformation of economic and social development, deeply adjusting the industrial structure, accelerating the construction of a clean, low-carbon, safe and efficient energy system, improving the quality of green and low-carbon development of urban and rural construction, and strengthening the key scientific and technological research, promotion and application of green and low-carbon.
In December 2021, the Ministry of industry and information technology issued the "14th five year plan" for green industrial development. By 2025, the green and low-carbon transformation of industrial structure and production mode will achieve remarkable results, green and low-carbon technology and equipment will be widely used, the utilization efficiency of energy and resources will be greatly improved, and the level of green manufacturing will be comprehensively improved.
In December 2021, the central economic work conference mentioned that "new renewable energy and raw material energy consumption will not be included in the total energy consumption control", which has a far-reaching impact on China's coal chemical industry. Among them, the meeting pointed out that we should focus on the optimal combination of coal and new energy based on the basic national conditions of coal.
In December 2021, Gansu Provincial Development and Reform Commission issued the implementation plan of Gansu new energy and equipment manufacturing industry chain. Focus on building large-scale wind power photovoltaic bases focusing on deserts, Gobi and desert areas, accelerate the R & D and landing of new energy industry, improve the level of wind power industry chain, strive to build a complete industrial chain of photovoltaic power generation, and develop a strong solar thermal power generation system
