Securities code: Gui Zhou Tyre Co.Ltd(000589) securities abbreviation: Gui Zhou Tyre Co.Ltd(000589) Announcement No.: 2022017 Gui Zhou Tyre Co.Ltd(000589) 2021 annual report summary
1、 Important note: the summary of this annual report comes 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 carefully read the full text of the annual report in the media designated by the CSRC. All directors have attended the meeting of the board of directors to consider this report. Tips of non-standard audit opinions □ applicable √ not applicable to the profit distribution plan of common stock or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors √ applicable □ not applicable whether to convert accumulation fund into share capital √ yes □ no
The company’s profit distribution plan for ordinary shares reviewed and approved by the board of directors is: Based on the total share capital of 956240462 shares after deducting the repurchase and cancellation of some restricted shares (a total of 79000 shares) in the 2019 restricted stock incentive plan, the company will distribute cash dividends of 1.00 yuan (tax included) and bonus shares of 0 shares (tax included) to all shareholders for every 10 shares, Increase 2 shares for every 10 shares to all shareholders with capital reserve. Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation Gui Zhou Tyre Co.Ltd(000589) Stock Code: Gui Zhou Tyre Co.Ltd(000589)
Shenzhen Stock Exchange
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Jiang Dakun, Chen yingying
Office address: qianlun Avenue, Zazo Industrial Park, Xiuwen County, Guiyang City, Guizhou Province
Fax: 085184764248085184763651
Tel: 085184767251085184767826
E-mail [email protected]. [email protected].
2. Introduction to main business or products during the reporting period
The company is mainly engaged in the R & D, production and sales of commercial tires. Its main products include “Qianjin”, “Hercules”, “duolitong”, “Jinhu”, “King Kong” and other brand truck tires, engineering machinery tires, agricultural machinery tires, industrial vehicle (including solid) tires and special tires (such as heavy off-road tires, light rail running tires, desert transportation tires, etc.), It is one of the tire manufacturers with complete specifications and varieties of commercial tires in China. The market mainly includes replacement market, supporting market and group customers. It has agency (or distribution) institutions in various provinces and cities in China and more than 130 countries and regions abroad, and has established supporting relations with many well-known enterprises at home and abroad. The company’s main business income ranked 9th in the “tire category of top 100 enterprises of China Rubber Industry Association in 2021” issued by China Rubber Industry Association in April 2021. According to the revenue and profit of 34 tire enterprises in 2020, typress magazine published the list of top 34 global tire enterprises in 2021, and the company ranked 28th.
1. Main business model of the company
During the reporting period, there was no significant change in the company’s main business model.
(1) Purchase mode:
The company’s raw materials for production mainly include natural rubber, synthetic rubber, steel cord, nylon cord fabric and carbon black. They are purchased mainly through offline inquiry and price comparison, establishing strategic cooperative relations with suppliers, national certified third-party Internet procurement platform bidding, adhering to the principle of price priority and local and nearby procurement, and strictly implementing the procurement approval procedures, Fully implement the “zero” inventory management of raw materials.
In terms of price, according to the market characteristics of different types of raw materials, the company adopts various flexible pricing strategies such as bidding procurement pricing, strategic cooperation pricing and pricing according to the open market price to effectively control the procurement cost.
(2) Production mode:
The company adopts the mode of setting production by sales. At the end of each year, according to the company’s plan, the sales company is organized by the managers of each sales area to conduct market research in the region under its jurisdiction. At the same time, combined with the sales data of the region over the years, the actual needs of customers and the promotion of the company’s new products, the sales plan of the region for the next year is put forward. The production department shall formulate the company’s annual production plan according to the sales plan and considering the reasonable inventory, and form the monthly production plan or temporary supplementary plan according to the customer demand and market changes every month to meet the market demand to the greatest extent.
The company’s current level of intelligence, automation and informatization has reached a relatively advanced level in China. Relying on the production experience accumulated in the tire industry for many years, the company conducted in-depth research and comprehensive promotion in intelligent manufacturing. In February 2021, the company and China United Network Communications Limited(600050) jointly built a customized “5g fully connected factory” project, which was accepted and became the first 5g fully connected factory in Guizhou Province. At the same time, GTPs (Lean Management) system has been established and fully implemented to promote the improvement of lean management level and comprehensively improve the level of production management, quality control and cost control.
(3) Sales model:
Adhering to the corporate mission of “creating value and giving back to the society”, the company continuously meets the needs of the market and customers through product and channel diversification, actively cultivates the brand and product publicity and service system, and improves the market image and core competitiveness of the company and products.
In the replacement market, the company’s sales network covers all provinces, municipalities directly under the central government and autonomous regions across the country, and provincial dealers are set up by brand in all regions. The company has established a strict dealer development system, focusing on developing the top dealer customers in the region, and continuously optimizing and upgrading the existing dealer customers. Most of the company’s dealers are among the top tire distribution enterprises in their respective regions, with perfect sales outlets and service capabilities.
In the group customer market, the company actively develops and expands group users with large demand for replacement tires such as ports and mines, and effectively reduces the tire use cost of group customers with excellent service performance.
In the vehicle supporting market, the company directly signs sales contracts with supporting vehicle manufacturers. The company has carried out in-depth cooperation with vehicle manufacturers to develop customized new products to fully meet customer needs. The sustained and stable growth of the supporting market has effectively improved the brand influence of the company’s products in the industry and end customers.
2. Development stage of the company’s industry
The tire industry has the obvious characteristics of capital intensive, technology intensive, labor-intensive and economies of scale. With years of development, China has become the largest country in tire production, and the tire industry has built a complete industrial system with various specifications, series and complete products. After rapid development and fierce market competition, China’s tire industry has been in a relatively mature stage of development. On the whole, China’s tire industry shows the following characteristics: (1) the industrial scale is growing rapidly and the industrial concentration is increasing; (2) The competitiveness in the international tire market is increasing; (3) Structural overcapacity and fierce competition between medium and low-end products; (4) There is still a certain gap between the construction of tire technology and international giants in terms of business philosophy and innovation.
3. Cyclical characteristics of the company’s industry
The tire downstream market is mainly divided into supporting market and replacement market. The supporting market is directly related to the production and sales of automobiles, construction machinery and agricultural machinery, and has high consistency with macroeconomic fluctuations; The replacement market is directly related to the ownership of automobiles, construction machinery and agricultural machinery. In view of the huge ownership outside China and the strong rigidity of tire demand, the cyclical characteristics of the replacement market are not significant.
4. Main performance drivers of the company’s industry
The performance drivers of the tire industry mainly exist in the following aspects:
(1) Downstream market demand. As a supporting product of automobile, construction machinery, agricultural machinery and other industries, tires are greatly affected by the economic structure adjustment and the above downstream industries. If the production and sales of products in downstream industries increase or the investment progress of China’s infrastructure construction accelerates, the traffic volume of highway goods increases, and the operating rate of ports, mines and other industries is at a high level, the production and sales of tires will flourish, So as to lay a good market foundation for tire sales. On the contrary, if the downstream industry continues to be depressed, it will directly lead to insufficient operating rate, fierce price competition and reduced profitability of the tire industry.
(2) Price of raw materials. The main raw materials of tires are natural rubber and synthetic rubber, which account for about 50% of the production cost. As a commodity futures trading variety, natural rubber is influenced not only by the traditional supply and demand structure, but also by the capital market funds; Synthetic rubber is mainly affected by the price of crude oil and natural rubber. The lower purchase price of raw materials is conducive to the cost control of the tire industry. On the contrary, it will lead to the increase of tire production cost and the decline of gross profit margin.
(3) Internal management of the company. After years of development, the automation and intelligence level of the tire industry has been greatly improved, but it still belongs to a relatively labor-intensive manufacturing industry. The operation skills and process execution rate of employees will have an impact on the product quality, and the labor productivity, quality cost and internal costs will also have a certain impact on the company’s performance.
5. Main products and uses of the company
(1) Truck tire: it is a tire used for supporting commercial vehicles. Commercial vehicles include truck and bus. Truck products include light truck and medium and heavy truck, and bus products include light bus (including modification) and large and medium-sized bus (including modification). The typical models used mainly include light truck, micro passenger, dump truck, truck, tractor, trailer, special vehicle, etc. they are the main transportation vehicles for highway transportation at present.
(2) Construction machinery tire: it is an important means of production and spare parts for infrastructure construction and equipment industry. Generally speaking, all mechanical transportation equipment necessary for earth rock construction works, pavement construction and maintenance, mining mining operations, mobile lifting and unloading operations and comprehensive mechanized construction works required by various construction projects, including excavation machinery, shovel transportation machinery, engineering hoisting machinery, industrial vehicles, compaction machinery, engineering transportation machinery Tires used for engineering loading and transportation machinery. Typical models include bulldozers, excavators, scrapers, loaders, graders, transporters, flatcars and heavy dump trucks.
(3) Agricultural machinery tire: it is an important classified product series in the market segment and an important part and means of production supporting agricultural production. It is a tire specially designed and manufactured according to the characteristics of agriculture and the special requirements of various operations, such as soil tillage machinery tire, planting and fertilization machinery tire, plant protection machinery tire, crop harvesting machinery tire, animal husbandry machinery tire, etc. the product classification includes ordinary bias tire and agricultural radial tire.
(4) Industrial vehicle tire: it is one of the important product series in the tire segment market. Industrial vehicles generally refer to general applicable ports, stations, freight yards, workshops, warehouses, oil fields and airports. They can enter ships and containers for operation. They are also widely used in special explosion-proof and off-road operations. With the continuous development, popularization and application of logistics technology and the continuous improvement of national industrialization level, the application range of industrial vehicle tires is also expanding day by day, becoming one of the product series with the largest output and specifications.
(5) Special tires: special vehicles refer to transport vehicles or equipment with fixed devices specially designed or specially modified that exceed the limits of ordinary design vehicles and vehicles for special purposes in terms of overall size and weight. Typical vehicles or equipment used include heavy off-road vehicles, special transport vehicles, urban light rail, desert transport vehicles, etc. 3. Main accounting data and financial indicators (1) whether the company needs to retroactively adjust or restate the accounting data of previous years in recent three years □ yes √ no
Unit: Yuan
Year end 2021 year end 2020 year end increase or decrease over the previous year year end 2019 year end
Total assets 12875731596921151622798783 11.81% 1052102923876
Net assets attributable to shareholders of listed companies 591 Puya Semiconductor (Shanghai) Co.Ltd(688766) 305487012563195 21.49% 371159172897
20212020 year-on-year increase or decrease 2019
Operating income 733927921148680872945634 7.79% 645833788866
Net profit attributable to shareholders of listed companies 36973459117113846920925 – 67.52% 13544253761
Deduction attributable to shareholders of listed companies
