Sichuan Chengfei Integration Technology Corp.Ltd(002190)
Financial statement report of 2021
In 2021, the company carried out all work in an orderly manner around the annual business plan and objectives, steadily promoted all businesses, and achieved great growth in business performance.
In 2021, the company achieved an operating revenue of 1268117600 yuan, a year-on-year increase of 28.91%; The net profit attributable to the shareholders of the parent company was 557284 million yuan, a year-on-year decrease of 53.12%, mainly due to the passive dilution of the company’s equity investment in China Innovation Airlines (formerly “AVIC lithium”) in 2020 due to the capital increase of the other party. The company changed the accounting method of China Innovation Airlines investment and carried forward the unrealized downstream transactions, resulting in large investment income, resulting in a higher profit index in the same period of last year; The net profit attributable to the parent company after non deduction was RMB 313131 million, with a year-on-year increase of 12.18%. The company’s consolidated and parent company’s balance sheet on December 31, 2021, consolidated and parent company’s income statement in 2021, consolidated and parent company’s cash flow statement in 2021, consolidated and parent company’s statement of changes in owner’s equity in 2021 and notes to relevant financial statements have been audited by Tianjian certified public Accountants (special general partnership), And issue an unqualified audit report of TJS [2022] No. 11-11 standard.
The financial statements of 2021 are reported as follows:
1、 Completion of main financial indicators in the reporting period
The year 2021 to 2020 is higher than that of 2019
Annual increase or decrease
Operating income (yuan): 12681175819798374927402 28.91% 167470864352
557284384111888251561 – 53.12% of the net profit (yuan) of 64245310772 attributable to the shareholders of the listed company belongs to the shareholders of the listed company
Net profit after deducting non recurring profit and loss 31313177212791327947 12.18% 3095305238 (yuan)
Cash generated from operating activities 498391538410678724754% – 53.33% – 6241816261 net flow (yuan)
Basic earnings per share (yuan / share) 0.1553 0.3314 – 53.14% 1.7909
Diluted earnings per share (yuan / share) 0.1553 0.3314 – 53.14% 1.7909
Weighted average return on net assets 1.40% 4.65% – 3.25% 30.32%
At the end of 2021, the end of 2020 is higher than that at the end of 2019
Increase at the end of last year
reduce
Total assets (yuan): 718010908900354816820372 102.36% 333339695211
Net assets (yuan) attributable to shareholders of listed company 542438549527254281805377 113.32% 251028980805 II. Major changes in asset items
Proportion of increased projects at the end of 2021 to total assets at the beginning of 2021 proportion of reduced production of total assets
Monetary capital 18602352697 2.59% 16907396592 4.75% – 2.16%
Accounts receivable 34884884363 4.86% 35041859647 9.84% – 4.98%
Contract assets 11365837381 1.58% 21414421514 6.01% – 4.43%
Inventory 37301822597 5.20% 26418327723 7.42% – 2.22%
Fixed assets 51327698003 7.15% 43563044882 12.23% – 5.08%
Construction in progress 3254700541 0.45% 8292879977 2.33% – 1.88%
Use right assets 1203412165 0.17% 1338374277 0.38% – 0.21%
Short term loan 2 Guangzhou Zhiguang Electric Co.Ltd(002169) 444 0.28% 4204555833 1.18% – 0.90%
Contract liabilities 10512507048 1.46% 11255594511 3.16% – 1.70%
Long term loan 18228209400 2.54% 101 Jiangsu Huaxin New Material Co.Ltd(300717) 00 2.84% – 0.30%
Lease liabilities 1093205801 0.15% 1199548589 0.34% – 0.19%
Investment in other equity instruments 502867308887 70.04% 166808083007 46.84% 23.20%
Other comprehensive income 285877168628 39.82% 226826631 0.06% 39.76%
Non current negative debt due within one year: 529327038 0.07% 154353931 0.04% 0.03%
In 2021, the proportion of other equity instrument investment in total assets changed by 23.20% compared with the beginning of the year, mainly due to the change in the fair value of the equity investment of China Innovation Airlines held by the company this year, and the corresponding increase in the investment equity enjoyed by the company.
In 2021, the proportion of other comprehensive income in total assets changed by 39.76% compared with the beginning of the year, mainly due to the impact of changes in the fair value of the equity investment of China Innovation Airlines held by the company. According to the accounting standards for business enterprises, the company included the changes in the investment value of China Innovation airlines in other comprehensive income.
3、 Operating results during the reporting period
Year on year increase or decrease of the project from 2021 to 2020
Operating income 12681175819798374927402 28.91%
Operating cost 10398264144882334451281 26.29%
Sales expenses 489792499449745629 8.90%
Management fee 44093353943%
Financial expenses 482391998253718436 90.13%
R & D expenses 54410428714083064020 33.26%
In 2021, the company’s operating revenue was 1268117600 yuan, with a year-on-year increase of 28.91%, mainly due to: (1) the sales revenue of tooling, mould and auto parts business was 1090733400 yuan, with a year-on-year increase of 28.25%, mainly due to the increase of customer order demand for auto parts and the corresponding sales volume increased year-on-year; (2) The sales revenue of aviation parts business was 1613786 million yuan, a year-on-year increase of 34.06%, mainly due to the increase of aviation parts sales orders and the partial release of production capacity of Xindu Branch, resulting in the increase of output and sales.
In 2021, the company’s gross profit margin was 18.00%, an increase of 1.69 percentage points over the same period last year. Among them, (1) the gross profit margin of aviation parts business was 32.99%, an increase of 10.64 percentage points over the same period last year, which was mainly due to the company’s adjustment of the pricing method of products in the contract, the price excluding tax increased, and the fixed cost was diluted due to the increase of sales volume; (2) The gross profit margin of tooling, mould and auto parts was 15.25%, with a year-on-year increase of 0.37%, mainly due to the dilution of fixed costs due to the increase of sales. At the same time, the company is gradually improving intelligent production technology and reducing labor costs and scrap rate.
The financial expenses in 2021 increased by 90.13% year-on-year, mainly due to the increase of loans for production line construction projects of Xindu Branch, resulting in the increase of interest expenses.
The R & D expenses in 2021 increased by 33.26% year-on-year, mainly due to the increase of R & D investment in order to improve the company’s comprehensive strength in the reporting period.
4、 Cash flow
Year on year increase or decrease of the project from 2021 to 2020
Subtotal of cash inflow from operating activities 8910429704171280236096 25.01%
Subtotal of cash outflow from operating activities 8412038165760601511342 38.81%
Net cash flow from operating activities 498391538410678724754 – 53.33%
Subtotal of cash inflow from investment activities 2164927226978476 – 19.75%
Subtotal of cash outflow from investment activities 88556480239831585220 – 9.93%
Net cash flow from investment activities -8833998751 -9804606744 9.90%
Subtotal of cash inflow from financing activities 1380346380019135760000 – 27.87%
Subtotal of cash outflow from financing activities 1005180330119183665376 – 47.60%
Net cash flow from financing activities 3751660499 -47905376793140%
Net increase in cash and cash equivalents -105453043824874077 -112.78%
In 2021, the subtotal of cash outflow from operating activities increased by 38.81% year-on-year, and the net cash flow from operating activities decreased by 53.33% year-on-year. The reasons are as follows: (1) due to the rise of steel prices in the auto parts business during the reporting period, in order to lock the material prices, the cash outflow increased significantly by paying the suppliers for materials in advance; (2) Due to the change of settlement method of important customers, the cash collection proportion decreased in the reporting period; (3) Due to the increase of production scale and the decrease of cash receipt ratio, the handling of bank acceptance bills increased and the corresponding bill margin increased during the reporting period. The subtotal of cash outflow from financing activities in 2021 decreased by 47.60% year-on-year, mainly due to the current reporting period
