Company code: Guangdonghectechnologyholdingco.Ltd(600673) company abbreviation: Guangdonghectechnologyholdingco.Ltd(600673) bond Code: 163049 bond abbreviation: 19 dongke 02 Guangdonghectechnologyholdingco.Ltd(600673)
Summary of 2021 annual report (Revised)
Section I important tips
1 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 go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. 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. 3. All directors of the company attend the board meeting. 4. Tianjian Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. 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
According to the audit of Tianjian Certified Public Accountants (special general partnership), the undistributed profit of the parent company at the end of last year was 67483241063 yuan, the net profit of the parent company in 2021 was 285011653422 yuan, the dividend was 0.00 yuan, the surplus reserve was 28501165342 yuan, the profit available for distribution to shareholders at the end of 2021 was 323993729143 yuan, and the capital reserve was 129797037242 yuan.
In view of the fact that in order to meet the company's development needs, the company has a large amount of investment in capacitors, batteries, aluminum foil and other projects, and the company's share repurchase in 2019 and 2020 is regarded as a cash dividend of RMB 1008951000. In order to ensure the sustainable development of the company, the company is recommended not to distribute profits in 2021 after comprehensively considering the company's development stage, actual operation, profit level, future cash flow status and operating capital demand, Nor will the capital reserve be converted into share capital, and the retained undistributed profits will be used to support the business development and working capital needs of the company.
Based on the share repurchases implemented in 2019 and 2020, it is estimated that the accumulated profits distributed in cash in the last three years (2019, 2020 and 2021) account for 67.19% of the company's annual distributable profits in the last three years, which is in line with the relevant provisions on cash dividends in the articles of association.
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 Guangdonghectechnologyholdingco.Ltd(600673) Guangdonghectechnologyholdingco.Ltd(600673) Guangdonghectechnologyholdingco.Ltd(600673) section
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Wang Wenjun, Deng Weilin
Office address: No.5 Industrial Zone, Shangsha village, Chang'an Town, Dongguan City, Guangdong Province
Tel: (0769) 85370225 (0769) 85370225
E-mail wwj1016@dyg -hec. com. dengweilin@dyg -hec. com.
2. Introduction to the company's main business in the reporting period
(I) industry of the company during the reporting period
1. Electronic component material manufacturing industry
The core industry chain of the company is the new electronic material industry chain integrating high-purity aluminum - electronic optical foil - electrode foil (including corrosion foil and chemical foil) - aluminum electrolytic capacitor. Related products belong to the electronic component material manufacturing industry, which is a subdivided industry of electronic information manufacturing industry. The guidance catalogue for key products and services of strategic emerging industries (2016 Edition) issued by the national development and Reform Commission raises the development of new generation information technology, high-end equipment manufacturing, new materials and other industries to the national strategic level. At the same time, it also lists capacitor aluminum foil as the key products of strategic emerging industries. Aluminum electrolytic capacitors are widely used in consumer electronic products, communication products, computers and peripheral products, industrial control, energy-saving lighting and other fields, as well as the development of energy-saving and environmental protection new products such as industrial frequency conversion, high-efficiency energy-saving lamps and electric vehicles. The application field of aluminum electrolytic capacitors is broad. Electrode foil is the key component of aluminum electrolytic capacitor, and aluminum electrolytic capacitor is the key electronic component of the whole electronic machine. The performance and quality of electrode foil and aluminum electrolytic capacitor directly affect the performance improvement of products in downstream end markets such as electronic products, new energy-saving products, inverters, large industrial power supply and numerical control equipment, and their technical level affects the above industrial upgrading to a certain extent, Under the current international political and economic situation and the environment in which national policies strongly support the development of emerging industries, China's electronic components industry, including electrode foil and aluminum electrolytic capacitor industry, will usher in a historic opportunity for transformation and upgrading, but also bring great challenges and higher requirements.
Benefiting from the strong demand in new energy vehicles, photovoltaic, consumer electronics and other fields, the supply of aluminum electrolytic capacitor market has been tight since the second half of 2020. In 2021, with the strong support of the national "14th five year plan" for new energy and new energy vehicles to drive demand, and the interference of the epidemic in Southeast Asia leads to the limited production capacity of overseas aluminum electrolytic capacitors, aggravating the imbalance between supply and demand in the aluminum electrolytic capacitor market. The market demand for aluminum electrolytic containers and electrode foils in China is more vigorous. It is expected that the supply and demand pattern will not be effectively improved in the short term. In addition, according to the 2021 China aluminum electrolytic capacitor market competition research report released by Zhiduoxing consultant, an electronic component Market Research Institution, the global aluminum electrolytic capacitor market scale in 2020 was about 51.43 billion yuan, with a year-on-year increase of 5.2%. Since 2021, due to the strong growth of the Chinese market, the global aluminum electrolytic capacitor market is expected to reach 55.94 billion yuan in 2021, an increase of 8.8% year-on-year, 66.03 billion yuan in 2025, and the five-year average growth rate from 2020 to 2025 is about 5.1%; According to the 2021 Research Report on the market competition of chemical foil for aluminum electrolytic capacitors in China, the global foil market scale in 2020 was 15.06 billion yuan, with a year-on-year increase of 3.7%.
Due to the increase of labor cost, raw material price and power cost, the scale of global foil market is expected to increase to 17.01 billion yuan in 2021. By 2025, the scale of global foil market is expected to reach 20.27 billion yuan, and the five-year average growth rate from 2020 to 2025 is about 6.1%.
Facing the current supply and demand situation of aluminum electrolytic capacitor and electrode foil, it is conducive to the development of capacitor and electrode foil production enterprises with strong R & D ability, high technical level, strong competitive advantages and anti risk ability such as industrial chain advantage and environmental protection governance ability.
2. Pharmaceutical manufacturing industry
For details, please refer to the relevant contents of "pharmaceutical manufacturing industry operational information analysis" in "v. main business conditions during the reporting period" (IV) industry operational information analysis "in" section III Management Discussion and analysis "of this report.
(II) business conditions of the company during the reporting period
1. Main business of the company
During the reporting period, the company's main businesses include new electronic materials, alloy materials, chemical products and pharmaceutical manufacturing. Among them, Guangdonghectechnologyholdingco.Ltd(600673) pharmaceutical, the business entity of pharmaceutical manufacturing, is no longer included in the scope of the company's consolidated statements since December 29, 2021 due to the company's major asset sales. However, in view of the fact that the operation of pharmaceutical manufacturing still affects the company's overall operating performance during the reporting period, The pharmaceutical manufacturing sector is still listed as the main business scope in this report, as follows:
(1) New electronic materials
The products are mainly the R & D, production and sales of electrode foil for aluminum electrolytic capacitor (including corrosion foil and chemical foil), aluminum electrolytic capacitor and soft magnetic materials. Electrode foil is the key raw material of aluminum electrolytic capacitor, which determines the performance and quality of aluminum electrolytic capacitor to a great extent. The company's products cover a full range of low-voltage, medium and high-voltage products. Its production capacity is leading in the world and its product technology is leading in China. It is the largest chemical foil factory in China. Its customer groups are world-renowned aluminum electrolytic capacitor enterprises, including NCC, Rubycon, Nichicon and TDK in Japan, Sanhe and Sanying in Korea, Jinri, Lilong, Fengbin in Taiwan and Hunan Aihua Group Co.Ltd(603989) , Nantong Jianghai Capacitor Co.Ltd(002484) , etc; Aluminum electrolytic capacitors are widely used in consumer electronics, new energy, automotive electronics, artificial intelligence, communications, industrial frequency converters, security systems, medical and beauty devices, Internet of things and other fields. Customers include Samsung, Hisense TCL, visual source and Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) etc.
(2) Alloy material
The products are mainly electronic optical foil, hydrophilic foil, brazing foil, battery aluminum foil, etc. Among them, electronic optical foil is a deep-processing product of high-purity aluminum ingot after calendering and rolling. Its quality level directly affects the performance indicators of downstream electrode foil and even aluminum electrolytic capacitor. At present, it has the largest electronic optical foil processing base in China. It is the main manufacturer of high-quality electronic optical foil in China. Its products are mainly used to manufacture self-made foil. Hydrophilic foil is mainly used in the manufacture of air conditioning heat exchangers (condensers and evaporators). After years of independent development, the company's production technology of air conditioning foil and hydrophilic foil is at the leading level in China and the international advanced level. The products are stably supplied to Gree, Midea, Panasonic, LG, Haier, Hisense and other mainstream air conditioning manufacturers in China; Brazing foil is a high value-added material in aluminum foil products, which is widely used in high-end automotive heat exchanger, central air conditioning and other fields. Through the introduction of advanced technology of brazing foil from Japan, the company has a leading capacity scale and technical level. Its main customers include the world's top suppliers of auto parts, Japan Denso, Germany MAHLE Behr, France Valeo, Korea han'ang, etc; Battery aluminum foil is mainly used for positive current collector and outsourcing materials in lithium batteries. Current collector is a key component of lithium batteries, which determines the battery charge and discharge performance and cycle life. The company's products are mainly for Japanese customers, Panasonic, Murata and other high-end customers in the industry.
(3) Chemical products
Products mainly include Shanghai Chlor-Alkali Chemical Co.Ltd(600618) products, new environmentally friendly refrigerants, etc. Shanghai Chlor-Alkali Chemical Co.Ltd(600618) mainly produces high-purity hydrochloric acid and caustic soda required for the company's electrode foil corrosion process, as well as liquid chlorine, hydrogen peroxide and methane chloride. The company has the largest Shanghai Chlor-Alkali Chemical Co.Ltd(600618) production base in Guangdong Province. Its products are oriented to many industries such as chemical industry, food, papermaking, pesticide, electronic technology, chip manufacturing, photovoltaic industry, sewage treatment, disinfection and sterilization. Now it has become a partner of China's well-known enterprises and leading enterprises in various industries, such as Jiulong paper, blue moon, Shenzhen Capchem Technology.Ltd(300037) , Kingfa Sci.& Tech.Co.Ltd(600143) , Guangzhou tap water, etc. In addition, the new environment-friendly refrigerants produced by the company are widely used in the initial installation and RE addition in the maintenance process of new refrigeration equipment. At present, the company has established close cooperative relations with many air-conditioning manufacturers at home and abroad, including Gree, Midea, Haier, Hisense, Daikin, Samsung, Honeywell, etc.
(4) Pharmaceutical manufacturing
The business entity of the pharmaceutical manufacturing sector is Guangdonghectechnologyholdingco.Ltd(600673) medicine, which is mainly engaged in drug development, production and drug sales in China, covering the treatment fields of antiviral, endocrine and metabolism, anti infection, cardio cerebrovascular and other diseases. The main products include covid (oseltamivir phosphate) for the treatment of viral influenza, ertongshu (benzbromarone) for the treatment of endocrine and metabolic diseases, linrosin (moxifloxacin hydrochloride tablets), clarithromycin tablets and levofloxacin tablets for the treatment of infectious diseases, omeetine (Telmisartan Tablets), xinhaining (amlodipine tablets) and olmesartan axetil tablets for the treatment of cardiovascular and cerebrovascular diseases The core product of Guangdonghectechnologyholdingco.Ltd(600673) medicine is Kewei series products (including Kewei capsules and Kewei granules), and has the global exclusive patent of oseltamivir phosphate granules, with a leading market share in China The Guangdonghectechnologyholdingco.Ltd(600673) drug oseltamivir phosphate capsule has passed the conformity evaluation of generic drugs, which is the first one in China Guangdonghectechnologyholdingco.Ltd(600673) drugs have been selected for some products. The countries organize centralized drug procurement and use the centralized volume procurement of drugs organized by the joint procurement office. During the procurement cycle, relevant medical institutions will give priority to the procurement and use of the selected products, and further promote the development of the product market and expand the sales scale through the centralized procurement policy.
2. Business model
(1) New electronic materials, alloy materials and chemical products
The company mainly adopts the production mode of setting production by sales. The production department reviews the orders according to the customer orders submitted by the sales department, feeds back the review results to the sales department and customers, formulates and implements the production plan after determining the orders, and ensures that the company's inventory is within a reasonable range. For the raw materials involved in external procurement in production, the production department shall determine the purchase quantity according to the order, inventory, historical demand and other factors, and form the purchase order. The purchase department shall purchase according to the order issued by the production department.
New electronic materials, alloy materials, chemical products and other products are mainly sold through direct sales, and the products are sold directly to downstream enterprise customers. At present, the company has established stable and good supply and marketing relations with well-known enterprises at home and abroad. Its customers include well-known aluminum electrolytic capacitor manufacturing enterprises NCC, Rubycon, Nichicon, well-known aluminum electrolytic capacitor manufacturing enterprises Nantong Jianghai Capacitor Co.Ltd(002484) , Wanyu, etc., top auto parts suppliers Japan Denso, Germany MAHLE Behr, France Valeo, Korea han'ang, etc., as well as China's mainstream air conditioning manufacturers Gree, Midea, Panasonic, LG Haier, Hisense, etc. Through the cooperation with Japan uacj Co., Ltd. and Taiwan Riton Technology Co., Ltd., the company expands the sales scope of the company's products with the help of its global sales channels.
(2) Business model of pharmaceutical manufacturing sector
In principle, the production of pharmaceutical manufacturing sector is determined by sales, which is prepared by the production department
