On March 30, Gold Cup Electric Apparatus Co.Ltd(002533) ( Gold Cup Electric Apparatus Co.Ltd(002533) ) disclosed the annual report of 2021. During the reporting period, Gold Cup Electric Apparatus Co.Ltd(002533) revenue and net profit reached a new high, realizing a revenue of 12.832 billion yuan, a year-on-year increase of 64.60%; The net profit was 357 million yuan, a year-on-year increase of 38.61%; The basic earnings per share is 0.454 yuan / share.
Gold Cup Electric Apparatus Co.Ltd(002533) main business is bright. In 2021, the main business realized a net profit of 474 million yuan, including 321 million yuan for cable sector and 153 million yuan for electromagnetic wire sector. In 2021, the company made a loss of 90 million yuan due to the large impairment loss of the cold chain inventory, which affected the profit data of the consolidated statements. Deng Shaokun, the Secretary of the board of directors, said that at present, the company is actively handling the inventory. In the future, the scale of food trade will be strictly controlled and the business will be considered to be stopped. This profit reduction factor will not exist in the subsequent operating performance.
According to the past data, Gold Cup Electric Apparatus Co.Ltd(002533) in December 2010, when it was listed, its revenue was 1.93 billion yuan, reaching 12.8 billion yuan in 2021, with a compound annual growth rate of 20%; The net profit attributable to the parent company was 114 million yuan in 2010 and 331 million yuan in 2021, with a compound annual growth rate of 11%.
In addition, Gold Cup Electric Apparatus Co.Ltd(002533) disclosed that it plans to pay a dividend of 3 yuan per 10 shares in 2021 and continue to refresh its cash dividend ratio. According to the closing price on March 30, the dividend yield reached 4.32%, far exceeding the one-year LPR According to historical data, Gold Cup Electric Apparatus Co.Ltd(002533) carries out cash dividends every year, including 12 cash dividends this time, with a cumulative dividend amount of more than 1 billion yuan, exceeding 50% of the company’s net profit since its listing.
According to Deng Shaokun, 2021 is a landmark year for Gold Cup Electric Apparatus Co.Ltd(002533) for the first time. The scale of revenue broke the 10 billion mark for the first time, the net profit also reached a new high, and the company’s operation has both quantity and quality. The good development of the company lies in that the company adheres to the main business of cable and promotes the development of the company through endogenous extension strategy: on the one hand, optimize the product structure in time according to the market demand and realize the transformation and upgrading of the original products; On the other hand, the company achieved expansion through external mergers and acquisitions, consolidated and improved the original main business and cultivated new profit growth points at the same time.
Speaking of the company’s future planning, Deng Shaokun introduced that the company will further focus on the main cable industry. On the one hand, it is technological transformation and capacity expansion. For example, the Jinbei tower rail transit cable manufacturing project will be fully put into operation in August 2021, with a new production capacity of 2.25 billion yuan; After the newly expanded capacity of Wuhan business division reaches its capacity, it will form a capacity scale of 5 billion yuan in 2023; The production capacity of Jinbei cable high-voltage cross-linked cable will be upgraded, and the quality improvement project will increase the production capacity by 855 million yuan; After the completion of the special electromagnetic wire project for new energy vehicle motors with an annual output of 50000 tons, it is expected to add 5 billion capacity; On the other hand, the company will firmly promote the merger and acquisition of the main cable industry. In February 2022, the company established a joint venture with Ganchang brand with a history of more than 60 years in Jiangxi to further expand the Jiangxi market and consolidate the company’s advantages in the central region. At present, the company is the first brand of cable in Hunan, Hubei, Sichuan and Jiangxi.
Finally, with regard to the flat electromagnetic wire project of new energy vehicle motor and customers who are more concerned in the secondary market, the report shows that the company has achieved mass production of five projects of flat electromagnetic wire of new energy vehicle motor, and has carried out cooperation with more than 120 projects with more than 50 customers. Among them, it was successfully shortlisted for Chinese foreign car enterprises such as dairam, Land Rover, Nissan, Weilai, ideal, great wall, FAW and Chang’an in 2021.
