Jiangsu Nanfang Bearing Co.Ltd(002553)
Financial statement report of 2021
1、 Audit of financial statements in 2021
1. Audit situation
Jiangsu Nanfang Bearing Co.Ltd(002553) (hereinafter referred to as “the company”) has audited the financial statements of 2021 by Tianheng Certified Public Accountants (special general partnership) and issued a standard unqualified audit report with audit report No.: Tianheng Shenzi (2022) 00758. The audit opinion is as follows: “in our opinion, the attached financial statements are prepared in accordance with the accounting standards for business enterprises in all material aspects and fairly reflect the consolidated and parent company’s financial position as of December 31, 2021 and the consolidated and parent company’s operating results and cash flow in 2021.”
2. Main financial data and indicators:
Main business indicators: increase or decrease in 2021 and 2020 over the previous year
Operating income (yuan): 5962014003746597739999 27.95%
Net profit attributable to shareholders of listed companies 1961877822239342047891 – 50.13% (yuan)
Net profit attributable to shareholders of listed company after deducting non recurring profit and loss of 83378138206520693936 and 27.87% (yuan)
Net cash flow from operating activities 72476386218835456015 – 17.97% (yuan)
Basic earnings per share (yuan / share) 0.5638 1.1305 – 50.13%
Weighted average return on net assets 17.52%, 45.74% – 28.22%
Increase or decrease at the end of 2021 and 2020 compared with the end of the previous year
Total assets (yuan): 147565033104128716782773 14.64%
Net assets attributable to shareholders of listed companies 120652341180104521170958 15.43% (yuan)
3. Explanation of performance change reasons
(1) The company’s operating revenue in the reporting period was 59620140037 yuan, up from 46597739999 yuan last year, an increase of 13022400038 yuan or 27.95% year-on-year, mainly due to the company’s professional improvement and transformation of the whole sales team, continuous strengthening of technical training for the sales team, strengthening of service awareness and level, greatly improving the executive ability of the sales team and increasing sales Investment for high profit and high growth products, We strengthened the introduction of talents, deeply explored the needs of customers, and increased the development of new markets. During the reporting period, the import substitution of precision parts such as bearings accelerated. New products of several key projects passed the test and began mass production, which promoted the rapid improvement of the company’s sales performance.
(2) The net profit of the company after deducting non recurring profits and losses in the reporting period was 8337813820 yuan, compared with 6520693936 yuan last year, an increase of 1817119884 yuan or 27.87% year-on-year. On the one hand, it was due to the steady growth of the company’s sales revenue; On the other hand, the company continued to optimize the operation and management process. During the reporting period, when the steel price rose sharply, the gross profit margin remained stable by steadily promoting the management measures of cost reduction and efficiency increase.
(3) The company’s net profit attributable to shareholders of Listed Companies in the reporting period was 19618778222 yuan, compared with 39342047891 yuan last year, a year-on-year decrease of 19723269669 yuan, a decrease of – 50.13%, mainly due to the decline of non recurring profits and losses. The income from changes in fair value generated by the equity of Pan Asian Microvent Tech (Jiangsu) Corporation(688386) (hereinafter referred to as ” Pan Asian Microvent Tech (Jiangsu) Corporation(688386) “) invested by the company has an impact on the company’s net profit of 465164443 yuan in the reporting period. The impact of the project on the net profit last year was 301693135 yuan. The fair value of Pan Asian Microvent Tech (Jiangsu) Corporation(688386) equity held by the company continued to increase in the reporting period, but the value-added part included in the current profit and loss decreased significantly compared with the same period last year, This item belongs to non recurring profit and loss. 2、 Analysis of financial status, operating results and cash flow
1. Asset analysis
The main assets of the company are listed as follows: unit: Yuan
Increase or decrease of the project from December 31, 2021 to December 31, 2020%
Monetary capital 1039324315615115842643 -4722599487 -31.20%
Trading financial assets 3041359690945000 China Vanke Co.Ltd(000002) 5913596909 575.90%
Accounts receivable 14536632520130400990111496533509 11.50%
Receivables financing 26394276542033147143606280511 29.80%
Prepayment 1180374390746633179433741211 58.10%
Other receivables 214610629275292506 -60681877 -22.00%
Inventory 1291138231490691178223842264492 42.40%
Other current assets 976432437520003898 -7422360655 -98.70%
Long term equity investment 174925629 100.00%
Other non current financial assets 4602392 Oceanwide Holdings Co.Ltd(000046) 865100000 -841180000 -1.80%
Fixed assets 2108086668423185077502 – 2104210818 – 9.10%
Construction in progress 791476729630282841161193888 25.60%
Use right assets 974384254974384254 100.00%
Intangible assets 45683408264075403112492937714 12.10%
Goodwill 932707365 0.00%
Long term deferred expenses 226069757424708751 – 198638994 – 46.80%
Deferred income tax assets 145286139145286139 100.00%
Other non current assets 260144906303367000 -43222094 -14.20%
Total assets 12871678277318848250331 14.64%
Analysis of changes in main assets of the company at the end of the reporting period:
(1) At the end of the reporting period, the monetary capital decreased by 4722599487 yuan compared with the previous year, a year-on-year decrease of 31.220%, mainly due to the increase of financial products purchased during the reporting period;
(2) At the end of the reporting period, trading financial assets increased by 25913596909 yuan over the previous year, with a year-on-year increase of 575.90%, mainly due to the increase of financial products purchased during the reporting period;
(3) At the end of the reporting period, the prepayment increased by 433741211 yuan over the previous year, with a year-on-year increase of 58.10%, mainly due to the increase of prepayment for raw materials purchased during the reporting period;
(4) At the end of the reporting period, the inventory increased by 3842264492 yuan over the previous year, with a year-on-year increase of 42.37%, mainly due to the continuous rise in steel prices during the reporting period and the company’s increase in raw material procurement from a strategic perspective;
(5) At the end of the reporting period, other current assets decreased by 7422360655 yuan compared with the previous year, a year-on-year decrease of 98.70%, mainly due to the fact that the financial products purchased during the reporting period belong to trading financial assets, while the financial products at the end of last year belong to other current assets;
(6) At the end of the reporting period, the long-term equity investment increased by 174925629 yuan over the previous year, with a year-on-year increase of 100%, mainly due to the equity investment in Changzhou Huayi New Material Technology Co., Ltd.
(7) At the end of the reporting period, the right to use assets increased by 974384254 yuan over the previous year, with a year-on-year increase of 100%, mainly due to the implementation of the new leasing standards during the reporting period;
(8) At the end of the reporting period, the long-term deferred expenses decreased by 198638994 yuan compared with the previous year, with a year-on-year decrease of 46.77%, mainly due to the decrease in the amount caused by the amortization of long-term deferred expenses during the reporting period;
(9) At the end of the reporting period, the deferred income tax assets increased by 145286139 yuan over the previous year, with a year-on-year increase of 100%, mainly due to the new deferred income tax assets of the holding subsidiary Shanghai Zhencheng Microelectronics Technology Co., Ltd. 2. Analysis of liabilities
The composition of the company’s main liabilities is listed as follows: unit: Yuan
Increase or decrease of the project from December 31, 2021 to December 31, 2020%
Short term loan 0.00 – 279770545 – 100.00%
Notes payable 784993994951102390 -166108396 -17.46%
Accounts payable 85220620647895376147626685917 7.94%
Contract liabilities 3690909531388238899 – 1019147946 – 73.41%
Payroll payable 21332464861460414978672831508 46.07%
Taxes payable 24336597014640189761969640725 424.47%
Other payables 1074556597724525830210401 39.11%
Non current liabilities due within one year 309742669 0.00309742669 100.00%
Other current liabilities 4798182483561332 -35579508 -42.58%
Lease liabilities 741189797 0.00741189797 100.00%
Deferred
