Leyard Optoelectronic Co.Ltd(300296)
2021 general manager's work report
Dear directors
On behalf of the company's management, I will present the 2021 general manager's work report to the board of directors of the company for deliberation.
1、 Overall operation of the company in 2021
Completion of main business indicators of the company in 2021:
The company achieved an operating income of 88524274 million yuan, an increase of 33.45% over the previous year; The total profit was 736310600 yuan, and the net profit attributable to the parent company was 610894600 yuan, turning from loss to profit compared with the same period of last year.
As of December 31, 2021, the company's total assets reached 158482599 million yuan, total liabilities 80479427 million yuan and net assets 7803172 million yuan.
The net cash flow from the company's operating activities in 2021 was 463497800 yuan; Net cash flow from investment activities -461749400 yuan; Net cash flow from financing activities -3607787 million yuan; The impact of exchange rate changes on cash was -25.425 million yuan, and the net increase in cash and cash equivalents was -3844553 million yuan.
2、 Analysis of financial status and operating results in 2021
(I) analysis of asset structure and changes
1. Analysis of asset composition and its changes
During the reporting period, the composition of the company's assets is shown in the following table:
December 31, 2021 December 31, 2020
Amount (10000 yuan) proportion amount (10000 yuan) proportion
Current assets 116554620 73.54% 101340279 74.31%
Non current assets 41927979 26.46% 35034216 25.69%
Total assets 158482599 100.00% 136374495 100.00%
2. Analysis of current assets
December 31, 2021 December 31, 2020
Amount (10000 yuan) proportion amount (10000 yuan) proportion
Monetary capital 23663357 20.30% 2 Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) 6 25.67%
Trading financial assets 41.26 0.00% 181647 0.18%
Notes receivable 860503 0.74% 0.00 0.00%
Accounts receivable 29978272 25.72% 23296259 22.99%
Receivables financing 901531 0.77% 1991857 1.97%
Prepayment 1817025 1.56% 448991 0.44%
Other receivables 937806 0.80% 900985 0.89%
Inventory 36106082 30.98% 25784581 25.44%
Contract assets 20577397 17.65% 21109912 20.83%
Non current assets due within one year 200523 0.17% 807.05 0.08%
Other current assets 1507998 1.29% 1528166 1.51%
Total current assets 116554619 100.00% 101340278 100.00%
During the reporting period, the production, operation and asset scale of the group increased steadily and orderly, and the total assets of the company in 2021 increased by 16.21% over the previous year.
The current assets of the company are mainly composed of monetary capital, accounts receivable, inventory and contract assets. The total proportion of the four in the current assets at the end of 2021 and 2020 is 94.66% and 94.94% respectively.
The company's current assets accounted for a high proportion of total assets. The current assets accounted for 73.54% at the end of the reporting period, a decrease of 0.77% compared with the beginning of the year. The total current assets increased compared with the same period last year, with an increase rate of 15.01%, mainly due to the increase of accounts receivable and inventory during the reporting period.
(1) Monetary capital
At the end of 2021, the company's monetary capital balance was 2366335700 yuan, a decrease of 9.05% over the end of the previous year.
The main reasons are: Although the operating receipts during the reporting period increased by 18.54% over the same period of last year, the payment for goods to suppliers increased by 45.06% over the same period of last year due to goods preparation and other reasons, the salary and other expenses paid for employees increased by 10.20% over the same period of last year, and the deposit paid for handling bank acceptance bills increased by 38.05% over the same period of last year. At the same time, the repayment of bank loans and interest decreased by 52.77% over the same period of last year. The above factors led to the decrease of monetary fund balance in the reporting period over the same period of last year.
At the end of 2021, the company's accounts receivable increased by 28.68% compared with the end of the previous year, mainly due to the increase of sales orders during the reporting period and the year-on-year increase of corresponding acceptance items. However, due to epidemic reasons, collection terms and other factors, the amount receivable increased year-on-year.
During the reporting period, the turnover rate of accounts receivable was 3.32 times, an increase of 0.87 times compared with 2.45 times in the same period of last year.
(2) Stock
At the end of 2021, the company's inventory balance was 36106082 million yuan, an increase of 40.03% over the end of the previous year, mainly due to the increase in the preparation of chips and other raw materials and the items that have been delivered but not accepted due to the epidemic situation during the reporting period.
(3) Contract assets
At the end of 2021, the balance of contract assets of the company was 2057739700 yuan, a decrease of 2.52% over the end of the previous year, which was mainly due to the decrease of contract assets formed by engineering projects that recognized revenue for a period of time in the reporting period.
3. Analysis of non current assets
December 31, 2021 December 31, 2020
project
Amount (10000 yuan) proportion amount (10000 yuan) proportion
Long term receivables 800518 1.91% 138365 0.39%
Long term equity investment 3014433 7.19% 2430454 6.94%
Investment in other equity instruments 1267637 3.02% 1066986 3.05%
Other non current financial assets 425799 1.02% 141676 0.40%
Investment real estate 875121 2.09% 856212 2.44%
Fixed assets 14358510 34.25% 9588373 27.37%
Construction in progress 814.69 0.19% 1489420 4.25%
Right of use assets 1439132 3.43% 0.00 0.00%
Intangible assets 5056600 12.06% 5266474 15.03%
Goodwill 9325965 22.24% 10430807 29.77%
Long term deferred expenses 643436 1.53% 310280 0.89%
Deferred income tax assets 2347679 5.60% 2197339 6.27%
Other non current assets 2291683 5.47% 1117831 3.19%
Total non current assets 41927979 100.00% 35034216 100.00%
The company's non current assets are mainly composed of fixed assets, intangible assets, use right assets, goodwill, deferred income tax assets and other non current assets. At the end of 2021 and 2020, the six items accounted for 83.05% and 81.64% of non current assets respectively.
(II) debt structure and change analysis
At the end of the reporting period, the composition of the company's liabilities is shown in the following table:
December 31, 2021 December 31, 2020
Amount (10000 yuan) proportion amount (10000 yuan) proportion
Short term borrowings 6379770 7.93% 6936112 10.87%
Trading financial liabilities - 0.00% 33.04 0.01%
Notes payable 10207954 12.68% 5 Hunan Xiangjia Animal Husbandry Company Limited(002982) 7.84%
Accounts payable 30221053 37.55% 22010078 34.49%
Contract liabilities 10815856 13.44% 8343931 13.08%
Payroll payable 1564084 1.94% 1285632 2.01%
Taxes payable 2628544 3.27% 1826741 2.86%
Other payables 623092 0.77% 474100 0.74%
Non current liabilities due within one year 1499604 1.86% 175570 0.28%
Other current liabilities 3459792 4.30% 4053571 6.35%
Total current liabilities 67399747 83.75% 50112020 78.53%
Bonds payable
