On the evening of April 15, Mingxin Automotive Leather Co.Ltd(605068) ( Mingxin Automotive Leather Co.Ltd(605068) ) disclosed that the financial report of 2021 showed that the company achieved an operating revenue of 821 million yuan in 2021, a year-on-year increase of 1.55%; The net profit attributable to shareholders of listed companies was 163 million yuan, a year-on-year decrease of 25.91%. In addition, the company plans to distribute cash dividends of 3 yuan (including tax) to all shareholders for every 10 shares.
Mingxin Automotive Leather Co.Ltd(605068) is one of the first domestic enterprises in China to enter the automotive interior material segment market. The company’s products are mainly used in automotive interior parts such as car seats, armrests, headrests, steering wheel, instrument panel, door panel and so on Mingxin Automotive Leather Co.Ltd(605068) said that the covid-19 epidemic prevention and control situation in 2021 was severe, adding the pressure of policy changes such as production and power restriction in the second half of the year. At the same time, the automotive industry chain was affected by the global shortage of chips, but the company’s businesses maintained steady development, the water-based super fiber was produced smoothly, and new projects were achieved repeatedly.
In terms of sectors, Mingxin Automotive Leather Co.Ltd(605068) the three product sectors of whole cow leather, cut cow leather and super fiber achieved operating revenues of 625 million yuan, 85.4 million yuan and 521059 million yuan respectively. Among them, the “intelligent manufacturing project of all water-based Dingdao super fiber new materials with an annual output of 2 million square meters” built by the company with its own funds was successfully mass produced in 2021, and contributed 521059 million yuan of revenue in 2021, accounting for 6% of the annual operating revenue, optimizing the company’s product structure.
The data show that the all water-based fixed Island microfiber surpasses the benzene reduction fixed Island microfiber and solvent based benzene reduction fixed Island microfiber, which represents the development direction of microfiber synthetic leather in the world and the highest level of microfiber leather research in the world. Its process technology is complex and involves a wide range of disciplines, spanning four industrial fields: fiber manufacturing, nonwovens, fine chemicals and dyeing and finishing processing. And Mingxin Automotive Leather Co.Ltd(605068) the implementation and mass production of the project broke the monopoly of foreign capital in this field.
Mingxin Automotive Leather Co.Ltd(605068) said in the annual report that new customers and new projects have been gradually implemented, especially the breakthrough of new energy customers, which has opened a new situation for the future development of the company. a company named super fiber as a new supplier of project materials recently received a notice from super fiber company; According to the customer’s plan, the project is expected to start mass production in 2023, with a total life cycle amount of about 300 million yuan.
It is worth mentioning that Mingxin Automotive Leather Co.Ltd(605068) in its annual report, put forward business plans for 2022, such as opening a new year of technological innovation, continuously promoting market development, exploring business boundaries, orderly carrying out the construction of raised investment projects and accelerating digital construction. Specifically, the company established 2022 as the “new year of technological innovation”, released a number of key projects and topics of technological innovation, established the “new year of technological innovation” leading group, announced the incentive plan and signed the “key projects”.
In terms of exploring business boundaries, Mingxin Automotive Leather Co.Ltd(605068) said that the company set up Mingxin Automotive Leather Co.Ltd(605068) (Shanghai) Design Consulting Co., Ltd., set up a designer team, and cooperated with China head Academy of fine arts to explore a customized and cost-effective interior fabric scheme led by automobile interior design, so as to improve the added value.
On the evening of the same day on the 15th, Mingxin Automotive Leather Co.Ltd(605068) disclosed the plan of repurchasing the company’s shares. It plans to use its own funds or self raised funds to repurchase part of the company’s A-shares in the form of centralized bidding transaction. The total capital of the shares to be repurchased is 100200 million yuan, and the repurchase price is no more than 30 yuan / share. The repurchased shares are intended to be used to reduce the company’s registered capital.
