Changshu Guorui Technology Co.Ltd(300600)
Annual report for 2021
April 26, 2022
Section I important tips, contents and definitions
The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee that the contents of the annual report are true, accurate and complete without false records, misleading statements or major omissions, and bear individual and joint legal liabilities. Li Jining, the person in charge of the company, Pu Yangshuo, the person in charge of accounting, and Shi Song, the person in charge of the accounting organization (Accounting Supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in this annual report. Prompt of non-standard audit opinion □ applicable √ not applicable to prompt of major defects in internal control □ applicable √ not applicable to prompt of risk of sharp decline in performance or loss √ applicable □ not applicable (I) reasons for sharp decline in performance
In 2021, the company achieved an annual operating revenue of 220089700 yuan, a decrease of 164545 million yuan compared with 3846347 million yuan in 2020, including 402577 million yuan of private network communication business income in the previous year. Therefore, excluding the impact of private network communication business, the revenue of this year decreased by 1242873 million yuan, or 36.09%, compared with 2020. In 2021, the company realized a net profit of -268085200 yuan, including 246460100 yuan of impairment loss of private network communication business. The main reasons are as follows:
1. The pricing mechanism of main products has changed to some extent. The company's main customers include large shipyards, scientific research institutes and military enterprises. Affected by the nature of customers, the pricing of main products is mainly the unified management and national pricing of military prices by the state. According to the provisions of relevant procurement systems, procurement needs to adopt five methods: public bidding, invited bidding, competitive negotiation, single source and inquiry. At present, the project public bidding mode has been generally realized in the field of military products, which has a certain adverse impact on the company's business and product gross profit.
2. Market competition intensified. Excluding the income from private network communication business, the overall gross profit margin of the company's products decreased from 31.64% in the same period of last year to 24.57% in the current period. Among them, some products of civil products suffered gross profit loss, and the business of ship engine room automation system was affected by industry adjustment in this period, and the revenue decreased significantly. In the field of military products, affected by the policy, there are more civilian supporting manufacturers in the field of ship supporting, and the market competition is more intense. In the field of civil products, although the whole ship market and marine industry market have recovered, the prices of bulk commodities such as raw materials have risen and fallen sharply since 2021, which has had a great impact on the cost control of the shipyard, and the profitability has decreased significantly. In order to control the cost, the shipyard has limited the price of supporting equipment, the market competition is becoming more intense, and many equipment manufacturers fall into the situation of low price competition. 2021 is a year for the company's transformation and upgrading, so the fierce market competition has an adverse impact on the company's business and product gross profit.
3. Impact of thunderstorm on communication business. In 2021, the capital market stormy private network communication business, and the company's communication business accrued a bad debt of 246 million yuan.
(II) there were no major adverse changes in the company's main business and core competitiveness. During the reporting period, the operating revenue and net profit fell sharply year-on-year, which was mainly affected by the policy changes in the military industry. In the case of a sharp decline in revenue, the company still firmly maintained its R & D intensity, with R & D funds of 14.98 million yuan, accounting for 6.8% of the company's sales revenue; Still firmly maintain a R & D and design team that can quickly respond to various needs of customers and has strong innovation ability. At the end of the reporting period, the company had 119 technical and R & D personnel, accounting for 24.68% of the total number of employees. (III) the 21st century is the century of the ocean and a new era for the prosperity of the shipbuilding industry. The rapid development of shipbuilding industry plays an important role in driving related industries. During the 14th Five Year Plan period, China will accelerate the development of marine equipment industry based on shipbuilding industry as a strategic emerging industry. The industry has broad growth space, but affected by international politics, the epidemic and the reform of state-owned enterprise system, there are certain situations such as decline in industry profits and overcapacity. (IV) there is no major risk to the company's sustainable operation ability. (V) various measures taken by the company to improve profitability 1. Continue to improve R & D efficiency, improve R & D incentive mechanism, ensure the progressiveness of product technology and enhance market competitive advantage; 2. Strengthen the market promotion of new products and new businesses and create new profit growth points; 3. Continue to optimize the supply chain management process to reduce costs and increase efficiency;
4. Continuously strengthen the construction of corporate culture, improve the ability of corporate team cooperation, enhance the ability of corporate management and improve business efficiency. 5. Accelerate business transformation and upgrading. The company continued to promote the transformation from supporting traditional ships to supporting high-end ships (luxury cruise ships, new energy ships and unmanned ships), and accelerated the expansion from ship supporting to supporting civil air defense and important economic facilities protection. Risk tips for forward-looking statements such as future plans involved in the annual report □ applicable √ not applicable the company is not profitable and has not achieved profit when it is listed □ applicable √ not applicable the company invites investors to carefully read the full text of the annual report and pay special attention to the following risk factors: 1. The risk of demand fluctuation in the downstream market. The company's main business is the R & D, production and sales of Marine Engineering Electrical and automation systems, and the downstream direct customers are mainly concentrated in the shipbuilding industry. Affected by the international and China's macroeconomic situation, the development of the global ocean shipping industry fluctuates, which will bring a certain fluctuation cycle to the shipbuilding industry and eventually have a certain adverse impact on the company's operation. 2、 Technical risks. At present, with the increasing improvement of the technical level of equipment manufacturing industry outside China, the company needs to continue to strengthen technology research and development in the future. If new technologies appear or lower cost products continue to emerge, the company will face certain risks of technology substitution or product substitution, and the production and operation of the company will be affected. Although the company has always attached importance to and continuously improved the incentive and restraint mechanism of technicians, the company faces a certain risk of loss of technicians because excellent technicians are the object of fierce competition in the market. 3、 Transformation risk. The transformation of the company from supporting traditional ships to supporting high-end ships (luxury cruise ships, new energy ships and unmanned ships) and the expansion of the company's business from supporting ships to supporting civil air defense and important economic facilities are uncertain. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period reviewed by the board of directors √ applicable □ not applicable. The company plans not to distribute cash dividends, bonus shares or convert accumulation fund into share capital.
catalogue
Changshu Guorui Technology Co.Ltd(300600) ...... 12021 annual report Section 1 important tips, contents and definitions Section 2 company profile and main financial indicators nine
1、 Company information nine
2、 Contact person and contact information nine
3、 Information disclosure and preparation place nine
4、 Other relevant information nine
5、 Main accounting data and financial indicators ten
6、 Quarterly main financial indicators eleven
7、 Differences in accounting data under domestic and foreign accounting standards eleven
8、 Non recurring profit and loss items and amount twelve
Section III Management Discussion and Analysis fourteen
1、 Industry situation of the company during the reporting period fourteen
2、 The main business of the company during the reporting period fifteen
3、 Core competitiveness analysis sixteen
4、 Main business analysis seventeen
5、 Non main business twenty-six
6、 Analysis of assets and liabilities twenty-six
7、 Investment analysis twenty-seven
8、 Significant asset and equity sales thirty-one
9、 Analysis of major holding and participating companies thirty-two
10、 Structured entities controlled by the company thirty-two
11、 Prospect of the company's future development thirty-two
12、 Registration form of reception, research, communication, interview and other activities during the reporting period Section IV corporate governance thirty-three
1、 The basic situation of corporate governance thirty-three
2、 The independence of the company relative to the controlling shareholders and actual controllers in ensuring the company's assets, personnel, finance, institutions, business and other aspects thirty-four
3、 Horizontal competition thirty-four
4、 Relevant information about the annual general meeting and extraordinary general meeting held during the reporting period thirty-four
5、 The company has voting rights difference arrangement thirty-five
6、 Corporate governance of red chip structure thirty-five
7、 Directors, supervisors and senior managers thirty-five
8、 Performance of directors' duties during the reporting period forty-two
9、 The situation of special committees under the board of directors during the reporting period forty-five
10、 Work of the board of supervisors forty-eight
11、 Company employees forty-eight
12、 Profit distribution of the company and conversion of capital reserve into share capital forty-nine
13、 Implementation of the company's equity incentive plan, employee stock ownership plan or other employee incentive measures fifty
14、 Construction and implementation of internal control system during the reporting period fifty-three
15、 Management and control of subsidiaries during the reporting period of the company fifty-six
16、 Internal control self-evaluation report or internal control audit report fifty-six
17、 Self inspection and rectification of problems in the special action for governance of listed companies 58 Section V environmental and social responsibility fifty-nine
1、 Major environmental issues fifty-nine
2、 Social responsibility sixty
3、 Consolidate and expand the achievements of poverty alleviation and Rural Revitalization Section VI important matters sixty-one
1、 Performance of commitments sixty-one
2、 Non operating occupation of funds of listed companies by controlling shareholders and other related parties sixty-six
3、 Illegal external guarantee sixty-six
4、 Description of the board of directors on the latest "non-standard audit report" sixty-six
5、 Description of the board of directors, the board of supervisors and independent directors (if any) on the "non-standard audit report" of the accounting firm in this reporting period sixty-six
6、 Notes of the board of directors on changes in accounting policies, accounting estimates or correction of major accounting errors during the reporting period sixty-six
7、 Description of changes in the scope of consolidated statements compared with the financial report of the previous year sixty-six
8、 Appointment and dismissal of accounting firms sixty-six
9、 Disclosure of annual delisting report sixty-seven
10、 Matters related to bankruptcy reorganization sixty-seven
11、 Major litigation and arbitration matters sixty-seven
12、 Punishment and rectification seventy
13、 The integrity of the company and its controlling shareholders and actual controllers seventy
14、 Significant related party transactions seventy
15、 Major contracts and their performance seventy-one
16、 Description of other major events seventy-two
17、 Major events of the company's subsidiaries seventy-two
Section VII changes in shares and shareholders seventy-three
1、 Changes in shares seventy-three
2、 Securities issuance and listing seventy-five
3、 Shareholders and actual controllers seventy-six
4、 Share return
(II) the original of the audit report with the seal of the accounting firm and the signature and seal of the certified public accountant. (III) originals of all company documents and announcements publicly disclosed on the website designated by the CSRC during the reporting period. (IV) other relevant data
interpretation
Interpretive term refers to
