Changshu Guorui Technology Co.Ltd(300600)
Summary of 2020 Annual Report
1、 Important note: the summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should carefully read the full text of the annual report in the media designated by the CSRC. The audit opinion of Lixin Certified Public Accountants (special general partnership) on the company's financial report this year is: standard unqualified opinion. Tips on non-standard audit opinions □ applicable √ not applicable to the profit distribution plan of ordinary shares or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors √ applicable □ not applicable
The company's profit distribution plan for ordinary shares reviewed and approved by the board of directors is: take 296847720 as the base, distribute cash dividend of 0.5 yuan (including tax) to all shareholders for every 10 shares, send bonus shares of 0 shares (including tax), and transfer capital reserve to all shareholders for every 10 shares.
Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation Changshu Guorui Technology Co.Ltd(300600) stock code Changshu Guorui Technology Co.Ltd(300600)
Shenzhen Stock Exchange
Abbreviation of stock before change (if any) Ruite shares
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Wang Dongwu Hongfa
Office address: No. 2, Qingdao Road, Changfu street, Changshu
Fax: 051252348186
Tel: 051252828917
E-mail zqb@cs -grkj. com. zqb@cs -grkj. com.
2. Introduction to main business or products during the reporting period (I) main products and business model of the company
As a professional supplier of marine electrical and automation systems, the company is a high-tech enterprise specializing in the R & D, production, sales and comprehensive technical services of Marine Engineering Electrical and automation systems and their system integration. The company's main products include: ship power distribution system and ship engine room automation system.
During the reporting period, there was no significant change in the company's main business.
At present, the company's main business model is as follows:
1. Sales model
(1) Business model
The company supplies ship power distribution system and ship engine room automation system for ship owners, shipyards and ship design institutes. The company's sales mode is direct sales without distributors. The company's marketing center and Engineering Center are responsible for negotiating cooperation intentions with customers, and then participating in bidding after signing technical agreements with customers. After winning the bid, the company signs a sales contract with the customer to determine the production based on the sales.
(2) Revenue recognition method and time point
After the products are inspected and tested by the quality management department of the company, and the products are inspected before delivery by the third-party classification society or the Navy representative, and the corresponding inspection certificate is issued, the products are transported to the customer. After the customer unpacks the box to check the quantity, appearance and specification of the goods, the customer signs on the shipping note, and the company will complete the product sales and confirm the sales revenue. 2. Procurement mode
The company has formulated rules and regulations such as basic conditions and evaluation methods for quality assurance capability of qualified suppliers and material procurement management system to effectively manage the procurement process. If suppliers outside the list are selected for special reasons, they can be purchased temporarily after going through approval procedures.
The company's products are non-standard products, which adopt the production mode of "production based on sales". The procurement mode of raw materials, parts and other materials is also basically "purchase based on production". Some general-purpose raw materials or parts, such as copper sector, copper bar, wire and cable, small relay, wiring terminal, filler cross and door lock hinge, will be purchased from stock. For the relevant raw materials used in the production of military products, the supplier shall provide the military inspection certificate of relevant raw materials to ensure that the raw materials meet the quality requirements and other relevant regulations or requirements. From the aspect of raw material procurement, at present, the company directly purchases raw materials from manufacturers or agents in China.
3. Production mode
(1) Self made processing and production
In terms of production, the company adopts the method of "setting production according to sales" to produce all kinds of products according to customer orders. The marketing center shall submit the contract task information to the project management department every month. The project management department shall determine the node date and formulate the project plan according to the coordination of technology, production, supply and marketing and the delivery date, and issue the production schedule to all relevant departments. The relevant departments of the company shall arrange their own work plans according to the production schedule.
(2) Outsourcing processing
In the production process, the electroplating process of the namesector on the company's main products, the plastic spraying process of the box, the machining process and the welding process of the built-in circuit board of the color lamp need to be completed with the assistance of the outsourcing manufacturer.
In addition, from 2019, relying on its own procurement platform and capital advantages, the company has added mobile wireless data communication integrated system agency business. This business is carried out to improve the company's product structure and expand the sales scale, which is a way to improve the comprehensive income. At the same time, through the understanding of the technology, production and business mode and process of this kind of communication products, we will make preparations for expanding the production, processing, purchase and sales business of this kind of communication products. This kind of communication product business is an extension of the company's original main business, from ship supporting to land supporting, which is conducive to expanding the production capacity of the company's computer communication products and improving the comprehensive income.
In 2020, with the development of the above-mentioned agency business, through its own technology and processing capacity, the company will gradually undertake the whole machine production, processing, purchase and sales business of communication products with certain technical content from downstream customers, so as to expand the production and sales scale and improve the production capacity of computer communication products. Therefore, the company will increase the purchase and sales business of mesh cloud data processing communication machines. Business model: after signing the sales contract with the company, the downstream customer shall pay a 10% deposit in advance. After receiving the payment, the company will pay 90% of the payment for the main materials and parts purchased from the supplier, and purchase software, shell, auxiliary materials, packaging materials, etc. from other different suppliers in different payment methods. The company has signed the purchase contract with the supplier and added new production, testing and processing equipment. The company will, according to the technical requirements of the customer's products, Carry out production, assembly and commissioning, test performance and package finished products by yourself, and pay the remaining amount after acceptance by the customer. The delivery cycle of this kind of business from procurement to production is within 9 months.
Profit model: the company makes profit mainly by earning the difference between the selling price and cost of multi mesh cloud data processing communication machine.
Accounting treatment: the company uses its own technology and processing capacity to purchase corresponding materials for processing and provide customers with specific products. In terms of ownership transfer and risk bearing, the company bears the actual risk of goods loss and product quality in the whole transaction process, and bears the ultimate liability for loss compensation. The revenue of this business is recognized according to the normal purchase and sales business and the net amount method.
In 2020, the company achieved a revenue of 2511009449 yuan from the purchase and sales of multi mesh cloud data processing communication machines. (II) main performance drivers of the company
In 2020, the company achieved an operating revenue of 3846347 million yuan, a year-on-year decrease of 20.88%; The net profit was 681892 million yuan, a year-on-year decrease of 20.87%. As of December 31, 2020, the owner's net assets attributable to the shareholders of the listed company were 1167223400 yuan, a year-on-year increase of 3.73%. The main factors driving the company's performance are as follows:
1. Driving factors of industry development
Since the 21st century, with China becoming a major shipbuilding country in the world, China Cssc Holdings Limited(600150) supporting industries have made great progress, the industrial system has been continuously improved, breakthroughs have been made in the development of key marine equipment, the industrial scale has been greatly improved, and the shipping capacity of local marine equipment has been continuously improved. In 2016, the Ministry of industry and information technology issued the action plan for capacity improvement of ship supporting industry (20162020), encouraging enterprises to improve the supporting capacity and level of marine equipment and improve the loading rate of localized marine equipment in China. By 2020, the average loading rate of localized marine equipment of the three mainstream ship types of bulk carriers, oil tankers and container ships will reach more than 80%, the average loading rate of localized marine equipment of high-tech ships will reach more than 60%, and the local matching rate of key parts of marine equipment will reach 80%, becoming a major manufacturing country of marine equipment in the world. According to the statistics of China Cssc Holdings Limited(600150) Industry Association, 38.53 million deadweight tons of shipbuilding were completed in 2020, a year-on-year increase of 4.9%. New ship orders of 28.93 million dwt were undertaken, a year-on-year decrease of 0.5%. At the end of December, orders for hand-held ships were 71.11 million dwt, a year-on-year decrease of 12.9%. China's export ships completed 34.25 million dwt, a year-on-year increase of 2.1%; The orders for export ships were 24.45 million dwt, a year-on-year decrease of 9.3%; At the end of December, the orders of hand-held export ships were 65.21 million dwt, a year-on-year decrease of 13.3%.
2. The company's own advantages
In the civil field, the company has obtained product type approval certificates from many international classification societies, including China, France, Italy, Japan, Russia, Britain, Germany, the United States and det Norske Veritas. Therefore, the company's products can be used in military and civil fields at the same time.
Since its establishment, the company has focused on the field of ship supporting electrical and automation systems, made continuous breakthroughs and innovations, accumulated rich industry experience and technical force, and been able to respond quickly and continuously adapt to and meet various needs of customers. It has been widely recognized in the industry and has become the State Oceanic administration, China Maritime Administration, China Fisheries Administration It is one of the main suppliers of ship electrical and automation systems of government departments and institutions such as Waterway Bureau and the navy of the Chinese people's Liberation Army. In addition, the company also cooperates with Jiangnan Shipbuilding (Group) Co., Ltd., Shanghai Shanghai Waigaoqiao Free Trade Zone Group Co.Ltd(600648) Shipbuilding Co., Ltd., Guangzhou shipbuilding International Co., Ltd., Guangzhou CSSC Huangpu Shipbuilding Co., Ltd. (now CSSC Huangpu Wenchong Shipbuilding Co., Ltd.), Wuchang Shipbuilding Heavy Industry Co., Ltd., Dalian Shipbuilding Heavy Industry Group Co., Ltd., Qiaoyi Research Institute 704 Research Institute, 708 Research Institute, 711 Research Institute and other mainstream large shipyards in China have established a good and stable long-term cooperative relationship with ship design institutes, and become a supplier of marine electrical and automation systems recognized by these medium and high-end customer groups. (III) industry situation of main business areas
In 2020, China Cssc Holdings Limited(600150) industry will resolutely implement the decisions and arrangements of the Party Central Committee and the State Council, scientifically coordinate the epidemic prevention and control and resumption of production, maintain the leading international market share of the three major indicators of shipbuilding, achieve remarkable results in the transformation and upgrading of ship products, achieve great growth in the repair industry, the rapid development of new offshore engineering equipment, and the main production and operation indicators are better than expected. However, affected by the global spread of covid-19 epidemic, the slowdown of world economic recovery, the insufficient demand of ship and sea market and the rapid rise of production costs, the China Cssc Holdings Limited(600150) industry still faces severe challenges to maintain stable and healthy development. In 2020, 38.53 million dwt of shipbuilding was completed in China, an increase of 4.9% year-on-year. New ship orders of 28.93 million dwt were undertaken, a year-on-year decrease of 0.5%. At the end of December, orders for hand-held ships were 71.11 million dwt, a year-on-year decrease of 12.9%. China's export ships completed 34.25 million dwt, a year-on-year increase of 2.1%; The orders for export ships were 24.45 million dwt, a year-on-year decrease of 9.3%. (IV) cycle and regional characteristics of main business areas
1. Periodicity
The downstream of the company's main business area is the shipbuilding industry, so it is directly affected by the cyclical changes of the industry. Among them, in the civil shipbuilding industry, commercial transport ships are directly affected by the global economic boom and the volume of international trade, and the downstream supporting industries also show obvious cyclical characteristics; The official ships and marine ships in the civil ship manufacturing industry are mainly affected by the national marine strategy and have little correlation with the cyclical changes of the national economy; Military ships are closely related to the national defense policy and budget and the international ocean, and have little correlation with the cyclical changes of the national economy.
2. Regional
The shipbuilding industry, the consumer group of China Cssc Holdings Limited(600150) supporting products, is mainly concentrated in areas with good port conditions and coastal conditions, showing certain regional characteristics, mainly in coastal areas such as Liaoning, Shandong, Jiangsu, Shanghai, Zhejiang, Fujian and Guangdong, as well as coastal areas such as the Yangtze River and the Yellow River. (V) industry position of the company
At present, there are hundreds of companies engaged in the production and system design of ship electrical, automation systems and other related equipment in China, but the technical level of these companies is generally low, the scale is generally small, and the industry concentration is very low. The company is a professional supplier of ship electrical and automation systems recognized by a small number of Chinese enterprises with independent innovation ability and by large ship manufacturing enterprises, well-known ship design institutes, as well as government departments and institutions such as the State Oceanic Administration, the China Maritime Administration, the China Fisheries Administration, the waterway administration and the navy of the Chinese people's Liberation Army. The company has a number of self-developed core technologies, among which the company has developed and produced "ship medium voltage distribution board", which has become one of the earliest enterprises in China to successfully develop this product. The marine circuit breaker products developed by the company can realize high-level substitution for similar foreign products. The overall strength of the company is in a leading position in the production field of ship electrical, automation system and other related ship supporting equipment, especially in the field of national defense and military. In addition, the company's products are highly competitive in both military and civilian markets, and the scale of military and civilian products is large. It has the characteristics of military and civilian industrial technology integration and complementary advantages. 3. Main accounting data and financial indicators (1) whether the company needs to retroactively adjust or restate the accounting data of previous years in recent three years □ yes √ no
