Shanghai Step Electric Corporation(002527)
Financial statement report of 2021
2021 marks the 100th anniversary of the founding of the Communist Party of China and the beginning of China’s 14th five year plan. In 2021, the global economy was complex and changeable, and the covid-19 pneumonia epidemic continued to enter the normalization prevention and control stage repeatedly. Affected by the excessive circulation of money in western countries and the hoarding of raw materials by global capital, the prices of raw materials for bulk commodities have risen sharply and there is a shortage of chips. In 2021, the resilience of made in China will be enhanced, and China’s economy will operate steadily on the whole.
In 2021, on the one hand, the elevator industry, affected by real estate deleveraging, led to a slowdown in the growth rate of elevator machine demand; However, at the same time, the continuous promotion of urbanization, the rapid growth of elevator installation and transformation business, and the rapid development of infrastructure such as rail transit have become a strong growth point of elevator market demand. Industry merger and integration intensified, and industry concentration further improved. The elevator industry is more focused on the new blue ocean of the post elevator market. Elevator enterprises have upgraded traditional service solutions to accelerate the transformation from manufacturing to service industry. On the other hand, the general automation industry represented by motion control and frequency converter has a magnificent trend. Driven by the industry boom and strong export in the first half of the year, the growth rate of the industry continued to rise, creating a high point of historical shipment. In the second half of the year, the growth rate slowed significantly due to supply side constraints such as lack of core, dual control of energy consumption, power and production restriction, epidemic and flood situation and so on. At the beginning of the year, the overseas epidemic has not stabilized. China continues to undertake overseas manufacturing orders. The epidemic has also strengthened the determination of manufacturing enterprises to promote “machine replacement”. In 2021, the industry Siasun Robot&Automation Co.Ltd(300024) overall downstream industry is booming, and the market is growing at a high speed, exceeding expectations.
Shanghai Step Electric Corporation(002527) people, anchor strategy, pursue perfection, and pursue long-term sustainable growth with innovation iteration. In 2021, according to the company’s development strategy and business policy, actively promote organizational improvement and optimization, continue to promote IPD reform, introduce product thinking, and gradually build a customer-centered profit growth system. In 2021, Shanghai Step Electric Corporation(002527) overall operating results were healthy, all indicators were good and the financial situation was stable. The financial final accounts of 2021 are reported as follows:
1、 Completion of main economic indicators and business performance:
Year on year increase or decrease in financial indicators from 2021 to 2020
Operating income (million yuan) 426421395706 7.76%
Comprehensive gross profit margin (%) 19.69% 19.49% 0.20%
Operating profit (million yuan) 219.66 147.32 49.11%
Total profit (million yuan) 220.14 149.60 47.16%
Net profit (million yuan) 169.19 92.85 82.21%
Net profit attributable to the owner of the parent company (million yuan) 150.17 86.80 73.02%
Net profit attributable to the owner of the parent company after deducting non recurring profits and losses (million yuan) 100.85 27.25 270.16%
Sales, management and R & D expenses (million yuan) 657.05 584.39 12.43%
Ratio of sales management R & D expenses to operating revenue (%) 15.41%, 14.77%, 0.64%
Net cash flow from operating activities (million yuan) 166.50 274.20 – 39.28%
Inventory turnover days (days) 102.95 99.95 3.01%
Accounts receivable turnover days (days) 79.08 80.66 – 1.96%
Current ratio (Times) 1.51 – 1.97 – 23.55%
Quick ratio (Times) 1.08 1.55 – 30.30%
Asset liability ratio (%) 43.49%, 45.96% – 2.47%
Net cash flow from operating activities per share (yuan / share) 0.27 0.44 – 39.94%
Basic earnings per share (yuan / share) 0.24 0.14 70.78%
Basic earnings per share after deducting non recurring profits and losses (yuan / share) 0.16 0.04 265.05%
Net assets per share attributable to the owners of the parent company (yuan / share) 4.65 4.37 6.45%
Weighted average return on net assets (%) 5.37%, 3.22%, 2.15%
Weighted average return on net assets after deducting non recurring profits and losses (%) 3.61%, 1.01%, 2.59%
Note: the financial indicators in this table are calculated by formula. Due to the decimal places reserved, the year-on-year increase or decrease is different from the year-on-year increase or decrease calculated by the exchange submission system.
2、 Analysis of consolidated operating profit:
(I) analysis of consolidated operating income
During the reporting period, the company achieved an operating revenue of 4.264 billion yuan, an increase of 7.76% over the previous year; The operating profit was 219.66 million yuan, the total profit was 220.14 million yuan and the net profit was 169.19 million yuan, an increase of 49.11%, 47.16% and 82.21% respectively over the previous year. The net profit attributable to the owners of the parent company was 150.17 million yuan, an increase of 73.02% over the previous year; The net profit attributable to the owner of the parent company after deducting non recurring profits and losses was 100.85 million yuan, an increase of 270.16% over the previous year.
The analysis of changes in sales revenue is as follows:
20212020 2019
Project amount (10000 yuan) ratio amount (10000 yuan) ratio amount (10000 yuan) ratio
Elevator control products 6897128 16.17% 6751775 17.06% 6200304 17.54%
Energy saving and industrial transmission products 3663828 8.59% 2536818 6.41% 2507595 7.10%
Siasun Robot&Automation Co.Ltd(300024) and motion control 27095551 63.55% 25188229 63.66% 22638572 64.06% products
Other products 4985619 11.69% 5093813 12.87% 3993222 11.30%
Total 42642126 100.00% 39570635 100.00% 35339693 100.00%
As can be seen from the table, on the one hand, the income of traditional elevator control driven products has increased steadily, the industry concentration effect has been strengthened, the demand of international major customers has been responded quickly, and the service solutions have been transformed and upgraded at the same time; On the other hand, Siasun Robot&Automation Co.Ltd(300024) business seized the growth trend of the industry and deeply cultivated the market segments. Orders and revenue reached a new high and revenue surged; The intelligent manufacturing business expanded the general industry outside the BIW, rapidly expanded the construction machinery industry, and the income increased rapidly; The motion control business increased investment in domestic servo business, and the income increased significantly.
(II) consolidated gross profit analysis
20212020 2019
Project amount (10000 yuan) ratio amount (10000 yuan) ratio amount (10000 yuan) ratio
Elevator control products 1891795 22.53% 1966570 25.50% 1789473 24.42%
Energy saving and industrial transmission products 1209954 14.41% 1221403 15.84% 1105116 15.08%
Siasun Robot&Automation Co.Ltd(300024) and motion control products 4955143 59.03% 4157719 53.92% 4032694 55.03%
Other products 338305 4.03% 365352 4.74% 400269 5.46%
Total 8395197 100.00% 7711044 100.00% 7327551 100.00%
It can be seen from the table that the contribution of elevator control and drive products to gross profit declined, and the contribution of Siasun Robot&Automation Co.Ltd(300024) and motion control products to gross profit rose sharply. In 2021, the company focused on self-produced products and consolidated its profitability.
Gross profit margin of the project in 2021, 2020, 2019
Elevator control products 27.43%, 29.13%, 28.86%
Energy saving and industrial transmission products 33.02%, 48.15%, 44.07%
Siasun Robot&Automation Co.Ltd(300024) and motion control products 18.29%, 16.51%, 17.81%
Other products 6.79%, 7.17%, 10.02%
Comprehensive gross profit 19.69%, 19.49%, 20.73%
It can be seen from the table that, on the one hand, due to the epidemic and trade war, the supply of key materials such as chips is tight and the price rises, which makes it more difficult for the company to purchase and reserve some materials, increases the purchase cost, and greatly reduces the gross profit margin of energy-saving and industrial transmission products; On the other hand, the automotive industry market recovered, and the gross profit margin of the company’s automotive intelligent flexible welding production line business returned to a stable level, which was significantly higher than that in the year-on-year reporting period.
(III) analysis of profit changes
The difference between 2021 and 2020 of the project (RMB: million) and the same period of the previous year affects the profit
Last year’s net profit was 92.85%
Comprehensive gross profit margin 19.69%
