Z Chain Researcher | Cai Hanyi Editor| LZ
Industrial laser processing and automation total solution service provider Han's Laser, what has changed its core value in 2021?
First, is growth maintained?
1. In 2021, Han's laser operating income was 16.332 billion yuan, an increase of 36.76% over 2020, and net profit of 1.994 billion yuan increased by 103.68%. Both key metrics, revenue and profit, hit record highs.
Gross profit margin was 37.55%, down 3.72 percentage points from the highest 2017 41.27% in the past five years; net profit margin was 12.21%, down 3.37 percentage points from the highest 15.58% in 2018; and return on net assets was 18.67%, down 8.43 percentage points from the highest 27.1% in 2017.
2. In 2021, 10 shares will be distributed with a cash dividend of 4 yuan, and the cash dividend rate will be 21.05%. The dividend rate in 2020 is 21.51%.
What important things have been done in 2021?
1. The seventh board of directors will be formed by the new term, and the termination period will be 2024
The board of directors consists of 11 people, including Gao Yunfeng, chairman and general manager, Zhang Jianqun, vice chairman and executive deputy general manager, Zhou Huiqiang, director, executive deputy general manager and financial director, Lu Qitao, director, deputy general manager and chief technology officer, Directors Chen Junya, Zhang Yonglong and Hu Dianjun, and independent directors Zhou Shengming, Wang Tianguang, Zhu Xiaoguo and Xie Jiawei.
2. In 2021, the subsidiary "Han's CNC" will be spun off and listed, and the combined market value of the two companies will be 59.7 billion yuan
Han's CNC, a subsidiary with PCB professional equipment as its main business, was spun off and listed on the Shenzhen Stock Exchange, and Han's Laser is the actual controller of Han's CNC, with a shareholding ratio of 84.731%.
3. Increase capital of 4 companies, build 2 industrial park projects, invest in the construction of 3 production bases, and implement capacity expansion
Increased the capital of China Innovation Airlines by 450 million yuan with a shareholding ratio of 0.72%; the capital of NOONSTCOLTD by 113 million yuan, with a shareholding ratio of 19.94%,000 yuan; Wuxi Linghe Machinery by 64 million yuan, with a shareholding ratio of 19.53%,; and the capital of Honeycomb Energy by 50 million yuan, with a shareholding ratio of 0.11%.
Invested in the construction of Han's global intelligent manufacturing base, which has been completed, and the self-built Arson Industrial Park renewal project, the current project progress is 0.09%.
4. Invest in the construction of Han's Laser East China Regional Headquarters in Zhangjiagang, Jiangsu Province
Base project, the total investment of the first phase of the project does not exceed 1 billion yuan; in Yibin City, Sichuan Province, invest in the construction of Han's laser new energy intelligent equipment production base project, the total investment of the project is 1.5 billion yuan; hubei Jingmen layout of the new production base.
5. Establish 19 new subsidiaries and transfer equity of 1 subsidiary
Subsidiary Beijing Han's Tiancheng Semiconductor Technology Co., Ltd. transfers part of its equity.
A total of 19 subsidiaries have been set up in Shenzhen, Jiangsu, Changzhou, Yancheng, Jinan, Yibin, Suzhou, Zhangjiagang, Zhejiang, Hong Kong and other places, of which 8 new subsidiaries have been established in Shenzhen.
Third, what are the changes in strategy and industry?
In 2021, we will continue to implement the company's development strategy of "leading basic device technology and deep application of industry equipment", continue to increase R&D and investment in basic devices and industry-specific equipment business, deepen the subdivision of the industry, make related industries bigger and stronger, continuously strengthen and establish the company's dominant position in the related product market, and promote the company's business to achieve sustained high-quality growth.
1. Adhere to the "leading basic device technology, deep application of industry equipment", increase investment in basic devices and industry-specific equipment and related process solutions, and increase the market share in subdivision industries.
2. Build a sales system for the basic device product line or project center, promote the independent external sales of basic devices, and become a new performance growth point of the company.
How about the four or three tables, and what have changed?
balance sheet:
1. The debt ratio in 2021 is 55.64%, an increase of 2.95% compared with 52.69% in 2020.
2. The current liability ratio in 2021 is 78.7%, an increase of 6.63% compared with 72.07% in 2020.
3. Accounts receivable in 2021 were 5.886 billion yuan, an increase of 34.54% over 4.152 billion yuan in 2020.
4. Accounts payable in 2021 were 3.658 billion yuan, an increase of 27.15% over 2.877 billion yuan in 2020. Mainly for the company's payables.
5. Short-term borrowings of 894 million yuan in 2021, an increase of 28.63% over 695 million yuan in 2020. Mainly credit borrowing.
6. Long-term borrowings of 553 million yuan in 2021, a decrease of 35.17% compared with 853 million yuan in 2020. Mainly credit borrowing.
7. Inventory in 2021 was 5.015 billion yuan, an increase of 36.2% over 3.682 billion yuan in 2020; inventory turnover was 2.35 times, 2.3 times in 2020. Mainly because of the expansion of the company's receivables scale and the increase in stockpiling.
Income Statement:
1. The gross profit margin in 2021 is 37.55%, down 2.56% from 40.11% in 2020.
2. The operating profit margin in 2021 is 13.85%, an increase of 5.19% over 8.66% in 2020.
3. The net profit margin on sales in 2021 was 12.21%, an increase of 4.01% over 8.2% in 2020.
4. The operating cost in 2021 is 10.199 billion yuan, an increase of 42.58% over the 7.153 billion yuan in 2020. Automotive glass increased by 21.89% year-on-year, and float glass increased by 11.95% year-on-year. Mainly from laser and automation equipment.
Cash Flow Statement:
1. Cash inflow from operating activities was 25.624 billion yuan, an increase of 19.95% over 21.362 billion yuan in 2020.
2. Cash outflow from operating activities was 19.947 billion yuan, an increase of 24.02% over 16.084 billion yuan in 2020.
3. Net cash flow from operating activities was RMB5.677 billion, an increase of 7.5% over RMB5.278 billion in 2020.
4. The net present ratio in 2021 is 0.55, and the net present ratio is 0.49 in 2020.
Fifth, what are the changes in production capacity and products?
The company is convinced that mainstream products will maintain market dominance in the world, compared with domestic and foreign laser equipment companies, the company has obvious advantages in terms of technical reserves, product cost performance, customization capabilities, sales and service network, close customer relations, response speed and so on.
1. In 2021, the revenue of Han's laser laser and automation supporting equipment was 11.178 billion yuan, an increase of 24.18% over 2020, and the gross profit margin was 4.2 percentage points lower than that of the previous year. The revenue of PCB and automation supporting equipment was 4.08 billion yuan, an increase of 84.62% over 2020, and the gross profit margin increased by 1.42% over the previous year. Sales of 39,843 units of other special equipment, an increase of 30.87% compared with 2020.
2. 19 research projects are carried out in the layout of unknown fields to enhance the leading advantages of existing industry technologies, among which the low-pressure shed diffusion furnace project has improved the layout in the field of photovoltaic TOPCON batteries and improved the efficiency of battery conversion.
3. Launched 150W infrared picosecond laser, 50W ultraviolet picosecond laser, 30W ultraviolet subsecond laser, 250W1mJ nanosecond fiber laser and other high-power picosecond lasers and sub-nanosecond lasers, maintaining a global leading level in the field of ultrafast lasers. The self-developed MOPA pulse fiber laser has obtained orders from the leading customers in the power battery industry, mainly used for cutting pole pieces and other processes in the manufacture of power battery batteries. In the field of control systems, servo motors and power motors were introduced.
4. Launched more entry-level products such as Lion series laser cutting machine, third-generation lightweight laser handheld welding, standard robot laser welding machine, etc., with nearly 1600 sets of high-power laser processing equipment equipped with independently developed fiber lasers, an increase of nearly 100% year-on-year, and the autonomy rate of high-power fiber lasers exceeded 80%, and the highest power reached 30KW.
What have changed in technology and capabilities?
Han's Laser has won the first place in the CPCA industry special equipment and instruments for 12 consecutive years (2009~2020), and its customers have covered 91 in the list of NTI's top 100 global PCB companies in 2020 and 97 in the CPCA2020 China Comprehensive PCB Top 100 List.
1. The development of HF-Dragon series high-speed laser cutting machine, P6018D series laser pipe cutting machine, three-dimensional five-axis cutting machine and other products continue to break through the cutting thickness limit, with high power, high efficiency, high precision advantages gradually replace plasma cutting equipment, mechanical cutting equipment and other traditional processing equipment, greatly improving industrial processing efficiency and quality.
2. Newly developed new energy vehicle high-strength steel battery tray automated laser welding production line, integrated thermoforming door knocker automated production line project and other products have been applied in BMW and General Motors new energy models.
3. In the packaging substrate market, the newly developed CO2 laser drilling machine and the new laser drilling machine that can process micropores of 50 μm and below, the 300,000-turn high-speed spindle mechanical drilling machine with a greatly improved efficiency of 0.1 mm hole diameter through hole processing, the high-precision testing machine with a positioning accuracy of ± 2.5 μm and other products are certified and sold in batches.
4. Han's laser has achieved a breakthrough in laser welding and aluminum spot welding of aluminum alloy body.
5. The number of R&D personnel in 2021 is 5266, and in 2020, 4825 people, an increase of 9.14%: R&D investment in 2021 is 1.436 billion yuan, and 1.287 billion yuan in 2020, an increase of 11.55%.
At present, more than 600 kinds of laser equipment and automation product models have been formed, and 6962 effective intellectual property rights have been formed, including 5043 patents, 1484 copyrights and 435 trademark rights.
7. What has changed in the controlling person?
Founder Gao Yunfeng is still the actual controller of Han's Laser, and the shareholding ratio has dropped from 24.20% in 2020 to 24.17% in 2021.
What are your plans for 2022 or beyond?
Through the flat organizational structure and independent accounting system, guided by customer needs and industry applications, we will expand the existing business scope and open up new project centers and product lines; and give resources to project centers and product lines with development potential to help them become bigger and stronger.
In 2022, Han's Laser Central China Headquarters will be located in Jingmen, Hubei Province, and plans to invest 1 billion yuan to build a new energy intelligent equipment project, with an investment of 300 million yuan in the first phase and 700 million yuan in the second phase.
Produced by Ruilan Financial News
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Source: Ruilan Finance (ID:ruilan808)