On April 20th, Golden Eagle shares (600232) 2017 annual board of directors business review comments are as follows:
I. Discussion and analysis of business situation
During the reporting period, the domestic economy faced a series of factors such as restructuring, destocking, de-capacity, de-leveraging, and prevention of financial risks. Growth slowed down, and real estate and fixed asset investment faced downward pressure. Equipment manufacturing and industrial indicators continued. Low-level operation, the company's production and operation is facing unprecedented pressure. In response to this unfavorable situation, the company's board of directors closely follows the "transformation + upgrade" strategy, strives to fill the development short-board, optimize business strategy, and achieve steady growth in sales revenue. .
During the reporting period, the company achieved a total operating income of 1,232,715,844.51 yuan, an increase of 19.69% year-on-year, and a net profit attributable to owners of the parent company of 25,317,491.26 yuan.
2. Major operating conditions during the reporting period
1. Business strategy
During the reporting period, the company faced many unfavorable factors, and the management actively adjusted its business strategy to cope with market changes.
Firstly, on the basis of adhering to the continuous improvement of the quality of the main machinery products, we will try our best to obtain orders for high-end products with high gross profit margins, continuously optimize the product sales structure, strengthen procurement management, and harmonize procurement of important raw and auxiliary materials to enhance bargaining power. In the series of measures, the operating income of the company's special machinery equipment increased by more than 50% compared with the same period of last year, reaching nearly 600 million sales. The operating income of textile machinery and accessories increased by 33.86% compared with the same period of the previous year. The operating income of injection molding machines and accessories increased by 68.07% compared with the same period of last year. In the report period, the proportion of the company's special mechanical equipment operating income accounted for 47.99% of the total operating income, an increase of 10.23 percentage points over the previous year.
The company's holding subsidiary Zhejiang Jinying Plastic Machinery Co., Ltd. has developed a series of high-speed thin-wall injection molding machines that account for one-third of the company's revenue. The production and sales of the machinery sector are booming, and the efficiency continues to improve. The strong competitive advantage and profitability not only bring new highlights to the overall development of the listed company, but more importantly, the company is carrying out the optimization and restructuring of the overall industrial structure, from the original textile sector as the main body. The mechanical equipment manufacturing sector with strong innovation ability has become the main direction of the main body, and has successfully turned to a new starting point.
Secondly, in the face of the continuous decline of the textile industry in the past few years, the company has drastically divested the industry. In 2017, the hemp textile industry was almost completely loss-making. A few enterprises were slightly meager profits, but the company was not bad. The company was no exception. It is the highest in the calendar year; several linen spinning and spinning in the field are also losses. The Golden Eagle textile industry was basically doing more and more losses last year. Under this dilemma, the company's decision-making layer took the mechanism reform as the entry point, and started the property rights optimization to implement the enterprise textile sector optimization and restructuring. On September 12, 2017, the board of directors unanimously passed the company's textile sector to enter into three “reorganizations†of risk and interest restructuring, property rights optimization and restructuring, and management team restructuring. This is not only the need to enhance the vitality of the mechanism, but also the need to optimize the main business. Golden Eagle co-created the textile team and all the staff to face the difficulties, drastically enter the governance, work hard, reduce the cost and improve the quality , less than three months, so that the textile sector gradually got rid of the shadow of loss, began to turn losses into profit! The domestic and international market conditions of linen textiles have also undergone profound changes. The yarn prices that have been falling for a long time have begun to pick up, and the products have changed from slow sales to good sales.
As the situation continues to be optimistic, regardless of the external environment, internal mechanisms, are in the weather, geographical, people and better momentum.
Third, the company's management in accordance with national "green economy" industrial requirements and new energy industry planning Thirteen Five grand blueprint from conducive to economic, ecological and social benefits three standard comprehensive measure, and actively promote new energy battery cathode materials The forward-looking layout of the field firmly holds the transformation of the listed company's "bovine nose".
The timely adjustment of the company's business strategy has laid the internal foundation for the company to achieve steady growth in sales revenue, while providing corresponding favorable conditions for the next step of speeding up operations and accelerating development.
2. Product and technology research and development
During the reporting period, the company guided and promoted the research and development of new products and technologies with the concept of “speak with productsâ€, and continued to expand investment in research and development of mechanical equipment. Compared with the research and development expenses of more than 25 million in 2016, the research and development expenses in 2017 reached More than 30 million, an increase of nearly 20%. Through unremitting efforts, we constantly improve the production process and quality improvement of existing products, and have achieved breakthroughs in a number of new products and transferred to trial production and mass production, contributing to the company's sustainable development. At the same time, the company keeps up with the market trend, actively participates in various exhibitions to obtain the latest market information, actively improves and coordinates the product solutions proposed by customers, drives research and development with market demand, and promotes the company's new products and new technologies closer to the market and forms sales. Efficient synergy with R&D.
3. Marketing management
During the reporting period, all sales personnel faced fierce market competition and continued to do their best to promote marketing and expand their existing customers' potential and expand new customers with excellent product quality and efficient service. With the affirmation of the stock customers, the orders have grown steadily, and the intentions of some new customers have been obtained, laying the foundation for further cooperation in the next step. The continuous breakthrough of sales personnel has laid a customer base for the company's healthy and rapid development in the future.
4. Human resources are “ competent and talented ,†and Jin Ying has always built a group of high-quality elite teams through continuous internal exploration, training and introduction of external talents . Old comrades, there are also enterprising and energetic up-and-coming talents, adding new vitality to the company's sustainable development.
Third, the company's discussion and analysis of the company's future development
(1) Industry pattern and trend
Textile machinery business: The company in linen (mainly flax, jute spinning machine) device is in the leading position. Due to the high speed, intelligence and stabilization requirements of the products, such as high efficiency, especially the need to reduce the labor cost, the investment in research and development funds and technical strength of the hemp equipment will be further strengthened and the degree of automation will be upgraded. The industry has certain technical thresholds and special technologies (such as "wet spinning") compared to other spinning equipment manufacturing.
In the textile block business, the linen textile industry is a relatively small and distinctive industry in the textile industry. The scale only accounts for about 1% of the total textile industry, but the linen has outstanding performance that other natural fibers cannot match: natural antibacterial Bacteria, comfortable and breathable, moisture wicking, UV protection, etc. The classic and elegant taste of linen products is irreplaceable by other natural fiber products. It is constantly accepted by various consumers and has a broad market space. After years of development, the company has a high market share in the hemp textile industry and stable customers. At the same time, on the basis of its own linen spinning, we will expand the weaving of linen fabrics, deep processing of products and increase the added value of products. In recent years, due to the reduction of silkworms in the silk spinning industry, the rise of silk is caused by the reduction of raw materials, the high cost of raw materials, and the high price fluctuations of silk and silk. The purchase and sales prices often hang upside down, and the spinning enterprises in the industry are more difficult.
Injection molding machine industry: The downstream is mainly for the automotive, home appliances, 3C and food and beverage industries, with strong consumption attributes and strong anti-cyclical ability. The proportion of plastics in China's basic materials is 3:7, while the ratio of plastics in developed countries such as the United States is about 7:3, the world average is 5:5, and China's per capita plastic consumption is less than 1/4 of that in Western countries. At present, the annual growth rate of the injection molding machine industry is about 10%. With the rise of the take-away industry, the demand for fast food box high-speed machines has increased significantly.
Power battery ternary cathode material: The current high-end ternary materials are NCM111, NCM424, NCM523, NCM622, Ni65.
Its application areas mainly cover automotive power batteries (mainly NCM523 and NCM622), consumer batteries (mainly NCM111) and energy storage lithium batteries. Three yuan battery has a high energy density and good cycle performance, long battery life mileage, safety, environmental protection and pollution-free characteristics, high-nickel materials electrochemical performance and cost-effective enterprise is the direction the industry layout.
As the country's energy density requirements for new energy vehicles increase year by year, the market share of future ternary materials is expected to continue to increase.
(II) Company development strategy
Firmly establish the enterprise spirit of "honesty, innovation as the soul, make great efforts, and strive for excellence", with continuous innovation as the driving force, economic benefits as the goal, achieve key breakthroughs, promote management innovation, strengthen cost management and control, and persist in brand building. and strive to build and improve their core competitiveness, efforts to achieve the transformation and upgrading of the goal, and constantly improve the level of corporate profits
(3) Business plan
2018 is a crucial year for enterprises to implement industrial transformation and upgrading. In the new year, in the face of the complexity of the industry development situation and the arduous task of enterprise transformation and upgrading, Golden Eagle’s cadres and employees are determined to work together and work together. Work hard, forge ahead, clarify the focus of work at all stages, seek advantages and avoid disadvantages, overcome difficulties, and go all out to do the following work:
(1) Practically promote the work of new energy projects and create new profits for the sustainable development of enterprises. The State Council has recently formulated a series of support policies for accelerating the research and development of power batteries and promoting the development of new energy vehicles. The support of the central and provincial governments for the new energy industry is unprecedented. Based on China's huge automobile base, With the strong support of national policies and the continuous innovation and improvement of technology, the new energy electric vehicle industry chain will usher in a new situation of rapid and sustainable development. In December last year, the first phase of Zhejiang Jinying Ruixiang ternary lithium battery cathode material project was officially put into operation, marking that Golden Eagle shares opened up a new energy power battery necessary for the huge emerging market of power vehicles based on the solid foundation of traditional industries. New materials . This year, the company will make great efforts and work hard to ensure that the new energy power battery materials project will enter the normal business track.
(2) We must always promote technological innovation, enhance the independent innovation capability of enterprises, strengthen brand building, and pursue excellence. Innovation is the soul of enterprise development. Only by continuous innovation, enterprises have the power and development potential, and we must further strengthen the independent innovation of enterprises.
Intensify to promote the company's industrial transformation and upgrading, and continuously enhance the core competitiveness and comprehensive strength of the company, especially to strengthen equipment R&D, new product development, process technology innovation and improvement. We must do a good job in quality management from beginning to end, and further improve the product quality bottleneck by further improving the quality assessment supervision mechanism and quality inspection methods.
(3) Focus on deepening management upgrades, further strengthen cost management and control, and improve economic efficiency of enterprises. Managing benefits is the last word. We must always uphold the spirit of hard work, diligence and thrift in the Golden Eagle. We must resolutely implement strict management, vigorously implement refined management, and conscientiously implement the budget control of production costs and strictly control the various costs and expenses. The scale of expenses and expenses, plugging loopholes, careful calculation, strengthening internal control, saving efficiency, and tapping potential.
(4) Actively exerting the exemplary and leading role of leading cadres and continuously improving the overall quality of cadres at all levels. Leading cadres should bring their hard work and hard work to create a practical spirit, make practical decisions, do practical things, do practical things, dare to take responsibility, be responsible, be good at doing things, and lead by the work of the majority of employees to implement the work. The management cadres at all levels must conscientiously solve the outstanding problems of their own existence, constantly improve their work style, closely contact the grassroots workers, and put their minds and energy into the overall development of the enterprise.
(V) Attach great importance to the construction of marketing teams and strive to explore new marketing management methods and approaches. It is necessary to fully mobilize the enthusiasm of the marketing staff, innovate the marketing model, and strengthen the marketing responsibility system. It is necessary to promptly and actively capture market information, vigorously develop new markets, new customers, and new orders at home and abroad, and do a good job in pre-sale, sale, and after-sales service. , continuously improve customer satisfaction, and do our utmost to eliminate and mitigate marketing risks.
(VI) It is necessary to further promote the construction of corporate culture, the construction of teams, and the construction of party and government, industry, league, and women's grassroots organizations to create a harmonious enterprise. Actively carry out mass training activities such as post training, education and training, technical competition, knowledge contest, etc., we must strengthen the emotional communication with employees in various forms and channels, often go deep into the grassroots "grounding gas", respect employees, care for employees, and listen to the opinions of front-line workers at the grassroots level. And suggestions to help employees solve practical difficulties in work and life, so that employees can experience the warmth of the corporate family, and truly emotional people, thus stimulating their sense of responsibility and enthusiasm for work.
(7) Persevere in environmental protection and safe production. To continue to strengthen safety and environmental protection work, we must adhere to the principle of "safety first, prevention first", establish the concept of "hidden danger is accident", strengthen the implementation of safety production responsibility system at all levels, multi-form, all
Carry out large-scale investigation and major rectification of safety hazards. It is necessary to build a harmonious enterprise, improve the green and low-carbon recycling development system, improve the overall level of environmental protection, and strive to be a "leader" in green transformation.
(4) Possible risks
1. Market competition increases risk
The competition for textiles is intensifying, the competition for homogenized products is becoming increasingly fierce, and the profit margin of products is further narrowing. The price of textile raw materials is fluctuating, and the procurement of raw materials is difficult to grasp. The increase in labor costs of raw materials raises production costs and increases the difficulty of operation. And risk.
Countermeasures: Continue to promote technological innovation, optimize personnel structure, reduce unit cost, improve labor efficiency, accelerate the development of new products and new products industrialization and brand building, and timely launch high-tech products with high cost performance and adapt to domestic and international market demand. Strengthen the construction of procurement and marketing teams, ensure export and actively expand the domestic market.
2. Accounts receivable risk The credit and sales characteristics of the textile industry are difficult to change. The upstream and downstream enterprises in the textile industry may have difficulty in liquidity, and there will be certain risk of recovery for the company's accounts receivable.
Countermeasures: The company will strictly control risks, make full provision for bad debts, conduct credit investigations for customers, formulate reasonable credit policies, strengthen contract management, establish a dunning responsibility system and sign insurance contracts with insurance companies.
3. Exchange rate risk
The company textile machinery, injection molding machines and related to the textile import and export business, and there is a considerable scale, the use of the dollar as the settlement currency.
The appreciation of the renminbi affects the income of the renminbi that has been received before the exchange of foreign exchange, and the appreciation will cause exchange rate losses.
Countermeasures: The company will continue to carry out forward foreign exchange settlement and sales on the basis of legal compliance, and reduce the impact of exchange rate fluctuations on the company's performance.
4. Risk of talent shortage
Due to geographical restrictions, the company is relatively short of high-quality management personnel, leading R&D project leaders, professional production technicians and sales personnel, and experienced overseas company operation and management personnel. In the future, it may restrict the development of new projects. At the same time, it brings risks to the operation of the company.
Countermeasures: The company's human resources department will work with local governments to implement the talent introduction policy and increase the attractiveness of various talents.
5. New project policies and technical risks
The company's power battery ternary cathode material has been put into production, and there is a risk of possible changes in the state's subsidy policy for new energy vehicles. At the same time, there is a risk of new products that can replace high-density ternary materials.
Countermeasures: Keep abreast of national policy guidelines. On the basis of strengthening management, we will actively research the market, strengthen the introduction and cultivation of talents in the industry, and develop new products.
Analysis of core competitiveness during the reporting period
1. Good corporate culture and management advantages
Golden Eagle people always adhere to the concept of self-improvement, perseverance, innovation, and practicality, and cultivate a corporate culture that has the characteristics of an island and conforms to the actual enterprise, and forms a strong cultural heritage that supports the steady development of the company. The company has a mature, stable and professional management team, and has established a strict quality control and assurance system. Through continuous innovation, the management effect is continuously improved and improved, and the production efficiency is continuously improved, laying a solid foundation for the company's future development.
2. Power battery ternary cathode material production to accelerate the company's strategic transformation and enhance the overall market competitiveness, the company and Hunan Ruixiang New Materials Co., Ltd.
Investment in the establishment of Zhejiang Golden Eagle Ruixiang New Materials Co., Ltd. The main business scope of Jinying Ruixiang Company is the R&D, manufacturing and sales of ternary cathode materials for power batteries, with a registered capital of 150 million. The management team of the company revolves around the transformation and upgrading requirements formulated by the board of directors and unremittingly promotes the steady and orderly development of the investment project.
3. Advantages of textile machinery professional technical equipment
Golden Eagle linen, silk level of process technology machinery equipment are the leading domestic counterparts, the market share has remained above 85%. For over 40 years, the company is committed to the development and innovation of linen technology and equipment in 1994 developed the first generation of flax textile machinery equipment, in 1999, led by China Textile Industry Association, has spent heavily to buy out more than 160 years of manufacturing history The world's leading textile machinery manufacturer, Mackay, is in the leading international level of all the technology, patents, trademarks and naming rights of linen, jute, sisal and other complete sets of equipment. Through digestion, absorption and innovation, it is the combination of Golden Eagle and Mackay. Convergence, research and development of world-class and similar to the domestic and international user price requirements of the hemp textile equipment has a strong advantage. In order to promote the improvement of the overall level of technical equipment in China's hemp textile industry, it has a positive impact, and the cost performance advantage is highlighted.
4, Golden Eagle injection molding machine ushered in a new growth point
Golden Eagle presses the scale of production product quality highest in the country, the company attaches great importance to energy saving, high efficiency, new injection molding machine R & D, in which the inner loop direct pressure precision high-speed machine has obtained National Science and Technology Innovation Fund support, has three national patents, It made an important contribution to energy saving. In recent years, the company's plastic machinery has been continuously improved and improved its product structure and performance. Since the development of robots in the past few years, it has embarked on a more effective road to innovation. In the past two years, it has reached a record high. With the rise of the take-away industry, the company's plastic machinery seizes opportunities. The newly developed fast food box high-speed machine has become a growth point of production and sales, and one-third of the sales of high-speed machines have increased the competitiveness and popularity of the industry.
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