On May 8, Gretel (838484) recently released its 2020 annual report. During the reporting period, the company achieved an operating revenue of 337590865.86 yuan, a year-on-year increase of 55.18%; The net profit attributable to the shareholders of the listed company was 22258668.27 yuan, up 23.85% year on year.
During the reporting period, the net cash flow from operating activities was 49215405.39 yuan, and the net assets belonging to the shareholders of the listed company was 123446166.37 yuan by the end of 2020.
During the reporting period, the company achieved an operating revenue of 337590865.86 yuan, an increase of 55.18% over the same period of last year, which was mainly due to the rapid growth of the company’s product orders due to the increased global demand for smart meters during the reporting period.
During the reporting period, the gross profit rate of the company’s product sales was 18.83%, which was 3.05% lower than that of the same period last year. The main reasons are as follows: (1) affected by the epidemic, it is difficult to recruit employees in this period, resulting in the increase of labor costs during the reporting period; In addition, the price of copper, the main raw material, rose sharply during the reporting period, which led to the rise of the company’s product material cost（ 2) In this year, in order to meet the needs of customers, the company adjusted the product structure and increased the proportion of end button box products, but the gross profit rate was low, thus reducing the overall gross profit rate of the company（ 3) Due to the adoption of the new revenue standard, the relevant transportation expenses are recognized as sales expenses in the previous period, and are listed in the operating cost items in the current period, which increases the operating cost and further reduces the gross profit margin of products.
According to the data of digbei.com, Gretel is one of the large-scale manufacturers of magnetic relay products in China, and its products are used in global smart grid transformation projects.