On April 1, zhongruitai (873015) recently released its 2020 annual report. During the reporting period, the company achieved an operating revenue of 62706322.17 yuan, a year-on-year increase of 28.87%; the net profit attributable to shareholders of listed companies was 15050338.54 yuan, a year-on-year increase of 16.48%.
During the reporting period, the net cash flow from operating activities was 10606908.71 yuan, and the net assets belonging to the shareholders of the listed company was 54893818.02 yuan by the end of 2020.
During the reporting period, the operating revenue increased by 28.87% in 2020 compared with that in 2019. The main reason is that the products continuously produced by the company in 2019 were completed and accepted in 2020, meeting the revenue recognition conditions. At the same time, because the product is non-standard, the unit price is not standard. In particular, the overall system of steel pipe pressure test and supporting equipment is relatively large, and the normal delivery cycle is 6-8 months. Therefore, some projects won in 2019 will be delivered in 2020, and revenue will be recognized. With the increase of the number of equipment delivered by our company, the spare parts needed in the normal production process of the equipment also increase. In addition, our company’s previous equipment, very long cycle parts reach the replacement period, there are a lot of equipment upgrading, which has led to a greater growth in business revenue in 2020.
The proportion of operating costs increased by about 52.34% over last year, higher than the growth proportion of operating revenue. The main reasons are as follows: (1) the growth of operating costs is accompanied by the growth of income. (2) The adjustment of employees’ salary in 2020 will lead to the increase of production labor cost. (3) In the second half of 2020, the price of raw materials will rise, which will increase the cost of materials. 4、 The steel pipe transformation equipment and oil field repair equipment accepted by the company in 2020 have a long construction period, and the production and manufacturing process of the products is complex, which highlights the material input, repeated feeding and refuelling, resulting in rising costs. At the same time, affected by the market environment, the sales price will be reduced in 2020.
The non operating income increased by 761.9% over last year, mainly due to the increase of inventory surplus of 26739.82 yuan in 2020, resulting in the increase of the proportion.
During the period, the financial expenses were 295875.45 yuan, compared with 15702.16 yuan in the same period of last year, with a year-on-year increase of 1784.30%. During the period, the investment income was 1497550.22 yuan, up 68.81% from 887125.94 yuan in the same period of last year.
According to the data of shell digging network, zhongruitai is a state-level high-tech enterprise which is mainly engaged in the detection, repair and cleaning of oilfield oil production tools, and the sealing and pressure resistance testing of steel pipes.