On March 15, Sinosat (836189) recently released its 2020 annual report. During the reporting period, the company achieved an operating revenue of 63774103.88 yuan, up 3.96% year on year; the net profit attributable to shareholders of listed companies was 5799639.16 yuan, down 24.83% year on year.
During the reporting period, the net cash flow from operating activities was 9618968.63 yuan, and the net assets belonging to shareholders of listed companies were 65981481.10 yuan by the end of 2020.
The operating cost was 39960798.49 yuan, a year-on-year increase of 3.96%, and the cost increased accordingly. As the prices of LCD, chips, non-ferrous metals and other raw materials rose this year, the operating cost increased by 9.03% over the previous year, which was greater than the growth proportion of operating revenue, resulting in a decrease of 2.91% in the gross profit margin of the company in the current period.
The increase of management cost is mainly caused by the increase of labor cost. In this year, the R & D of new projects led to the increase of personnel and salary increase of some employees, resulting in an increase of 11.30% in management cost and 25.81% in R & D cost. 4. The main reason for the decrease in sales expenses is that the state has a policy of reducing and exempting some testing expenses, which leads to a decrease of 57.21% in sales expenses this year.
The increase of financial expenses is mainly due to the increase of income, the increase of normal income and expenditure procedures, and the change of US dollar exchange rate. Two reasons led to an increase of 6.37% in financial expenses. The 10 million yuan of financial management fund used for structural deposits this year was purchased last year, but it was only due this year. The interest received was 355068.49 yuan, which was recorded in the investment income, resulting in an increase of 11.51% in the investment income.
The net profit of this year is 5676, 30 yuan, a decrease of 26.43% compared with last year. The main reason is that the company’s sales revenue increased by 3.96% this year. Due to the rising prices of LCD, chips and other main raw materials, the operating cost increased by 9.03%, which exceeded the growth rate of sales revenue. During the period, the expenses increased in a certain proportion, but did not increase in the same proportion. As a result, the net profit of this year decreased by 26.43% year on year. The reasons for the decrease in operating profit and net profit are the same.
According to the data of digbei.com, sinonavic is a service provider of R & D, production, sales and information integration of ship communication and navigation products in the navigation, meteorological and marine special instrument manufacturing industry.