Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd disclosed its annual report on April 23, 2022. The company achieved a total operating revenue of 2.09 billion in 2021, with a year-on-year increase of 21%. The net profit attributable to the parent company was - 270 million yuan, and it was 21.341 million yuan in the same period of last year, the result of which proves that Bingshan failed to maintain profitability.
Refrigeration and air conditioning made a great contribution to the revenue in this period
During the reporting period, in order to strengthen the special air conditioning business, the company transferred 30% equity to Dalian Bingshan air conditioning equipment Co., Ltd., which is held by Showa Manufacturing Co., Ltd.. After this equity transfer, the company holds 100% equity of Dalian Bingshan air conditioning equipment Co., Ltd.
From the perspective of business structure, refrigeration and air conditioning is the main source of business income. Specifically, the operating revenue of refrigeration and air conditioning is 2.03 billion, accounting for 100% of the revenue and 11% of the gross profit margin.
In terms of products, the revenue of industrial products was 1.328 billion yuan, which decreased slightly to - 1.41% on a year-on-year basis. The revenue of installation projects was 652 million yuan, with a year-on-year increase of 103.04%. The revenue of other products and services was 50 million yuan, with an increase of 343.63%, which is the fastest growing in the whole business.
During the reporting period, Wuxin Refrigeration, a subsidiary of the company, combined with the improvement of national war engineering power and manufacturing power of carbon peak and carbon neutralization, achieved orderly implementation. The orders of many engineering projects increased significantly year on year, and the operating cash flow improved significantly.
The R & D cost exceeded 60 million yuan
The total R & D cost of the company was 65 million yuan, an increase of 32.77% compared with the same period last year, and the R & D results were remarkable. The company's industrial and commercial open screw refrigeration unit and refrigeration system was selected as the sixth batch of manufacturing single champion products of the Ministry of industry and information technology. The red water pre-cooling device of the company was selected as the Innovative Product of 2021 China Refrigeration Exhibition and the Specialized, Refined and Innovative Product of Liaoning Province in 2021.
Operating cash flow increased significantly by 111.6%
In 2021, the operating cost of the company was 1.85 billion, with a year-on-year increase of 29.1%, which is higher than the growth rate of 21% of operating revenue, resulting in a decrease in gross profit margin of 5.6%. The cost rate during the period was 18.2%, with little change compared with last year. Operating cash flow increased from -13.142 million to 1.518 million, with a year-on-year increase of 111.6%.
