In the first year of listing, Shenzhen New Industries Biomedical Engineering Co., Ltd. (Briefed as Snibe Co.,Ltd., Code No.: 300832. SZ) intends to repay shareholders well. According to the annual dividend plan, in 2020, Snibe launched a dividend plan of 10 yuan (including tax) for every 10 shares converted into 9 shares, and will distribute a cash dividend of ￥1.031 billion yuan. According to the annual report, in 2020, Snibe realized a net profit of ￥939 million yuan attributable to the shareholders of listed companies, and the amount of dividends to be paid accounted for 109.77% of the net profit.
With such generous dividends, the company seems to have a solid foundation. Since 2016, the year-on-year growth rate of the company's operating revenue and net profit has maintained double digits. In the first quarter of this year, the company expects the year-on-year growth rate of net profit to exceed 30%. Excluding the influence of share-based payment, the year-on-year growth rate will reach about 90%. Snibe has been deeply engaged in in-vitro diagnosis for 26 years, with the global cumulative installed capacity of more than 16,000 sets of automatic chemiluminescence immunoassay analyzers of various models. There are 156 chemiluminescence immunodiagnostic reagent projects sold worldwide, covering tumor markers, thyroid, gonads, infectious diseases, inflammation detection, liver fibrosis, bone metabolism, glucose metabolism and other categories. In the number of installed instruments and reagent sales categories have a significant leading edge, building a moat. Correspondingly, the company's comprehensive gross profit margin is close to 80%。
Since the profits earned in that year are not enough for the dividend, why should they implement such a high proportion of cash dividends? Snibe responded that in 2018 and 2019, for two consecutive years, the company was in the IPO period, and the original plan to implement cash dividends was shelved. According to them, the cash dividend in 2020 actually concentrates the dividend plans of the three years from 2018 to 2020 in one year, resulting in a dividend rate as high as 109.77%. In fact, if apportioned to three years, the dividend rate in the past three years is only 42.85%.
Operating cash flows related to net profits are also growing. From 2016 to 2020, the company's operating cash flows were respectively net inflow of ￥487 million yuan, ￥525 million yuan, ￥720million yuan, ￥832 million yuan and ￥977 million yuan respectively. It has a stable profitability and good cash flow to help finance run healthily.
By the end of 2020, the asset liability ratio of new industries will be as low as 9.45%. At the end of the period, the company's monetary capital was ￥1.075 billion yuan and operating financial assets (mainly financial products) was ￥2.3 billion yuan, totaling ￥3.375 billion yuan. Correspondingly, the company has no debt.
In terms of investment, there are two important investment projects in the new industry, namely, the new industry biological R & D building and the upgrading of the new industry biological marketing network. It is planned to invest ￥550 million yuan and ￥140 million yuan respectively, and use the IPO to raise ￥261 million yuan and ￥140 million yuan. Among them, ￥80 million yuan has been invested in the second project. According to this calculation, the company's expenses only need ￥610 million yuan (including IPO fund-raising expenses).
China Association of In-vitro Diagnostics
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