LKDF(002413)2024-10-23 11:41Company Address Change - The company's registered address was changed in September 2023 from "Jianhua Road South, Jiandong Village, Lijia Town, Wujin District, Changzhou City, Jiangsu Province" to "Room 19, 6th Floor, Building 5, No. 2 Courtyard, North Third Ring Road West, Haidian District, Beijing"[6] Business Evolution and Expansion - The company's main business has evolved from refrigerator and air conditioner evaporators, condensers, and aluminum plate (foil) and copper tube production and sales in 2010 to radar systems, intelligent control, satellite applications, safe storage, and intelligent networking by the end of the reporting period[10] - The company completed the acquisition of 100% equity of Leike Kongtian in 2020, expanding its business in radar systems and intelligent control[10] - The company's main business covers five directions: radar systems, satellite applications, intelligent control, secure storage, and intelligent networking[19] - The company's radar system business has formed a complete industrial chain capability covering system design, antennas, RF, information acquisition, information processing, and simulation testing[20] - The satellite application business has mastered key technologies related to remote sensing satellites and ground systems, forming a close collaboration between space and ground systems[21] - The intelligent control business focuses on the development of intelligent and informational equipment, offering various intelligent control systems and components for integrated air, space, and ground operations[22] - The secure storage business has mastered core technologies such as storage control chip design, autonomous controllable firmware algorithms, and high-speed storage recording, with products widely used in government, defense, finance, and healthcare sectors[22] - The intelligent networking business has expanded into simulation testing, providing solutions such as millimeter-wave radar target simulators and ADAS in-loop simulation systems for domestic automakers and radar R&D companies[23] Financial Performance - Revenue for 2023 was 1.27 billion yuan, a decrease of 6.90% compared to 1.36 billion yuan in 2022[11] - Net profit attributable to shareholders in 2023 was -443.01 million yuan, an improvement of 52.64% compared to -935.40 million yuan in 2022[11] - Net cash flow from operating activities in 2023 was 64.80 million yuan, a significant increase of 201.83% compared to -63.63 million yuan in 2022[12] - Total assets at the end of 2023 were 5.29 billion yuan, a decrease of 11.40% compared to 5.97 billion yuan at the end of 2022[12] - Revenue in Q4 2023 was 443.75 million yuan, the highest among all quarters[16] - Net profit attributable to shareholders in Q4 2023 was -531.53 million yuan, the lowest among all quarters[16] - Non-recurring gains and losses in 2023 amounted to 155.79 million yuan, compared to -10.83 million yuan in 2022[17] - Government subsidies received in 2023 were 36.54 million yuan, an increase from 24.06 million yuan in 2022[17] - The company's weighted average return on equity in 2023 was -11.07%, an improvement from -20.64% in 2022[12] - The company's basic earnings per share in 2023 was -0.33 yuan, an improvement of 52.86% compared to -0.70 yuan in 2022[12] - Company's total revenue for the reporting period was 1,269,630,964.04 yuan, a decrease of 6.90% year-on-year[32] - Net loss attributable to parent company owners narrowed by 52.64% to -443,005,460.44 yuan[32] - Total operating revenue for 2023 was 1,269,630,964.04 yuan, a decrease of 6.90% compared to 2022[39] - Revenue from the computer, communication, and other electronic equipment manufacturing industry accounted for 99.30% of total revenue, with a decrease of 7.14% year-over-year[39] - Revenue from the radar system segment decreased by 12.41% to 420,198,713.21 yuan, accounting for 33.10% of total revenue[39] - Revenue from the intelligent control segment increased by 40.28% to 314,284,488.60 yuan, accounting for 24.75% of total revenue[39] - Domestic revenue accounted for 99.11% of total revenue, with a decrease of 6.54% year-over-year[39] - Revenue from the satellite application segment decreased by 12.33% to 310,045,565.00 yuan, accounting for 24.42% of total revenue[39] - Revenue from the intelligent network segment decreased by 54.68% to 45,502,938.20 yuan, accounting for 3.58% of total revenue[39] - Revenue from the other segment increased by 47.00% to 8,901,114.13 yuan, accounting for 0.70% of total revenue[39] - The top five customers accounted for 31.95% of total sales, with the largest customer contributing 16.03% of total sales[46] - The top five suppliers accounted for 19.31% of total procurement, with the largest supplier contributing 4.60% of total procurement[47] - Investment income reached 109,098,357.54 yuan, accounting for 23.39% of total profit, mainly due to the disposal of equity in subsidiary Ligong Ruixing[55] - Asset impairment loss was -407,181,078.68 yuan, accounting for 87.30% of total profit, primarily due to goodwill impairment and inventory write-downs[55] - Monetary funds increased to 599,024,724.64 yuan, accounting for 11.33% of total assets, up 2.00% from the beginning of the year[56] - Long-term equity investments rose to 246,302,681.94 yuan, accounting for 4.66% of total assets, an increase of 2.19% from the beginning of the year[56] - Fixed assets increased to 469,112,873.00 yuan, accounting for 8.87% of total assets, up 2.84% from the beginning of the year[56] - Short-term borrowings decreased to 337,058,920.00 yuan, accounting for 6.38% of total assets, down 1.68% from the beginning of the year[56] - The company's financial assets totaled 378,802,619.55 yuan at the end of the period, with a fair value change of 47,122.80 yuan during the reporting period[58] - The company recognized an impairment loss of RMB 438,915,413.03 in 2023, including a goodwill impairment of RMB 307,136,384.77[195] - The company's operating revenue in 2023 was RMB 1,269,631,000, a decrease of 6.90% compared to 2022[200] R&D and Innovation - The company has applied for 50 new patents and software copyrights and obtained 66 new authorizations during the reporting period, with a total of 529 authorized patents and software copyrights by the end of the period[25] - The company has a professional core chip R&D team and has completed the development of chips such as on-board optical remote sensing image processing chips, on-board integrated SAR imaging processing chips, and SSD secure storage control chips[29] - R&D investment in 2023 was RMB 201.61 million, a decrease of 15.91% compared to 2022[52] - R&D investment accounted for 15.30% of operating revenue, down 2.28 percentage points from 2022[52] - The number of R&D personnel decreased by 17.22% to 774 in 2023, with the proportion of R&D personnel dropping slightly to 44.28%[51] - The radar system project aims to develop a bird detection and management system, enhancing the company's technical advantages in the radar field[49] - The satellite application project focuses on improving data processing speed and accuracy, strengthening the company's position in the satellite ground reception field[49] - The intelligent control project aims to achieve comprehensive integration of sensors, computing, and display, enhancing the company's system design capabilities[50] - The smart storage project focuses on developing high-performance flash memory controllers and standardized storage devices, boosting the company's competitiveness in the data storage field[50] - The intelligent networking project completed the development of two radar performance-enhancing products, helping the company seize opportunities in the smart networking and autonomous driving markets[50] Corporate Governance and Shareholder Structure - The company's controlling shareholder and actual controller changed in December 2017, with no controlling shareholder or actual controller since then[10] - The company has no controlling shareholder or actual controller[123] - The company's directors and senior management collectively hold 79,528,264 shares, with no significant changes in shareholding during the reporting period[95] - The company appointed a new CFO, Song Xin, on April 14, 2023, replacing Gao Lining due to internal work adjustments[96] - The company's board consists of 9 members, including 3 independent directors[97] - Chairman Gao Lining holds a PhD from Beijing Institute of Technology and has extensive experience in electronic engineering and technology[97] - CEO Liu Feng, also a PhD from Beijing Institute of Technology, has received national and municipal awards for scientific and technological achievements[97] - Vice Chairman Liu Sheng has over 30 years of experience in the defense industry and technology sector[97] - Director Wu Handong is a senior engineer with expertise in microwave technology and has received multiple municipal honors[98] - Independent director Liu Jie has extensive experience in financial regulation and securities markets[99] - Independent director Gong Guowei is a certified public accountant and tax agent with over 30 years of financial management experience[99] - Independent director Guan Jun is a professor at Beijing University of Technology specializing in management science and engineering[99] - The company's supervisory board includes 3 members, with 1 being an employee representative[99] - Supervisory board member Chen Tianming has over 15 years of experience in quality management and administration within the company[100] - The company has 5 senior executives, including Chairman and Board Secretary Gao Lining, Director and General Manager Liu Feng, Vice Chairman and Deputy General Manager Liu Sheng, Director and Deputy General Manager Wu Handong, and CFO Song Xin[101] - Gao Lining holds multiple director positions in affiliated companies such as Beijing Leike Electronic Information Technology Co., Ltd. and Xi'an Hengda Microwave Technology Development Co., Ltd.[101] - Liu Feng serves as Chairman of Beijing Leike Electronic Information Technology Co., Ltd. and holds executive positions in several other affiliated companies[101] - Liu Sheng holds chairman or executive director positions in over 10 affiliated companies, including Xi'an Qiwei Technology Co., Ltd. and Aorus Intelligent Technology (Tianjin) Co., Ltd.[101] - Wu Handong serves as Chairman of Xi'an Hengda Microwave Technology Development Co., Ltd. and Jiangsu Hengda Microwave Technology Development Co., Ltd.[101] - Wu Handong received a fine of 250,000 RMB from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission for short-term trading violations in December 2023[102] - The company's senior executives hold multiple positions in affiliated companies, with most not receiving compensation from these positions[101] - The company's management structure shows significant cross-holding of positions among affiliated companies, indicating a complex organizational structure[101] - The total pre-tax remuneration for directors, supervisors, and senior management in the reporting period was 5.928 million yuan, with the highest individual remuneration being 1.1 million yuan for the Chairman and Board Secretary[103][104] - The company held 5 board meetings during the reporting period, with all directors attending via teleconference and no absences[105] - The Audit Committee held 4 meetings in 2023, reviewing the 2022 financial final report and internal control self-assessment report[108] - The company approved the 2022 financial final report, annual report, and profit distribution plan during the 7th Board of Directors' 11th meeting in April 2023[104] - The company approved the 2023 Q1 report during the 7th Board of Directors' 12th meeting in April 2023[104] - The company approved the sale of partial equity in its subsidiary Beijing Ligong Ruixing Electronics Technology Co., Ltd. during the 7th Board of Directors' 13th meeting in May 2023[104] - The company approved the 2023 semi-annual report and changes to registered address, company name, and business scope during the 7th Board of Directors' 14th meeting in August 2023[104] - The company approved the 2023 Q3 report during the 7th Board of Directors' 15th meeting in October 2023[104] - Directors actively participated in corporate governance and decision-making, providing valuable professional opinions on system improvement and daily operations[107] - No directors raised objections to company matters during the reporting period[106] - The company has established a comprehensive governance framework, including rules for shareholders' meetings, board meetings, and supervisory board meetings[124] - The company has implemented a systematic financial management system, including financial management, accounting management, and budget management[125] - The company has clear procedures for reviewing and approving related-party transactions, with associated directors abstaining from voting[125] - The company has defined approval authorities and procedures for major investments, with the board regularly monitoring the progress and benefits of major investment projects[126] - The company has established a comprehensive internal control system, including the "Fundraising Fund Usage Management Measures" and "Information Disclosure Management System," to ensure compliance and efficiency in fund usage and information disclosure[127][128] - The company has implemented a "Subsidiary Management System" and "Major Information Internal Reporting System" to oversee subsidiaries, ensuring timely reporting of significant business and financial matters[129] - The internal audit department focuses on key areas such as fundraising fund usage, significant external investments, and related-party transactions, and submits an annual internal control evaluation report to the audit committee[130] - No significant internal control defects were identified during the reporting period, with 95% of the company's total assets and revenue included in the evaluation scope[131][132] - The internal control audit report issued by the accounting firm confirmed that the company maintained effective financial reporting internal controls as of December 31, 2023, with no significant defects in non-financial reporting[134] - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities, and no environmental penalties were incurred during the reporting period[136] - The company's subsidiary, Aikete, donated nearly 10,000 yuan in cash and materials to support underprivileged children in mountainous areas in 2023[137] - The company's subsidiary, Leike Aerospace, collected 5 boxes of donated items, including new cotton clothes and school bags, for herders in Xinjiang[138] - The company's subsidiary, Yaoyun Technology, supported rural specialty product sales in Xi'an's Huyi District with a contribution of 29,000 yuan in 2023[139] - The company's subsidiaries, including Ligong Leike and Hengda Microwave, provided internship opportunities and employment guidance for over ten university students[138] - The company's actual controllers and shareholders made long-term commitments to avoid competition and ensure fair related-party transactions, effective since 2016 and 2019 respectively[141] - The company's largest shareholder, Liu Feng, and his concerted parties have committed to not abusing their controlling shareholder status and to ensuring the company's measures to fill the return are implemented[142] - The company has committed to not providing loans or other forms of financial assistance to incentive recipients under the equity incentive plan[142] - The company has committed to distributing dividends in cash, with a minimum of 30% of the average distributable profits over three consecutive years[144] - The company sold part of its equity in its former subsidiary, Beijing Ligong Ruixing Electronics Technology Co., Ltd., which is no longer included in the company's consolidated financial statements[147] - The company has appointed ShineWing Certified Public Accountants (Special General Partnership) as its domestic accounting firm, with an audit service fee of 1.35 million RMB[148] - The company's director, Wu Handong, was fined 250,000 yuan for short-term trading violations[151] - The company's total actual related-party transactions for 2023 amounted to 3,779.35 million yuan for procurement and 268.60 million yuan for sales, exceeding the initial estimates[154] - The company's related-party transactions with Aoruis Intelligent Technology (Fuxin) Co., Ltd. accounted for 58.56% of the total procurement transactions, amounting to 2,213.04 million yuan[152] - The company's related-party transactions with Suzhou Bohai Chuangye Microsystem Co., Ltd. accounted for 23.81% of the total procurement transactions, amounting to 899.92 million yuan[152] - The company's related-party transactions with Xi'an Yunwei Zhilian Technology Co., Ltd. accounted for 9.43% of the total procurement transactions, amounting to 356.34 million yuan[152] - The company's related-party transactions with Ligeleike Zhitu (Beijing) Technology Co., Ltd. accounted for 7.65% of the total procurement transactions, amounting to 289.05 million yuan[152] - The company's related-party transactions with Suzhou Ligeleike Sensing Technology Co., Ltd. accounted for 0.56% of the total procurement transactions, amounting to 21.00 million yuan[153] - The company's related-party transactions with Ligeleike Zhitu (Beijing) Technology Co., Ltd. accounted for 49.36% of the total sales transactions, amounting to 132.57 million yuan[153] - The company's related-party transactions with Suzhou Bohai Chuangye Microsystem Co., Ltd. accounted for 14.48% of the total sales transactions, amounting to 38.88 million yuan[153] - The company's related-party transactions with Xi'an Yunwei Zhilian Technology Co., Ltd. accounted for 16.99% of the total sales transactions, amounting to 45.63 million yuan[153] - No asset or equity acquisition or sale-related transactions occurred during the reporting period[156] - No joint external investment-related transactions occurred during the reporting period[157] - No related party debt or credit transactions occurred during the reporting period[158] - No financial transactions such as deposits, loans, or credit occurred between the company and its related financial institutions[159] - No financial transactions occurred between the company's controlled financial institutions and related parties[160] - No significant related party transactions occurred during the reporting period[160] - No trusteeship, contracting, or leasing situations occurred during the reporting period[