SMIC(600810)2023-03-30 16:00Financial Performance - In 2022, the company's operating revenue was CNY 13,558,842,070.25, a slight decrease of 0.22% compared to CNY 13,588,728,188.37 in 2021[22] - The net profit attributable to shareholders of the listed company for 2022 was CNY 426,771,613.03, representing a significant decline of 79.99% from CNY 2,132,310,646.20 in 2021[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 405,709,816.36, down 80.64% from CNY 2,095,470,553.55 in the previous year[22] - The net cash flow from operating activities was CNY 848,874,112.83, a decrease of 34.66% compared to CNY 1,299,173,596.88 in 2021[22] - As of the end of 2022, the net assets attributable to shareholders were CNY 7,510,627,190.30, down 2.47% from CNY 7,700,539,162.59 at the end of 2021[22] - The total assets increased by 5.67% to CNY 27,353,886,076.36 from CNY 25,886,767,201.23 at the end of 2021[22] - Basic earnings per share decreased by 82.02% to CNY 0.41 in 2022 from CNY 2.28 in 2021[23] - The weighted average return on equity dropped by 27.38 percentage points to 5.69% in 2022 from 33.07% in 2021[23] Dividend and Capital Management - The company plans to distribute a cash dividend of CNY 1.30 per 10 shares, totaling CNY 135,742,863.62 based on the total share capital of 1,044,175,874 shares[6] - The company does not plan to increase capital reserves or issue bonus shares for the year[6] Operational Efficiency and Cost Management - The company is focusing on energy conservation and cost reduction to improve operational efficiency[33] - The company reduced water consumption in the concentrated nitric acid unit by 10% and decreased steam consumption in the 2 adipic acid unit by 0.48 tons, while high-purity water consumption dropped by 0.66 tons[34] - Operating costs increased by 18.57% to approximately CNY 11.55 billion, impacting overall profitability[56] - The net cash flow from operating activities decreased by 34.66% to approximately CNY 848.87 million, primarily due to increased cash payments for goods and services[56] Research and Development - The company established several research centers and completed the construction of key laboratories to enhance R&D capabilities[32] - Research and development expenses rose by 5.26% to approximately CNY 383.69 million, reflecting the company's commitment to innovation[56] - The company has established multiple research partnerships with renowned institutions to enhance its R&D capabilities[48] - The company achieved significant breakthroughs in the production line for para-aramid fiber, with a project to produce 2,000 tons annually officially launched[75] - The company is developing differentiated nylon 66 fine denier fibers, with a target production capacity of 100 tons per year[77] Market Trends and Product Development - The company focuses on producing high-end nylon 66 tire cord fabric, which is a key material for major tire manufacturers like Michelin and Bridgestone[43] - Nylon 66 consumption in China is projected to reach 1.32 million tons by 2025, with a compound annual growth rate of 25% from 2021 to 2025[40] - The company is expanding its production capabilities to meet the growing demand for nylon 66 in various sectors, including automotive and aerospace[40] - The company is actively pursuing new product development and technological advancements in the nylon and chemical sectors[118] Environmental and Social Responsibility - The company invested 9,800,000 CNY in environmental protection during the reporting period[180] - The total COD emissions from the main discharge points amounted to 86 tons for the year, with no exceedance of discharge standards[181] - The company has implemented a comprehensive environmental monitoring plan and regularly publishes monitoring results to the public[196] - The company has established emergency response plans for environmental incidents and conducts regular drills to ensure effectiveness[193] - The company implemented carbon reduction measures, achieving a total reduction of 12,620 tons of CO2 equivalent emissions[197] Governance and Management Changes - The company appointed Li Benbin as the chairman of the board on March 10, 2022, following the resignation of Qiao Sihai[147] - The company held its fifth extraordinary general meeting on July 8, 2022, where the new eleventh board of directors and supervisory board were elected[149] - The company’s governance structure underwent significant changes with the election of new board members and management team in 2022[148] - The company has a diverse management team with extensive experience in various sectors, including chemical engineering and legal affairs[142] Strategic Initiatives and Future Outlook - The company plans to achieve a revenue of 11.8 billion CNY and a cost of 9.95 billion CNY for the year 2023, with a focus on maintaining production and sales balance[127] - The company is committed to a shareholder return plan for 2022-2024, emphasizing long-term value creation[157] - The company is exploring market-oriented debt-to-equity swaps for its subsidiaries[158] - The company is focused on expanding its market presence through strategic partnerships and potential acquisitions[139]