Baolong Automotive(SH:603197)2023-04-26 16:00Financial Performance - In 2022, the company achieved a net profit of RMB 94,184,914.60, with a distributable profit for shareholders amounting to RMB 112,912,697.70 after accounting for reserves and dividends[8]. - The proposed cash dividend for 2022 is RMB 3.1 per 10 shares, totaling RMB 64,740,929.48, which represents 30.23% of the net profit attributable to ordinary shareholders[8]. - The company's operating revenue for 2022 was approximately CNY 4.78 billion, an increase of 22.58% compared to CNY 3.90 billion in 2021[29]. - The net profit attributable to shareholders for 2022 was approximately CNY 214.14 million, a decrease of 20.22% from CNY 268.40 million in 2021[29]. - The net cash flow from operating activities for 2022 was approximately CNY 175.06 million, an increase of 33.31% compared to CNY 131.32 million in 2021[29]. - The basic earnings per share for 2022 was CNY 1.04, down from CNY 1.40 in 2021, reflecting a decrease of 25.71%[30]. - The weighted average return on equity for 2022 was 9.11%, a decrease of 5.36 percentage points from 14.47% in 2021[30]. - The total assets at the end of 2022 were approximately CNY 6.62 billion, an increase of 28.46% from CNY 5.15 billion at the end of 2021[29]. - The net profit after deducting non-recurring gains and losses for 2022 was approximately CNY 83.41 million, a decrease of 47.19% from CNY 157.96 million in 2021[29]. Revenue Breakdown - The main business income from TPMS and accessories was RMB 147,623.50 million, up 10.85% year-on-year[42]. - The automotive OEM market revenue increased by RMB 76,080.64 million, representing a growth of 28.55%[45]. - Domestic sales revenue reached RMB 188,016.86 million, an increase of 38.27% year-on-year[46]. - The company reported a significant increase in sensor revenue, which rose by 101.38% year-on-year to RMB 36,551.67 million[42]. - The air suspension product line saw a remarkable growth of 368.39%, with revenue reaching RMB 25,497.74 million[42]. - The automotive aftermarket (AM) revenue decreased by RMB 4,224.58 million, down 4.13% year-on-year[45]. Market Trends - In 2022, China's passenger car sales reached 11.87 million units, with domestic brands contributing 50.4%, up from 44.8% in the previous year[64]. - The sales of new energy vehicles (NEVs) in China reached 6.56 million units in 2022, representing a year-on-year growth of 97.4% and accounting for 24.4% of total vehicle sales[66]. - In North America, NEV sales were 1.08 million units, a 50.5% increase year-on-year, contributing 6.3% to total vehicle sales[66]. - In Europe, NEV sales totaled 2.51 million units, growing 14.7% year-on-year, contributing 17.7% to total vehicle sales[66]. - The commercial vehicle market saw a decline, with bus production and sales down 19.8% and 19.2% respectively, while truck production and sales fell by 33.1% and 32.4%[65]. Supply Chain and Production - The company is actively managing supply chain risks and integrating resources to maintain production and supply[42]. - The company has established stable, long-term supply relationships with major global first-tier suppliers and has a diverse customer base, including leading electric vehicle manufacturers[87]. - The company operates multiple production and R&D centers across China, North America, and Europe, with products sold in over 80 countries and regions, enhancing its international operational capabilities[87]. - The company has established a comprehensive procurement policy and supplier management system, ensuring quality and cost control in its supply chain[86]. Research and Development - The company's R&D investment reached 6.84% of its operating revenue in 2022, with a total of 485 valid patents held globally as of December 31, 2022[87]. - The company reported a significant increase in sensor product demand, driven by the rapid development of electric smart vehicles, with a focus on pressure, optical, position, speed, acceleration, and current sensors[80]. - The penetration rate of Advanced Driver Assistance Systems (ADAS) is increasing, expanding the market for the company's 360-degree surround view systems and driver monitoring systems, which are now being adopted in lower-tier vehicle models[80]. Financial Health and Assets - Cash and cash equivalents at the end of the period amounted to ¥858.25 million, representing 12.97% of total assets, a decrease of 22.18% compared to the previous period[111]. - Net accounts receivable increased to ¥1,213.40 million, accounting for 18.34% of total assets, reflecting a significant growth of 47.60% from the last period[111]. - Inventory net value reached ¥1,530.02 million, which is 23.13% of total assets, showing an increase of 43.08% compared to the previous period[111]. - The company reported total liabilities of CNY 3,828,504,270.94 in 2022, up from CNY 2,698,368,847.38 in 2021, indicating a rise of about 42.0%[142]. - The total equity at the end of the period is 2,786,555,633.38, with a significant increase from the previous year's balance of 1,861,940,469.25[151]. Challenges and Future Plans - The company faced challenges in the automotive industry due to chip shortages and rising energy costs, impacting overall production and sales[116]. - The company plans to expand its production capacity and invest in new technologies to enhance operational efficiency and market competitiveness[113]. - The company aims to enhance its operational management and improve inventory turnover rates in 2023[133]. - The company will focus on developing new products in smart and lightweight technologies, including sensors and air suspension systems[133]. - The company is facing intensified competition in the automotive parts industry, which may negatively impact performance growth[136].