OLYMPIC(SH:603920)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥3.76 billion, representing a 48.23% increase compared to ¥2.54 billion in 2020[25]. - The net profit attributable to shareholders for 2021 was approximately ¥209.67 million, a decrease of 30.97% from ¥303.73 million in 2020[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥202.67 million, down 29.33% from ¥286.80 million in 2020[25]. - The company achieved a revenue of 3.759 billion RMB in 2021, representing a year-on-year increase of 48.23%[52]. - Net profit attributable to shareholders was 210 million RMB, a decrease of 30.97% compared to the previous year[52]. - The gross profit margin decreased by 10.63 percentage points to 11.29% compared to the previous year[90]. - The company reported a net cash flow from operating activities of CNY 297 million, a decrease of 40.60% compared to the previous year, primarily due to rising raw material costs[82]. Market Position and Strategy - The company ranked 39th among the top 40 global PCB suppliers according to Prismark, marking its first entry into this ranking[49]. - The company has established a dual-market strategy, focusing on both domestic and international markets to drive growth[55]. - The automotive application market is the largest sales segment for the company, with Tesla becoming the largest automotive end customer since 2019, and expected to continue significant growth in 2022[57]. - The company actively pursued the electric vehicle market, supplying major brands such as Tesla, BMW, and Volkswagen[56]. - The automotive PCB segment has become a significant business support, with the company ranked 14th among global automotive PCB suppliers in 2020, improving by 3 places from 2019[72]. Research and Development - R&D investment for the reporting period was CNY 132.99 million, an increase of CNY 34.66 million compared to the previous year, with a total of 40 utility model patents and 4 invention patents held[60]. - New products such as high-frequency and high-speed HDI PCBs for automotive applications have begun mass production, indicating entry into high-quality automotive core areas, particularly in the growing electric vehicle market[61]. - Continuous investment in R&D and collaboration with research institutions will enhance the company's technological capabilities and product offerings[141]. Operational Efficiency - The company has successfully implemented automated quality management systems, enhancing inspection capabilities and reducing false positives in defect detection[63]. - The company has established a mature and reliable quality control system, achieving certifications such as ISO9001 and IATF16949, ensuring high product quality[73]. - The company aims to enhance its supply chain efficiency, targeting a reduction in lead times by 20%[177]. Financial Health and Investments - The company has a strong financial position with low debt levels and good cash flow, enhancing its risk resistance and financing capabilities[79]. - The company raised CNY 1 billion through the issuance of convertible bonds, supporting future growth initiatives[84]. - Cash and cash equivalents increased by 41.79% to ¥1,772,175,330.26, primarily due to the issuance of convertible bonds[102]. Risks and Challenges - The company faces market risks due to macroeconomic fluctuations affecting supply and demand, with significant impacts from global events like the COVID-19 pandemic and US-China trade tensions[153]. - Rising raw material prices have pressured production costs, with the company implementing strategies like optimizing supply chain management and digital inventory management to mitigate these effects[158]. - The company plans to gradually release new production capacity of 3 million square meters of PCBs starting in 2022, but faces risks of underutilization due to market demand fluctuations[159]. Governance and Compliance - The company has established a governance structure that complies with legal requirements, ensuring fair treatment of all shareholders, especially minority shareholders[165]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[165]. - The company has not faced any penalties from securities regulatory authorities in the past three years[185]. Employee and Management - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 6.7782 million yuan[184]. - The company has implemented an option incentive plan to motivate and retain key personnel[188]. - The number of employees in the parent company is 4,294, while the number of employees in major subsidiaries is 3,084, totaling 7,378 employees[194].