协和电子(605258) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥734,067,052.23, representing a 19.20% increase compared to ¥615,831,696.58 in 2020[21] - The net profit attributable to shareholders for 2021 was ¥78,122,104.62, a decrease of 14.75% from ¥91,640,835.41 in 2020[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥68,129,663.54, down 21.80% from ¥87,120,685.43 in 2020[21] - The net cash flow from operating activities increased by 55.44% to ¥62,407,063.13 from ¥40,149,578.41 in 2020[21] - The total assets at the end of 2021 were ¥1,413,565,268.04, reflecting a 3.49% increase from ¥1,365,939,638.51 at the end of 2020[21] - The net assets attributable to shareholders at the end of 2021 were ¥1,126,384,584.32, a 3.13% increase from ¥1,092,243,586.29 at the end of 2020[21] - The company achieved a total revenue of 734 million yuan in 2021, representing a year-on-year growth of 19.20%[34] - The main business revenue reached 714 million yuan, with a year-on-year increase of 17.26%[32] - Basic and diluted earnings per share were both 0.89 yuan, down 34.12% from 1.3510 yuan in 2020[22] - The weighted average return on equity decreased to 7.04%, down 8.93 percentage points from 15.97% in 2020[22] - The company's gross profit margin decreased by 7.89 percentage points to 23.39%[61] Cash Flow and Investments - The company’s cash flow from operating activities showed a net inflow of 28 million yuan in the fourth quarter[25] - The company invested a total of 311 million yuan in fundraising projects by the end of 2021, with the first phase fully operational[35] - The company’s cash flow from operating activities increased by 55.44% year-on-year, reaching 62.41 million yuan[58] - Operating cash inflow increased by 56.32% to 713,562,190.51, while operating cash outflow rose by 56.40% to 651,155,127.38[76] - The company’s investment activities resulted in a net cash outflow of -101,416,819.71, primarily due to increased purchases of financial products[76] Market and Industry Trends - The global PCB market value increased from $58 billion in 2017 to$70.51 billion in 2021, with a projected compound annual growth rate (CAGR) of 5.3% from 2021 to 2026[38] - The PCB market in mainland China grew from $29.732 billion in 2017 to$37.328 billion in 2021, with an expected CAGR of 5.43% from 2021 to 2026[39] - The automotive PCB market is projected to grow at a rate of 5%-8% from 2017 to 2022, making it one of the fastest-growing segments in the PCB industry[41] - The demand for PCBs in electric vehicles is significantly higher than in traditional vehicles, with a forecasted increase in automotive electronicization rate from 4.8% (2010-2020) to 15.2% (2020-2030)[45] Operational Challenges - The company's sales revenue showed positive growth, but net profit slightly declined due to rising costs of raw materials, with direct material costs per square meter increasing by 7.64% and direct labor costs by 6.20%[37] - The price of raw materials for the PCB industry is at a historical high, with direct material costs expected to rise to nearly 60% of total costs due to increased prices[49] - Major raw material costs, including copper-clad laminates and inks, significantly impact the company's production costs, with raw materials accounting for a large proportion of the main business costs[95] - The company is at risk of declining gross and net profit margins due to intensified market competition, falling product prices, and rising raw material and labor costs[96] Research and Development - Research and development expenses increased by 16.47% year-on-year, totaling 33.71 million yuan[58] - The company introduced 7 new utility model patents and 2 design patents in 2021[54] - The number of R&D personnel was 160, representing 15.64% of the total workforce, indicating a strong focus on innovation[74] - The company has developed and is supplying new products such as vehicle-mounted millimeter-wave radar and new energy vehicle instrument assemblies, aiming to provide comprehensive product services to clients[36] Corporate Governance and Management - The company has established a governance structure to ensure shareholder interests are maximized, adhering to relevant laws and regulations[100] - The actual controllers of the company hold 57.06% of the voting rights, which poses a risk of potential misuse of control that could harm minority shareholders[98] - The company has a compensation and assessment committee that proposes remuneration for directors and senior management[110] - The company has established a salary and assessment system based on industry averages and individual performance[111] - The management team is focused on strategic initiatives to enhance shareholder value and operational efficiency moving forward[105] Environmental Responsibility - The company was listed as a key pollutant discharge unit in Changzhou for 2021, ensuring compliance with environmental regulations and achieving pollutant discharge standards[140] - The actual emissions of major pollutants were within the control indicators, including waste gas (acid mist) at 0.246 tons/year against a limit of 0.543 tons/year, and wastewater (production wastewater) at 183,332.54 tons/year against a limit of 217,721.68 tons/year[140] - The company has implemented a dynamic environmental monitoring system and continuously improves its environmental management system to enhance compliance with environmental policies[148] - The company has committed to producing 100% environmentally friendly products and integrating environmental safety requirements into its core business activities[141] Shareholder Commitments and Lock-up Period - The lock-up period for shareholders will automatically extend by 6 months if there are any dividend distributions, stock splits, or capital increases during the period[154] - Shareholders are prohibited from transferring or entrusting the management of their shares for 36 months from the date of stock issuance[155] - The company commits to not transferring its shares until it fulfills its obligations if it fails to meet its commitments[185] - The controlling shareholders pledge to hold their shares for 36 months post-IPO without reduction[166] Social Responsibility - The company donated 100,000 yuan to local government departments to support education and improve the educational environment, reflecting its commitment to social responsibility[149]