Raytron(SH:688002)2022-08-09 16:00Financial Performance - The company has not achieved profitability since its listing [3]. - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-over-year growth of 15% [11]. - The net profit attributable to shareholders for 2021 was ¥461,180,017.63, a decrease of 21.06% from ¥584,203,782.27 in 2020 [20]. - The company's operating revenue for the reporting period was approximately CNY 1.78 billion, representing a year-on-year increase of 14.02% [87]. - The gross profit margin for the year was 45%, indicating a stable profitability level compared to the previous year [11]. - The net cash flow from operating activities increased by 33.52% to ¥218,793,275.96 in 2021, up from ¥163,867,174.05 in 2020 [20]. - The company's inventory balance was 1.202 billion yuan, reflecting a growth of 68.56% from the beginning of the year [79]. - The company reported a total revenue of approximately 1.78 billion, with a net profit of around 417.77 million for the year [65]. Research and Development - The company has invested RMB 200 million in R&D for MEMS technology, aiming to enhance product performance and reduce costs [11]. - The company increased its R&D investment as a percentage of operating revenue to 23.47% in 2021, up from 14.62% in 2020, indicating a focus on new product development [21]. - R&D investment reached 417.77 million RMB, representing an increase of 82.95% year-on-year, with R&D personnel accounting for 43.78% of the total workforce [27]. - The company is focusing on technological innovations such as smaller pixel sizes (currently 12μm) and wafer-level packaging to meet the growing demands for thermal imaging modules in security, temperature measurement, automotive, and personal vision systems [46]. - The company is actively investing in R&D to improve production processes and reduce costs, which is anticipated to strengthen its competitive position in the market [47]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025 [11]. - The company is exploring partnerships with international firms to enhance its product offerings and expand its global reach [11]. - The company aims to become the global leader in industrial infrared temperature measurement, enhancing its sales network and brand recognition in the international market [36]. - The company is actively pursuing strategic partnerships and collaborations to enhance its technological capabilities and market reach [132]. - The company is focusing on expanding its market presence in the visual monitoring sector, targeting applications in natural resource protection and security monitoring [35]. Acquisitions and Investments - A strategic acquisition of a local tech firm is anticipated to be completed by Q3 2022, which is expected to boost the company's technological capabilities [11]. - The company completed the acquisition of Wuxi Huace Electronic System Co., Ltd., which was included in the consolidated financial statements, contributing to asset growth [21]. - The company acquired a 56.253% stake in Wuxi Huace Electronic System Co., Ltd. for a total transaction price of CNY 359.35 million, with CNY 281.27 million paid from its own funds [160]. - The integration plan for Wuxi Huace includes business, asset, financial, and personnel integration to enhance overall decision-making and risk management capabilities [160]. Risk Management - The company has detailed various operational risks and corresponding countermeasures in the report [3]. - The company is at risk of losing core technical personnel, which could adversely affect its profitability [75]. - The company faces risks related to high procurement concentration for key raw materials, which could impact production if major suppliers encounter difficulties [76]. - The company is exposed to foreign exchange risks due to its reliance on USD for exports, which could affect financial performance [82]. Corporate Governance - The company has a standard unqualified audit report from the accounting firm [4]. - The board of directors and various committees have operated in accordance with the company's articles of association and relevant regulations, ensuring effective governance [124]. - The company has implemented a robust internal control system in compliance with relevant laws and regulations, enhancing its risk prevention capabilities [123]. - The company has adhered to the disclosure requirements set by regulatory authorities, ensuring compliance and protecting shareholder rights [123]. Social Responsibility and Sustainability - The company provided over 40 infrared thermal imaging night vision devices to monitor the movements of wild Asian elephants, contributing to the protection of this endangered species [167]. - The company actively participated in controlling wild boar populations by supplying high-performance thermal imaging devices to relevant departments, addressing the issue of wild boar overpopulation in several provinces [168]. - The company is committed to promoting biodiversity and ecological balance through collaboration with government agencies and organizations in the application of infrared thermal imaging technology [167]. - The company has engaged in social responsibility initiatives, including support for rural revitalization and poverty alleviation efforts in revolutionary old areas [174]. Dividend Policy - The company plans to distribute a cash dividend of 1.12 CNY per 10 shares, totaling 49.84 million CNY, which represents 10.81% of the net profit attributable to shareholders [5]. - The annual profit distribution plan requires approval from the shareholders' meeting [5]. - The cash dividend policy stipulates that at least 10% of the distributable profit should be distributed in cash if conditions are met, with specific conditions outlined for not distributing cash dividends [151]. - The company’s profit distribution plan for 2021 is pending approval from the shareholders' meeting [151]. Innovation and Technology - The company has developed the world's first large-area uncooled infrared detector with a pixel pitch of 8μm and a matrix size of 1920×1080 [45]. - The company has made significant advancements in core technologies, including low-noise, low-power mixed-signal integrated circuit design, which is now in mass production and applied to all detectors [50]. - The company is focusing on the development of new technologies such as laser, microwave, and terahertz to enrich its product line and expand into new markets [120]. - The company has established a strong competitive edge in talent, technology, and R&D capabilities, with a focus on semiconductor integrated circuits and MEMS sensors [69].