精进电动(688280) - 2021 Q4 - 年度财报

Financial Performance - The company reported a total revenue of 736.32 million yuan for the year 2021, with a net loss attributable to shareholders of 400.13 million yuan, and a net loss of 442.85 million yuan after deducting non-operating gains and losses [4]. - The company has not yet achieved profitability, and therefore there is no profit distribution plan or capital reserve transfer plan for the year [7]. - The company reported a revenue of RMB 1.5 billion for the fiscal year 2021, representing a year-over-year growth of 25% [36]. - The company's total revenue for 2021 was RMB 736.32 million, an increase of 27.34% compared to 2020 [46]. - The net profit attributable to shareholders was a loss of RMB 400.13 million, a decrease of 5.53% year-on-year [48]. - The net profit after deducting non-recurring gains and losses was a loss of RMB 442.85 million, down 44.57% from 2020 [48]. - The gross margin for the year was reported at 35%, an increase from 30% in the previous year [36]. - The overall gross margin for the company was -3.77%, influenced by factors such as demand fluctuations from downstream vehicle manufacturers and high raw material costs [126]. - The company reported a comprehensive gross margin of -3.77%, a decrease of 6.01 percentage points from the previous year, primarily due to a decline in the proportion of high-margin technical development and service revenue [135]. Shareholder Structure and Governance - The controlling shareholder, Beixiang New Energy, holds 11.81% of the company's shares but controls 57.24% of the voting rights due to a special voting rights arrangement [12]. - The special voting rights mechanism allows the controlling shareholder to have a significant influence over company decisions, potentially limiting the impact of minority shareholders [21]. - The company has set a special voting rights arrangement that allows Beixiang New Energy's shares to have ten times the voting power of ordinary shares [9]. - The special voting rights arrangement is expected to remain in effect unless terminated by a resolution of the shareholders' meeting [10]. - The company has established a clear boundary for special voting rights, ensuring they do not apply to significant matters affecting investor rights [24]. - The controlling shareholder has committed to exercising special voting rights in accordance with laws and regulations, promising not to harm the legitimate rights of investors [29]. - The company has received a standard unqualified audit report from its accounting firm [6]. - The company has implemented measures to protect investors' legal rights, ensuring compliance with relevant regulations [188]. - The company confirmed that there were no significant differences in governance compared to regulations set by the China Securities Regulatory Commission [180]. Research and Development - The company has not disclosed any new product developments or technological advancements in the report [4]. - Research and development expenses accounted for 21.06% of total revenue, a decrease of 1.05 percentage points from 2020 [47]. - Research and development expenses for the year amounted to RMB 155.09 million, representing a year-on-year increase of 21.29% [62]. - The company has launched several new products in the electric drive system sector, including multi-in-one systems for passenger and commercial vehicles [62]. - The company is actively developing technologies in oil-cooled drive motors, third-generation silicon carbide controllers, and multi-in-one electric drive systems, with some products already launched [84]. - The company has developed high-efficiency electric motor technology, improving motor efficiency by 1%-3% and reducing weight by over 10% [84]. - The company is focusing on the development of electric drive systems, which are critical components determining the performance of new energy vehicles [165]. - The company has invested RMB 200 million in new technology research, focusing on sustainable energy solutions [36]. Market Expansion and Strategy - The company plans to expand its market presence in North America, targeting a 10% market share by 2025 [36]. - The company has expanded its market presence in North America, leading to increased sales and operational costs [48]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of $100 million allocated for potential deals [196]. - Market expansion efforts have led to entry into three new international markets, expected to generate an additional$30 million in revenue [196]. - The company is well-positioned to capitalize on the ongoing transition in the new energy vehicle market, particularly as subsidies phase out and industry standards evolve [76]. Risks and Challenges - The company is subject to risks as outlined in the management discussion and analysis section, which may affect future performance [5]. - The company faces risks related to core competitiveness, including potential changes in technology routes and the loss of key technical personnel [114]. - The company is exposed to risks from raw material price volatility, as direct material costs constitute a significant portion of production costs [123]. - The company is affected by the global semiconductor shortage, which has impacted production plans and delivery schedules for vehicle manufacturers [125]. - The company faces challenges with rising raw material costs affecting the gross margin of its electric drive systems [48]. - The company is vulnerable to macroeconomic risks, particularly those arising from the ongoing global COVID-19 pandemic, which may affect overall economic conditions [131]. Operational Performance - The company produced 3.545 million new energy vehicles in 2021, a year-on-year increase of 159.52% [58]. - The company has completed the production line for dual motor systems, with a production capacity of 24,390,883 units, and is preparing for customer approval for mass production [96]. - The company has successfully launched mass production for various electric drive systems, including a total of 9,951,660 units for domestic clients [96]. - The company has developed a distributed Battery Management System (BMS) with a production capacity of 8,780,640 units, ready for mass production [96]. - The company has completed product design verification for commercial vehicle electric drive systems, with a production capacity of 10,327,449.76 units, and is pushing products to the market [97]. Compensation and Management - The total pre-tax compensation for senior management during the reporting period amounted to 1,435.13 million CNY [193]. - The total pre-tax compensation for the General Manager, Yu Ping, was 154.32 million CNY [193]. - The total pre-tax compensation for the Vice President, Li Yuquan, was 143.44 million CNY [193]. - The total pre-tax compensation for the Vice President, Yang Kui, was 121.78 million CNY [193]. - The total pre-tax compensation for the core technology personnel, Gabriel Gollegos, was 210.08 million CNY [193]. Future Outlook - The company projects a revenue growth of 20% for the next fiscal year, aiming for a target of RMB 1.8 billion [36]. - The company provided a forward guidance of 20% revenue growth for the next quarter, projecting $600 million in revenue [196]. - The company plans to enhance its digital marketing strategy, aiming for a 25% increase in online sales by the end of the fiscal year [196].