Ningbo Solartron Technology (688299)2023-04-20 16:00Financial Performance - The company's operating revenue for 2022 was ¥1,153,042,678.80, a decrease of 11.08% compared to ¥1,296,688,065.65 in 2021[23]. - Net profit attributable to shareholders decreased by 39.27% to ¥113,428,736.42 from ¥186,786,638.98 in the previous year[25]. - The net cash flow from operating activities fell by 58.65% to ¥87,233,975.12, down from ¥210,982,053.69 in 2021[25]. - Basic earnings per share decreased by 39.39% to ¥0.40 from ¥0.66 in 2021[24]. - The company's total assets increased by 8.64% to ¥2,701,340,432.54 at the end of 2022, compared to ¥2,486,504,620.36 at the end of 2021[23]. - The gross margin for the main business was 26.82%, a decline of 5.48 percentage points year-on-year[119]. - The sales revenue from reflective films dropped by 15.03%, with a gross margin decrease of 1.75 percentage points[122]. - The gross margin for optical base films decreased by 18.50 percentage points year-on-year[122]. - The company reported a net profit of ¥2,050,100.39 in Q4 2022, a significant decline compared to previous quarters[27]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares, totaling approximately 14,249,844.20 RMB, which accounts for 12.56% of the net profit attributable to shareholders for the year 2022[6]. - The company has a three-year shareholder return plan from 2022 to 2024, focusing on specific return strategies[178]. Research and Development - The R&D expenditure as a percentage of operating revenue was 4.51%, down from 6.05% in 2021, indicating a decrease of 1.54 percentage points[24]. - The company has 151 R&D personnel, an increase from 144 in the previous year, with R&D personnel constituting 17.48% of the total workforce[96]. - The company is currently developing 17 projects with a total expected investment of 1.686 billion RMB, of which 256.87 million RMB has been invested this period[93]. - The company has filed 31 new invention patents and obtained 42 patents during the reporting period, bringing the total to 313 applications and 160 granted patents[86]. - The company is focused on optimizing the production efficiency of separator products, with dry-process products achieving small-scale production and wet-process lines installed and debugged[86]. Market and Product Development - The company is actively expanding its market by adjusting product prices in response to raw material price increases and maintaining stable supply relationships with major clients like Samsung and LG[44]. - The company is committed to developing key functional film products for new displays, semiconductors, 5G, and new energy vehicles, focusing on import substitution[168]. - The company has developed over 30 types of reflective films for LCD displays, which are its leading products, and is also innovating in semiconductor lighting reflective films[53]. - The company is focused on continuous R&D investment in the optical base film sector to achieve international advanced levels and complete import substitution[72]. Corporate Governance - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no special arrangements for corporate governance applicable to the company[9]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[9]. Risks and Challenges - The report includes forward-looking statements that are subject to various risks and uncertainties, which may lead to actual results differing from those projected[7]. - The company faces risks related to potential technological substitution, particularly from OLED technology in the LCD display sector[106]. - The company is exposed to risks in technology innovation and product development, especially in the competitive special functional film industry[107]. - The company faced risks from raw material price fluctuations due to geopolitical conflicts, impacting cost control and gross margin stability[109]. Strategic Initiatives - The company is committed to achieving the "Ten Years, Ten Films" development goal, integrating various technology platforms to meet the rapid demand for new film materials in strategic emerging industries[165]. - The company has implemented a strategy of "import substitution, world-leading, and being number one or two" in the polyester film industry, focusing on differentiation[69]. - The company is in the process of expanding its market presence through strategic investments and partnerships[192]. Financial Position - The company's total assets reached 2,688,000,000.00 RMB, with a decrease of 75.05% in trading financial assets due to a reduction in wealth management products[139]. - Accounts receivable increased by 73.82% to 111,031,697.57 RMB, primarily due to an increase in bank acceptance bills[139]. - The company has overseas assets of 114,449,767.62 RMB, accounting for 4.24% of total assets[140]. Future Outlook - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting $1.65 billion[181]. - The company plans to enhance its research and development efforts in optical base films, lithium-ion battery separators, and release films for flexible circuit boards, aiming to overcome core technological barriers and achieve comprehensive import substitution[165].