Transimage TECH(002866)2023-09-27 16:00Financial Performance - Revenue in 2022 reached 1,998,708,923.27 yuan, a year-on-year increase of 4.07%[20] - Net profit attributable to shareholders decreased by 30.04% to 115,019,134.71 yuan in 2022[20] - Net cash flow from operating activities surged by 76.58% to 446,471,898.03 yuan in 2022[20] - Total assets grew by 5.96% to 3,580,446,250.03 yuan at the end of 2022[20] - Q4 revenue was 479,383,090.31 yuan, with a net profit of 22,325,599.92 yuan[24] - Government subsidies in 2022 amounted to 16,891,047.15 yuan, a significant increase from 10,348,964.18 yuan in 2021[26] - Domestic sales revenue increased by 47.57% to 659,781,788.85 yuan, while overseas sales revenue decreased by 9.13% to 1,338,927,134.42 yuan[48] - Revenue from laptop touchpads and buttons (Button/Touchpad) grew by 11.03% to 597,568,583.59 yuan, with a gross margin of 22.06%[49] - Revenue from flexible printed circuit boards (FPC) for consumer electronics increased by 28.18% to 244,744,732.76 yuan, with a gross margin of 25.66%[49] - Sales volume of electronic information components decreased by 23.44% to 28,228.74 million pieces, while inventory increased by 44.34% to 6,782.44 million pieces[50] - Revenue from laptop keyboard film switch circuit boards (MTS) dropped significantly by 70.69% to 8,875,745.30 yuan[48] - The company's gross margin for electronic information components improved by 2.96 percentage points to 24.28%[49] - Operating cash flow increased by 76.58% to 446,471,898.03 yuan in 2022 compared to 2021[72] - Investment cash flow decreased by 18.72% to -631,997,383.50 yuan in 2022[72] - Financing cash flow decreased significantly by 97.64% to 9,895,954.47 yuan in 2022[72] - Net cash and cash equivalents increased by 48.56% to -164,287,581.66 yuan in 2022[72] - Investment income accounted for -49.30% of total profit, mainly due to losses from financial and foreign exchange products[74] - Monetary funds decreased by 5.18% to 286,918,760.97 yuan, accounting for 8.01% of total assets[76] - Fixed assets increased by 0.78% to 733,225,674.13 yuan, accounting for 20.48% of total assets[76] - Construction in progress increased significantly by 5.92% to 383,101,791.96 yuan, mainly due to sodium battery project investments[76] - Total investment in 2022 increased by 40.18% to 568,017,193.77 yuan compared to the previous year[85] - Restricted assets totaled 547,442,139.41 yuan, including 12,667,027.45 yuan in monetary funds for foreign exchange guarantees[81] - The company's total hedging derivative investments amounted to 102,252.24 million yuan, with a fair value change loss of 2,652.52 million yuan during the reporting period[88] - The company incurred a loss of 65.633 million yuan from the exercise of derivative products during the reporting period[88] - The company's hedging derivative investments accounted for 38.57% of the company's net assets at the end of the reporting period[88] - The company's forward exchange settlement and sales investment had an initial investment of 15,841.08 million yuan and an ending investment of 16,460.91 million yuan, accounting for 8.01% of the company's net assets[88] - The company's options and option group investments had an initial investment of 86,411.16 million yuan and an ending investment of 62,809.30 million yuan, accounting for 30.56% of the company's net assets[88] - The company's total hedging derivative investments included 172,802.26 million yuan in purchases and 193,131.77 million yuan in sales during the reporting period[88] - The company's hedging derivative investments were primarily aimed at mitigating exchange rate risks, with no speculative purposes[89] - The company's independent directors approved the scale of foreign exchange hedging business not exceeding 500 million USD, valid for 12 months from the approval date[89] - The company's non-public issuance of shares in 2020 had a total raised capital of 58,790.28 million yuan, with 40,939.66 million yuan already used and 18,833.9 million yuan remaining unused[93] - The company plans to change the use of some raised capital to deepen its strategic layout in the new energy field[93] - The company plans to change the remaining raised funds of 175 million yuan (after deducting the unpaid equipment tail payments) from the "Annual Production of 180,000 Square Meters of High-end Printed Circuit Board Construction Project" to invest in the "Sodium-ion Battery Manufacturing Phase II 5.5GWh Project"[94] - The total actual investment in the "Annual Production of 180,000 Square Meters of High-end Printed Circuit Board Construction Project" is 240.736 million yuan, which is 179.707 million yuan less than the committed investment amount of 420.443 million yuan[97] - The company's initial public offering raised 434.981 million yuan after deducting issuance costs, with a total of 444.172 million yuan invested by the end of 2022[95] - The non-public offering raised 587.903 million yuan after deducting issuance costs, with 240.736 million yuan invested in projects by the end of 2022 and 188.334 million yuan remaining unused[96] - The FPC production project has a total investment of 77.376 million yuan, achieving 100% of the planned investment[97] - The 3D glass panel production project has a total investment of 74.451 million yuan, exceeding the planned investment by 1.46%[97] - The lightweight keyboard production project has a total investment of 147.245 million yuan, exceeding the planned investment by 4.75%[97] - The R&D center project has a total investment of 42.802 million yuan, achieving 100.52% of the planned investment[97] - The company's total raised funds for all projects amount to 1.022 billion yuan, with 853.569 million yuan invested by the end of 2022[97] - The company's fundraising accounts were closed on March 11, 2022, after all raised funds were fully utilized[95] - The company decided to change the use of the remaining unused funds from the original "FPC Production Project" to the construction of the "3D Glass Panel Production Project" and the "Thin Keyboard Production Project" as of April 2, 2018[99] - The "3D Glass Panel Production Project" was implemented by Chuan Yi Dongguan in Dongguan City, while the "Thin Keyboard Production Project" was implemented by Chuan Yi Technology in Gaoyou City[99] - The company stopped the implementation of the original "FPC Production Project" due to changes in market conditions and reduced profitability[99] - The "3D Glass Panel Production Project" was adjusted due to changes in market demand and industry competition, and the remaining unused funds were redirected to the expanded "Thin Keyboard Production Project" as of November 30, 2020[99] - The "Thin Keyboard Production Project" will add an annual production capacity of 6.4 million units, increasing the total capacity to 22.4 million units per year[99] - The company adjusted the production line layout and planning for three factories in Gaoyou Economic Development Zone to improve production efficiency and resource utilization[99] - The implementation location of the thin film circuit board production line was changed from Factory 1 to Factory 2 in Gaoyou Economic Development Zone[99] - The implementation entity of the thin film circuit board production line was changed from the company to its wholly-owned subsidiary, Chongqing Yingzhi Electronics Co., Ltd., with the location moved to Chongqing[99] - The SMT process implementation location was changed from Factory 1 to Factory 2 in Gaoyou Economic Development Zone[99] - The company decided to reallocate the remaining unused funds from the "3D Glass Panel Production Project" to the "Lightweight Keyboard Production Project," with the implementation location in Gaoyou Economic Development Zone, Jiangsu Province[100] - The "Thin Film Circuit Board Production Line Upgrade and Expansion Project" was transferred to the wholly-owned subsidiary Chongqing Yingzhi, with the implementation location changed to Hechuan District, Chongqing[100] - The company pre-invested 1,177.1592 million yuan in the "Thin Film Circuit Board Production Line Upgrade and Expansion Project" using self-raised funds, which was later replaced by raised funds[100] - The company pre-invested 9,268.4883 million yuan in the "Annual 180,000 Square Meters of High-end Printed Circuit Board Construction Project" using self-raised funds, which was later replaced by raised funds[100] - As of December 31, 2022, the unused raised funds for the non-public offering amounted to 18,833.3860 million yuan, with plans to reallocate 17,500.00 million yuan to the "Sodium-ion Battery Manufacturing Phase II 5.5GWh Project"[100] - The "3D Glass Panel Production Project" achieved an investment progress of 62.04%, with a total investment of 7,445.13 million yuan[103] - The "Lightweight Keyboard Production Project" achieved an investment progress of 104.75%, with a total investment of 15,423.54 million yuan[103] - The company terminated the "3D Glass Panel Production Project" due to changes in market demand and industry competition, which could no longer deliver expected returns[103] - The company reallocated funds from the "FPC Production Project" to the "3D Glass Panel Production Project" and the "Lightweight Keyboard Production Project" due to market changes and reduced profitability[103] - The company did not sell any significant assets or equity during the reporting period[104][105] - The subsidiary Chongqing Yingzhi Electronics achieved a net profit of 20,708,334 yuan with total assets of 207,464,301.95 yuan and revenue of 128,017,058.74 yuan[107] - The subsidiary Jiangsu Shengfan Electronics Technology achieved a net profit of 23,001,674.82 yuan with total assets of 233,306,698.58 yuan and revenue of 217,047,135.33 yuan[107] - The company's cash dividend distribution plan is to distribute RMB 0.40 per 10 shares, totaling RMB 11,580,890.24[168] - The company's total distributable profit for 2022 is RMB 449,145,808.95[168] - The company's cash dividend distribution accounts for 100% of the total profit distribution[168] - The company's net profit for 2022 is RMB 79,379,784.68[168] - The company's total equity at the end of the reporting period is RMB 289,522,256 shares[168] - The company's cash dividend distribution plan is based on the latest total share capital of 289,522,256 shares[168] New Energy Sector Development - The company has initiated the layout in the new energy sector and started the construction of sodium-ion battery projects since 2022[19] - The company initiated the sodium-ion battery project in 2022 to enhance its presence in the new energy sector[31] - Sodium-ion battery production has been rapidly industrialized, with the company achieving pilot line production in October 2022 and 4.5GWh capacity in March 2023, positioning it as a leader in the industry[38] - The sodium-ion battery business is strategically focused on integrated development, covering cell, anode, cathode, and electrolyte production, providing cost control and competitive advantages[38] - The company's sodium-ion battery project completed the first phase of 4.5GWh capacity in March 2023, positioning it as a leader in the industry[44][45] - The company has obtained multiple patents related to sodium-ion batteries, strengthening its competitive advantage in the field[46] - The company's sodium-ion battery project achieved successful trial production in October 2022, marking a significant milestone in its industrialization progress[44] - The company established four new subsidiaries in 2022: Jiangsu Chuanyi Sodium-ion Battery Research Institute Co., Ltd., Jiangsu Chuanyi Sodium Battery Technology Co., Ltd., Jiangsu Chuanyi Sodium Battery New Materials Co., Ltd., and Jiangsu Chuanyi Human-Computer Interaction Equipment Industrial Design Research Institute Co., Ltd.[54] - The company is focusing on technological breakthroughs in sodium-ion batteries, including high-rate charging, high-rate discharging, and wide-temperature range performance, with plans for further R&D and capacity expansion[109][110] - The company aims to develop an integrated sodium-ion battery industry chain, focusing on the R&D of cathode materials, anode materials, and electrolytes to ensure cost control and supply chain stability[111] - The company will increase investment in R&D and capacity expansion for sodium-ion batteries and related materials to enhance competitiveness in the new energy sector[114] - The company is mitigating risks in the sodium-ion battery sector by adopting an integrated development model to maintain production stability and cost advantages as the industry matures[118] Consumer Electronics Sector - The company aims to strengthen its market position in laptop and desktop keyboards and touchpads[31] - The company is focusing on global expansion and new product development in the consumer electronics sector[31] - The company is implementing a dual-drive strategy of "consumer electronics + new energy" for sustainable growth[31] - The company's input devices, including keyboards and mice, are widely used in laptops, desktops, and tablets, with a significant presence in the gaming market due to the rise of eSports[32] - The FPC (Flexible Printed Circuit) industry has seen rapid growth, driven by the demand for smaller, lighter, and more portable electronic devices, with China becoming a major production hub[33] - The company has established a comprehensive product line in the consumer electronics sector, offering integrated solutions and maintaining a competitive edge through vertical integration[39] - Key clients include major international brands such as Thinkpad, Lenovo, Huawei, SAMSUNG, and Xiaomi, which helps the company maintain stable revenue and expand its market share[40] - The company has advanced FPC technology, capable of producing circuit boards with a minimum aperture of 0.025mm and line width of 0.025mm, and has prepared for 5G-related product development[41] - The company's input devices, such as keyboards, have achieved lightweight designs, with some products weighing only 40g and being 2.5mm thick, meeting the demand for thinner and lighter devices[41] - The company's FPC products are widely used in various industries, including wearables, automotive electronics, and mobile devices, serving clients like Foxconn, Huawei, and SONY[37] - The company's input devices have secured a leading position in niche markets, with some products ranking first in specific segments, supported by strong R&D capabilities and industry experience[36] - The company plans to expand its product line in the consumer electronics sector, including gaming keyboards, force pads, and fingerprint modules, to enhance market share and functionality[108] - The company faces risks from rapid changes in the consumer electronics industry and intensified competition, with potential impacts on performance if it fails to meet client demands or develop new markets[116] Corporate Governance and Management - The company's registered address and office address are both located at No. 33 Lingbo Road, Gaoyou City, Jiangsu Province, with a postal code of 225600[15] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 002866[15] - The company's legal representative is Zou Weimin[15] - The company's website is http://www.transimage.cn and the email address is tsssb01@transimage.cn[15] - The company's board secretary is Xu Xiaoli and the securities affairs representative is Dai Changxia, both can be contacted at 0514-84606288[16] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and in the media "Shanghai Securities News" and "Securities Times"[17] - The company's unified social credit code is 91321000668399955L[18] - The company has not changed its controlling shareholder[19] - The company maintains a robust corporate governance structure with independent board committees and internal control systems[124] - The company possesses independent core technologies, patents, and trademarks, with no reliance on controlling shareholders or related entities[125] - The company has an independent personnel and salary management system, with no overlapping compensation arrangements with controlling shareholders[126] - The company has established an independent financial system with dedicated accounting personnel and strict financial supervision over subsidiaries[127] - The company operates with independent organizational structures and separate business premises from shareholders[128] - The company has developed an independent business system and operational processes for PCB and input device design, R&D, manufacturing, and sales[130] - The participation rate for the 2022 First Extraordinary General Meeting was 52.17%[131] - The participation rate for the 2021 Annual General Meeting was 52.19%[131] - The participation rate for the 2022 Second Extraordinary General Meeting was 52.71%[131] - The participation rate for the 2022 Third Extraordinary General Meeting was 0.51%[131] - Chairman and General Manager Zou Weimin holds 35,000 shares with no changes during the reporting period[132] - Director and Deputy General Manager Liu Saiping holds 75,000 shares with no changes during the reporting period[133] - CFO and Director He Qin holds 4,800 shares with no changes during the reporting period[133] - Director Li Jing holds 216,000 shares with no changes during the reporting period[133] - Director Liu Lin holds 183,600 shares with no changes during the reporting period[133] - Deputy General Manager Chen Guilin holds 291,900 shares with no changes during the reporting period[133] - The company's former director and CFO, Liu Wenhua, left his position on August 30, 2022, due to personal reasons[135] - He Qin was appointed as the new CFO on August 30, 2022, and was elected as a director on