MAXVISION(002990)2023-04-13 16:00Technology and R&D - The company plans to increase the breadth and depth of new technology research to launch competitive products that meet market demand[8] - The company is in a high-growth phase in AI applications such as smart ports, intelligent transportation, and smart airports, but faces risks from policy, market competition, and public health safety[10] - The company will expand its marketing network, increase R&D investment, and gradually expand into overseas markets to consolidate its leading position in smart ports[10] - The company's industry is driven by the integration of AI, big data, and IoT with traditional industries, with digital transformation being a key growth driver[41] - The company has successfully extended its AI and smart port technologies to intelligent transportation, smart airports, and other smart system applications, leveraging its expertise in AI algorithms, visual recognition, and IoT[49] - The company's smart port solutions include self-service inspection systems, facial recognition systems, and intelligent quarantine systems, covering air, land, and water ports[51] - In the smart transportation sector, the company has developed AI-based algorithms and products, such as license plate recognition and traffic violation detection systems, widely used across China and internationally[53] - The company's smart airport solutions include self-service check-in, baggage handling, and AI temperature screening systems, promoting paperless and seamless travel experiences[54] - The self-service security inspection system is the first of its kind in the country and has been approved for use at Shanghai Hongqiao Airport and Kunming Changshui Airport, significantly improving airport security management and reducing the workload of security personnel[55] - The company's smart systems are widely applicable across various industries, leveraging high-precision algorithms to handle data surges and promote the application of AI technology in different sectors[55] - The company's smart system solutions integrate self-developed software, customized products, and externally purchased equipment to create a unified and coordinated system[58] - Technological advancements in AI, big data, IoT, and cloud computing are driving the continuous upgrade and iteration of industry technologies and products, creating new market demands[62] - The company is a pioneer in smart port solutions, having developed multiple first-of-its-kind intelligent inspection products and established a strong reputation in the industry[63] - The company has established R&D centers in Shenzhen and Wuhan and has been recognized as a Guangdong Provincial Smart Port Engineering Technology Research Center and a Shenzhen Image Intelligent Analysis Engineering Technology Research Center[65] - R&D personnel account for over 50% of the company's total workforce, with R&D investment accounting for 15.23% of revenue[66] - The company has developed core technologies such as biometric recognition for ten-finger fingerprint collection and mass facial recognition in complex scenarios[67] - The company's smart port inspection system covers the entire process of passenger, transportation vehicle, cargo, and mail inspection, significantly improving clearance efficiency[69] - The company introduced AIoT platform ecosystem in 2022, focusing on AI and IoT technology applications[72] - The company launched innovative products in 2022 such as the semi-trailer 360° vehicle surround view system and palm vein recognition identity authentication series[72] - The company has accumulated multiple patents and software copyrights, converting technical advantages into product development and market competitiveness[72] - R&D expenses reached RMB 150.6795 million, an increase of RMB 21.4286 million, up 16.58% year-over-year, accounting for 15.23% of revenue[77] - The company has over 400 hardware and software products covering smart ports, intelligent transportation, smart airports, and more[74] - The company developed a semi-trailer surround-view system and a series of products like container smart locks, 5G transit monitoring terminals, and vehicle warning terminals[88] - The company's face recognition algorithm ranked highly in the global authoritative FRVT test[88] - The company's MVNTR team won the gold award in the Shenzhen division of the Ascend AI Innovation Competition 2022 with their AI video perception-based smart coal mine solution[91] - The company has adapted multiple products to the HarmonyOS and obtained compatibility certificates from the OpenAtom Foundation[91] - The 2022 Vehicle Self-Service Customs Control System R&D project is in the development stage, aiming to provide rapid customs clearance solutions for vehicles in different environments[111] - The company's 2022 Smart Park Property Management System R&D project is in the development and testing phase, aiming to achieve convenient, intelligent, and efficient park management[112] - The 2022 Vehicle Intelligent Supervision System R&D project has completed prototype evaluation and is preparing for mass production, focusing on integrated vehicle inspection and control[112] - The 2022 Intelligent Inspection Platform System R&D project has completed prototype evaluation and is preparing for mass production, aiming to enhance inspection service levels[112] - The 2022 Intelligent Terminal R&D project is in the development and testing phase, focusing on the widespread application of intelligent terminal devices in the industry[112] - The 2022 Image Analysis Platform R&D project has completed testing and deployment, currently in trial operation, aiming to achieve intelligent platform products[112] - The 2022 Intelligent Image Recognition Edge Computing R&D project is ready for trial production, focusing on rapid deployment of business and algorithms in different application scenarios[112] - The 2022 Intelligent Traffic Monitoring System R&D project has completed platform and system development and review, preparing for market launch, aiming to achieve intelligent traffic monitoring in multiple scenarios[112] - The 2022 Intelligent Patrol Robot R&D project is ready for trial production, focusing on automated inspection in multiple scenarios such as power, warehousing, and scenic areas[112] - The 2022 Patrol Law Enforcement System R&D project is in the development and testing phase, aiming to achieve more flexible, efficient, and accurate law enforcement requirements[112] - The 2022 Smart Port Comprehensive Command Platform R&D project is in the development phase, preparing for diversified development and testing, aiming to enhance port inspection and control efficiency[112] - The 2022 Smart Port Integrated Management System R&D project is in the development and testing phase, aiming to enhance port service intelligence and competitiveness[113] - The 2022 Special Supervision Zone Management System R&D project is in the development phase, focusing on improving logistics cost efficiency and customs clearance[113] - The 2021 Intelligent Luggage Inspection System R&D project has completed prototype review and is preparing for mass production, aiming to enhance airport service capabilities[113] - The 2021 Intelligent Cargo Inspection System R&D project has completed prototype review and is preparing for mass production, targeting improved inspection efficiency and market competitiveness[113] - R&D personnel increased by 2.05% to 548 in 2022, with a slight decrease in the proportion of R&D personnel from 53.27% to 51.94%[113] - R&D investment increased by 16.58% to RMB 150.68 million in 2022, accounting for 15.23% of revenue, up 3.76 percentage points from 2021[114] - The total investment commitment for the AI-based smart port system R&D and industrialization project is 71,129,000 yuan, with 42.01% of the investment completed as of the report date[138] - The R&D center upgrade project has a total investment commitment of 20,157,000 yuan, with 23.31% of the investment completed[138] - The company will continue to improve its AIoT ecosystem and promote its terminal products, including robots, vehicle networking, and identity authentication, leveraging its technological innovations and project implementation advantages in the smart port sector[145] - The company faces risks related to product and technology R&D, including the potential for delayed technology conversion and misalignment with customer needs, which could impact profitability[147] Financial Performance - Revenue for 2022 was RMB 989.16 million, a decrease of 12.22% compared to RMB 1.13 billion in 2021[30] - Net profit attributable to shareholders in 2022 was RMB 96.45 million, a decrease of 46.19% compared to RMB 179.24 million in 2021[30] - Net cash flow from operating activities in 2022 was negative RMB 167.82 million, a decrease of 213.23% compared to positive RMB 148.22 million in 2021[30] - Basic earnings per share in 2022 were RMB 0.37, a decrease of 47.14% compared to RMB 0.70 in 2021[30] - Weighted average return on equity in 2022 was 4.72%, a decrease of 4.47 percentage points compared to 9.19% in 2021[30] - Total assets at the end of 2022 were RMB 3.03 billion, a slight decrease of 0.09% compared to RMB 3.03 billion at the end of 2021[30] - Shareholders' equity at the end of 2022 was RMB 2.09 billion, an increase of 3.48% compared to RMB 2.02 billion at the end of 2021[30] - Revenue for Q1, Q2, Q3, and Q4 were RMB 260.74 million, RMB 328.27 million, RMB 162.94 million, and RMB 237.21 million respectively[35] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 were RMB 50.61 million, RMB 28.92 million, RMB 3.27 million, and RMB 13.65 million respectively[35] - Non-recurring gains and losses for 2022 amounted to RMB 27.77 million, including government subsidies of RMB 13.37 million and gains from financial assets of RMB 19.71 million[37][38] - Revenue for 2022 was RMB 989.1625 million, a decrease of 12.22% year-over-year[77] - Net profit attributable to shareholders was RMB 96.4456 million, a decrease of 46.19% year-over-year[77] - Asset impairment provisions amounted to RMB 98.9719 million, an increase of RMB 48.9167 million compared to the previous year[77] - Revenue from the Smart Port Inspection System Solutions decreased by 24.48% to 820.84 million RMB in 2022[95] - Revenue from the Intelligent Transportation and Other segment increased by 319.17% to 166.85 million RMB in 2022[95] - Revenue from the East China region increased by 8.23% to 198.37 million RMB in 2022[96] - Revenue from the Southwest region decreased by 39.61% to 316.17 million RMB in 2022[96] - Total operating costs decreased by 15.82% year-over-year, from 697.38 million yuan in 2021 to 587.08 million yuan in 2022[103][105] - Direct material costs in the software and IT services sector decreased by 17.91%, from 628.72 million yuan in 2021 to 516.12 million yuan in 2022[103] - Direct labor costs in the software and IT services sector decreased by 2.21%, from 27.45 million yuan in 2021 to 26.84 million yuan in 2022[103] - Manufacturing costs in the software and IT services sector decreased by 15.44%, from 16.69 million yuan in 2021 to 14.11 million yuan in 2022[103] - Implementation costs in the software and IT services sector increased by 19.08%, from 24.45 million yuan in 2021 to 29.12 million yuan in 2022[103] - The top five customers accounted for 41.10% of total sales, with a combined sales amount of 406.50 million yuan[108][109] - The top five suppliers accounted for 21.59% of total procurement, with a combined procurement amount of 120.20 million yuan[109] - R&D expenses increased by 16.58%, from 129.25 million yuan in 2021 to 150.68 million yuan in 2022, due to increased R&D investment[110] - Operating cash inflow decreased by 32.26% to RMB 763.32 million in 2022, mainly due to delayed project payments[116] - Net cash flow from operating activities turned negative at RMB -167.82 million in 2022, a 213.23% decrease, primarily due to delayed project payments[117] - Net cash flow from investing activities was RMB -314.15 million in 2022, a significant decrease of 10,591.78%, mainly due to increased external investments and reduced financial product returns[117] - Net cash flow from financing activities was RMB -51.18 million in 2022, a 1,428.44% decrease, mainly due to reduced investment absorption and increased rental payments under new leasing standards[117] - Investment income reached 20,723,342.58 RMB, accounting for 27.15% of total profit, mainly due to the purchase of financial products using idle funds[119] - Asset impairment was -2,773,694.02 RMB, accounting for -3.63% of total profit, primarily due to the provision for warranty reserve according to the company's accounting policy[119] - Other income was 23,978,208.34 RMB, accounting for 31.41% of total profit, mainly from VAT refunds and government subsidies related to business operations[119] - Credit impairment loss was -96,198,179.52 RMB, accounting for -126.03% of total profit, mainly due to the provision for bad debt reserves on accounts receivable[119] - Monetary funds decreased by 17.49% to 1,198,517,167.04 RMB, mainly due to the purchase of financial products and new external investments[121] - Accounts receivable increased by 7.03% to 906,420,929.69 RMB, mainly due to delayed project payments caused by settlement cycles[121] - Contract assets increased by 0.47% to 34,072,965.74 RMB, mainly due to an increase in warranty receivables[121] - Investment in real estate increased by 0.93% to 28,250,588.83 RMB, mainly due to the reclassification of self-used properties for rental[122] - The company's total investment in the reporting period was 126,000,000 RMB, a 629% increase compared to the previous year[127] - The company's financial assets at fair value through profit or loss increased by 200,000,000 RMB, mainly due to the purchase of financial products[124] - Beijing Nano Vision Technology received an investment of 240 million RMB, accounting for 0.96% of the total investment[129] - Shenzhen Market Operation Technology received an investment of 15 million RMB, accounting for 3.00% of the total investment[129] - Guangdong Hengyuan Chuang Private Equity Fund Management Co., Ltd. completed the first phase of investment with 52.5 million RMB, accounting for 35.0% of the total investment[130] - Jiaxin (Jiaxing) Project Management Co., Ltd. received an investment of 48 million RMB, accounting for 30.0% of the total investment[130] - The company reported no significant non-equity investments during the reporting period[131] - The company reported no securities investments during the reporting period[131] - The company reported no derivative investments during the reporting period[132] - Total funds raised from the IPO amounted to RMB 1,161,723,600, with a net amount of RMB 1,036,760,000 after deducting underwriting and other issuance fees[134] - As of December 31, 2022, the company has used RMB 398,356,428.79 of the raised funds for investment projects, with a remaining balance of RMB 638,403,571.21 in the fundraising account[135] - The company has earned RMB 35,298,958.40 from short-term financial products purchased with the raised funds and RMB 16,497,686.06 from bank deposit interest income, net of bank fees[135] - The cumulative usage of raised funds as of the reporting period was RMB 39,835.64 million, with no changes in the intended use of the funds[134] - The remaining unused funds of RMB 63,840.36 million are stored in dedicated bank accounts and used for purchasing short-term financial products[134] - The marketing service network upgrade project has a total investment commitment of 12,390,000 yuan, with 42.42% of the investment completed[138] - The company acquired 100% equity of Shenzhen Better Robotics Co., Ltd. for 218,030,100 yuan, using 175,069,900 yuan from the raised funds for the acquisition[138] - The company used 72,348,100 yuan of raised funds to replace the self-raised funds previously invested in the projects[139] - As of December 31, 2022, the unused raised funds are stored in the raised funds account[139] - The company's subsidiary, Shenzhen Shengshi, has a registered capital of 6,500,000 yuan, total assets of 9,045,930 yuan, and a net profit of 833,800 yuan[143] - Cash dividend policy: RMB 1.00 per 10 shares (tax included)[195] - The company's total cash dividend distribution for 2022 is RMB 25,804,175.00, accounting for 100% of the total profit distribution[196] - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 25,804,175.00, with no stock dividends or capital reserve transfers[197] - The company's 2021 restricted stock incentive plan granted 4,499,000 shares to 148 eligible individuals at a price of RMB 16.035 per share[198] - An additional 1,124,750 shares were granted to 104 eligible individuals under the same incentive plan at the same price[199] - The company repurchased and canceled 62,000 restricted shares from 7 former employees who were no longer eligible for the incentive plan[199] - The first lock-up period for the initial grant of the incentive plan ended on June 28, 2022, with 1,337,100 shares released for 142 eligible individuals[199] Market Expansion and Strategy - The company will expand its marketing network, increase R&D investment, and gradually expand into overseas markets to consolidate its leading position in smart ports[10] - The reopening of borders and increased cross-border traffic have created favorable conditions for the company's business, with a 112.4% increase in cross-border personnel and a 59.3% increase in cross-border transportation[42] - The company benefits from China's deepening opening-up and the "Belt and Road" initiative, which have laid a solid foundation for port-related business development[43] - The "14th Five-Year Plan" for customs and port development emphasizes the construction of smart ports, leveraging AI, 5G, IoT, and other technologies to enhance port efficiency and service[44] - The company has successfully promoted smart