Exciton(300566)2023-04-26 16:00Share Issuance and Ownership Structure - The company issued 1,653,700 restricted shares at a price of 9.53 yuan per share on September 16, 2022, as part of the 2020 restricted stock incentive plan[2] - Zhang Yan, the largest shareholder, holds 17.75% of the shares, totaling 46,827,256 shares, with 35,120,442 shares under restricted conditions[3] - TB Material Limited, a foreign legal entity, holds 5.19% of the shares, totaling 13,682,255 shares, with a reduction of 10,629,130 shares during the reporting period[3] - The company's controlling shareholder is Zhang Yan, who serves as the Chairman and General Manager of the company[4] - The company's actual controlling entity is Ningbo Jiangbei Chuangzhi Investment Management Partnership, holding 50.41% of the shares[5] - The company issued restricted shares to specific entities, including JP Morgan Chase Bank and Guohai Innovation Capital, totaling 1,600,000 shares each on June 24, 2022[1] - The company issued restricted shares to individual investors, such as Wang Shichun and Nanfang Tiancheng, totaling 1,200,000 shares each on June 24, 2022[1] - The company issued restricted shares to institutional investors, including Taiping Asset Management and Da Cheng Fund, totaling 2,800,000 and 720,000 shares respectively on June 24, 2022[1] - The company issued restricted shares to the National Social Security Fund, totaling 400,000 shares on June 24, 2022[1] Financial Performance and Key Metrics - Total assets increased to 3,573,486,872.28 RMB in 2022, up from 3,508,883,590.87 RMB in 2021[13][14] - Revenue for 2022 was 1,981,477,500 RMB, primarily from optical films, window films, and solar backsheet films[20] - Cash and cash equivalents decreased to 841,711,965.51 RMB in 2022 from 1,088,325,930.38 RMB in 2021[13] - Accounts receivable decreased to 600,247,957.67 RMB in 2022 from 702,569,176.84 RMB in 2021[13] - Inventory increased to 463,489,240.38 RMB in 2022 from 438,087,245.67 RMB in 2021[13] - Fixed assets increased to 597,757,752.30 RMB in 2022 from 545,284,488.87 RMB in 2021[14] - Construction in progress more than doubled to 249,525,169.66 RMB in 2022 from 124,647,266.47 RMB in 2021[14] - Short-term borrowings decreased to 665,879,117.78 RMB in 2022 from 697,359,922.24 RMB in 2021[14] - Accounts payable increased to 342,157,357.16 RMB in 2022 from 325,415,110.49 RMB in 2021[14] - Total liabilities increased to 1,849,539,381.70 RMB, up from 1,784,919,614.43 RMB in the previous year[24] - Short-term borrowings rose to 403,164,464.94 RMB, compared to 278,767,291.65 RMB in the prior year[25] - Long-term borrowings decreased to 28,500,000.00 RMB from 70,000,000.00 RMB[24] - Total owner's equity slightly decreased to 1,723,947,490.58 RMB from 1,723,963,976.44 RMB[24] - Accounts payable dropped to 73,389,849.25 RMB from 100,979,098.86 RMB[25] - Deferred income increased to 79,451,663.63 RMB from 73,730,636.45 RMB[24] - Retained earnings grew to 526,423,931.65 RMB from 498,226,907.72 RMB[24] - Current liabilities totaled 1,740,902,764.82 RMB, up from 1,632,795,012.35 RMB[24] - Non-current liabilities decreased to 108,636,616.88 RMB from 152,124,602.08 RMB[24] - Total operating revenue for 2022 was 1,981,477,485.12, an increase of 2.96% compared to 1,924,520,416.90 in 2021[33] - Operating costs for 2022 were 1,967,272,287.62, up 9.16% from 1,802,217,291.91 in 2021[33] - R&D expenses increased to 151,909,268.30 in 2022, a 23.34% rise from 123,156,933.07 in 2021[33] - Net profit for 2022 was 56,405,425.67, a significant decrease of 55.86% compared to 127,806,753.11 in 2021[34] - Accounts receivable at the end of 2022 were 600,248,000, a decrease of 14.57% from 702,569,200 in 2021[37] - Other comprehensive income after tax for 2022 was 10,407,034.58, down 66.83% from 31,376,624.12 in 2021[34] - Basic earnings per share for 2022 were 0.22, a decrease of 56.86% from 0.51 in 2021[34] - The company achieved a total operating income of 1,981,477,485.12 yuan in 2022, a year-on-year increase of 2.96%[55] - Net profit attributable to shareholders of the listed company was 56,789,026.68 yuan, a year-on-year decrease of 52.37%[55] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 8,124,295.07 yuan, a year-on-year decrease of 91.40%[55] - The net cash flow from operating activities was 35,737,399.12 yuan, a year-on-year increase of 1,247.19%[55] - The basic earnings per share were 0.22 yuan, a year-on-year decrease of 56.86%[55] - The weighted average return on net assets was 3.35%, a year-on-year decrease of 9.93 percentage points[55] - The total assets at the end of 2022 were 3,573,486,872.28 yuan, a year-on-year increase of 1.84%[55] - The net assets attributable to shareholders of the listed company at the end of 2022 were 1,682,153,201.79 yuan, a year-on-year decrease of 0.07%[55] - The company's main business income was 195,836.42 million yuan, accounting for 98.83% of the total revenue[53] - The revenue from solar backplane film increased significantly year-on-year, while the revenue from high-end optical film decreased year-on-year[53] - The company's high-end optical film sales reached 597.42 million yuan, with quantum dot film, composite film, and COP products maintaining stable sales compared to the same period last year[62] - The company holds a 4.67% stake in Hengchuang Nano, focusing on the development of lithium manganese iron phosphate (LMFP) cathode materials for new energy vehicles[62] - The company's POE encapsulation film project in Anhui is progressing smoothly, with EVA and EPE (co-extruded POE) products in small-scale production and undergoing customer certification[62] - The company's optical film products have a certification cycle of 3-6 months for domestic customers and 6-12 months for foreign customers, reflecting high industry standards for quality and performance[60] - The company is a pioneer in domestic optical film production, achieving stable mass production of quantum dot film, COP, and composite optical film, with product quality leading internationally[60] - The company is actively promoting the use of a single composite film to replace the assembly of brightness enhancement and diffusion films, reducing labor costs and further thinning backlight modules[62] - The global photovoltaic market saw a 35.3% year-on-year increase in new installations in 2022, reaching 230GW, with China leading at 87.41GW, a 59.3% increase[72] - The company's optical film products are widely used in the LCD industry, which is expected to maintain dominance due to the high cost and immaturity of OLED technology for large sizes[68] - The company's optical film industry is closely linked to consumer electronics, exhibiting cyclical fluctuations influenced by macroeconomic conditions[69] - The company is a leading domestic player in optical film R&D, production, and sales, with strong innovation capabilities and market position[70] - The company achieved sales of 759 million yuan in the photovoltaic backsheet sector in 2022, with rapid growth in market share among leading component manufacturers[74][79] - The company entered the photovoltaic backsheet industry in 2018 and has developed a full range of backsheet production capabilities, gaining high recognition from industry-leading customers[74][79] - The company's photovoltaic backsheet products include T-series coated & composite backsheets (TPC, TPC-T, TPC-BW, TPO), double-sided coated backsheets (CPC, CPC-B, CPC-BW), and single-sided coated backsheets (PC, KPC)[78][79] - The company's photovoltaic encapsulation film project, funded through a private placement, is progressing smoothly with small-scale deliveries and R&D testing[78] - The company's gap reflective film, designed for bifacial glass module backsheets, has completed verification with leading component manufacturers and is expected to enter mass production in 2023[80] - The company's optical film products are widely used in TVs, monitors, laptops, tablets, smartphones, navigation devices, and automotive displays[77] - The company's optical film products include diffusion films, brightness enhancement films, quantum dot films, COP, composite films (DOP, POP), silver reflective films, 3D films, protective films, and smartphone hardening films[75][76] - The company's BritNit® series diffusion films and brightness enhancement films are produced using precision coating and micro-replication technologies, enhancing light uniformity and brightness for LCD panels[76] - The company's quantum dot films utilize quantum dots and high-precision coating technology to achieve high color gamut coverage, converting blue light into pure red and green light for high-quality white light in displays[76] - The company's composite brightness enhancement films combine multiple optical films into a single sheet, reducing thickness and cost while improving assembly yield and production efficiency[76] - The company achieved a total revenue of 1,981,477,485.12 yuan in 2022, a year-on-year increase of 2.96%[84] - Net profit attributable to the parent company was 56,789,000 yuan, a year-on-year decrease of 52.37%[84] - The cumulative shipment of transparent backsheets exceeded 5GW, with a transmittance rate of over 87%[81] - The solar backboard business achieved a revenue of 758,900,633.84 yuan, a year-on-year increase of 46.47%[86] - The optical film business revenue was 1,121,420,645.72 yuan, a year-on-year decrease of 14.87%[86] - The domestic market accounted for 76.52% of total revenue, with a year-on-year increase of 8.41%[86] - The company has obtained 136 patents, including 104 invention patents[85] - The high-reflectivity black backsheet achieved a reflectivity of over 60% in the near-infrared region (780~1100nm), with a component power gain of about 2%[81] - The company's R&D focuses on quantum dot films, composite optical films, and high-brightness optical diffusion films, enhancing market share and global leadership[82] - The company's core team has extensive experience in the optical film industry, with members having backgrounds in Fortune 500 companies and foreign enterprises[83] - Optical film sales volume decreased by 11.51% year-on-year to 9.084 million square meters, while production volume decreased by 13.99% to 8.847 million square meters[93] - Solar backsheet sales volume increased by 53.43% year-on-year to 5.878 million square meters, and production volume increased by 54.88% to 6.046 million square meters[93] - Solar backsheet inventory increased by 87.19% year-on-year to 361.38 thousand square meters[93] - Optical film direct material costs decreased by 10.98% year-on-year to 701.589 million yuan, accounting for 73.29% of operating costs[93] - Solar backsheet direct material costs increased by 48.02% year-on-year to 569.420 million yuan, accounting for 85.85% of operating costs[93] - The top 5 customers accounted for 52.73% of total annual sales, with the top customer contributing 14.28% of total sales[98] - The top 5 suppliers accounted for 46.47% of total annual procurement, with the top supplier contributing 15.79%[98] - R&D expenses increased by 23.35% year-on-year to 151.909 million yuan[100] - The company completed the development of quantum dot films for miniLED backlighting, achieving NTSC color gamut over 100% and copper content below 100ppm[100] - The company is in the research phase for developing high dynamic range, high color gamut, and high-resolution materials for MiniLED displays[100] - Developed a high-brightness composite enhancement film LEF300M-H for TV/display backlight modules, meeting cutting requirements while maintaining high brightness and scratch resistance[101] - Completed the development of anti-interference composite enhancement film LEF300M-2S, ensuring high brightness and compatibility with backlight LCD displays[101] - Developed a high-barrier film for new displays, achieving a water vapor barrier level of 10^-3, suitable for e-ink screen designs[101] - Completed the development of anti-ball drop diffusion film B100VP, improving backlight display quality and reducing defects in electronic devices[101] - Developed anti-scratch diffusion film B100V2-A, enhancing optical uniformity and reducing defects in TV/display backlight modules[101] - Completed the development of anti-scratch and anti-ball drop diffusion film B75VP, offering high concealment for backlight modules[101] - Developed anti-scratch diffusion film B75SA, providing high concealment and brightness for backlight modules[101] - Completed the development of anti-scratch diffusion film B188V2-A, ensuring high brightness and visual satisfaction in backlight modules[101] - Developed anti-scratch diffusion film B125V2-A, improving backlight display quality and brightness[101] - Completed the development of optical protective film PT902, ensuring no contamination after peeling[101] - Development of high-adhesion, easy-peel protective film completed, addressing surface defects and deformation issues[102] - PT509 protective film developed for TV/MNT backlight modules, featuring high coverage and excellent optical uniformity[102] - B188V ultra-high coverage diffusion film in research phase, targeting improved backlight display performance[102] - B188T2 wide-angle uniform diffusion film in research phase, aiming to meet market demand for thinner backlight modules[102] - High-transmittance solar adhesive film (>90% transmittance) developed for 1500V single/double-sided power generation modules[102] - High anti-PID solar adhesive film completed, enhancing weather resistance and reducing power degradation[102] - Rapid-curing solar adhesive film developed, improving production capacity and reducing energy consumption[102] - Low-temperature lamination curing solar adhesive film completed, increasing production efficiency[102] - Ultra-reflective solar adhesive film developed, boosting power generation efficiency[102] - UV-converting solar adhesive film completed, reducing UV aging power degradation in HJT modules[102] - Developed a wide-band (290-380nm) solar encapsulant film with high UV cut-off rate (transmittance ≤20%) for photovoltaic modules, enhancing power output and ensuring long-term outdoor use without significant degradation[103] - Completed development of a high-aging-resistant solar encapsulant film with a yellowing index △YI <3.0 (DH1000) and △YI <5.0 (DH1500), ensuring no delamination from backsheet and glass[103] - Developed a high-breakdown-voltage solar encapsulant film with a breakdown voltage >50.0KV/mm, improving power output and long-term outdoor performance[103] - Completed development of a high-hydrolysis-resistant solar encapsulant film with acid value not exceeding 4 times the initial value after DH1000/DH1500 testing[103] - Developed a high-mechanical-strength solar encapsulant film for photovoltaic modules, providing excellent insulation and protection for battery cells under harsh outdoor conditions[103] - Completed development of a high-fluidity solar encapsulant film, reducing lamination bubbles and improving component yield[103] - Developed a high-friction-coefficient solar encapsulant film with roughness Ra>20um (EVA steel roller) and Ra>10um (EVA rubber roller), enhancing power output and long-term outdoor performance[103] - Developed TP-laminated OCA film TY15 series with peel strength >1500gf/25mm, suitable for small and medium-sized TP functional layer lamination[103] - Completed development of OCA film MF07AR-12C for full lamination of mobile phone modules, with peel strength >2000gf/25mm and excellent ink step filling performance[103] - Developed high-reliability OCA film TY2A series for automotive P+G touch module structures, with peel strength >2500gf/25mm and no appearance defects under high temperature and humidity[103] - Operating cash flow increased by 1,247.19% to RMB 35.74 million in 2022, primarily due to strengthened collection of receivables[106] - Investment cash inflow surged by 256.13% to RMB 319.85 million, mainly from bank wealth management and fixed-income products[106] - Financing cash inflow decreased by 43.01% to RMB 989.49 million, while outflow increased by 16.28% to RMB 1.05 billion[106] - Net cash and cash equivalents decreased by 139.63% to RMB -269.74 million[106] - Developed RGB direct display black optical OBA with surface ink