拓斯达(300607) - 2023 Q2 - 季度财报

Injection Molding Machines - TH series hydraulic clamping injection molding machines include 11 models with clamping forces ranging from TH130 to TH2200, widely used in industries such as home appliances, environmental technology, medical, precision electronics, and automotive, especially excelling in thin-walled and deep-cavity products[1] - TE series all-electric injection molding machines cover clamping forces from 60T to 460T, with TE300, TE360, and TE460 in prototype testing, while TE90, TE120, TE160, TE200, and TE240 have achieved sales[1] - The company has invested RMB 47,869,060.62 in the injection molding machine sub-project of the intelligent equipment and injection molding and CNC machine tool expansion project as of June 30, 2023[23] CNC Machine Tools - The HMU1500 horizontal five-axis machining center, featuring a wall-type structure and high-rigidity gear-driven rotary table, has been delivered to customers, primarily used for aerospace titanium alloy and new energy vehicle subframe processing[6] - CNC machine tool business achieved revenue of 139.06 million yuan, a 42.08% year-on-year increase, with a gross margin of 30.74%, up 4.11 percentage points, driven by increased market recognition and demand from industries like aerospace, precision molds, and new energy vehicle parts[13] - Five-axis CNC machine tools saw a 70% year-on-year increase in orders to 115 units and a 140% year-on-year increase in shipments to 111 units[13] - The company's five-axis CNC machine tools are highly competitive and hold a leading position among domestic manufacturers[34] Industrial Robots and Automation - Industrial robot core components, including controllers, servo drives, and vision systems, have seen breakthroughs in control technology, servo drive technology, and vision systems, with TMCR series robot controllers and TMCP series injection molding controllers already in batch and small-batch applications respectively[7] - Industrial robot and automation application systems generated revenue of 437.05 million yuan, a 17.16% year-on-year decrease, with a gross margin of 33.79%, up 5.69 percentage points[12] - The company's industrial robot products include SCARA robots, six-axis multi-joint robots, DELTA robots, and Cartesian robots, covering industries like 3C and new energy[34] - The company has independently developed core technologies for controllers, servo drives, and vision systems, achieving import substitution of core components and providing higher cost-performance products[15] Photovoltaic Sector Orders - From January to July, the company secured over 1.2 billion yuan in orders from the photovoltaic sector, 2.4 times the total for the previous year, with clients including LONGi Green Energy, Tongwei, JA Solar, JinkoSolar, Trina Solar, Sungrow, and Huasheng New Energy[11] Financial Performance - The company's revenue for the reporting period was 2.102 billion yuan, a 2.94% increase compared to the same period last year[36] - Net profit attributable to the parent company's shareholders decreased to 84,371,506.85 yuan in the first half of 2023, down 17.56% from 102,325,135.42 yuan in the same period last year[197] - R&D expenses increased by 18.54% to 60,773,102.51 yuan in the first half of 2023, compared to 51,267,822.68 yuan in the same period last year[196] - Financial expenses increased significantly to 16,655,152.72 yuan in the first half of 2023, up 297.17% from 4,193,458.57 yuan in the same period last year[196] - Net cash flow from operating activities decreased by 295.98% to -137.863 million yuan, mainly due to a decline in the cash collection ratio from sales[36] Subsidiaries and Investments - The company's subsidiary, Dongguan Tuosda Intelligent Environment Technology Co., Ltd., had a total asset of 2.02 billion yuan, a net asset of 300.31 million yuan, and a net profit of 74.7 million yuan[53] - Subsidiary Tuosda Global Group achieved revenue of 65,287.58 million yuan and net profit of 3,799.97 million yuan[54] - Subsidiary Dongguan Aifumei CNC Equipment Technology generated revenue of 37,023.43 million yuan and net profit of 1,469.32 million yuan[54] - Newly acquired subsidiary Suzhou Meili Zhi Electronics Technology reported a net loss of 71,073.75 yuan[54] - The company established a wholly-owned subsidiary, Tuosda Technology (Malaysia) Sdn. Bhd., with a registered capital of 1 MYR[104] - The company established Tuosda Technology (Indonesia) Ltd. with a registered capital of 10 billion IDR, with Tuosda Global holding 90% and Singapore Tuosda holding 10%[104] - The company acquired 100% equity of Suzhou Meilizhi Electronic Technology Co., Ltd. through its subsidiary Tuosda Intelligent Environment[104] Raised Funds and Convertible Bonds - The company successfully issued convertible bonds on March 10, 2021, raising a net amount of 655 million yuan for the construction of an intelligent manufacturing R&D and industrialization project[33] - The implementation of the convertible bond project has been delayed, with the deadline extended to May 31, 2024, to ensure quality and effective use of funds[33] - The main structure of the convertible bond project has been completed, with interior decoration and infrastructure construction progressing[33] - The company issued 6.7 million convertible bonds with a total face value of 670 million yuan, and the net amount of funds raised after deducting issuance costs was 655.16 million yuan[42] - As of June 30, 2023, the company has cumulatively used 196.5 million yuan of the raised funds for the intelligent manufacturing overall solution R&D and industrialization project[42] Risk Factors - The company faces risks of product substitution and technology leakage due to rapid industry transformation towards automation and intelligence[55] - The company is exposed to risks from macroeconomic fluctuations and downstream industry cyclical changes[66] - The company's accounts receivable risk is increasing due to rapid business growth, despite efforts to strengthen collection and risk control[68] - The company faces a talent shortage risk due to the high demand for multi-disciplinary professionals in fields such as electrical automation, CNC technology, and mechanical manufacturing[69] Corporate Governance and Shareholder Meetings - The company has a young and motivated management team with strong organizational and operational capabilities, supported by a comprehensive compensation mechanism and long-term incentive plans[16] - The company has disclosed 156 announcements and documents and responded to 29 investor inquiries through the Shenzhen Stock Exchange Interactive Platform during the reporting period, maintaining transparent and timely information disclosure[26] - The 2022 annual shareholders' meeting had a 44.12% investor participation rate[60] - The 2023 first extraordinary shareholders' meeting had a 43.77% investor participation rate[60] R&D and Technological Innovation - The company has completed the main structure construction of the first phase of the Tuosda Intelligent Equipment Headquarters Base project in December 2022, which will be used for the R&D and manufacturing of injection molding machines, CNC machine tools, industrial robots, and automation equipment, enhancing core competitiveness and profitability[14] - The company continued to increase R&D investment, attract top talent, and enhance product competitiveness through technological innovation and new product development[112] - The company successfully achieved localization and surpassed foreign advanced technologies in certain specific areas through independent R&D and breakthroughs in servo control key technologies[85] Financial Ratios and Debt - Interest coverage ratio decreased by 18.98% to 4.31, and EBITDA interest coverage ratio decreased by 16.64% to 5.16 due to increased interest expenses from convertible bonds and bank loans[177] - Cash interest coverage ratio dropped by 1,165.00% to -5.06, primarily due to a 295.98% decrease in net cash flow from operating activities, driven by a 12.62% decline in cash received from sales and increased cash payments for deposits and guarantees[177] - Current ratio decreased by 1.90% to 1.55, while the quick ratio increased by 2.48% to 1.24[180] - Debt-to-asset ratio increased by 1.33% to 65.14%[180] - Net profit after deducting non-recurring gains and losses decreased by 18.00% to 776.093 million yuan[180] Shareholder Structure - Wu Xingli, the largest shareholder, holds 34.00% of the company's shares, totaling 144,629,860 shares[152] - Yang Shuangbao holds 5.30% of the company's shares, totaling 22,562,331 shares[152] - Huang Daibo holds 4.26% of the company's shares, totaling 18,143,309 shares[152] - The company holds 2,129,000 shares through a stock repurchase account, accounting for 0.50% of the total shares[153] Convertible Bonds and Share Repurchases - The company repurchased and canceled 215,000 restricted shares from an employee who resigned[74] - The company repurchased and canceled 129,600 restricted shares at a price of 7.405 yuan per share in 2022 due to the resignation of two incentive recipients[84] - The company repurchased and canceled 897,408 restricted shares at a price of 7.38 yuan per share, totaling 6,622,871.04 yuan, due to resignations and unmet performance targets[95] - The company canceled 130,752 stock options from 8 employees who either resigned or failed to meet performance targets[76] - The company plans to repurchase and cancel 588,672 restricted shares, accounting for 0.14% of the total shares as of June 30, 2023, due to unmet performance targets[78] Other Financial Information - The company's total investment in fixed-income financial assets was 310.271 million yuan, with a cumulative investment income of 643,470.42 yuan[39] - The company's total share capital as of June 30, 2023, was 425,418,634 shares, with a basic and diluted earnings per share of 0.20 yuan and a net asset per share of 5.65 yuan[144] - The company's total share capital increased to 425,869,449 shares after a capital reserve transfer of 159,701,043 shares, with a corresponding increase in registered capital from 266.1684 million yuan to 425.8694 million yuan[168] - The company's convertible bonds were converted into 76 shares during the reporting period[144] Social Responsibility and Donations - The company donated 200,000 yuan to the Dongguan Patriotic Support Association and provided 50,000 yuan per village for poverty alleviation through the Tongren City Glorious Cause Promotion Association[142]