Raycus(300747)2023-04-24 16:00Cash Flow Analysis - Operating cash inflow increased by 21.83% YoY to 2,946,195,183.03 yuan, while operating cash outflow increased by 13.33% YoY to 2,657,992,335.96 yuan, resulting in a net operating cash flow increase of 295.24% YoY to 288,202,847.07 yuan[2] - Investment cash inflow surged by 947,430.49% YoY to 346,512,468.63 yuan, while investment cash outflow decreased by 28.06% YoY to 474,450,236.48 yuan, leading to a net investment cash flow improvement of 23.30% YoY to -127,937,767.85 yuan[2] - Financing cash inflow rose by 23.30% YoY to 480,000,000.00 yuan, and financing cash outflow increased by 21.31% YoY to 280,916,067.61 yuan, resulting in a net financing cash flow growth of 26.22% YoY to 199,083,932.39 yuan[2] - Net cash and cash equivalents increased by 183.16% YoY to 360,666,937.40 yuan, compared to a net decrease of 433,720,515.03 yuan in the previous year[2] - Investment activities generated a net cash flow increase of RMB 531,520,400 compared to 2021, mainly due to the recovery of time deposits and seven-day notice deposits[34] - Operating cash flow exceeded net profit by RMB 230,318,000, mainly due to asset impairment losses of RMB 60,075,200 and depreciation and amortization of RMB 170,930,000[35] - The company's net cash flow from operating activities in 2022 was 288.20 million yuan, a year-on-year increase of 295.24%[71] - The company's net cash flow from operating activities for the fourth quarter of 2022 was 320,903,975.09 yuan[94] Asset and Liability Changes - The company's monetary funds increased by 4.78% of total assets to 773,521,125.00 yuan, accounting for 14.14% of total assets, primarily due to the recovery of 230 million yuan in fixed-term deposits and a net increase in financing of 230 million yuan[13] - Fixed assets increased by 7.60% of total assets to 1,047,500,430.01 yuan, accounting for 19.15% of total assets, mainly due to the transfer of a new R&D building from construction in progress to fixed assets, amounting to 282.27 million yuan, and an increase in machinery and electronic equipment by 193.24 million yuan[13] - Short-term borrowings increased by 3.93% of total assets to 350,244,469.18 yuan, accounting for 6.40% of total assets, primarily due to a net increase in short-term borrowing of 230 million yuan[13] - Intangible assets increased by 1.14% of total assets to 127,691,141.34 yuan, accounting for 2.33% of total assets, mainly due to the acquisition of a land parcel through bidding[13] - Deferred tax assets increased by 0.85% of total assets to 86,283,218.30 yuan, accounting for 1.58% of total assets, primarily due to the recognition of deferred tax assets for deductible losses of 40.16 million yuan and an increase in deferred tax assets for inventory write-downs of 6.57 million yuan[13] - Accounts receivable financing increased to 109,973,469.94 yuan at the end of the period, compared to 107,569,670.49 yuan at the beginning of the period[21] - Restricted cash balance at the end of the reporting period was RMB 32,446,170.65, including RMB 1,601,983.42 for letter of credit guarantees and RMB 30,844,187.23 for bank acceptance guarantees[24] - The company's total assets at the end of 2022 were 5.47 billion yuan, a year-on-year increase of 12.69%[71] - The company's total equity attributable to the parent company's owners at the end of 2022 was 3.06 billion yuan, a year-on-year increase of 2.00%[71] Revenue and Profit Analysis - Net profit attributable to the parent company's owners was 40.87 million yuan, a year-on-year decrease of 91.38%[43] - Annual revenue for 2022 was 3.19 billion yuan, a year-on-year decrease of 6.48%[58] - The company's laser product sales achieved positive growth, but the significant price reduction led to a slight decline in revenue[43] - The company's basic earnings per share in 2022 were 0.0728 yuan, a year-on-year decrease of 91.38%[71] - The company's weighted average return on equity in 2022 was 1.35%, a year-on-year decrease of 15.66%[71] - The company's net profit margin in 2022 was 1.28%, a significant decrease compared to the previous year[71] - The company's diluted earnings per share in 2022 were 0.0720 yuan, a year-on-year decrease of 91.44%[71] - The company achieved a revenue of 3.188 billion yuan in 2022, a decrease of 6.48% year-on-year, and a net profit attributable to the parent company of 40.87 million yuan, a decrease of 91.38% year-on-year[115] - The company's revenue for the four quarters of 2022 were 701,270,661.31 yuan, 846,131,475.38 yuan, 773,503,555.36 yuan, and 867,764,217.67 yuan respectively[94] - The company's net profit attributable to shareholders for the four quarters of 2022 were 20,903,707.46 yuan, 981,297.19 yuan, 11,080,842.09 yuan, and 7,907,580.80 yuan respectively[94] - Total revenue for 2022 was RMB 3,188,669,909.72, a decrease of 6.48% year-over-year[161] - Pulse fiber laser revenue in 2022 was 424,965,213.69 yuan, a year-on-year increase of 26.09%[178] - Continuous fiber laser revenue in 2022 was 2,408,244,973.70 yuan, a year-on-year decrease of 6.91%[178] - Ultrafast laser revenue in 2022 was 78,718,534.48 yuan, a year-on-year decrease of 29.64%[178] Investment and Fund Utilization - Total investment during the reporting period was RMB 694,861,705.65, a 114.18% increase compared to the same period last year[25] - Cumulative use of funds raised from the 2018 IPO reached RMB 738,186,200, with RMB 306,341,200 invested in the high-power fiber laser development and industrialization project and RMB 431,845,000 invested in the medium-high power semiconductor laser industrialization and R&D center project[26] - RMB 30,116,280 of surplus funds from the high-power fiber laser project was permanently used to supplement working capital[28] - RMB 15,387,840 of surplus funds from the medium-high power semiconductor laser project was permanently used to supplement working capital[29] - The balance of funds raised from the 2018 IPO in the special account as of December 31, 2022 was RMB 3,216,100.35[30] - The "High-Power Fiber Laser Development and Industrialization Project" achieved a surplus of 30,116.28 million yuan due to cost control and efficient use of funds[172] - The "Mid-to-High Power Semiconductor Laser Industrialization and R&D Application Engineering Center Project" achieved a surplus of 15,387.84 million yuan[172] - The company adjusted the implementation locations for the "High-Power Fiber Laser Development and Industrialization Project" and the "Mid-to-High Power Semiconductor Laser Industrialization Project" to include Wuxi Reco as a new implementation entity[169] - The company increased the "construction and installation costs" for the "High-Power Fiber Laser Development and Industrialization Project" by 2,977.46 million yuan due to increased demand for low-power pulse lasers[169] - The company adjusted the completion time for the "Mid-to-High Power Semiconductor Laser Industrialization and R&D Application Engineering Center Project" to August 2022 due to delays in planning and design changes[169] - The company used 3,117.82 million yuan of raised funds to replace pre-invested self-raised funds for the project[171] - The company's high-power fiber laser development and industrialization project has a cumulative investment of RMB 30,634.12 million, achieving 52.56% of the planned investment[195] - The mid-to-high power semiconductor laser industrialization and R&D project has a cumulative investment of RMB 43,184.5 million, achieving 80.53% of the planned investment[195] - Unused raised funds as of December 31, 2022, are deposited in the special account for raised funds[200] R&D and Innovation - The company applied for 370 patents and was granted 289 patents, with 24 government projects approved[107] - The company's "10,000-watt fiber laser key technology research and industrialization" was selected for the 2021 "Science and Technology China" Pioneer Technology List[107] - The company completed the mass production of the single-module 12kW fiber laser (C12000S), achieving cost reduction targets[151] - The 30kW high-power continuous fiber laser with 100μm output was successfully developed and entered mass production[151] - The company has successfully developed a 40kW fiber laser product with 100μm output, achieving small-scale production in March 2023[183] - R&D investment in 2022 was RMB 309,073,473.07, accounting for 9.69% of total revenue[153] - The number of R&D personnel increased by 12.44% to 660 in 2022, with 41.83% growth in undergraduate degree holders[153] - The proportion of R&D personnel aged 30-40 increased by 31.35% in 2022[153] - The company's R&D expenses increased by 7.97% year-on-year to RMB 308,997,621.04[181] - Raycus Laser strengthened its R&D capabilities, focusing on emerging applications and market-oriented product development through IPD organizational structure[132] - The company enhanced its quality management system, advancing digital prototyping and reliability testing to improve product quality and reliability[137] Market and Sales Performance - The company's domestic market share in the fiber laser market in 2022 was approximately 26.8%[80] - The global laser equipment market sales revenue in 2022 was approximately $21.6 billion, with China's fiber laser market sales revenue declining to 12.26 billion yuan, a year-on-year decrease of 1.8%[100] - The sales volume of high-power products increased by 128% year-on-year, with the sales volume of 10,000-watt lasers increasing by 35% year-on-year[115] - The company established 13 overseas service points, forming a global service network[106] - The company's sales volume in the optoelectronic device manufacturing industry increased by 23.85% year-on-year to 136,733 units[119] - The company's inventory in the optoelectronic device manufacturing industry decreased by 39.29% year-on-year to 11,309 units[119] - The company's operating cost in the optoelectronic device manufacturing industry increased by 8.48% year-on-year to 2.612 billion yuan[120] - The company's gross profit margin in the optoelectronic device manufacturing industry decreased by 11.29% year-on-year to 18.05%[117] - The company's gross profit margin for pulse fiber lasers increased by 13.19% year-on-year to 22.42%[117] - The top three customers accounted for 4.08%, 3.58%, and 3.35% of total annual sales, with sales of RMB 129.02 million, RMB 113.32 million, and RMB 106.06 million respectively[124] - The top five customers accounted for 17.37% of total annual sales, with a combined sales amount of 549,703,009.38 yuan[179] - Domestic market sales accounted for 98.11% of total revenue, while international sales grew by 18.70%[161] - Continuous fiber laser sales contributed 75.53% of total revenue, a slight decrease of 6.91% year-over-year[161] - Pulse fiber laser sales increased by 26.09%, accounting for 13.33% of total revenue[161] - The domestic market revenue increased by 17.96% year-on-year to RMB 3,128,461,690.28[191] - The overseas market revenue increased by 23.31% year-on-year to RMB 60,208,219.44[191] - The company's automotive business revenue grew significantly in 2022, with batch orders from leading automakers for ring spot series and optical gate-coupled high-end lasers[143] - Raycus Laser established a global service network with 13 overseas service points and achieved breakthroughs in strategic sectors like new energy, laser cleaning, and automotive industries[133][141] Non-Recurring Items and Other Financial Metrics - The company's non-recurring gains and losses for 2022 amounted to 32,273,433.55 yuan, with government subsidies contributing 35,786,811.47 yuan[75] - The company's non-current asset disposal gains for 2022 were 4,884,180.72 yuan[75] - The company's impairment reversal of receivables for 2022 was 1,734,987.00 yuan[75] - The company's other non-operating income and expenses for 2022 were 447,806.34 yuan[75] - The company's income tax impact on non-recurring gains and losses for 2022 was 6,475,275.42 yuan[75] - Asset impairment losses amounted to RMB 61,054,570.62, accounting for -525.42% of total profit[37] - Other income reached RMB 41,280,674.57, accounting for 355.25% of total profit, mainly from government subsidies and VAT refunds for software products[37] - The total procurement amount from the top five suppliers is RMB 490,865,275.88, accounting for 20.32% of the annual procurement total[181] - The procurement amount from the top supplier is RMB 174,676,670.32, accounting for 7.23% of the annual procurement total[181] Operational Costs and Efficiency - Operating costs for continuous fiber lasers increased by 16.09% YoY, with direct material costs rising 17.35% and direct labor costs surging 61.44%[147] - The company's total operating costs increased by 8.47% YoY, reaching RMB 2.61 billion in 2022[147] - The company established Wuhan Raycus Special Light Source Co., Ltd. in July 2022, adding one entity to the consolidated financial statements[122] - Raycus Laser was recognized as a National Intellectual Property Advantage Enterprise in 2022 and ranked among the top 100 high-tech enterprises in Hubei Province[128] - The company launched the "Banner" brand, introducing high-performance lasers for automotive, shipbuilding, and aerospace industries, including 6,000W/12,000W lasers and 3D printing laser products[129]