Orbita(300053)2024-04-25 13:08Financial Performance - The company's performance in 2023 significantly declined, primarily due to slower customer payment collections and asset impairment provisions, including goodwill impairment for major subsidiaries [3]. - The company's operating revenue for 2023 was ¥352,663,341.62, a decrease of 17.11% compared to ¥425,460,927.81 in 2022 [33]. - The net profit attributable to shareholders was -¥425,343,816.14, representing an improvement of 25.66% from -¥572,196,028.02 in the previous year [33]. - The total assets at the end of 2023 were ¥2,754,502,038.00, down 12.70% from ¥3,154,610,065.38 in 2022 [33]. - The net assets attributable to shareholders decreased by 17.05% to ¥2,068,217,397.92 from ¥2,493,376,097.00 in 2022 [33]. - The basic earnings per share for 2023 was -¥0.610, an improvement of 25.15% from -¥0.815 in 2022 [33]. - The company reported a quarterly operating revenue of ¥45,322,643.52 in Q4 2023, a decline from previous quarters [36]. - The net profit attributable to shareholders in Q4 2023 was -¥481,737,626.72, significantly lower than the profits in the first three quarters [36]. - The company received government subsidies amounting to ¥18,540,071.74 in 2023, compared to ¥16,793,619.30 in 2022 [41]. - The total non-recurring gains and losses for 2023 amounted to ¥19,486,231.93, a recovery from -¥3,390,707.46 in 2022 [41]. Research and Development - The company plans to enhance its core competitiveness by increasing R&D investment and improving project acquisition capabilities [3]. - The company is investing heavily in R&D, with a budget allocation of 200 million RMB for the development of AI chips and embedded systems [28]. - In 2023, the company's R&D investment amounted to CNY 163.99 million, representing 46.5% of its operating revenue, a significant increase from CNY 94.25 million (22.15%) in 2022, marking a year-on-year growth of 24.35% [138]. - The R&D department has been optimized into eight sub-departments, enhancing the company's ability to innovate and respond to market needs [80]. - The company is focusing on the development of high-performance embedded AI chips and on-orbit AI processing systems to maintain its technological leadership in the aerospace electronics sector [138]. - The company is advancing the development of the "Yulong 910" AI chip and RISC-V high-performance main control chip, with design frequencies exceeding 1.6GHz and 1GHz respectively [92]. - The company is committed to continuous technological innovation, driving improvements across its various business sectors [81]. Market Expansion and Product Development - The company is actively promoting its products in the market, particularly in satellite big data and geographic information intelligent surveying, which have substantial market potential [7]. - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies [28]. - Market expansion efforts include entering three new international markets, aiming for a 15% increase in overseas sales [28]. - New product launches include a next-generation SoC expected to generate an additional 300 million RMB in revenue within the first year of release [28]. - The company is developing a comprehensive business model for satellite big data, focusing on data collection, operation, processing, and application [68]. - The company is actively exploring market demands in various fields, including civil drones and special vehicle onboard electronic systems, to further expand its electronic product market layout [96]. - The company is focused on integrating satellite data collection, processing, operation, and application into a comprehensive business model to provide faster services to clients [103]. Strategic Initiatives and Governance - The company is committed to optimizing its organizational structure and improving internal controls to enhance overall governance and operational capabilities [6]. - The company emphasizes the importance of technological innovation and product upgrades to mitigate risks associated with rapid industry changes [5]. - The company is committed to the "independent and controllable" strategy, focusing on the development of core aerospace electronic components and satellite big data services [90]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, and a supervisory board, aimed at improving operational standards [181]. - The company is focusing on maintaining compliance with the Corporate Governance Code and enhancing its governance practices to align with industry standards [181]. - The company has been proactive in communicating its strategic initiatives and performance metrics to investors, ensuring transparency and engagement [178]. Talent and Human Resources - The company acknowledges the risk of talent loss due to its reliance on high-skilled professionals in specialized fields like aerospace and big data [9]. - The company has established a strong talent system, including experts in aerospace electronics, artificial intelligence, and geographic information [88]. - The number of R&D personnel decreased by 9.13% from 241 in 2022 to 219 in 2023, with the proportion of R&D personnel remaining relatively stable at 39.04% [137]. - The company has established a comprehensive employee performance evaluation and incentive mechanism to foster a fair and efficient work environment [186]. Industry Trends and Market Outlook - The satellite big data industry in China is projected to exceed 3 trillion yuan by 2025, with an average annual growth rate of around 25% [58]. - The artificial intelligence market in China reached 160.8 billion yuan in 2020, with a year-on-year growth of 28%, and is expected to exceed 500 billion yuan by 2025 [60]. - The market demand for high-reliability, high-performance, and miniaturized SoC and SiP products is increasing in the aerospace sector [48]. - The Chinese government aims for a 70% self-sufficiency rate in chip production within the next five years, up from approximately 30% in 2019 [49]. - The company is positioned to benefit from the rapid development of the aerospace industry, particularly in the domestic production of core components [50]. Financial Management and Investment - The company has not achieved the expected benefits from the satellite big data sector, with market promotion efforts progressing slowly in recent years [161]. - The total investment during the reporting period was 3,350,000.00, a significant decrease of 99.64% compared to the previous year's investment of 938,508,388.43 [149]. - The company plans to use up to RMB 14 million of idle raised funds and up to RMB 20 million of idle self-owned funds for capital preservation cash management in 2023 [157]. - The company has utilized RMB 217.77 million of self-raised funds for pre-investment in projects before the raised funds were in place [161]. - The company reported a fair value change loss of -33,179.18 for trading financial assets, with a total of 261,000,000.00 purchased and 283,000,000.00 sold during the period [147]. Recognition and Achievements - The company has received multiple recognitions, including being listed as a national-level specialized and innovative small giant enterprise and a Guangdong provincial big data backbone enterprise [63]. - The company received multiple honors in 2023, including "Advanced Unit of High-Quality Party Building and High-Quality Development" and ranked among the "Top 100 Economic Contribution Enterprises in Zhuhai" for 2022 [64]. - The company achieved recognition with 12 awards, including the "Excellent Engineering Award" in the geographic information industry [115].