中光防雷(300414) - 2024 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions Important Notes The company's board, supervisory board, and senior management ensure the report's truthfulness, accuracy, and completeness, while forward-looking statements are not substantive commitments - Company management guarantees the report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[2] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[6] Significant Risk Warnings The company faces risks from macroeconomic fluctuations, raw material price increases, exchange rate volatility, and customer concentration, potentially impacting performance - Company performance is affected by macroeconomic and downstream industry (e.g., telecommunications, railway) cyclical fluctuations; a slowdown in industry investment will adversely impact sales[3] - Export sales revenue accounts for 24.91% of total operating revenue, primarily settled in USD, exposing the company to exchange rate fluctuation risks between RMB and USD[5] - Sales to the top five customers account for 46.60% of total revenue, indicating high customer concentration driven by the highly concentrated nature of the downstream telecommunications equipment manufacturing industry[5] Definitions This section defines key terms used in the report, including company entities, major products like SPD, and industry-specific terminology - The reporting period is defined as January 1, 2024, to June 30, 2024[9] - SPD (Surge Protective Device) is one of the company's core products, designed to limit transient overvoltages and discharge surge currents[9] Company Profile and Key Financial Indicators Company Profile Sichuan Zhongguang Lightning Protection Technology Co., Ltd. (stock code: 300414) is a Shenzhen Stock Exchange-listed company specializing in lightning protection technology Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Zhongguang Lightning Protection | | Stock Code | 300414 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Sichuan Zhongguang Lightning Protection Technology Co., Ltd. | | Legal Representative | Wang Xueying | Key Accounting Data and Financial Indicators In H1 2024, the company experienced significant performance decline, with operating revenue down 28.12% and net profit attributable to shareholders decreasing by 94.75% Key Financial Performance | Key Financial Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 197,164,985.67 | 274,316,340.77 | -28.12% | | Net Profit Attributable to Shareholders | 2,531,288.03 | 48,238,791.34 | -94.75% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | -1,640,260.30 | 21,847,771.03 | -107.51% | | Net Cash Flow from Operating Activities | -12,366,073.81 | 11,174,474.29 | -210.66% | | Basic Earnings Per Share (RMB/share) | 0.0078 | 0.1480 | -94.73% | | Weighted Average Return on Net Assets | 0.26% | 4.91% | -4.65% | | Total Assets (RMB) | 1,118,711,407.61 | 1,174,618,806.40 | -4.76% (Period-end vs. Year-start) | | Net Assets Attributable to Shareholders (RMB) | 975,582,171.72 | 977,940,693.63 | -0.24% (Period-end vs. Year-start) | - During the reporting period, the company's total non-recurring gains and losses amounted to RMB 4.1715 million, primarily from fair value changes and investment income on financial assets held[17] Management Discussion and Analysis Company's Main Business, Products, and Operating Model The company specializes in lightning protection, offering integrated solutions across various industries, with revenue and profit significantly impacted by slowdowns in the telecommunications and railway sectors - The company's core business involves R&D, production, sales of lightning protection products, and lightning protection engineering design and installation, serving critical industries such as telecommunications, aerospace and defense, railway, and new energy[19] - The company's product lines are divided into lightning protection business (SPD, lightning monitoring systems, etc.) and non-lightning protection business (magnetic components, RF devices, etc.)[20] - The company is a lightning protection product supplier to major global telecommunications equipment manufacturers including Ericsson, ZTE, Nokia, and Samsung, and has conducted preliminary research on 6G lightning protection technology[29] H1 2024 Performance Overview | Financial Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | Operating Revenue | RMB 197 million | -28.12% | | Net Profit Attributable to Parent | RMB 2.5313 million | -94.75% | Core Competitiveness Analysis The company's core strengths lie in its R&D capabilities, industry leadership, extensive patent portfolio, quality customer base, and integrated value chain - The company possesses strong R&D capabilities with 200 technical personnel, accounting for 20.00% of its total employees; as of the reporting period end, it holds 158 valid patents, including 31 invention patents[43] - The company holds a prominent industry position as a Vice Chairman Unit of the National Lightning Protection Standardization Technical Committee, having led or participated in drafting 51 lightning protection industry standards[45][46] - The company possesses a complete industrial chain, with comprehensive capabilities from product R&D, testing, and production to engineering design and construction, holding multiple domestic and international product certifications including UL, TUV, and CRCC[48] Main Business Analysis The company's main business revenue and costs declined due to reduced demand in the telecommunications and railway sectors, with export business maintaining a significantly higher gross margin Key Financial Data | Key Financial Data | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 197,164,985.67 | 274,316,340.77 | -28.12% | | Operating Cost | 151,865,750.07 | 196,278,163.86 | -22.63% | | Selling Expenses | 17,899,836.25 | 20,368,680.20 | -12.12% | | R&D Investment | 18,643,502.61 | 25,863,273.21 | -27.92% | Operating Revenue and Gross Margin by Category | Category | Operating Revenue (RMB) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | Telecommunications | 98,925,613.01 | -39.21% | 25.03% | -1.50% | | Energy | 60,626,712.45 | 12.83% | 13.83% | -13.19% | | By Product | | | | | | Lightning Protection Products | 139,203,807.99 | -17.55% | 18.79% | -9.00% | | Non-Lightning Protection Products | 49,192,263.07 | -37.93% | 30.28% | -0.42% | | By Region | | | | | | Domestic Sales | 148,052,832.12 | -24.14% | 18.70% | -6.57% | | Export Sales | 49,112,153.55 | -37.96% | 35.86% | -0.41% | Analysis of Assets and Liabilities As of the reporting period end, total assets were RMB 1.119 billion, a 4.76% decrease from year-end, with a stable asset structure and significant holdings in bank wealth management products - As of the reporting period end, the company's total assets were RMB 1.119 billion, a 4.76% decrease from RMB 1.175 billion at the end of the previous year[15] - The company has two overseas subsidiaries in Hong Kong, China, and Vietnam, with combined assets of approximately RMB 3.04 million, accounting for 0.32% of the company's net assets, posing no significant impairment risk[56] - The company holds fair value measured financial assets (primarily bank wealth management products) with an ending balance of RMB 279 million[57] Investment Analysis During the reporting period, the company had no significant equity or non-equity investments, primarily utilizing idle funds for low-risk bank wealth management products Entrusted Wealth Management | Entrusted Wealth Management Type | Fund Source | Amount Incurred (RMB 10,000) | Unmatured Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 32,100 | 27,900 | Analysis of Major Holding and Participating Companies The company's subsidiaries, including Tiechuang Technology and Information Protection, experienced varied performance, with a new Vietnamese subsidiary established to expand overseas markets - Subsidiary Tiechuang Technology, primarily engaged in lightning protection for the rail transit industry, experienced a decline in operating revenue this period due to a slowdown in domestic railway lightning protection investments[66] - During the reporting period, the company established a new wholly-owned subsidiary, 'Vietnam Tianyu Technology Co., Ltd.', primarily for the sale of lightning arresters, RF devices, and inductive transformers, which has no significant impact on overall operating performance[66][67] Risks and Countermeasures The company addresses key risks such as macroeconomic volatility, exchange rate fluctuations, customer concentration, and gross margin decline through strategic adjustments and enhanced management - The company faces four main risks: macroeconomic fluctuations, exchange rate risk, customer concentration risk, and gross margin decline risk[68][69][70][71] - Countermeasures include: adjusting business structure to reduce reliance on specific industries; strengthening exchange rate forecasting and analysis; expanding into new industry markets such as railway, aerospace, and new energy to diversify customers; and controlling costs through technology R&D and supply chain management[68][69][70][71] Corporate Governance Overview of Corporate Governance During the reporting period, the company held one annual general meeting, maintained stable board and management structures, and did not implement profit distribution or equity incentive plans - During the reporting period, the company held one annual general meeting (2023 Annual General Meeting), with an investor participation rate of 45.71%[74] - There were no changes in the company's directors, supervisors, or senior management during the reporting period[74] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[74] Environmental and Social Responsibility Overview of Environmental and Social Responsibility The company is not a key polluter, has no environmental penalties, and actively implements sustainable practices, including ISO-certified management systems and rural revitalization initiatives - The company and its subsidiaries are not classified as key polluting units by environmental authorities and received no environmental administrative penalties during the reporting period[75] - The company has established multiple social responsibility management systems, including ISO14001 Environmental Management System and OHSAS18001 Occupational Health and Safety Management System[76] - The company actively participates in rural revitalization, conducting various activities in Cangxi County, Sichuan Province, during the first half of the year, including consumer assistance, student aid donations, lightning protection technical services, and employment support[78] Significant Matters Overview of Significant Matters The company's unaudited half-year financial report notes no unfulfilled commitments or illegal fund occupations, but discloses a significant pending lawsuit with an uncertain impact on profit - The company's half-year financial report is unaudited[79] Major Litigation | Litigation Basic Information | Amount Involved (RMB 10,000) | Litigation Progress | Impact on the Company | | :--- | :--- | :--- | :--- | | Fanweita Technology Loan Dispute | 8,960.24 | The case has not yet been heard | The specific impact on current or subsequent period profits remains uncertain | - During the reporting period, the company did not engage in significant related-party transactions related to daily operations, or related-party transactions involving asset or equity acquisitions or disposals[83][84] Share Changes and Shareholder Information Share Changes and Shareholder Structure The company's total share capital remained unchanged at 326,019,466 shares, with a shift from restricted to unrestricted shares due to executive lock-up releases, and Wang Xueying as the actual controller - Total share capital remained unchanged at 326,019,466 shares during the reporting period; due to the release of executive lock-up shares, the proportion of unrestricted shares increased from 95.48% to 96.17%[97] - As of the reporting period end, the company had 21,177 shareholders[100] Top Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held | | :--- | :--- | :--- | :--- | | Sichuan Zhongguang High-Tech Research Institute Co., Ltd. | Domestic Non-State-Owned Legal Person | 40.88% | 133,276,450 | | Wang Xueying | Domestic Natural Person | 4.81% | 15,691,867 | - The company's actual controller is Ms. Wang Xueying, who, through indirect holdings via the controlling shareholder and direct personal holdings, collectively holds 37.41% of the company's total share capital[102] Financial Report Financial Statements This section presents the company's unaudited H1 2024 consolidated and parent company financial statements, reflecting declines in total assets, net profit, and negative operating cash flow - The company's 2024 half-year financial report is unaudited[108] Consolidated Income Statement Key Items | Consolidated Income Statement Key Items (RMB) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Total Operating Revenue | 197,164,985.67 | 274,316,340.77 | | Total Operating Cost | 201,950,392.31 | 253,987,464.67 | | Total Profit | 3,067,882.92 | 46,370,781.56 | | Net Profit | 2,430,620.92 | 44,069,594.34 | | Net Profit Attributable to Parent Company Shareholders | 2,531,288.03 | 48,238,791.34 | Consolidated Cash Flow Statement Key Items | Consolidated Cash Flow Statement Key Items (RMB) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -12,366,073.81 | 11,174,474.29 | | Net Cash Flow from Investing Activities | -3,889,948.46 | 57,340,915.32 | | Net Cash Flow from Financing Activities | -4,890,291.99 | -5,218,669.35 | | Net Increase in Cash and Cash Equivalents | -20,948,476.37 | 63,511,782.09 | Significant Accounting Policies and Estimates The company's financial statements are prepared under the going concern assumption, adhering to accounting standards, with detailed policies for financial instruments, revenue recognition, and R&D expenditures - The company uses a 12-month operating cycle as the standard for classifying asset and liability liquidity[148] - Revenue recognition principle: Revenue is recognized when the customer obtains control of the related goods or services; for goods sales, revenue is typically recognized upon delivery and customer acceptance; for lightning protection engineering, cross-year projects recognize revenue using the percentage-of-completion method[202][203][204] - R&D expenditures: Research phase expenditures are expensed, while development phase expenditures are capitalized as intangible assets when specific conditions are met[188] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including cash, financial assets, and accounts receivable, and confirms the inclusion of the new Vietnamese subsidiary - The company and its subsidiary Shenzhen Tiechuang Technology, as high-tech enterprises, enjoy a 15% preferential corporate income tax rate[218] - As of the period end, the book balance of accounts receivable was RMB 256 million, with a bad debt provision of RMB 36.38 million, resulting in a book value of RMB 219 million; accounts receivable from the top five customers accounted for 25.61% of the total[228][232] - In April 2024, the company established a new wholly-owned subsidiary, Vietnam Tianyu Technology Co., Ltd., which has been included in the consolidated financial statements[354]