THEC(BJ:833509)2022-04-25 16:00Product Development and Innovation - Tonghui Electronics successfully launched the TH2851 series high-precision automatic balance impedance analyzer with a bandwidth of 130MHz, winning the first prize in the Jiangsu Province Innovation and Entrepreneurship Competition[5] - The company focuses on electronic measurement instruments, with a commitment to R&D and product development in the field of precision impedance measurement[43] - The company aims to become an international leader in providing comprehensive electronic measurement solutions, leveraging over 20 years of industry experience[43] - The company successfully launched the TH2851 precision impedance analyzer, achieving import substitution[57] - The TH2851 series precision impedance analyzer was developed over 10 years, achieving a maximum measurement frequency of 130 MHz and a testing speed of 2.5 ms per test[102] - The TH2840 series transformer comprehensive tester features a testing speed of up to 1800 tests per second and can scan up to 288 pins, leading the industry[103] - The TH2690 series picoammeter/electrostatic meter/high resistance meter has a minimum resolution of 0.1 fA and can measure voltages up to 1000V, marking a domestic innovation[104] - The company has developed a high-power bidirectional DC power supply with a single machine power of 15kW, capable of parallel stacking up to 480kW and achieving an energy feedback efficiency of 92.5%[105] - The company is committed to becoming an internationally leading provider of comprehensive electronic measurement solutions through continuous technological innovation[127] Financial Performance - The company's operating revenue for 2021 was CNY 147,917,112.08, representing a 47.39% increase compared to CNY 100,357,874.97 in 2020[28] - The net profit attributable to shareholders for 2021 was CNY 42,017,723.63, which is a 32.19% increase from CNY 31,785,837.14 in 2020[28] - The total assets at the end of 2021 amounted to CNY 373,454,878.05, reflecting a 24.50% increase from CNY 299,967,457.56 at the end of 2020[29] - The total liabilities increased by 104.67% to CNY 74,266,167.43 in 2021, compared to CNY 36,285,338.31 in 2020[29] - The gross profit margin for 2021 was 54.62%, down from 57.38% in 2020[28] - The company's weighted average return on equity based on net profit attributable to shareholders was 14.80% in 2021, down from 23.34% in 2020[28] - The basic earnings per share for 2021 was CNY 0.40, a slight increase of 2.56% from CNY 0.39 in 2020[28] - The net cash flow from operating activities for 2021 was ¥41,162,532.93, a decrease of 3.22% compared to ¥42,531,110.07 in 2020[31] - The total assets growth rate for 2021 was 24.50%, while the operating income growth rate was 47.39% and the net profit growth rate was 32.74% compared to 2020[32] - The audited total revenue for 2021 was ¥147,917,112.08, with no significant difference from the preliminary earnings forecast[35] Market and Competition - The company faces risks from intensified market competition, particularly in the high-end electronic measurement instrument market dominated by foreign companies[11] - The company must continuously innovate in technology and product development to maintain competitiveness against established foreign firms[12] - The electronic measurement instrument market in China is projected to grow from 4.808 billion USD in 2020 to 5.039 billion USD in 2021[59] - The demand for electronic measurement instruments is steadily increasing due to the ongoing development of the electronics industry[120] - The 3C consumer electronics market is expanding, driving demand for electronic measurement instruments, with a focus on high-resolution and low-energy products[121] - The domestic semiconductor packaging testing market reached a scale of 219.3 billion yuan in 2018, with a year-on-year growth of 16.1%, indicating a growing demand for electronic measurement instruments[124] - The demand for electronic measurement instruments is expected to increase due to the growth of the new energy vehicle industry, driven by technological advancements and consumer awareness of environmental protection[122] Risks and Challenges - There is a reliance on imported core components, particularly semiconductor chips, which poses a risk if trade restrictions affect procurement[11] - The ongoing COVID-19 pandemic may adversely impact the company's performance if the situation worsens[12] - The company is at risk of performance decline due to potential market demand shrinkage and increased competition[12] - The company faces potential legal risks related to patent infringement in its technology development and patent applications[12] - The company has not experienced significant changes in major risks during the reporting period[12] - The company faces risks of performance decline due to potential market demand shrinkage, intensified competition, and rising operational costs, but it aims to enhance marketing efforts and product promotion[135] Corporate Governance and Shareholder Relations - The company has established a fundraising management system to ensure the proper, legal, and efficient use of raised funds, with a dedicated account for these funds[162] - The company aims to accelerate the investment progress of fundraising projects to achieve expected project benefits as soon as possible, enhancing shareholder returns in the coming years[162] - The company has developed a profit distribution policy that prioritizes cash dividends, with a minimum cash dividend ratio of 10% during profit distribution[167] - The company plans to distribute profits at least once a year, with cumulative cash distributions over the last three years expected to be no less than 30% of the average distributable profit[167] - The company commits to strict management of financial resources to minimize external financial assistance and ensure compliance with relevant regulations[166] - The controlling shareholder has pledged not to interfere with the company's management or misappropriate its interests[163] - The company will ensure that independent directors gather opinions from minority shareholders regarding profit distribution proposals[168] Research and Development - Research and development expenses amounted to 17.29 million yuan, representing a year-on-year increase of 24.79%[56] - The company holds a total of 49 patents, including 19 invention patents, up from 43 patents in the previous year[101] - The number of R&D personnel increased from 56 to 70, with the proportion of R&D staff to total employees rising from 27.56% to 28.43%[100] - R&D expenses increased by 24.79% compared to the previous period, reflecting the company's commitment to innovation[102] - The company is enhancing its internal management and operational efficiency to ensure steady growth in business scale[128]