连城数控(835368) - 2021 Q4 - 年度财报

Research and Development - The company established a "New Semiconductor Materials and Equipment - Wuxi R&D Center" in April 2021, focusing on research in photovoltaic and semiconductor materials [7]. - The company is committed to continuous research and development of new technologies and products to maintain competitiveness in the rapidly evolving photovoltaic and semiconductor industries [16]. - The company maintains a focus on R&D and technology innovation, with a dual approach of "independent R&D + external cooperation" to enhance its product offerings [50]. - The company plans to focus on new product development in areas such as silicon carbide and electronic-grade silver powder, with an emphasis on automated production equipment [75]. - R&D expenditure amounted to ¥145,149,267.93, representing 7.11% of operating revenue, up from 4.88% in the previous period [97]. - The total number of R&D personnel increased from 182 to 369, with the proportion of R&D staff in total employees rising from 17.45% to 23.85% [98]. - New R&D projects include a 6-inch silicon carbide growth furnace, which has completed development and is undergoing customer site verification [101]. - The company has established a partnership with Tongji University for the joint development of sapphire and gallium oxide crystals, sharing both market development and benefits [102]. Financial Performance - The company's operating revenue for 2021 was approximately RMB 2.04 billion, representing a year-on-year increase of 9.98% compared to RMB 1.85 billion in 2020 [32]. - The net profit attributable to shareholders for 2021 was approximately RMB 346.14 million, a decrease of 8.89% from RMB 379.93 million in 2020 [32]. - The gross profit margin for 2021 was 31.81%, down from 35.05% in 2020 [32]. - The company's return on equity (ROE) based on net profit attributable to shareholders was 15.57% in 2021, down from 24.73% in 2020 [32]. - The company reported a basic earnings per share of RMB 1.50 in 2021, a decrease of 15.73% from RMB 1.78 in 2020 [32]. - The total non-recurring gains and losses for 2021 amounted to ¥102,771,653.18, significantly higher than ¥28,513,765.03 in 2020 [46]. - The company achieved operating revenue of 2,040.12 million yuan, a year-on-year increase of 9.98%, while net profit decreased by 11.18% to 330.92 million yuan [54]. - The company's operating profit decreased by 16.66% to CNY 368,368,739.79 from CNY 441,987,143.21 in the previous year [68]. Assets and Liabilities - Total assets at the end of 2021 amounted to approximately RMB 3.99 billion, reflecting a 9.30% increase from RMB 3.66 billion at the beginning of the year [34]. - Total liabilities decreased by 9.37% to approximately RMB 1.46 billion in 2021 from RMB 1.62 billion in 2020 [34]. - The asset-liability ratio (consolidated) was 36.61% at the end of 2021, down from 44.16% in 2020 [34]. - Cash and cash equivalents increased by 57.07% from the beginning of the period to 632,828,708.88, primarily due to an increase in bank acceptance bill guarantees and letter of guarantee deposits [64]. - Accounts receivable amounted to CNY 695.79 million, representing 22.96% of current assets, posing a risk of bad debts [125]. - Inventory value stood at CNY 668.72 million, making up 22.07% of current assets, which could fluctuate significantly if the photovoltaic industry experiences prolonged downturns [125]. Customer Concentration and Risks - The top five customers accounted for 94.21% of the company's total revenue, indicating a high concentration risk [16]. - Major customer Longi Green Energy Technology Co., Ltd. accounted for 72.42% of total sales, indicating a high customer concentration risk [76]. - The company faces risks related to industry fluctuations and policy changes that could adversely affect revenue and profit margins [16]. - The company will continue to monitor industry trends and adjust strategies accordingly to ensure sustainable and diversified growth [121]. Corporate Governance and Compliance - The actual controllers of the company hold a combined voting power of 35.03%, which poses potential risks related to governance and decision-making [17]. - The company is committed to improving its corporate governance structure to prevent risks related to the actual controller and major shareholders [130]. - The company has implemented measures to enhance management capabilities in response to risks associated with rapid business expansion [132]. - The company has signed confidentiality and non-compete agreements with key technical personnel to mitigate the risk of technology leakage [131]. Market Trends and Industry Outlook - The photovoltaic industry is expected to grow rapidly due to long-term policy support, with a focus on achieving carbon neutrality by 2060 [113]. - The Chinese semiconductor silicon wafer market is projected to grow from $2.3 billion in 2021 to $4.3 billion by 2026, indicating a significant increase in domestic demand [115]. - The silicon carbide power device market is forecasted to expand from $400 million in 2018 to $2.56 billion by 2025, with a compound annual growth rate of 30% [115]. - The global sapphire materials market is expected to exceed $10 billion by 2023, driven by demand from the LED and consumer electronics sectors [116]. Investment and Capital Management - The company raised a total of RMB 568,350,000 through a public offering, with a net amount of RMB 532,102,823 after deducting expenses [189]. - The funds raised were allocated to projects including RMB 328,163,600 for single crystal furnace and slicing machine expansion, RMB 65,594,000 for R&D center construction, and RMB 138,345,223.35 for working capital [189]. - The company has secured loans totaling 45,200,000.00 CNY from banks, with interest rates of 5.00% and 4.90% for different loans [194]. - The annual distribution plan includes a cash dividend of 1.50 CNY for every 10 shares, with no stock bonus or capital increase proposed [199].