Financial Performance - The company's revenue increased to $799.3 million for the fiscal year ending December 31, 2021, reflecting positive growth despite challenging market conditions[12]. - Net profit for 2021 rose by 17.4% to $49.8 million compared to 2020, demonstrating strong performance amid economic uncertainties[12]. - The company's revenue increased from $750.2 million in 2020 to $799.3 million in 2021, representing a growth of approximately 6.5%[29]. - Net profit rose from $42.4 million in 2020 to $49.8 million in 2021, marking an increase of about 17.5%[29]. - Gross profit, operating profit, and net profit for the year ended December 31, 2021, were $120.5 million, $58.6 million, and $49.8 million, respectively, representing increases of 1.7%, 9.8%, and 17.4% compared to 2020[40]. - The net profit margin for the fiscal year was 6.2%, an increase from 5.7% in 2020[193]. Market Trends - The camera module market size was approximately $36.6 billion in 2021, projected to reach $63.1 billion by 2027, with a compound annual growth rate (CAGR) of 9.5%[13]. - The global advanced driver assistance systems (ADAS) market is projected to grow from $27.2 billion in 2021 to $74.9 billion by 2030, with a compound annual growth rate (CAGR) of 12%[33]. - The LiDAR market is expected to expand from $2.1 billion in 2021 to $3.4 billion by 2026, with a CAGR of around 22%[33]. - The smartphone market saw a sales increase from 1.28 billion units in 2020 to 1.35 billion units in 2021, a year-on-year growth of 5.5%[22]. - The global virtual reality content market was valued at $2.16 billion in 2021 and is expected to reach $8.31 billion by 2025, with a CAGR exceeding 40%[23]. Strategic Initiatives - The company plans to enhance core competitiveness in 2022 by deepening customer collaboration, expanding customer base, and enriching product offerings[14]. - Increased investment in research and development resources is planned to support long-term product and business planning[14]. - The company plans to focus on new technologies and applications in the optical industry, including smart driving and augmented reality, to capture market opportunities[33]. - The group plans to continue increasing R&D investment and accelerating automation to enhance customer value and maintain stable partnerships[34]. - The group aims to leverage strategic alliances with leading manufacturers in the AR/VR optical components industry to gain a competitive advantage in the emerging metaverse market[34]. Environmental and Social Responsibility - The company aims to achieve carbon neutrality through measures such as reduction and offsetting, while also pursuing a "reduce plastic" goal[15]. - The company emphasizes the importance of talent as its most valuable asset, fostering a diverse and inclusive corporate culture[18]. - The company is committed to addressing global environmental and sustainability issues, including the introduction of green energy initiatives[14]. Financial Position and Ratios - Total assets grew from $381.6 million in 2020 to $552.1 million in 2021, reflecting a significant increase of approximately 44.7%[29]. - Total assets as of December 31, 2021, were approximately $552.1 million, up from $381.6 million on December 31, 2020[75]. - Total liabilities rose by 85.1% to $243.4 million as of December 31, 2021[36]. - The current ratio decreased from 2.37 in 2020 to 2.01 in 2021, primarily due to increases in cash and inventory offset by short-term loans and trade payables[43]. - The quick ratio also declined from 1.65 in 2020 to 1.40 in 2021, reflecting similar trends in cash and short-term liabilities[46]. - The effective tax rate decreased from approximately 19.5% in 2020 to about 13.7% in 2021, primarily due to a one-time impact from deferred tax items[57]. Employee and Management Information - The total employee cost for the year ended December 31, 2021, was approximately $51.0 million, an increase from $44.6 million in 2020[95]. - The company employed approximately 2,885 full-time employees as of December 31, 2021, up from 2,735 employees in 2020[95]. - The total number of senior management members earning between HKD 1,000,001 (USD 129,001) and HKD 1,500,000 (USD 193,000) increased to 2 in 2021 from none in 2020[163]. - The company’s directors and senior management held a total of 5,000,000 shares, representing approximately 0.60% of the equity[176]. Share Options and Dividends - The board has decided not to declare dividends for the fiscal year ending December 31, 2021, to manage capital needs effectively[32]. - No special or final dividends were recommended by the board for the reporting period, with a special dividend of 0.932060 HKD per share paid in 2020[113]. - The total number of stock options granted under the stock option plan is capped at 83,436,880 shares, representing 10% of the company's issued shares at the time of shareholder approval[133]. - A total of 62,650,000 share options were granted to eligible participants during the year ended December 31, 2021[146]. Customer and Supplier Concentration - The largest customer accounted for approximately 99.3% of the group's revenue, while the top five customers together represented about 99.9% for the fiscal year ending December 31, 2021[158]. - The largest supplier contributed approximately 56.3% to the group's procurement, with the top five suppliers accounting for about 78.8% for the same period[158].
高伟电子(01415) - 2021 - 年度财报