快克智能(603203) - 2019 Q4 - 年度财报

Definitions This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section presents the company's basic information and a summary of its key financial performance over recent years Company Basic Information This chapter provides basic information about Quick Intelligent Equipment Co., Ltd., including company name, legal representative, registered address, contact details, and information disclosure channels - The company's full name is Quick Intelligent Equipment Co., Ltd., with stock code 603203, listed on the Shanghai Stock Exchange[19][25] Key Financial Data and Indicators The company achieved steady growth in 2019, with operating revenue increasing by 6.58% and net profit attributable to shareholders increasing by 10.59%, alongside strong operating cash flow growth of 27.40% Key Accounting Data 2017-2019 (Unit: RMB) | Main Accounting Data | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | Operating Revenue | 460,876,833.63 | 432,408,066.62 | 361,855,533.79 | | Net Profit Attributable to Shareholders of Listed Company | 173,727,482.87 | 157,095,729.75 | 131,648,209.92 | | Net Cash Flow from Operating Activities | 174,708,586.06 | 137,132,118.29 | 123,945,548.60 | | Total Assets | 1,155,756,249.66 | 1,039,456,677.65 | 890,234,655.08 | Key Financial Indicators 2017-2019 | Main Financial Indicators | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.11 | 1.01 | 1.10 | | Weighted Average Return on Net Assets (%) | 19.00 | 19.72 | 19.62 | Quarterly Financial Data The company's quarterly operating performance in 2019 remained stable, showing a sequential growth trend in operating revenue and net profit, with the fourth quarter achieving the highest revenue and net profit 2019 Quarterly Key Financial Data (Unit: RMB) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 102,446,316.28 | 116,419,920.76 | 118,421,853.10 | 123,588,743.49 | | Net Profit Attributable to Shareholders of Listed Company | 34,364,859.70 | 43,836,522.86 | 46,738,497.99 | 48,787,602.32 | Non-recurring Gains and Losses In 2019, the company's non-recurring gains and losses totaled 26.40 million RMB, primarily from investment income on financial assets and government grants - The main components of non-recurring gains and losses in 2019 were: - Investment income: 21.50 million RMB, primarily from fair value changes and disposal gains of transactional financial assets and liabilities - Government grants: 9.12 million RMB[34] Company Business Overview This section outlines the company's core business, operating model, and competitive advantages within the intelligent manufacturing equipment industry Main Business, Operating Model, and Industry Overview The company is a leader in automation and intelligent equipment for precision electronic assembly, serving 3C consumer electronics, automotive electronics, and 5G communication industries, primarily through domestic sales - The company's main product lines include: - Intelligent equipment: Laser welding, machine vision, soldering robots, dispensing and coating equipment - PCBA flexible electronic assembly light integration solutions: Providing flexible production lines including automatic loading, welding, inspection, and locking stations - System integration solutions: Offering intelligent solutions for industries such as 5G communication and new energy vehicle electronics[39][40] - The company's products are primarily applied in 3C intelligent terminals (e.g., TWS earphones, smartwatches), communication electronics (5G antenna filters), and automotive electronics (in-vehicle electronic modules)[40][43] - The company primarily focuses on domestic sales, with domestic revenue accounting for 86.63% in 2019; export regions include Malaysia, Mexico, and the United States[43] Core Competitiveness Analysis The company's core competitiveness stems from its strong R&D capabilities, diverse product offerings, and extensive customer base, enabling rapid response to market demands and fostering long-term stability - R&D capabilities: The company possesses deep technological accumulation and integration capabilities in various welding technologies such as soldering, laser welding, micro-spot welding, as well as dispensing, locking, machine vision, and MES[44] - Customer base: The company has accumulated a group of well-known customers in the downstream precision electronics manufacturing industry, including Luxshare ICT, Foxconn, Flex, AAC Technologies, Goertek, and BYD[45] Management Discussion and Analysis This section provides a comprehensive analysis of the company's operational performance, financial results, and future development strategies for the reporting period Overall Operating Performance Analysis In 2019, the company achieved stable growth despite industry adjustments and trade frictions, with operating revenue reaching 461 million RMB and net profit attributable to shareholders increasing by 10.59% - The company successfully integrated solutions into the TWS earphone, smartwatch, and 5G communication product supply chains through HOTBAR welding technology and laser application technology, promoting revenue growth[49] - R&D investment totaled 27.89 million RMB, a 7.39% year-on-year increase, accounting for 6.05% of revenue, with 64 authorized patents and 18 software copyrights obtained during the year[50] - During the reporting period, the company completed a share repurchase, repurchasing 910,200 shares, accounting for 0.57% of total share capital, using approximately 20.01 million RMB, and these shares have been cancelled[50][51] Analysis of Key Operating Performance This section details the company's 2019 operating results, highlighting revenue and net profit growth, strong operating cash flow, and stable cost structure, with dedicated industrial robots and intelligent soldering stations as primary revenue drivers Income Statement and Cash Flow Statement Analysis In 2019, the company's revenue and costs grew in tandem, while selling expenses decreased by 7.89% due to reduced share-based payment expenses, and operating cash flow significantly increased by 27.40% Changes in Key Income Statement and Cash Flow Statement Items 2019 | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 460,876,833.63 | 432,408,066.62 | 6.58 | | Operating Cost | 207,473,999.63 | 194,472,575.52 | 6.69 | | Net Cash Flow from Operating Activities | 174,708,586.06 | 137,132,118.29 | 27.40 | | Net Cash Flow from Investing Activities | -47,532,424.25 | 11,051,698.04 | -530.09 | | Net Cash Flow from Financing Activities | -67,635,549.17 | -40,537,853.00 | 66.85 | Revenue and Cost Analysis In 2019, the company's main business revenue reached 458 million RMB with a gross profit margin of 54.97%, driven by growth in dedicated industrial robots and intelligent soldering stations, while domestic sales accounted for 86.63% of revenue Main Business by Product (Unit: RMB) | By Product | Operating Revenue | Operating Cost | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Dedicated Industrial Robots, Automated Intelligent Equipment | 214,694,274.83 | 91,377,020.25 | 57.44 | 7.40 | | Intelligent Soldering Stations and Other Small Equipment | 156,379,412.28 | 82,775,995.96 | 47.07 | 9.87 | | Accessories and Fixtures | 87,308,807.94 | 32,256,673.36 | 63.05 | -0.82 | Main Business by Region (Unit: RMB) | By Region | Operating Revenue | Operating Cost | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 397,167,068.99 | 180,079,729.95 | 54.66 | 5.97 | | Export Sales | 61,215,426.06 | 26,329,959.62 | 56.99 | 10.37 | - Sales to the top five customers accounted for 26.06% of total annual sales, and purchases from the top five suppliers accounted for 12.28% of total annual purchases, indicating low customer and supplier concentration[69] R&D Investment In 2019, the company's total R&D investment was 27.89 million RMB, fully expensed, representing 6.05% of operating revenue, with 126 R&D personnel 2019 R&D Investment Overview | Indicator | Value | | :--- | :--- | | Expensed R&D Investment for the Period (RMB) | 27,886,301.16 | | Total R&D Investment as % of Operating Revenue | 6.05% | | Number of Company R&D Personnel (Persons) | 126 | | R&D Personnel as % of Total Company Employees | 17.43% | Assets and Liabilities Analysis As of year-end 2019, total assets increased to 1.16 billion RMB, with significant growth in transactional financial assets due to accounting standard changes and fixed assets from completed construction projects - Year-end balance of transactional financial assets was 564 million RMB, accounting for 48.80% of total assets, primarily due to accounting standard changes reclassifying purchased wealth management products to this item[73] - Fixed assets increased by 54.17% year-on-year, while construction in progress decreased by 100%, mainly due to the completion and transfer of the 2 factory building and supporting center facilities for the 'R&D Center Project' and 'Intelligent Precision Soldering Equipment Project' to fixed assets[75] Analysis of Major Holding and Participating Companies The company holds several wholly-owned subsidiaries, with Juxie Software (software development) being the most profitable, while Quick Dongguan (production, sales) reported a net loss in 2019 Financial Performance of Major Subsidiaries (Unit: Ten Thousand RMB) | Company Abbreviation | Main Business | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Juxie Software | Software Development | 4,448.04 | 4,124.08 | 6,170.78 | | Quick USA | Sales | 426.84 | 136.75 | 23.43 | | Quick Dongguan | Production, Sales | 716.75 | -139.18 | -194.65 | Discussion and Analysis of Future Development The company aims to become a leading provider of advanced electronic assembly and micro-assembly intelligent equipment, focusing on technological innovation, flexible assembly solutions, and addressing market competition and operational risks - Development strategy: To become a leader in the intelligent development of electronic welding and enter the high-end micro-assembly segment of the industry chain[87] - Operating plan: - Adhere to technological innovation to ensure leading core technologies - Vigorously develop comprehensive flexible electronic assembly capabilities - Extend into the micro-assembly field - Optimize process organization management and strengthen human resource management[90][91][92][93] - Major risks: - Intensified market competition risk - Technology upgrade and development risk - Gross profit margin decline risk - Accounts receivable bad debt risk - Inventory impairment risk - Risk of COVID-19 pandemic impacting production and operations[97][98][101][103][105] Significant Matters This section covers important corporate actions including profit distribution, fulfillment of commitments, equity incentive plans, and entrusted wealth management activities Profit Distribution and Dividends The company has a clear cash dividend policy, prioritizing cash dividends of no less than 20% of distributable profit, with the 2019 proposed dividend and share repurchase totaling 30.44% of net profit attributable to shareholders - 2019 profit distribution plan: A cash dividend of 2.1 RMB (tax inclusive) per 10 shares, totaling 32.87 million RMB[127] - The share repurchase amount of 20.01 million RMB implemented in 2019 is treated as a cash dividend; the total cash dividend (including repurchase) for the year was 52.88 million RMB, accounting for 30.44% of net profit attributable to parent company shareholders[133] Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, and directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering and equity incentive plans, including share lock-up and avoiding competition - The 36-month lock-up commitment for shares issued in the initial public offering by the company's actual controllers, controlling shareholders, and major shareholders expired on November 7, 2019, and has been strictly fulfilled[137] - All relevant parties have timely and strictly fulfilled all commitments, with no instances of non-fulfillment[137][140][143][146] Equity Incentive Plan During the reporting period, the company continued to advance its 2017 restricted stock incentive plan, completing the repurchase and cancellation of unvested shares from resigned participants and processing the second tranche of unlocking for eligible participants - On December 23, 2019, the Board of Directors approved the 'Proposal on the Achievement of Conditions for the Second Tranche Unlocking and Listing of the First Grant under the 2017 Restricted Stock Incentive Plan,' allowing eligible incentive recipients' shares to be unlocked[169] Entrusted Wealth Management In 2019, the company engaged in cash asset management using both own funds and raised funds, primarily investing in bank, trust, and brokerage wealth management products, with all principal and returns recovered on schedule Overall Entrusted Wealth Management (Unit: Ten Thousand RMB) | Type | Source of Funds | Amount Incurred | Unmatured Balance | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 26,000.00 | 26,000.00 | | Trust Wealth Management Products | Own Funds | 3,400.00 | 3,400.00 | | Brokerage Wealth Management Products | Own Funds | 600.00 | 600.00 | | Bank Wealth Management Products | Raised Funds | 26,400.00 | 26,400.00 | Changes in Ordinary Shares and Shareholder Information This section details the company's share capital changes, including reductions due to repurchases and cancellations, and provides an overview of its shareholder structure and actual controllers Changes in Share Capital During the reporting period, the company's total share capital decreased from 158.3 million shares to 157.4 million shares due to share repurchases and cancellations, while restricted shares significantly decreased following IPO lock-up expiry and equity incentive unlocking - Total share capital decreased from 158,315,300 shares to 157,379,112 shares, a net decrease of 936,188 shares[205] - Key reasons for share capital changes include: - Repurchase and cancellation of restricted shares from some resigned incentive recipients - Completion and cancellation of 910,214 shares repurchased through centralized bidding transactions - 102,693,763 restricted shares from the initial public offering became tradable on November 8, 2019 - 835,653 shares from the second tranche of the 2017 restricted stock incentive plan were unlocked[208][209][210] Shareholders and Actual Controllers As of the reporting period end, the company had 8,690 ordinary shareholders, with Changzhou Fuyun Investment Consulting Co., Ltd., Golden Pro. Enterprise Co., Limited, and Qi Guoqiang as the top three shareholders and acting in concert, with Qi Guoqiang and Jin Chun as the actual controllers Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | | :--- | :--- | :--- | | Changzhou Fuyun Investment Consulting Co., Ltd. | 48,146,986 | 30.59 | | Golden Pro. Enterprise Co., Limited | 39,393,073 | 25.03 | | Qi Guoqiang | 15,153,704 | 9.63 | | Beijing Huibao Jinyuan Investment Management Center (Limited Partnership) | 3,498,300 | 2.22 | | Zhou Yu | 2,648,346 | 1.68 | - The company's controlling shareholder is Changzhou Fuyun Investment Consulting Co., Ltd., and the actual controllers are Mr. Qi Guoqiang and Ms. Jin Chun[228][231] Preferred Shares Related Information This section confirms that the company has no preferred shares during the reporting period Preferred Shares Related Information During the reporting period, the company had no preferred shares - The company is not subject to preferred share regulations during this reporting period[234] Directors, Supervisors, Senior Management, and Employees This section provides an overview of the company's board of directors, supervisors, senior management, and employee structure, including their compensation and professional composition Shareholding and Remuneration of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of current and former directors, supervisors, and senior management, with their total pre-tax remuneration amounting to 3.82 million RMB in 2019 Remuneration of Selected Directors, Supervisors, and Senior Management (Unit: Ten Thousand RMB) | Name | Position | Total Pre-tax Remuneration Received from the Company During the Reporting Period | | :--- | :--- | :--- | | Qi Guoqiang | Director, General Manager | 63.43 | | Liu Zhihong | Director, Deputy General Manager | 78.74 | | Dou Xiaoming | Director, Deputy General Manager | 62.88 | | Miao Xiaoming | Board Secretary, Financial Controller | 78.37 | | Total | / | 381.58 | Employee Information As of the reporting period end, the company and its major subsidiaries had 723 employees, primarily production and technical personnel, with approximately 59.5% holding college degrees or higher Employee Professional Composition | Professional Category | Number of Persons | | :--- | :--- | | Production Personnel | 355 | | Sales Personnel | 58 | | Technical Personnel | 255 | | Financial Personnel | 5 | | Management Personnel | 9 | | Other Personnel | 41 | | Total | 723 | Corporate Governance This section details the company's adherence to corporate governance standards, ensuring independent operations and safeguarding shareholder rights through robust internal controls and transparent information disclosure Overview of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and regulations, continuously improving its corporate governance structure and internal control systems, ensuring independent operations and protecting shareholder rights - The company's corporate governance structure is sound, maintaining independence from the controlling shareholder in terms of personnel, assets, finance, organization, and business[257] - During the reporting period, 3 shareholder meetings, 8 board meetings, and 8 supervisory board meetings were held, completing the re-election of the Board of Directors and Supervisory Board[257][258][262] - The company strictly implemented regulations for insider information registration and management, with no instances of illegal trading of company shares found during the reporting period[261] Corporate Bonds Related Information This section confirms that the company has no corporate bonds during the reporting period Corporate Bonds Related Information During the reporting period, the company had no corporate bonds - The company is not subject to corporate bond regulations during this reporting period[270] Financial Report This section presents the audited financial statements for 2019, including the audit report, balance sheets, income statements, cash flow statements, and detailed notes to the financial statements Audit Report Xinyongzhonghe Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2019 financial statements, with revenue recognition identified as a key audit matter - The auditing firm is Xinyongzhonghe Certified Public Accountants (Special General Partnership)[272] - The audit opinion is a standard unqualified opinion[272] - The key audit matter is 'Revenue Recognition,' due to its materiality and status as a key performance indicator, posing an inherent risk of management manipulation[274][275] Financial Statements This section includes the company's 2019 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, showing total assets of 1.16 billion RMB and net profit attributable to parent company shareholders of 174 million RMB Consolidated Balance Sheet Summary (December 31, 2019) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 1,155,756,249.66 | | Total Liabilities | 163,991,568.05 | | Total Equity Attributable to Parent Company Shareholders | 991,764,681.61 | Consolidated Income Statement Summary (2019) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 460,876,833.63 | | Operating Profit | 201,182,372.34 | | Total Profit | 201,615,067.42 | | Net Profit Attributable to Parent Company Shareholders | 173,727,482.87 | Notes to Consolidated Financial Statement Items This chapter provides detailed notes to the consolidated financial statement items, including explanations for changes in monetary funds, transactional financial assets, accounts receivable, and inventory balances - Year-end monetary funds balance was 279 million RMB, of which 0.59 million RMB was restricted funds (bank acceptance bill margin)[497][630] - Year-end accounts receivable book balance was 89.34 million RMB, with bad debt provision of 0.54 million RMB, resulting in a book value of 88.80 million RMB[506] - Year-end inventory book value was 62.30 million RMB, a decrease from 74.50 million RMB at the beginning of the period, primarily due to a reduction in products shipped but not yet recognized as revenue[528][531] Reference Documents Catalog This section lists all supplementary documents available for reference, providing comprehensive support for the financial report