R&Y(SH:603286)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was CNY 581,653,558.59, representing a 17.65% increase compared to CNY 494,406,349.05 in 2020[23]. - The net profit attributable to shareholders of the listed company decreased by 26.65% to CNY 10,824,497.69 from CNY 14,757,103.97 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 9,384,145.75, down 22.16% from CNY 12,056,384.14 in 2020[23]. - The net cash flow from operating activities was negative at CNY -9,032,623.86, a significant decline from CNY 77,842,527.37 in 2020, marking a 111.6% decrease[23]. - The weighted average return on equity decreased to 2.29% from 3.20% in the previous year[24]. - The gross profit margin decreased by 0.8 percentage points due to rising raw material prices and labor costs[59]. - The main business revenue from sensor products was 145.68 million RMB, accounting for 25.41% of total revenue, with a growth rate of 27.17%[64]. - The main business cost was 445.86 million RMB, leading to a gross profit margin of 22.23%, down by 0.72 percentage points from the previous year[61]. Investment and Projects - The company plans to invest over CNY 100 million in a "5G Intelligent Automotive Parts Manufacturing Project," which will exceed 50% of the audited net assets for 2022[6]. - The company initiated a CNY 1 billion investment project for 5G intelligent automotive components, which is recognized as a major project by the Jiangsu provincial government[32]. - The project aims to produce 250,000 sets of intelligent connected driving assistance systems and 2 million sets of automotive intelligent washing systems annually upon completion[32]. - The company plans to complete the main construction of the 5G project by October 2022, with one-third of the foundation work already completed by the end of 2021[32]. - The company is investing heavily in automotive electronics, focusing on products like the 360 panoramic vision system and various sensors[40]. Market and Industry Trends - The automotive parts industry in China is expected to grow from CNY 4.57 trillion in 2020 to CNY 4.9 trillion in 2021, with a compound annual growth rate of 7.2%[35]. - New energy vehicle sales surged in 2021, with production and sales reaching 3.545 million and 3.521 million units, respectively, marking a year-on-year increase of 160%[36]. - The automotive industry is facing challenges due to the global chip shortage, prompting domestic manufacturers to seek local alternatives and accelerate import substitution[37]. - The automotive industry has entered a phase of stable growth, which may negatively impact the company's rapid development and profitability if macroeconomic conditions continue to decline[107]. Research and Development - The company is committed to driving innovation and expanding production capacity to meet the demands of the automotive industry[32]. - The company is advancing its "intelligent" and "electrification" R&D projects, focusing on the 360 panoramic vision system and enhancing competitiveness in the electric vehicle sector[33]. - The total R&D expenditure was 34,141,308.41, which is 5.87% of total revenue, with no capitalized R&D expenses[72]. - The total number of R&D personnel is 152, accounting for 11.06% of the total workforce[73]. - The company has achieved significant progress in R&D projects related to "intelligent" and "electrified" products, with the 360-degree panoramic imaging system set to enter mass production[102]. Corporate Governance and Compliance - The company held one annual general meeting and two extraordinary general meetings during the reporting period, ensuring compliance with regulations and equal rights for all shareholders[111]. - The audit committee of the board supervises and evaluates the internal audit work, ensuring compliance with internal control systems[112]. - The company adheres to information disclosure regulations, ensuring timely and accurate communication with shareholders and stakeholders[112]. - The company has not faced any penalties from securities regulatory agencies in the past three years[126]. - The company has established governance measures to prevent competition, including notifying the issuer of any similar business opportunities that may arise[167]. Employee and Management Structure - The company has established a performance evaluation system linking employee income to work performance, with a transparent process for senior management appointments[112]. - The company has a performance-based remuneration system for senior management, with bonuses paid annually based on performance completion[124]. - The total number of employees in the parent company and major subsidiaries is 1,374, with 830 in the parent company and 544 in subsidiaries[138]. - The company has 265 technical personnel, indicating a strong focus on technical expertise within its workforce[138]. - The company emphasizes employee rights protection, adhering to labor laws and providing social insurance for employees[156]. Financial Position and Cash Flow - Cash and cash equivalents decreased by 17.37% to CNY 85,646,307.90 from CNY 103,656,138.83[78]. - Accounts receivable increased by 21.67% to CNY 183,929,423.10, attributed to revenue growth and improved customer payment cycles[78]. - Inventory rose by 64.14% to CNY 129,643,102.83 due to material shortages and increased stockpiling ahead of the 2022 Spring Festival[78]. - The net cash flow from investing activities increased by 27.41% to -108,727,932.07, mainly due to increased investment in 5G projects[75]. - The net cash flow from financing activities surged by 1706.97% to 100,486,177.91, primarily due to increased bank borrowings[75]. Social Responsibility and Community Engagement - The company has donated over 1 million yuan to rural construction and healthcare education initiatives[158]. - The company actively engages in social responsibility initiatives, including community support and employee welfare programs[158]. - The company has implemented strict environmental management practices, ensuring compliance with national regulations[154]. - The company has a mission to enhance safety, environmental sustainability, and intelligence in transportation[156].