StarPower(SH:603290)2022-04-08 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,706,643,165.69, representing a 77.22% increase compared to CNY 963,003,026.98 in 2020[17]. - Net profit attributable to shareholders for 2021 reached CNY 398,382,971.15, a significant increase of 120.49% from CNY 180,682,635.94 in 2020[17]. - The net profit after deducting non-recurring gains and losses was CNY 378,076,385.13, up 143.27% from CNY 155,413,625.83 in 2020[17]. - The company's total assets at the end of 2021 were CNY 5,522,047,609.02, a 287.60% increase from CNY 1,424,680,778.50 at the end of 2020[17]. - Basic earnings per share for 2021 were CNY 2.48, reflecting a 115.65% increase from CNY 1.15 in 2020[18]. - The weighted average return on equity for 2021 was 24.71%, compared to 17.31% in 2020, indicating improved profitability[18]. - The company reported a net cash flow from operating activities of CNY 356,710,871.68 in 2021, a significant recovery from a negative cash flow of CNY -125,565,991.58 in 2020[17]. Business Operations - The company's main business focuses on semiconductor design and manufacturing, specifically in IGBT and MOSFET technologies[9]. - The company's main business revenue in the industrial control and power sector was 1,064.51 million yuan, growing by 50.60% year-on-year, while the new energy sector revenue reached 571.46 million yuan, an increase of 165.95%[25]. - The company supplied IGBT modules for over 600,000 new energy vehicles in 2021, with more than 150,000 units for A-class and above models[25]. - The company expects to increase its overseas market share for automotive IGBT modules in 2022, following successful mass production in 2021[25]. - The company developed a new generation of 650V/750V/1200V IGBT chips based on the seventh-generation technology, with mass production expected to start in 2022[25]. - The company’s IGBT module sales revenue accounted for over 94% of its main business revenue in 2021[28]. Market Trends - The global power semiconductor market was valued at $42.2 billion in 2020, with China's market at $15.3 billion, reflecting year-on-year growth rates of 4.6% and 6.3%, respectively[27]. - The IGBT market in China is projected to reach 52.2 billion yuan by 2025, with a compound annual growth rate of 19.11%[27]. - The company is expanding its product applications in the photovoltaic sector, expecting a rapid increase in market share in 2022[25]. - The company is positioned to benefit from the rapid growth of the new energy and electric vehicle industries, which are driving increased demand for power semiconductor devices[66]. Research and Development - The company's R&D expenses increased by 42.95% to ¥110,169,292.42 from ¥77,066,564.96, reflecting a commitment to innovation and product development[39]. - The company has developed over a hundred personalized products to meet customer demands, enhancing long-term cooperation with existing clients[32]. - The company is focused on developing competitive products in the industrial control and power supply sectors, leveraging its proprietary chip advantages[72]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[3]. - The company has a strong management team with extensive experience in the semiconductor industry, including backgrounds from Siemens and Xilinx[85]. - The company’s governance structure includes independent directors, ensuring compliance and oversight in its operations[84]. - The company has not received any penalties from securities regulatory authorities in the past three years[91]. Shareholder Information - The company plans to distribute a cash dividend of 7.01 CNY per 10 shares, totaling 119,594,848.06 CNY based on a total share capital of 170,606,060 shares[4]. - The total number of ordinary shareholders increased from 22,282 to 23,753 during the reporting period[158]. - The largest shareholder, Hong Kong SIDA Holdings Limited, holds 71,266,800 shares, representing 41.77% of the total shares[159]. Financial Position - Cash and cash equivalents at the end of the period reached ¥2,971,226,563.62, representing 53.81% of total assets, a significant increase of 3,607.06% compared to the previous period[52]. - The company reported a substantial increase in financing activities, with net cash flow from financing activities reaching ¥3,518,533,918.81, up 952.07% from ¥334,439,386.67[39]. - The company’s total liabilities reached approximately ¥525.23 million in 2021, compared to ¥267.99 million in 2020, indicating a growth of 96%[183]. Risk Factors - The company faces risks from macroeconomic fluctuations that could impact its sales and profitability due to the semiconductor industry's sensitivity to economic conditions[76]. - The company is also exposed to foreign exchange risks due to its international procurement and sales operations, which are conducted in multiple currencies[78]. Environmental Responsibility - The company is committed to environmental responsibility, actively participating in the development of core semiconductor devices for industries aimed at achieving carbon neutrality by 2060[116]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[115].