天洋新材(603330) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 reached ¥1,067,740,935.33, representing a 52.74% increase compared to ¥699,056,294.51 in 2020[23]. - Net profit attributable to shareholders for 2021 was ¥110,161,980.41, a significant increase of 112.72% from ¥51,788,448.07 in 2020[23]. - The company's total assets as of the end of 2021 were ¥1,775,364,174.14, reflecting a 25.65% increase from ¥1,412,889,114.00 at the end of 2020[24]. - The basic earnings per share for 2021 was ¥0.47, up 56.67% from ¥0.30 in 2020[25]. - The weighted average return on equity increased to 15.73% in 2021, up by 8.47 percentage points from 7.26% in 2020[25]. - The company achieved operating revenue of 1,067.74 million RMB in 2021, representing a year-on-year growth of 52.74%[36]. - The net profit attributable to shareholders of the listed company was 110.16 million RMB, an increase of 112.72% compared to the previous year[36]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 42.85 million RMB, up 4.42% year-on-year[36]. - The company reported a cash flow from operating activities of -42.90 million RMB in Q1 2021, but improved to 18.63 million RMB by Q4 2021[27]. - The company's gross margin has shown a gradual upward trend, aligning with the industry average, despite raw material procurement costs being higher than the industry leader Foster[39]. Dividend and Share Capital - The company plans to distribute a cash dividend of 1.39 CNY per 10 shares, totaling approximately 33.04 million CNY, representing a cash dividend payout ratio of 30%[5]. - The total share capital will increase from 237,732,774 shares to 332,825,884 shares after a capital reserve conversion of 4 shares for every 10 shares held[5]. Market Expansion and Product Development - The company is focused on expanding its product offerings in the hot melt adhesive market, particularly in photovoltaic packaging materials[11]. - The company plans to expand its photovoltaic encapsulation film production capacity by 450 million square meters, aiming for a total annual capacity of 510 million square meters[37]. - The company is investing in a new modern production base in Yantai, set to be operational in 2022, to meet the growing demand in the electronic adhesive sector[44]. - The company is leveraging its technological advantages in adhesive products, focusing on the development of new products for emerging battery technologies and enhancing product performance[40]. - The company is developing applications for heterojunction solar cell encapsulation films and technologies to extend component lifespan and improve efficiency[145]. - The company plans to expand the number of distributors in core regions to achieve full coverage and improve the quality of distributors through standardized management and services, aiming for a rapid increase in average sales per store in 2022[146]. Strategic Partnerships and Supply Chain Management - The company has established strategic partnerships with suppliers, including Hanwha Total and Lotte Chemical, to secure raw material supply for production expansion[37]. - The company is committed to enhancing its supply chain management capabilities and reducing procurement costs through strategic cooperation with upstream suppliers[145]. - The company has implemented strategic reserves for certain raw materials to mitigate price volatility risks and reduce procurement costs[118]. Research and Development - The company added 12 new national authorized patents in 2021, bringing the total to 129, including 111 invention patents[65]. - The company’s R&D expenses rose by 73.51% to CNY 37.99 million, reflecting its commitment to innovation[73]. - The company plans to invest 100 million RMB in R&D for new technologies aimed at enhancing product efficiency[175]. - The total R&D investment accounted for 3.56% of operating revenue, with 79 R&D personnel making up 8.9% of the total workforce[85][86]. Environmental and Social Responsibility - The company has a strong commitment to environmental and social responsibility, as outlined in its annual report[9]. - The company is focusing on health and environmental protection by developing eco-friendly products for home decoration, leveraging over 20 years of experience in producing environmentally friendly hot melt adhesives[143]. - The company is developing a new POE encapsulation film with enhanced weather resistance and packaging performance to extend the lifespan of solar modules[98]. Risks and Challenges - The company faces significant risks including policy risk, macroeconomic fluctuations, and raw material price volatility, which may impact future performance[7]. - The company is vulnerable to fluctuations in raw material prices, particularly petrochemical products, which could increase production costs if not passed on to customers[152]. - The company has initiated legal actions to address overdue accounts receivable, which have increased due to macroeconomic pressures from the pandemic[154]. - The company faces risks related to policy changes that could impact its profitability, particularly if tax incentives for high-tech enterprises are altered[149]. Governance and Management - The company has established an investor relations management system to enhance communication with investors, ensuring timely responses to inquiries while adhering to information disclosure regulations[168]. - The company has not reported any major differences in governance compared to regulations set by the China Securities Regulatory Commission[169]. - The company has implemented measures to ensure the independence of its operations from its controlling shareholders[169]. - The total remuneration for the board of directors and senior management during the reporting period amounted to 399.91 million yuan[172]. - The company has established specialized committees under the board, including an audit committee and a compensation and assessment committee[183]. Employee and Labor Information - The total number of employees in the parent company and major subsidiaries is 890, with 495 in production, 109 in sales, and 80 in technical roles[192]. - The company has a total of 21 retired employees that need to be accounted for in financial obligations[192]. - The company has a total of 4 employees with a doctoral degree and 30 with a master's degree, indicating a focus on skilled personnel[192].