Deye(SH:605117)2022-04-20 16:00Financial Performance - In 2021, the company achieved operating revenue of CNY 4,167,929,962.44, a year-on-year increase of 37.85%[23] - The net profit attributable to shareholders was CNY 578,555,272.84, reflecting a growth of 51.28% compared to the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 533,390,826.30, up 53.91% year-on-year[23] - The net cash flow from operating activities reached CNY 796,608,179.43, an increase of 75.59% from the previous year[23] - Total assets at the end of 2021 amounted to CNY 3,923,521,516.69, a 134.17% increase compared to the end of 2020[23] - The equity attributable to shareholders increased by 204.43% to CNY 2,640,205,549.93 by the end of 2021[23] - The basic earnings per share were CNY 3.70, representing a 23.75% increase from the previous year[24] - The company’s weighted average return on equity was 29.29%, down 25.97 percentage points from the previous year[24] - Revenue for the reporting period reached RMB 4,167.93 million, representing a year-on-year growth of 37.85%, while operating profit increased by 52.44% to RMB 656.54 million[58] - The net profit attributable to the parent company was RMB 578.56 million, up 51.28% compared to the same period last year[58] Dividend and Capital Structure - As of December 31, 2021, the company's distributable profit was RMB 443,642,462.67, with a proposed cash dividend of RMB 12 per 10 shares, totaling RMB 204,800,400.00 (including tax), resulting in a cash dividend payout ratio of 35.40%[5] - The company plans to increase its share capital by 4 shares for every 10 shares held, raising the total share capital from 170,667,000 to 238,933,800 shares[5] - The company has implemented a cash dividend policy, committing to distribute no less than 10% of the annual distributable profits to shareholders for the next three years following its stock listing[142] Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants, ensuring the financial report's authenticity and completeness[4] - The board of directors and management have confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[7] - The internal control audit report issued by the accounting firm was a standard unqualified opinion, indicating effective internal control practices[150] - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance[124] Business Operations and Strategy - The company operates several wholly-owned subsidiaries, including Ningbo Deye Daily Electric Appliance Technology Co., Ltd. and Ningbo Deye Environment Electric Co., Ltd.[12] - The company is headquartered in Ningbo, Zhejiang Province, with its registered address at No. 26, Nanjing South Road, Daqi, Beilun District[18] - The company emphasizes the importance of accurate and complete disclosures in its annual report, with all board members present at the meeting to ensure accountability[8] - The company has developed a vertical integration strategy combining core components and complete machines, enhancing collaboration between upstream and downstream operations[57] - The company has established a comprehensive management system for its subsidiaries to improve overall operational efficiency and risk management capabilities[149] Market and Product Development - The company actively expanded its inverter business, driven by the rapid growth in the energy storage market and photovoltaic installations[33] - In 2021, the inverter products generated revenue of CNY 1,197.53 million, a year-on-year increase of 262.34%, accounting for 28.92% of the company's main business revenue[35] - The company launched several new inverter models in 2021, including 8KW/10KW/12KW three-phase low-voltage household energy storage inverters and a new generation of micro inverters with four MPPT inputs[37] - The company is focusing on expanding its overseas market for inverter products, driven by strong demand[92] - The company is collaborating with the Chinese Academy of Sciences to develop new air purification technologies that do not cause secondary pollution[153] Risks and Challenges - The company has outlined potential risks in the report, advising investors to be cautious regarding future plans and investment risks[6] - The company faced risks related to chip supply shortages due to global constraints but has made progress in domestic chip replacement, reducing future supply chain risks[37] - The company is facing risks from fluctuations in raw material prices, particularly copper and aluminum, which significantly impact cost control[95] - The company is exposed to risks from exchange rate fluctuations as its export revenue is primarily denominated in USD and EUR[99] Research and Development - The company invested RMB 133.20 million in R&D, focusing on expanding new products and enhancing photovoltaic inverter technology[51] - The company holds 218 patents, with significant advancements in inverter technology, including a millisecond-level switch time for off-grid inverters[51][52] - The number of R&D personnel is 292, accounting for 14.50% of the total workforce[78] Governance and Management - The company held a total of eight board meetings during the reporting period[107] - The board consists of seven members, including three independent directors, ensuring compliance with legal requirements[106] - The company has established a comprehensive internal control system to ensure decision-making is scientific[107] - The company has implemented strict information disclosure practices, ensuring timely and accurate communication with shareholders[107] Financial Management - The company has invested in various financial products, including wealth management and structured deposits, with a focus on capital preservation and floating returns[196] - The company has a total guarantee amount of 414,856,389.24 RMB, which accounts for 15.71% of the company's net assets[186] - The company has raised 118,245.00 million RMB in bank wealth management products from raised funds, with an outstanding balance of 33,000.00 million RMB[190] Future Outlook - Future outlook includes plans for market expansion and the introduction of new products[115] - The company aims to achieve a revenue growth target of 15% for the upcoming fiscal year[115] - The company plans to strengthen fundraising management and expand business scale to improve market share and operational efficiency[168]