TZTEK(SH:688003)2021-04-07 16:00Financial Performance - The company's operating revenue for 2020 was CNY 964,110,234.89, representing a year-on-year increase of 78.19% compared to CNY 541,069,294.15 in 2019[21]. - The net profit attributable to shareholders of the listed company reached CNY 107,381,259.83, an increase of 29.10% from CNY 83,178,620.64 in the previous year[21]. - The net cash flow from operating activities increased significantly by 641.43%, amounting to CNY 51,617,988.81, compared to a negative cash flow of CNY -9,533,726.21 in 2019[21]. - The company's total assets as of the end of 2020 were CNY 2,121,007,275.89, reflecting an 11.66% increase from CNY 1,899,543,403.04 at the end of 2019[21]. - The basic earnings per share for 2020 was CNY 0.5570, a 10.73% increase from CNY 0.5030 in 2019[22]. - The total revenue for the company was approximately ¥964.11 million, with a year-over-year increase of 78.19%[107]. - The gross profit margin decreased by 3.27 percentage points to 42.48% compared to the previous year[107]. - The company reported a significant increase in revenue to 964.11 million RMB, a 78.19% increase year-over-year, while operating costs rose to 554.56 million RMB, an 88.92% increase[104]. Dividend Policy - The company plans to distribute a cash dividend of 3.00 CNY per 10 shares, totaling 57,165,000 CNY (including tax), which represents 53.24% of the net profit attributable to shareholders for the year[5]. - The proposed cash dividend is 3.00 RMB per 10 shares (including tax), amounting to a total of 57,165,000 RMB, which represents 53.24% of the net profit attributable to shareholders for the year[160]. - The company has maintained a cash dividend payout ratio of at least 30% of the average annual distributable profit over the last three years[156]. - The cash dividend for 2020 is part of a consistent policy, with previous years showing dividends of 2.00 RMB per 10 shares in 2019 and 1.50 RMB per 10 shares in 2018[162]. - The independent directors have provided clear opinions supporting the dividend proposal, ensuring compliance with decision-making procedures[160]. Research and Development - The R&D expenditure accounted for 16.03% of operating revenue, a decrease of 1.48 percentage points from 17.51% in 2019[23]. - Total R&D expenditure increased by 63.20% year-on-year to approximately ¥154.59 million, representing 16.03% of total revenue[59]. - The company added 226 new R&D personnel, a 54.72% increase compared to the previous year, to strengthen its core competitiveness[61]. - The company invested a total of RMB 15,459.03 million in R&D over the past three years, representing 15.66%, 17.51%, and 16.03% of revenue respectively[69]. - The company has applied for 98 new invention patents and received 2 new invention patent authorizations during the reporting period, enhancing its intellectual property portfolio[57]. Market Position and Growth - The company has served over 4,000 clients across various industries, including major corporations like Apple, Samsung, and Bosch, indicating a strong market presence[32]. - The machine vision industry is in a rapid development phase, driven by increasing automation needs in modern industrial production[41]. - The global machine vision market size was approximately $9.6 billion in 2020, with a stable growth rate of 12% over the past decade[43]. - The Chinese machine vision market is expected to reach ¥24.6 billion by 2025, indicating significant growth potential[44]. - The company achieved a revenue of 964.11 million yuan in 2020, an increase of 78.19% year-over-year, and a net profit of 107.38 million yuan, up 29.10% from the previous year[79]. Operational Risks and Governance - The company has detailed various operational risks and corresponding mitigation measures in the report[4]. - The report includes a standard unqualified audit opinion from Zhonghui Certified Public Accountants[4]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting investment risks[6]. - The company has confirmed that all board members can guarantee the authenticity, accuracy, and completeness of the annual report[7]. - The company is committed to improving its internal governance structure to enhance operational efficiency and competitive strength[153]. Customer Concentration and Sales - The company faced high customer concentration risk, with sales to the top five customers accounting for 70.28%, 53.22%, and 64.39% of total revenue from 2018 to 2020[89]. - The company's top five customers accounted for 64.39% of total annual sales, indicating a high customer concentration risk[115]. - Revenue from major customers in the consumer electronics sector increased by 113.80% year-over-year, contributing an additional 365.81 million yuan[80]. - The automotive segment experienced a significant decline in revenue, down 59.60% year-over-year, with a gross profit margin of only 23.05%[107]. Strategic Initiatives - The company is actively exploring new fields, including AI edge computing devices and defect detection equipment for PCB and FPD industries[83]. - The company plans to enhance its research and development capabilities by increasing financial and human resources, aiming to improve product quality and market competitiveness[174]. - The company aims to create new profit growth points by promoting the application of machine vision technology in various industrial fields[149]. - The company will continue to strengthen its marketing capabilities and expand its customer base, particularly in the automotive and semiconductor industries[150]. - The company is committed to sustainability initiatives, allocating $10 million towards eco-friendly practices in production[181].