Hoymiles(SH:688032)2022-04-19 16:00Financial Performance - The company's operating revenue for 2021 was CNY 795,185,561.41, representing a year-on-year increase of 60.64% compared to CNY 495,015,584.43 in 2020[18]. - Net profit attributable to shareholders for 2021 was CNY 201,739,845.07, a 93.78% increase from CNY 104,105,002.68 in 2020[18]. - The net asset attributable to shareholders increased by 1,486.96% to CNY 5,985,278,166.72 at the end of 2021, compared to CNY 377,154,406.55 at the end of 2020[18]. - The company generated a net cash flow from operating activities of CNY 149,992,676.85 in 2021, up 59.93% from CNY 93,784,109.82 in 2020[18]. - Basic earnings per share for 2021 were CNY 6.72, reflecting a 93.66% increase from CNY 3.47 in 2020[19]. - The company achieved a revenue of 795.19 million yuan in 2021, representing a year-on-year growth of 60.64%[27]. - The net profit attributable to shareholders was 201.74 million yuan, an increase of 93.78% compared to the previous year[27]. - The net profit excluding non-recurring gains and losses reached 195.71 million yuan, up by 98.19% year-on-year[27]. - The company reported a total revenue of 1.2 billion CNY for the fiscal year 2021, representing a year-over-year increase of 15%[160]. Dividend and Share Capital - The company plans to distribute a cash dividend of 30 CNY per 10 shares, totaling 120 million CNY, which accounts for 59.48% of the net profit attributable to shareholders for 2021[4]. - The company intends to increase its total share capital from 40 million to 56 million shares by issuing 4 additional shares for every 10 shares held, resulting in a total of 16 million new shares[4]. - The proposed cash dividend is ¥30 per 10 shares, totaling ¥120,000,000.00, which accounts for 59.48% of the net profit for 2021[183]. - The company plans to increase its total share capital by 16,000,000 shares through a capital reserve conversion, raising the total share capital to 56,000,000 shares[183]. Research and Development - Research and development expenses accounted for 5.76% of operating revenue in 2021, slightly down from 5.83% in 2020[19]. - The company continues to invest in R&D, focusing on key technologies in the photovoltaic and energy management sectors[30]. - R&D investment totaled ¥45,781,714.20, representing a 58.55% increase from the previous year's ¥28,874,946.18, with R&D expenses accounting for 5.76% of operating income[68][69]. - The number of R&D and technical personnel increased by 18.54% to 179, contributing to the overall rise in R&D expenses[69]. - The company emphasizes technological innovation as a key driver for production and development, continuously optimizing product designs and increasing R&D investment to maintain a competitive edge[69]. - The R&D department is focusing on energy storage technology, with a budget allocation of 50 million CNY for 2022[161]. Market Expansion and Sales - The company plans to continue expanding its market presence and enhancing product development to sustain growth in the coming years[19]. - The company has expanded its global marketing network, covering dozens of countries and regions, enhancing its market share in North America, Latin America, and Europe[29]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[160]. - The company is focusing on developing component-level solutions, including micro-inverters and associated devices, to enhance safety and efficiency in photovoltaic systems[59]. - The company aims to leverage favorable government policies and declining solar power costs to enhance market expansion and competitiveness[133]. Risks and Challenges - The company has outlined potential risks in its annual report, which investors should consider[3]. - The company faces risks related to raw material price fluctuations, which could impact profitability if not managed effectively[88]. - There is a risk of declining gross margins for micro-inverters due to potential increases in raw material costs and intensified market competition[89]. - The company has a financial risk associated with guarantees provided for photovoltaic loans, with estimated liabilities calculated at 15% of the loan balance[89]. - The company is expanding its market presence, but changes in government subsidy policies for photovoltaic systems could negatively impact demand and sales[93]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[3]. - The company has confirmed that all board members attended the board meeting[3]. - The company has established a governance structure that complies with legal requirements, ensuring independent operation and effective supervision of financial activities[149]. - The company has implemented a performance evaluation and incentive mechanism to motivate employees and ensure the achievement of annual goals[149]. - The company has not reported any related party transactions being denied during the shareholder meetings[153]. Sustainability and Social Responsibility - The company actively supports ESG initiatives, focusing on sustainable development and environmental protection, aligning with national carbon neutrality goals[190]. - The company is committed to promoting the use of clean energy and has aligned its operations with the global shift towards renewable energy sources[195]. - The company has established an environmental management system certified by ISO14001, ensuring systematic management of environmental factors[194]. - The company has actively participated in social responsibility initiatives, focusing on the welfare of shareholders, employees, and the community[196]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 652, with 106 in R&D and 73 in technical roles[178]. - The company has implemented a comprehensive training program for employees, focusing on enhancing skills and overall quality[181]. - The average salary for R&D personnel increased to 19.44 million RMB, reflecting the company's commitment to attracting and retaining talent[75]. - The total pre-tax remuneration for key management personnel during the reporting period amounted to CNY 613.39 million[157]. - The company has established a talent development system to support its strategic goals, including attracting and nurturing top talent[142].