Bayi Space(688181)2023-04-20 16:00Financial Performance - The company's operating revenue for 2022 was CNY 93,426.52 million, an increase of 5.35% compared to CNY 88,678.39 million in 2021[19]. - The net profit attributable to shareholders for 2022 was CNY 20,390.09 million, a decrease of 1.36% from CNY 20,670.76 million in 2021[19]. - The net cash flow from operating activities was CNY 18,099.56 million, down 6.29% from CNY 19,313.88 million in 2021[20]. - The total assets at the end of 2022 were CNY 242,685.48 million, reflecting a 12.46% increase from CNY 215,789.42 million at the end of 2021[20]. - The company's net assets attributable to shareholders increased by 8.43% to CNY 199,157.75 million at the end of 2022, compared to CNY 183,668.51 million at the end of 2021[20]. - Basic earnings per share for 2022 remained unchanged at CNY 2.14, compared to 2021[21]. - The total revenue for the year was 20,909,926, with a decrease of 83,812 compared to the previous year, resulting in a revenue growth rate of approximately -0.4%[168]. - The company reported a total revenue of 93,304.34 million RMB in the electronic special materials manufacturing segment, with a gross margin of 46.14%, reflecting a year-on-year increase of 5.42% in revenue and a 6.97% increase in cost[129]. Dividend Distribution - The proposed cash dividend for 2022 is CNY 3.20 per 10 shares (including tax), with a total cash dividend distribution of CNY 30,406,825.28, accounting for 14.91% of the net profit attributable to shareholders[5]. - The total cash dividend, including share repurchase, amounts to CNY 90,401,737.20, representing 44.34% of the net profit attributable to shareholders for 2022[6]. - The board of directors has approved the profit distribution plan, which is subject to shareholder meeting approval[5]. - The company repurchased shares amounting to approximately 59.99 million yuan in 2022, which is considered part of the cash dividend distribution[196]. - The total amount of cash dividends, including share repurchases, reached 90,401,737.20 RMB, accounting for 44.34% of the net profit attributable to ordinary shareholders[199]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 7.32% in 2022 from 5.91% in 2021, indicating a focus on innovation[21]. - The company achieved a 30.41% increase in R&D expenses, totaling ¥68.39 million, compared to ¥52.44 million in the previous year, with R&D expenses accounting for 7.32% of total revenue, up from 5.91%[59][61]. - The company has developed a complete proprietary intellectual property system in the preparation of intermediates, single crystal synthesis and purification, and mixing, achieving multiple technological breakthroughs in TFT liquid crystal materials[42]. - The company has established long-term cooperative relationships with several universities and research institutions, enhancing its R&D capabilities and accelerating industrial upgrades[120]. - The company is currently developing KrF photoresist resin with a production capacity of 150kg per batch, which has entered the pilot testing phase[66]. Market Position and Strategy - The company is focusing on strategic development in semiconductor materials, new energy materials, and pharmaceuticals to expand its business scope[34]. - The company aims to build a globally influential electronic materials platform enterprise as part of its long-term strategy[34]. - The company is positioned within the strategic emerging industry of electronic materials manufacturing, contributing to the national goal of reducing reliance on imports[146]. - The company is actively involved in the development of advanced materials for various display technologies, including mobile phones and televisions[147]. - The company plans to officially start production of a new lithium hexafluorophosphate project with an annual capacity of 3,000 tons in 2024[124]. Corporate Governance - The company has not disclosed any special arrangements for corporate governance[8]. - The company confirmed that there are no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[164]. - The company has a comprehensive management system for talent retention and core technology confidentiality, but risks of talent loss and technology leakage remain[76]. - The company has established a performance evaluation mechanism for senior management, closely linking assessment indicators to overall business performance[200]. - The company has a total of 12 independent directors, ensuring diverse oversight and governance[167]. Risks and Challenges - The company has described potential risks in its report, emphasizing the importance of investor awareness regarding investment risks[7]. - The company faces risks related to high customer concentration, with BOE being the primary customer, but is actively expanding its client base among other large panel manufacturers[78]. - The company is navigating macroeconomic uncertainties, including rising raw material prices and supply chain stability challenges due to geopolitical tensions[83]. - The company is exposed to financial risks due to customized production and inventory depreciation risks, as production cycles can last from 90 to 160 days[80]. Investment and Projects - The company is investing in four major projects, including a 100-ton LCD materials project in Beijing and a lithium hexafluorophosphate project with an estimated total investment of approximately 280 million RMB[30][32]. - The ongoing project for the electronic materials base in Zhejiang Shiyu has a total expected investment of RMB 168,000,000, with RMB 13,394,670 invested during the reporting period[138]. - The total investment for the development of colorless transparent polyimide films and materials is projected at $1,006 million, with a cumulative investment of $1,021.19 million completed[64]. - The project for low dielectric polyimide materials has a total investment of $923 million, with $1,080.20 million cumulatively invested, achieving leading performance levels[64]. - The company plans to invest in a project with an annual production capacity of 1,351 tons of high-end pharmaceutical intermediates and 30 tons of raw materials[187].