Accotest(SH:688200)2021-04-14 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥397.48 million, representing a 56.11% increase compared to ¥254.61 million in 2019 [27]. - The net profit attributable to shareholders for 2020 was approximately ¥199.19 million, a 95.31% increase from ¥101.99 million in 2019 [27]. - The net cash flow from operating activities reached approximately ¥138.67 million, showing a significant increase of 132.48% compared to ¥59.65 million in 2019 [27]. - The basic earnings per share for 2020 was ¥3.40, up 49.78% from ¥2.27 in 2019 [30]. - The company's total assets at the end of 2020 were approximately ¥2.27 billion, a 359.91% increase from ¥493.58 million at the end of 2019 [27]. - The net profit after deducting non-recurring gains and losses for 2020 was approximately ¥147.92 million, a 45.61% increase from ¥101.59 million in 2019 [27]. - The company reported a total of ¥54.68 million in non-recurring gains for 2020, primarily from fair value changes in financial assets [34]. - The company's net assets attributable to shareholders increased to approximately ¥2.13 billion by the end of 2020, a 398.76% increase from ¥428.01 million at the end of 2019 [27]. Research and Development - Research and development expenses accounted for 14.88% of operating revenue in 2020, an increase of 2.05 percentage points from 12.83% in 2019 [30]. - The company has established a robust R&D organization focusing on core technology development, with teams dedicated to software, hardware, PCB, FPGA, and structural design [42]. - The company has increased its R&D investment by 81.07% year-on-year, totaling approximately ¥59.13 million, which represents 14.88% of its operating revenue [53][55]. - The number of R&D personnel has increased to 112, accounting for 37.71% of the total workforce, reflecting the company's commitment to innovation [57]. - The company has achieved significant advancements in GaN wafer testing, solving multiple industry challenges and entering a phase of performance release [51]. Market Position and Strategy - The company specializes in the research, production, and sales of semiconductor automated test systems, becoming the largest domestic supplier in this field with over 3,500 units installed [38]. - The semiconductor automated test system market is expected to maintain a strong growth trend, driven by new applications in IoT, big data, AI, 5G, and automotive electronics [46]. - The company has positioned itself as a key supplier for major domestic semiconductor packaging and testing firms, breaking the monopoly of foreign manufacturers in the mixed-signal testing machine sector [47]. - The company is focused on expanding into international markets and new application fields to sustain growth [74]. - The company has maintained close relationships with both established and startup chip design firms, fostering mutual growth and collaboration [52]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Da Xin Accounting Firm [8]. - There are no significant risks or non-operational fund occupation by controlling shareholders reported [11]. - The company has no special arrangements for corporate governance [10]. - The company has no violations of decision-making procedures for external guarantees [11]. - The company has committed to not occupy its funds or assets in any form, ensuring the interests of all shareholders are protected [163]. Cash Dividend Policy - The company plans to distribute cash dividends of RMB 10 per 10 shares, totaling RMB 61,185,186 for the year 2020, which is 30.72% of the net profit attributable to shareholders [130]. - The company has established a cash dividend policy to distribute at least 10% of the distributable profit annually, with a cumulative distribution of at least 30% over any three consecutive years without major investment plans [127]. - The board of directors may propose differentiated cash dividend policies based on the company's development stage and major capital expenditure plans [127]. - The cash dividend distribution plan for 2020 is subject to approval at the annual general meeting [127]. Risks and Challenges - The company faces risks related to market competition, supply chain stability, and potential economic downturns affecting the semiconductor industry [75]. - The company is facing risks related to technology development and talent retention, with 37.71% of employees engaged in R&D [79]. Shareholder Commitments - The company has a commitment from its actual controller and major shareholders to not transfer or reduce their shares for a specified period following the IPO [131]. - Shareholders are committed to not transferring or entrusting their shares for 36 months from the date of acquisition, ensuring stability in shareholding [137]. - The company will disclose control arrangements if any shareholder reduces their holdings after the lock-up period, ensuring ongoing stable operations [138]. Financial Management and Investments - The company has engaged in multiple structured deposits with various banks, including a total of CNY 429,000,000.00 in a six-month structured deposit linked to gold, with an expected annualized return of 3.80% [186]. - The company has a total of CNY 100,000,000.00 in a principal-protected wealth management product with an expected return of 3.15% [188]. - The company has reported actual returns of CNY 7,668,555.18 from a six-month structured deposit that matured on August 24, 2020 [186]. - The company has not indicated any future wealth management plans as of the latest report [186].