Wayzim(SH:688211)2023-05-24 16:00Financial Performance - In 2022, the net profit attributable to shareholders of the listed company was -118,719,653.61 RMB, while the net profit of the parent company was -177,456,839.10 RMB[6]. - The parent company's accumulated undistributed profits at the beginning of 2022 were 371,450,291.33 RMB, and after deducting shareholder dividends of 78,965,218.80 RMB, the ending balance was 115,028,233.43 RMB[6]. - The company plans not to distribute cash dividends for the year 2022 and will not conduct capital reserve transfers or other forms of distribution[6]. - The company has not yet achieved profitability since its listing[4]. - The net profit attributable to shareholders of the listed company decreased by 145.80% to CNY -118,719,653.61 in 2022 from CNY 259,207,152.43 in 2021[24]. - The basic earnings per share for 2022 was CNY -0.90, a decrease of 136.14% from CNY 2.49 in 2021[25]. - The company reported a significant increase in credit impairment losses, which rose by 100.55% year-on-year to CNY 4,513.89 million[27]. - The company reported a net profit attributable to shareholders of CNY -11,871.97 million in 2022, a decline of 145.80% year-on-year[148]. Revenue and Growth - In 2022, the company's operating revenue was CNY 2,314,895,871.41, an increase of 4.76% compared to CNY 2,209,625,669.26 in 2021[24]. - The company achieved total revenue of 2,314.90 million yuan, representing a year-on-year growth of 4.76%[44]. - Total integrated sorting system revenue increased by 17.18% year-on-year, driven by improved technology and product adaptability[155]. - Single item separation revenue surged by 1,483.86% year-on-year, reflecting rapid order growth and project acceptance[155]. Research and Development - Research and development expenses accounted for 8.93% of operating revenue, an increase of 2.87 percentage points compared to the previous year[26]. - Total R&D investment reached approximately ¥206.68 million, a 54.36% increase from the previous year's ¥133.89 million, representing 8.93% of total revenue[87]. - The company expanded its R&D team by 244 personnel, with salary expenses increasing by CNY 33.73 million year-on-year[88]. - The company has developed core technologies such as image-based barcode recognition and sorting control systems, positioning itself as a leader in the smart logistics equipment industry[198]. Market and Industry Trends - The Chinese smart logistics equipment market reached a scale of 82.99 billion yuan, with a year-on-year growth of 16.1%[65]. - The market is expected to grow rapidly, with a projected compound annual growth rate of 18.3%, reaching 192.02 billion yuan by 2027[66]. - The demand for automation and intelligent logistics equipment systems has been steadily increasing, with a focus on improving production efficiency and reducing logistics costs[43]. - The new energy sector is expected to see rapid growth, with a year-on-year increase of approximately 70% in market size, driving demand for smart logistics equipment[190]. Operational Efficiency - The company’s total assets decreased by 9.51% to CNY 5,553,468,596.01 at the end of 2022 from CNY 6,137,175,656.32 at the end of 2021[24]. - The gross profit margin for 2022 was 14.78%, a decrease of 13.79 percentage points year-on-year[26]. - The company’s main business gross profit margins were 38.34%, 28.54%, and 14.45% for the years 2020, 2021, and 2022 respectively, indicating a significant decline in profitability[128]. - The company is committed to increasing investment in key technologies and core components to support high-quality development and enhance product competitiveness[197]. Risks and Challenges - The company has described potential risks in the report, urging investors to pay attention to investment risks[4]. - The company faces risks related to market demand fluctuations, particularly from the e-commerce and logistics sectors, which could adversely affect its operations[134]. - The company’s reliance on a concentrated customer base poses risks if major clients reduce their procurement or face operational difficulties[136]. - The company faces risks related to high accounts receivable and inventory levels, which could impact future performance if customer financial conditions deteriorate[140][141]. Customer and Market Relationships - The company has expanded its customer base in various industries, including express sorting and e-commerce, while making progress in rapidly developing sectors like new energy[45]. - The company maintains a good customer relationship with no significant product returns or quality issues reported during the reporting period[54]. - Sales revenue from the top five customers accounted for 89.77%, 94.83%, and 75.01% of total revenue in 2020, 2021, and 2022 respectively, with a notable dependency on Zhongtong Express[136]. International Expansion - The company has established branches in Singapore, the USA, and Malaysia, providing localized services to overseas customers[127]. - The company is focusing on expanding its overseas market presence, which exposes it to foreign exchange risk due to fluctuations in the RMB exchange rate[143]. - The company has established multiple subsidiaries in various countries, including Malaysia, the USA, Russia, Hungary, Thailand, Germany, and the UK, to expand its international presence[182]. Technological Advancements - The company has developed a high-performance general edge computing technology that enhances real-time processing capabilities in intelligent logistics systems[74]. - The company’s image recognition system based on AI algorithms has achieved an accuracy rate of over 99% in package classification[75]. - The company has developed a compact integrated drive system that combines control and drive functions, enhancing system efficiency and reducing maintenance costs[76]. - The company has developed a new type of small item separation device, which has met customer acceptance standards and is ready for mass production[105].