Hubei Chaozhuo Aviation Technology (SH:688237)2023-04-19 16:00Financial Performance - The company achieved a net profit attributable to shareholders of RMB 59,086,007.70 for the year 2022[7]. - The profit distribution plan for 2022 is to not distribute profits and not to convert capital reserves into share capital[7]. - The company has not yet achieved profitability since its listing[4]. - The company's operating revenue for 2022 was ¥139,704,605.04, a decrease of 1.13% compared to ¥141,305,811.33 in 2021[22]. - The net profit attributable to shareholders for 2022 was ¥59,086,007.70, down 16.46% from ¥70,731,115.18 in 2021[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥41,720,744.52, a decline of 30.66% compared to ¥60,172,240.15 in 2021[22]. - Basic earnings per share for 2022 were ¥0.75, a decrease of 28.57% from ¥1.05 in 2021[24]. - The cash flow from operating activities for 2022 was ¥49,028,207.22, a slight increase of 0.73% from ¥48,671,888.42 in 2021[22]. - The company experienced a significant increase in costs, particularly in raw materials and sales expenses, impacting profitability[25]. - The total amount of non-recurring gains and losses for 2022 was 17.37 million yuan, compared to 10.56 million yuan in 2021[30]. Assets and Liabilities - The company's total assets increased by 207.19% to ¥1,445,997,364.67 at the end of 2022, compared to ¥470,723,125.72 at the end of 2021[23]. - The net assets attributable to shareholders rose by 205.08% to ¥1,291,230,976.92 at the end of 2022, compared to ¥423,241,604.87 at the end of 2021[23]. - The company's cash and cash equivalents increased by 190.56% to ¥337,738,450.53, accounting for 23.36% of total assets[142]. - Accounts receivable rose by 52.15% to ¥89,156,436.03, representing 6.17% of total assets, primarily due to the addition of a new holding company[142]. - The company reported a significant increase in inventory by 125.66% to ¥65,985,101.43, which accounted for 4.56% of total assets[142]. - The company's total liabilities increased significantly, with a notable rise in contract liabilities to ¥21,864,573.68, reflecting a growth of 10,629.84%[144]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 10.98% in 2022 from 9.13% in 2021, reflecting a growth of 1.85 percentage points[24]. - The company increased its investment in R&D and market expansion, focusing on customized additive manufacturing technologies, particularly cold spraying[35]. - In 2022, the company's R&D expenses amounted to CNY 15.33 million, representing a year-on-year increase of 18.91%, maintaining a high R&D expense ratio of 10.98%[40]. - The company has developed 9 core technologies and obtained 50 patents, focusing on optimizing existing technologies and expanding applications in cold spray solid additive manufacturing[84]. - The company applied for 50 new patents during the reporting period, including 32 invention patents and 14 utility model patents, bringing the total to 137 applications and 60 granted patents[89]. Market and Business Strategy - The company is focused on additive manufacturing technologies, including cold spray technology[13]. - The company has outlined its future plans and development strategies, which are subject to investment risks[8]. - The company is actively exploring new application fields for cold spraying technology, targeting both military and civilian markets[36]. - The company has established preliminary cooperation intentions with a client under AVIC for weapon shell trial production, marking a significant breakthrough in applying customized additive manufacturing technology[37]. - The company is shifting its R&D focus from basic material development to engineering research on process technology, with plans to increase R&D investment and enhance its innovation capabilities[41]. Governance and Compliance - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[6]. - There are no non-operating fund occupations by controlling shareholders or other related parties[9]. - The company does not have any special arrangements for corporate governance[10]. - The company has established a comprehensive quality control system, including various management manuals to ensure compliance with production and service quality standards[51]. - The company has military and civil product qualifications, which are subject to high entry barriers, ensuring a competitive advantage in the market[105]. Risks and Challenges - The report includes a detailed discussion of various risks faced by the company and corresponding countermeasures[4]. - The company faces risks related to the commercialization of its cold spray solid additive manufacturing technology, which is still in a developmental stage domestically[108]. - There is a high concentration risk with major customers, as the top five customers account for a significant portion of the company's revenue[112]. - The company is exposed to risks from overseas procurement, particularly for high-purity helium and metal powders, which are primarily sourced from foreign suppliers[110]. - The company is at risk of core technical personnel turnover, which could adversely affect technology development and new product research[109]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 319, with 114 in the parent company and 205 in subsidiaries[200]. - The educational background of employees includes 10 with master's degrees or above, 58 with bachelor's degrees, and 251 with associate degrees or below[200]. - The average age of R&D personnel is predominantly between 30-40 years, with 29 individuals in this age group, indicating a relatively young and dynamic team[99]. - The company has a diverse board with a mix of genders and ages, enhancing its governance structure[181]. - The company is focused on retaining key technical personnel to drive innovation and development[181].