GREAT MICROWAVE(SH:688270)2022-04-06 16:00Financial Performance - The company achieved operating revenue of CNY 190,580,502.14 in 2021, representing a year-on-year growth of 25.28%[45]. - The net profit attributable to shareholders of the listed company for 2021 was ¥98,844,243.08, an increase of 28.48% from ¥76,935,982.81 in 2020[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥90,368,423.91, reflecting a 23.86% increase from ¥72,959,167.93 in 2020[29]. - The company's comprehensive gross margin for 2021 was 88.46%, maintaining a high level despite potential risks from market competition and changes in product pricing[148]. - The top five customers accounted for 62.93% of the company's revenue in 2021, indicating a high customer concentration risk[146]. - The company reported a total revenue of 4,051.08 million RMB for the period, with a significant increase from the previous period's 6,214.50 million RMB[119]. Research and Development - The company invested 21.26% of its operating revenue in R&D, an increase of 1.34 percentage points from the previous year[45]. - The company launched 30 new power amplifier products and 35 new low-noise amplifier products during the reporting period[46]. - The company has developed a series of customized microsystems and modules, utilizing a three-dimensional heterogeneous silicon interconnect technology, which enhances its competitive edge in the industry[1]. - The company’s R&D work is led by the R&D department, supported by production, quality, procurement, and marketing departments[70]. - R&D investment increased by 33.68% year-on-year, totaling approximately ¥40.51 million, representing 21.26% of operating revenue[112][113]. Market Position and Strategy - The company aims to expand its market presence through strategic partnerships and technological advancements in the field of microwave technology[22]. - The company has established itself as a core supplier of RF chips and power management chips in the domestic special industry sector, achieving a high level of technological performance that meets international standards[88]. - The company is focusing on R&D investments to maintain its advantageous market position and develop new products in the special industry sector[96]. - The integration of 5G technology is driving the need for higher performance and integration levels in integrated circuit chips, which the company is well-positioned to address[92]. - The company is actively pursuing market expansion in the aerospace intelligent power distribution sector, leveraging its research on solid-state electronic switches[117]. Risks and Challenges - The company faces risks related to the loss of core technical personnel, which could hinder its ability to innovate and maintain competitive advantages[140]. - The company has a risk of not achieving expected outcomes in R&D, which could lead to unrecoverable investments and adverse impacts on performance[142]. - The company’s accounts receivable at the end of the reporting period amounted to ¥119.85 million, representing 23.86% of total assets, indicating potential risks related to bad debts[150]. - The company is subject to tax policy changes that could affect its effective tax rate, currently at 15% due to its high-tech enterprise status[153]. - The company’s products are primarily used in specialized industries, leading to variability in customer orders, which may impact revenue stability[147]. Product Development and Innovation - The company has developed a low-pass filter-based lossy matching circuit technology, enhancing the design of broadband efficient power amplifier chips[97]. - The active bias circuit technology with threshold tracking and temperature compensation improves the stability and linearity of amplifiers, providing significant temperature advantages[97]. - The company has successfully implemented a power amplifier stacking technology, increasing the working voltage and output power while reducing parasitic capacitance[97]. - The company has developed a wideband signal reception channel design technology that supports IF signal transmission from 20kHz to 60MHz with a dynamic range greater than 60dB[109]. - The company has established a PDK model library to support user simulations, significantly shortening product development time[109]. Financial Health and Investments - The company’s cash flow from operating activities decreased by 57.12% to 4,754,923.17 yuan, mainly due to increased inventory of raw materials[165]. - The company’s investment activities generated a net cash outflow of 8,162,170.82 yuan, an improvement of 38.11% compared to the previous year[165]. - The company's integrated circuit material costs amounted to ¥17,269,873.84, representing 78.55% of total costs, an increase of 57.61% compared to the previous year[170]. - The total procurement amount from the top five suppliers was ¥1,855.99 million, representing 35.73% of the annual procurement total[178]. - The company’s financial expenses increased by 51.15%, primarily due to increased interest income[162].