敏芯股份(688286) - 2021 Q4 - 年度财报

Financial Performance - The net profit attributable to shareholders for 2021 was RMB 12,424,009.95, with a cumulative distributable profit of RMB 124,084,353.54[5] - The proposed cash dividend is RMB 0.75 per share (including tax), amounting to a total of RMB 3,997,434.68, which represents 32.18% of the net profit for the year[5] - The company's operating revenue for 2021 was CNY 351,758,084.54, representing a 6.57% increase compared to CNY 330,074,706.48 in 2020[23] - The net profit attributable to shareholders decreased by 70.16% to CNY 12,424,009.95 in 2021 from CNY 41,636,093.96 in 2020[23] - The net profit after deducting non-recurring gains and losses was CNY -1,971,899.07, a decline of 105.54% compared to CNY 35,625,733.76 in the previous year[23] - The cash flow from operating activities was CNY 14,857,836.69, down 19.28% from CNY 18,405,916.32 in 2020[23] - The total assets at the end of 2021 were CNY 1,162,170,525.47, an increase of 3.42% from CNY 1,123,763,708.05 at the end of 2020[23] - The net assets attributable to shareholders increased by 3.78% to CNY 1,102,248,896.85 at the end of 2021 from CNY 1,062,135,619.94 at the end of 2020[23] - The comprehensive gross margin for 2021 was 34.97%, slightly declining due to intensified competition in certain market segments[145] Research and Development - R&D expenditure as a percentage of operating revenue increased by 8.76 percentage points to 21.50%[26] - R&D investment reached 75.62 million yuan, a 79.86% increase year-on-year, with R&D expenditure accounting for 21.50% of operating income, up 8.76 percentage points[57] - The company has obtained 43 invention patents and 135 utility model patents, with significant increases in patent applications during the reporting period[57] - The company is focusing on developing MEMS acoustic sensors with higher AOP, SNR, and reliability to meet increasing market demands[58] - The company has established a comprehensive R&D strategy covering the entire MEMS industry chain, enhancing its competitive advantage and industry barriers[60] - The company is actively involved in the establishment of the first MEMS industry intellectual property alliance in China, which was officially registered on October 28, 2021[64] - The company has completed several national and provincial-level research projects, enhancing its technological capabilities[88] Market and Product Development - The company aims to leverage its unique MEMS chip design and manufacturing capabilities to become a leading platform enterprise in the MEMS chip industry[35] - The company is focused on continuous R&D of new products and processes to enhance the performance and quality of MEMS sensors[35] - The company is expanding its product line in MEMS pressure sensors for various applications, including medical devices and automotive systems[59] - The company is actively exploring new applications in the automotive sector, including vacuum sensors for brake boosters and pressure sensors for battery safety[53] - The MEMS sensor market is highly concentrated, with the top seven categories accounting for over 90% of the total market share in 2020, including inertial (29%), RF (21%), and pressure sensors (19.2%) [70] - The demand for MEMS devices is expected to grow significantly over the next decade, driven by advancements in 5G technology and the proliferation of IoT devices, with an estimated increase from 12 billion IoT devices in 2019 to 24.6 billion by 2025, representing a compound annual growth rate of 12.7% [78] Operational Risks and Challenges - The company has detailed various operational risks and corresponding countermeasures in the report[4] - The company faces risks related to new product development, particularly in MEMS sensors, which have long R&D cycles and uncertain commercialization outcomes[136] - The company is at risk of talent shortages in the MEMS industry, which requires high-level expertise across multiple disciplines[137] - The company must continuously adapt to market trends in consumer electronics, as a slowdown in demand for key products could negatively impact revenue and profitability[148] - The company is exposed to risks from potential changes in tax policies affecting the semiconductor industry, which could impact future earnings[147] - The MEMS industry is experiencing increased competition, particularly with the rise of 5G and IoT applications, which could create uncertainties for the company[149] Sales and Revenue - The company achieved total revenue of 351.76 million yuan, representing a year-on-year growth of 6.57%[155] - The sales revenue of MEMS acoustic sensors decreased by 1.31% compared to last year, amounting to 9,796.70 million yuan[165] - Sales revenue for MEMS pressure sensors and MEMS inertial sensors increased by 48.73% and 104.93%, reaching 4,444.64 million yuan and 1,757.08 million yuan respectively[167] - Domestic market revenue grew by 2.29%, while overseas market revenue surged by 56.39%[165] - The sales revenue from wearable devices for MEMS acoustic sensors increased by 16.36%, contributing 30.13% to the total revenue[166] Investment and Capital Management - The company established a joint investment fund with a total commitment of RMB 299 million, with the company contributing RMB 90 million[198] - The company increased the registered capital of its wholly-owned subsidiary Kunshan Lingke by RMB 70 million[199] - The company acquired 20% minority equity of its controlling subsidiary Xinyi Microelectronics from related party Zhu Xiaoting for RMB 3.964 million, resulting in 100% ownership of Xinyi Microelectronics[199] - A new wholly-owned subsidiary, Suzhou Minxin Zhiyuan Investment Management Co., Ltd., was established with a registered capital of RMB 10 million[199] Quality and Supply Chain Management - The company emphasizes quality management and has adopted a "zero-error" quality requirement through automated systems and customer-centric approaches[66] - The company has established a procurement management system to ensure effective supplier management and prioritize high-quality suppliers for procurement[72] - The production model combines outsourcing and in-house processing, with regular evaluations of processing vendors to ensure quality and efficiency[73] - The company has maintained a strong credit policy with most top customers, resulting in minimal accounts receivable balances[185]