长阳科技(688299) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company achieved a revenue of 1.297 billion RMB, representing a year-on-year growth of 24.08%[4] - The net profit for 2021 was 187 million RMB, with a year-on-year increase of 5.54%, and adjusted net profit was 218 million RMB, up 23.20%[4] - The company's operating revenue for 2021 was ¥1,296,688,065.65, representing a year-on-year increase of 24.08%[27] - The net profit attributable to shareholders was ¥186,786,638.98, reflecting a growth of 5.54% compared to the previous year[27] - The basic earnings per share for 2021 was ¥0.66, up 4.76% from ¥0.63 in 2020[28] - The diluted earnings per share rose to ¥0.65, a 3.17% increase from the previous year[28] - The company achieved a total revenue of 1,296.69 million RMB in 2021, representing a year-on-year growth of 24.08%[40] - The net profit for 2021 was 186.79 million RMB, an increase of 5.54% compared to the previous year; excluding stock payment expenses, the net profit was 218.04 million RMB, up 23.20% year-on-year[40] - The cash flow from operating activities decreased by 20.65% to ¥210,982,053.69, primarily due to increased cash payments for goods and services[29] - The total assets at the end of 2021 amounted to ¥2,486,504,620.36, an increase of 13.97% from the previous year[27] - The company's net assets attributable to shareholders increased by 13.61% to ¥1,987,886,055.43 by the end of 2021[27] Research and Development - Research and development expenses increased by 48.72% in 2021, reflecting the company's commitment to talent acquisition and innovation[4] - Research and development expenses accounted for 6.05% of operating revenue, an increase of 1 percentage point from the previous year[28] - R&D investment increased by 48.72% year-on-year, totaling approximately ¥78.47 million, representing 6.05% of operating revenue, up from 5.05%[92][93] - The number of R&D personnel increased to 144, accounting for 17.84% of the total workforce, with an average salary of ¥12.69 million[100] - The company is focusing on developing high-value functional films and has made progress in various projects, including optical films for new display technologies[96] - The company has established a differentiated development strategy focusing on "import substitution, world-leading, and being number one or two" in the polyester film industry[71] Product Development and Innovation - The company plans to establish an 80,000-ton capacity facility in Hefei, focusing on high-end applications of optical base film products[4] - New products such as separators and CPI films are projected to be put into production this year, providing ongoing momentum for future growth[5] - The company focused on developing new products, including transparent polyimide films and lithium battery separators, as part of its strategic planning[42] - The company is actively developing new products in response to market demands, including CPI films and other key functional films for emerging applications[60] - The company has successfully developed over 30 models of reflective films for liquid crystal displays, which are currently its leading products[57] - The company has successfully developed and mass-produced two series of release films for flexible circuit boards, enhancing product performance and reducing costs[87] - The company is actively advancing the construction of an "80,000 tons/year optical-grade polyester film project" and a "560 million square meters/year lithium-ion battery separator project" in Hefei[186] Market Trends and Projections - Mini LED technology is expected to see rapid growth in quantity and application scenarios, benefiting the company's related products[5] - The company anticipates that the LCD technology will maintain its dominant position in the display industry for the foreseeable future, despite the emerging OLED technology[112] - The global lithium battery market is expected to exceed 600 GWh in shipments in 2022, with a projected compound annual growth rate of over 43% through 2025[172] - The global LCD TV market is expected to maintain steady growth, with 2021 shipments reaching 232 million units, where LCD TVs continue to dominate over OLED TVs[160] - The average size of LCD TVs is projected to increase to 49.7 inches by 2022, driving demand for upstream optical films[161] Supply Chain and Production - The company has established stable cooperative relationships with major suppliers for raw materials, ensuring a reliable supply chain[63] - The company has a complete product portfolio and technical reserves for reflective films, covering all sizes in the liquid crystal display application field[72] - The company has established a supply chain system for raw materials to improve input-output efficiency from raw materials to finished products[84] - The company has formed long-term partnerships with research institutions like the Chinese Academy of Sciences to enhance R&D capabilities[106] Strategic Goals and Future Plans - The company aims to achieve its "Ten Years, Ten Films" development goal by focusing on key functional films that are heavily reliant on imports and urgently need to be replaced domestically[60] - The company plans to enhance market share by collaborating with select distributors who have market capabilities and customer resources[133] - The company is committed to increasing R&D investment to improve innovation capabilities and meet the rapid development needs of domestic strategic emerging industries for new film materials[183] - The company will focus on enhancing customer engagement and increasing market share for reflective films, particularly in the mini LED and vacuum-formed reflective film segments[184] - The company recognizes the structural contradiction in the polyester film industry, where low-end products are oversupplied while high-end products are in short supply, and aims to develop specialty functional polyester films[181] Risks and Challenges - The company faces risks related to raw material price fluctuations, particularly due to geopolitical tensions affecting international oil prices[115] - The company is exposed to foreign exchange risks as it conducts overseas sales and settles in USD, which could impact financial performance[117] - The company is at risk of losing market competitiveness if it fails to meet the increasing demands for new products and technologies in downstream applications[113] - The company is facing risks related to technological innovation and product development due to increasing competition in the special functional film industry[111]