DEVELOP(SH:688377)2023-04-20 16:00Financial Performance - The net profit attributable to the parent company's shareholders for 2022 was ¥121,462,580.80, with a cumulative undistributed profit of ¥449,558,286.44 at year-end[5]. - The proposed cash dividend for 2022 is ¥1.60 per 10 shares, totaling ¥30,867,635.52 (including tax) based on a total share capital of 194,667,000 shares[5]. - The cash dividend and share repurchase amount for 2022 accounted for 30.85% of the net profit attributable to shareholders of the listed company[5]. - The company repurchased shares amounting to ¥6,600,770.90 during the year[5]. - The company's operating revenue for 2022 was approximately CNY 982.82 million, representing an increase of 86.16% compared to CNY 527.94 million in 2021[23]. - The net profit attributable to shareholders for 2022 was CNY 121.46 million, a significant increase of 277.34% from CNY 32.19 million in 2021[23]. - The net profit after deducting non-recurring gains and losses reached CNY 107.41 million, up 471.71% from CNY 18.79 million in 2021[23]. - The company's total assets at the end of 2022 were CNY 2.30 billion, reflecting a 19.99% increase from CNY 1.92 billion at the end of 2021[23]. - The basic earnings per share for 2022 was CNY 0.56, a 270.59% increase compared to CNY 0.17 in 2021[24]. Research and Development - Research and development expenses accounted for 4.06% of operating revenue in 2022, down from 4.85% in 2021[24]. - The company has obtained 121 intellectual property rights, including 111 patents, indicating a strong focus on innovation and technology[35]. - The company's R&D investment for the year reached approximately ¥39.89 million, a significant increase of 55.71% compared to the previous year, although the ratio of R&D investment to revenue decreased by 16.29% to 4.06%[59]. - The company is committed to continuous R&D investment to meet the increasing performance requirements of its products, particularly in high-strength and low-temperature toughness[45]. - The company is focusing on research and development of new products, including a 350MN multi-directional extrusion system, which is expected to enhance product sensitivity and performance in the domestic market[62]. - The company has successfully developed new materials and manufacturing processes that integrate advanced technology from material selection to non-destructive testing[70]. Market Position and Strategy - The company has established long-term strategic partnerships with major oil and gas service companies such as TechnipFMC, SLB, and Baker Hughes, enhancing its market position in the deep-sea equipment sector[34]. - The company plans to continue expanding its market presence and enhancing its production capabilities to meet growing demand[25]. - The company is actively constructing a 350MN multi-directional double-action composite extrusion production line, which will enhance its manufacturing capabilities for high-end valve and piping components[38]. - The company is focusing on high-end products for deep-sea and unconventional oil and gas development, with an increasing proportion of deep-sea orders aligning with industry trends[53]. - The company aims to improve its manufacturing capabilities and product quality through continuous technological innovation and efficient customized operations[69]. Risks and Challenges - The company faces various risks including industry, market, international trade, and foreign exchange risks, as detailed in the risk factors section[4]. - The company faces risks related to new product development, including high costs and the potential for failure in meeting technical specifications required by clients in the oil and gas sector[78]. - The company is exposed to inventory impairment risks, although the risk is considered low due to existing sales contracts for special raw materials and products[82]. - The company has a direct material cost ratio of approximately 60%, making it vulnerable to fluctuations in the prices of key raw materials like special steel[80]. - The company exports 65% of its revenue, primarily in USD, exposing it to foreign exchange risks, particularly with the appreciation of the RMB leading to potential losses[81]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for providing guarantees[8]. - The company has received a standard unqualified audit report from the accounting firm[5]. - The board of directors has approved the profit distribution plan, which will be submitted to the annual general meeting for review[6]. - The company has established a transparent performance evaluation and incentive mechanism for senior management to ensure accountability and effective governance[142]. Environmental and Social Responsibility - The company invested 18.97 million yuan in environmental protection during the reporting period[194]. - The company does not belong to the category of heavily polluting industries as defined by the government[195]. - There were no administrative penalties due to environmental issues during the reporting period[196]. - The company actively participates in social responsibility initiatives, including charitable donations and support for local farmers affected by natural disasters[192]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25% based on current market trends and user acquisition strategies[156]. - The company plans to increase its marketing budget by 10% to enhance brand visibility and customer engagement[156]. - The company anticipates that high oil prices will maintain cash flow improvements for oil companies, leading to a new expansion cycle in exploration capital expenditures[112].