Jilin OLED(SH:688378)2021-05-28 16:00Financial Performance - In 2020, the company's operating revenue was CNY 283.54 million, a decrease of 5.70% compared to 2019[23]. - The net profit attributable to shareholders was CNY 71.92 million, down 33.82% from the previous year[23]. - The basic earnings per share decreased by 44.08% to CNY 1.18[24]. - The gross profit margin for 2020 was 55.50%, a decrease of 5.89 percentage points from 2019[33]. - The company achieved a main business revenue of 282.62 million RMB, a decrease of 5.70% compared to the previous year[116]. - The main business cost was 126.17 million RMB, an increase of 8.69% year-on-year[116]. - The gross profit margin for organic light-emitting materials was 30.10%, down 19.40 percentage points from the previous year[117]. - Revenue from organic light-emitting materials decreased by 26.27% due to delays in new product market introduction and declining prices of existing products[118]. - The company reported a net profit attributable to shareholders of 36,358,175.71 RMB in Q4 2020, following a loss in Q2 and Q3[47]. R&D and Innovation - Research and development expenses accounted for 18.29% of operating revenue, an increase of 6.26 percentage points from 2019[25]. - The company has invested significantly in R&D, establishing a comprehensive R&D system and collaborating with research institutions and industry peers to enhance innovation capabilities[53][55]. - The company increased its R&D investment to CNY 51,854,838.88, a significant rise of 43.34% compared to the previous year[79]. - Total R&D expenditure accounted for 18.29% of the company's revenue, up from 12.03% in the previous year, indicating a strategic focus on innovation[79]. - The company applied for 148 new patents during the reporting period, including 137 invention patents, enhancing its intellectual property portfolio[76]. - The company completed over 400 material structure design projects and synthesized more than 300 samples in 2020[39]. - The company has made significant advancements in organic material uniformity and evaporation control technologies, improving production efficiency[75]. - The company is developing next-generation light-emitting materials and key polymer functional materials to adapt to future market trends[152]. Market Position and Strategy - The company specializes in the research, manufacturing, and sales of organic light-emitting materials and evaporation source equipment, crucial for OLED panel production[52]. - The OLED industry in China is rapidly developing, with domestic manufacturers gaining competitive strength and a supply chain system being established[63]. - The company has established stable partnerships with major OLED panel manufacturers, including Visionox, BOE, and TCL, due to its high-quality products[52]. - The OLED product structure is diversifying, with major smartphone brands adopting OLED screens as mainstream models, leading to rapid market penetration[148]. - The company aims to enhance product quality and diversify its product range through continuous R&D investment[52]. - The company is committed to becoming an internationally recognized R&D and manufacturing enterprise in the OLED materials and equipment sector[52]. Financial Management and Investments - The total expenses for the period increased by 15.83% to 9,361.10 million RMB[42]. - Financial expenses decreased significantly by 311.94% to -363.91 million RMB, primarily due to increased interest income from idle funds[36]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a year-over-year growth of 25%[172]. - The company plans to implement stock repurchase measures to stabilize its stock price, including repurchasing shares, increasing holdings by controlling shareholders, and increasing holdings by directors and senior management[180]. - The total amount used for stock repurchase in a single accounting year should not exceed 30% of the audited net profit attributable to the parent company's shareholders from the previous year[181]. Risk Management - The company reported no significant risks during the reporting period, ensuring a stable operational environment[4]. - The company faced risks related to the concentration of customers and potential declines in demand for evaporator products post-2024[109]. - The company emphasizes that forward-looking statements in the report are subject to various uncertainties and may differ from actual results[8]. - The company faced risks from intensified competition in the OLED industry and potential impacts from the ongoing COVID-19 pandemic[112][113]. Corporate Governance and Compliance - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[4]. - The company has received a standard unqualified audit report from Da Xin Accounting Firm[5]. - The company has not violated any decision-making procedures regarding external guarantees[9]. - The company will ensure that any share reduction plans are made cautiously to maintain stable operations[165]. - The company has established a framework to ensure compliance with share transfer regulations during the holding period[169].