GoodWe Technologies (SH:688390)2023-04-26 16:00Financial Performance - The company achieved a total operating revenue of CNY 471,023.65 million in 2022, representing a year-on-year growth of 75.88%[97]. - The net profit attributable to shareholders reached CNY 64,928.82 million, an increase of 132.27% compared to the previous year[97]. - Total assets at the end of the reporting period amounted to CNY 579,874.63 million, up 56.10% from the previous year[97]. - The company's main business revenue from photovoltaic products was CNY 468,983.34 million, a 76.22% increase year-on-year[100]. - The gross profit margin for the photovoltaic sector increased by 0.66 percentage points to 32.32%[101]. - Foreign income accounted for 79.58% of total revenue in 2022, with significant contributions from photovoltaic inverters and energy storage batteries[94]. - The company reported a foreign exchange gain of CNY 95.11 million, indicating exposure to currency fluctuations[94]. - The company's total revenue for the year increased significantly, with a growth of 85.87% in distribution sales and 48.47% in direct sales compared to the previous year[102]. - Revenue from photovoltaic energy storage inverters and storage batteries grew by 307.95% and 732.37% respectively, while overseas revenue increased by 120.03%[102]. Dividend and Share Capital - The company plans to distribute a cash dividend of 16 RMB per 10 shares, totaling 197,120,000 RMB, which accounts for 30.36% of the net profit attributable to shareholders for 2022[4]. - The company intends to increase its total share capital by 49.28 million shares through a capital reserve transfer, raising the total share capital to 172.48 million shares[182]. Research and Development - The company invested a total of ¥347,822,537.83 in R&D during the reporting period, representing an increase of 84.56% compared to the previous year[70]. - Research and development expenses accounted for 7.38% of operating revenue in 2022, up from 7.04% in 2021[20]. - The R&D personnel increased by 40.16% to 862, contributing to the substantial rise in R&D expenses due to higher personnel costs[71]. - The company has established a comprehensive R&D system over more than a decade in the photovoltaic power supply equipment sector, focusing on continuous technological innovation[66]. - The company is actively expanding its product offerings in the energy internet direction, integrating power generation monitoring and energy management technologies[66]. Market Expansion and Strategy - GoodWe anticipates continued growth in 2023, projecting a revenue increase of 20% to 1.44 billion RMB, driven by rising demand for solar energy solutions[13]. - The company is actively investing in R&D for new inverter technologies, aiming to enhance conversion efficiency to over 98% in its next product line[13]. - The company is expanding its market presence in Europe and North America, with plans to open three new offices in 2023 to support local operations[13]. - The company aims to continuously innovate in renewable energy conversion technology and expand its product series of photovoltaic grid-connected inverters to meet diverse local demands[139]. - The company plans to deepen its focus on energy storage technology, developing products tailored to different countries' needs and promoting applications in various scenarios[140]. Corporate Governance - The company has received a standard unqualified audit report from Zhongxin Tiantong Accounting Firm[3]. - The company has confirmed that all board members are able to ensure the authenticity, accuracy, and completeness of the annual report[6]. - The company has continuously improved its governance structure and internal control systems, enhancing operational standards and protecting shareholder rights[148]. - The company strictly adhered to information disclosure regulations, ensuring timely and accurate communication with investors through various channels[148]. - The company held multiple shareholder meetings in 2022, with all proposed resolutions being approved without any rejections[150]. Employee and Talent Management - The total number of employees in the company and its main subsidiaries is 3,330, with 1,926 in the parent company and 1,404 in subsidiaries[174]. - The company emphasizes employee training and development, organizing various training programs to enhance skills and support strategic goals[177]. - The company has implemented a stock incentive plan for 2022, with 389,500 restricted stocks allocated to 85 individuals, representing 0.32% of the total stock[186]. - The company has a structured approach to compensation, with basic and performance-based salaries for its executives[163]. Environmental and Social Responsibility - The company has invested RMB 383,600 in environmental protection during the reporting period[196]. - The company actively promotes ESG management, emphasizing environmental protection and social responsibility in its operations[196]. - The company has established effective internal control systems for safety production and environmental protection, including various management procedures[198]. - The company has taken measures to reduce energy and resource consumption through energy-saving products, process improvements, and equipment upgrades[199]. Risks and Challenges - The company faces risks related to international trade policies, including potential anti-dumping and countervailing investigations in key markets such as the EU and the US[89]. - The company may face challenges if government subsidies for photovoltaic power generation are reduced, impacting overall installed capacity and market competition[92]. - The company is exposed to risks from fluctuations in raw material prices, particularly IGBT components and integrated circuits, which are currently in high demand due to the growth of 5G and electric vehicles[91].