HYATECH(SH:688510)2023-04-25 16:00Financial Performance - The company has not achieved profitability since its listing[4]. - The company's operating revenue for 2022 was CNY 362.51 million, representing a year-on-year increase of 15.95% compared to CNY 312.64 million in 2021[22]. - The net profit attributable to shareholders of the listed company decreased by 17.34% to CNY 20.06 million in 2022 from CNY 24.27 million in 2021[22]. - The net profit after deducting non-recurring gains and losses increased by 178.10% to CNY 15.20 million in 2022, driven by an 87.40% increase in international business revenue[23]. - The basic earnings per share for 2022 was CNY 0.08, down 11.11% from CNY 0.09 in 2021[23]. - The weighted average return on net assets decreased by 0.46 percentage points to 2.09% in 2022 from 2.55% in 2021[23]. - The net cash flow from operating activities for 2022 was CNY 52.04 million, down 20.64% from CNY 65.57 million in 2021[22]. - The company reported a decrease in operating profit by 29.99% to CNY 15.07 million, reflecting challenges in cost management[107]. - The gross margin improved to 40%, up from 35% in the previous year, reflecting better cost management and pricing strategies[162]. Research and Development - Research and development expenses accounted for 10.66% of operating revenue in 2022, a decrease of 5.74 percentage points from 16.4% in 2021[23]. - The company achieved a total R&D investment of ¥38,638,841.30 in the current year, a decrease of 24.62% compared to ¥51,257,251.58 in the previous year[77]. - The total R&D investment accounted for 10.66% of the operating revenue, down from 16.40% in the previous year, reflecting a decline of 5.74 percentage points[77]. - The company has applied for a total of 124 patents by the end of 2022, including 63 invention patents, and has been granted 77 patents, with 24 being invention patents[75]. - The company is currently conducting comprehensive iterative tests on welding parameters and fixtures for inertial friction welding, indicating an advancement in innovation capabilities[73]. Operational Risks and Governance - The company has detailed various operational risks and corresponding mitigation measures in the report[4]. - The company emphasizes the importance of understanding the risks associated with forward-looking statements regarding future plans and strategies[6]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures in providing guarantees[7]. - The company has maintained compliance with relevant laws and regulations regarding corporate governance, with no significant discrepancies noted[151]. Market Position and Strategy - The company is positioned in the midstream of the aviation industry chain, supplying critical components directly to aircraft engine manufacturers[49]. - The company has established a robust supply chain management system, ensuring quality and cost-effectiveness in procurement from qualified suppliers[54]. - The company is actively involved in national-level aerospace engine research projects, contributing to the development of domestic commercial aircraft engines[49]. - The company has successfully developed compressor blades for nearly 160 types of engines, including LEAP, GE90, and Trent1000, indicating strong market presence in the aviation engine sector[66]. - The company is focusing on high-performance manufacturing processes to enhance the efficiency and precision of difficult-to-machine materials like titanium and high-temperature alloys[70]. Environmental and Social Responsibility - The company invested 6.52 million yuan in environmental protection during the reporting period[195]. - The company has established a mechanism for environmental protection and is classified as a key pollutant discharge unit[196]. - Actual emissions of particulate matter were 0.0556 tons per year, well below the approved total of 0.3476 tons per year[196]. - The company achieved zero discharge of production wastewater through comprehensive treatment processes[198]. - The company actively participates in social responsibility initiatives, aligning with national poverty alleviation policies[194]. Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 25% driven by new product launches and market expansion[163]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[161]. - The company aims to enhance its production capacity and improve delivery rates while focusing on quality assurance and employee capability development[149]. - The company plans to continue expanding its international business despite potential geopolitical risks affecting operations[106]. - Future guidance indicates a focus on sustainable growth and profitability, with specific targets set for the upcoming fiscal year[159].