Cubic(SH:688665)2022-04-19 16:00Financial Performance - The company achieved operating revenue of CNY 547.47 million in 2021, a year-on-year increase of 77.80% driven by growth in air quality gas sensors and medical health gas sensors applications[22]. - Net profit attributable to shareholders reached CNY 179.68 million, up 112.70% compared to the previous year, primarily due to increased self-sufficiency of key components and higher sales of high-margin products[22]. - The net cash flow from operating activities was CNY 134.13 million, reflecting an 81.28% increase year-on-year, attributed to higher sales and cash collections[22]. - The company's net assets attributable to shareholders grew to CNY 828.86 million, a 273.90% increase from the previous year, largely due to new share issuance and significant profit growth[22]. - Basic earnings per share were CNY 2.68, representing a 66.46% increase year-on-year, while diluted earnings per share also stood at CNY 2.68[22]. - The weighted average return on equity was 26.62%, a decrease of 18.47 percentage points from the previous year, mainly due to the significant increase in net assets from new share issuance[22]. - The net profit margin for the company was 32.82%, an increase of 5.39 percentage points compared to the previous year[34]. - The company reported total assets of CNY 1,035.88 million at the end of 2021, a 193.79% increase from the previous year[20]. Dividend Distribution - The company plans to distribute a cash dividend of 12.50 RMB per 10 shares (including tax), totaling approximately 87.5 million RMB, which accounts for 48.70% of the net profit attributable to shareholders for the year 2021[4]. - The total share capital as of March 31, 2022, is 70 million shares, which will be the basis for the dividend distribution[4]. Audit and Compliance - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not reported any violations of decision-making procedures regarding external guarantees[6]. Research and Development - Research and development expenses accounted for 7.99% of operating revenue, an increase of 1.53 percentage points year-on-year, driven by more R&D personnel and projects[22]. - The number of R&D personnel increased to 174, accounting for 21.51% of the total workforce, up from 19.37% in the previous year[134]. - The average salary of R&D personnel rose to 13.30 million RMB, an increase of 38.5% from the previous year's average of 9.64 million RMB[134]. - The company has achieved a significant increase in R&D investment, totaling approximately ¥43.72 million, a 119.75% increase compared to the previous year[126]. - The total R&D expenditure accounted for 7.99% of the operating revenue, up from 6.46% in the previous year, reflecting a 1.53 percentage point increase[126]. Market Expansion and Product Development - The company is actively promoting the ultrasonic gas meter business, which is experiencing rapid growth, supported by the implementation of the "Ultrasonic Gas Meter Standard" in China[42]. - The company is focusing on digital transformation, implementing PLM, CRM, ERP, and MES systems to improve operational efficiency and management capabilities[48]. - The company is expanding its market presence with integrated air quality sensors that measure multiple pollutants, including particulate matter, CO2, and VOCs[57]. - The company is focusing on expanding its product line in the automotive comfort system sector, which includes CO2, dust, and VOC sensors, to meet the growing demand for improved in-vehicle air quality[96]. - The company is leveraging its competitive advantages in sensor technology to expand into international markets[188]. Supply Chain and Production - The company has established a comprehensive procurement strategy, ensuring stable supplier relationships and implementing measures to mitigate supply chain risks, such as strategic stocking and domestic substitution[73]. - The company employs a strict production management system, organizing production processes around product units and utilizing an order-based production model to enhance efficiency[74]. - The company has established independent production capabilities for MEMS micro-flow chips, further strengthening its sensor manufacturing capabilities[109]. - The production capacity for O2 sensors has reached 3 million units per year, while NOx sensors have a production capacity of 500,000 units per year, catering to various automotive and industrial applications[121]. Risk Management - The company emphasizes that forward-looking statements in the report do not constitute a substantive commitment to investors, highlighting investment risks[5]. - The company has outlined potential risk factors in its operations, which can be found in the management discussion and analysis section[3]. - The company is exposed to foreign exchange risks due to international transactions, and it has established a foreign exchange hedging management system to mitigate these risks[146]. - The company is actively monitoring the impact of the COVID-19 pandemic on its operations and is prepared to adjust its production and sales strategies accordingly[150]. Innovation and Technology - The company has obtained 112 patents, including 37 domestic and foreign invention patents, and has been involved in the formulation of industry standards, enhancing its competitive edge[84]. - The company has developed a comprehensive gas sensing technology platform, with products covering air quality, environmental monitoring, industrial processes, and healthcare, and has partnered with well-known brands like Philips and Haier[86]. - The company has developed a range of gas analysis instruments for industries such as metallurgy, petrochemicals, and power generation[190]. - The company has successfully developed new refrigerant leak monitoring sensors for vehicles, which are currently in the promotion stage domestically and internationally, enhancing safety by providing early warnings for potential hazards[91]. Strategic Goals - The company plans to achieve a revenue growth rate of 35%-65% in 2022, pending shareholder approval[196]. - The company aims to enhance its market share in air quality gas sensors and extend into controllers, driven by the growth of smart home devices[196]. - The company is focusing on three emerging industries: smart metering, high-temperature gas sensors, and healthcare based on core gas sensor technology[195]. - The implementation of "National VI" and "Non-IV" environmental policies is expected to drive demand for emission testing systems and portable detection equipment[193].