FAWER(SZ:000030)2023-04-19 16:00Financial Performance - The company's operating revenue for 2022 was approximately ¥12.57 billion, a decrease of 2.01% compared to ¥12.83 billion in 2021[19]. - Net profit attributable to shareholders for 2022 was approximately ¥500.96 million, down 40.46% from ¥841.44 million in 2021[19]. - The net profit after deducting non-recurring gains and losses was approximately ¥435.98 million, a decrease of 36.18% from ¥683.09 million in 2021[19]. - Cash flow from operating activities was approximately ¥281.86 million, a significant decline of 84.41% compared to ¥1.81 billion in 2021[19]. - Basic earnings per share for 2022 were ¥0.29, down 39.58% from ¥0.48 in 2021[19]. - Total assets at the end of 2022 were approximately ¥15.26 billion, an increase of 2.68% from ¥14.86 billion at the end of 2021[19]. - The company's net assets attributable to shareholders were approximately ¥7.47 billion, a slight decrease of 0.01% from ¥7.47 billion at the end of 2021[19]. - The total operating revenue for 2022 was ¥12,570,517,605.95, representing a decrease of 2.01% compared to ¥12,828,204,379.21 in 2021[61]. - The company reported a significant increase in financial income, leading to a 1,148.37% decrease in financial expenses, which amounted to -¥10,373,284.64[72]. - The company reported a net profit of ¥524,127,743.18 for the year 2022, with a retained profit of ¥4,442,740,983.53 after accounting for reserves[148]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥2.50 per 10 shares, totaling approximately ¥429.95 million based on the adjusted share capital[4]. - A cash dividend of ¥2.50 per 10 shares (before tax) is proposed, amounting to a total cash dividend of ¥429,952,711.25, which represents 85.83% of the net profit attributable to ordinary shareholders[149]. - The cash dividend represents 100% of the total profit distribution amount, indicating a strong commitment to returning value to shareholders[148]. - The cash dividend distribution plan is subject to approval at the 2022 annual general meeting[149]. Market and Industry Trends - The automotive industry in China saw a total production and sales volume of 27.02 million and 26.86 million vehicles in 2022, representing year-on-year growth of 3.4% and 2.1% respectively[31]. - The production and sales of new energy vehicles reached 7.06 million and 6.89 million units in 2022, with a year-on-year growth of 96.9% and 93.4%, increasing market penetration to 25.6%[35]. - The company aims to achieve a market penetration rate of 30% for new energy vehicles by 2023, with an expected production of over 9 million units[96]. - The market share of domestic brands in the passenger car segment reached nearly 50% in 2022, marking a recent high[97]. - The global smart vehicle market is projected to exceed 960 billion by 2025, with China expected to account for 56.5% of this market[99]. Research and Development - The company has focused on enhancing its R&D capabilities to adapt to the evolving automotive landscape, particularly in areas such as autonomous driving and smart cockpit technologies[37]. - The company successfully broke through 105 core technologies and applied for 157 patents in 2022, including 54 invention patents, demonstrating significant R&D achievements[49]. - R&D investment increased by 16.66% to ¥443,329,843.83 in 2022, representing 3.53% of operating revenue, up from 2.96% in 2021[74]. - The number of R&D personnel rose to 1,034, a 3.71% increase from 997 in 2021, with the proportion of R&D staff at 12.80%[74]. - The company is investing 200 million CNY in research and development for advanced automotive technologies over the next two years[120]. Operational Efficiency and Cost Management - The company has implemented a cost reduction strategy while enhancing product quality, leading to improved competitive advantages in the automotive parts market[47]. - The total operating costs for 2022 amounted to ¥11,512,279,154.72, reflecting a year-on-year increase of 1.05% from ¥11,392,787,341.57 in 2021[68]. - The cost of the chassis system accounted for 54.36% of total operating costs, showing a slight decrease of 1.03% year-on-year, while the cost of automotive electronic systems surged by 221.29% to represent 11.22% of total operating costs[69]. - The company has initiated a digital transformation plan, focusing on standardizing and digitizing business processes to improve efficiency and economic benefits[57]. Corporate Governance and Management - The company has maintained a stable board of directors with no significant changes in shareholding among the executives[115]. - The company has a total of six independent directors, ensuring compliance with governance standards[115]. - The board of directors held 19 meetings throughout the year, with significant resolutions disclosed on various dates[129][130]. - The company has established a performance assessment system for senior management to determine their remuneration levels[126]. - The company has a structured approach to remuneration decision-making, involving shareholder meetings and board assessments[126]. Environmental Responsibility - Environmental protection investments totaled CNY 4.4773 million in 2022, with an additional CNY 200,000 spent on updating exhaust treatment facilities[169]. - The company paid CNY 10,177.06 in environmental protection taxes for the year 2022[169]. - The wastewater treatment facilities have been updated to ensure compliance with pollution discharge standards, resulting in a 5% reduction in key pollutant discharge concentrations[166]. - The company has maintained compliance with environmental monitoring requirements, with all detection reports meeting standards[168]. Strategic Initiatives and Future Outlook - The company aims to establish itself as an international parts group with core technologies in lightweight, electrification, and intelligent networking by 2025[101]. - The company plans to focus on the development of new energy and autonomous driving components, enhancing its R&D capabilities[103]. - The company is targeting balanced growth in both passenger and commercial vehicle sectors, with a focus on expanding partnerships with major clients like Tesla and BYD[102]. - The company is committed to improving project economic efficiency and aligning revenue growth with investment levels[104].