FDM(SZ:002196)2021-04-29 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥1.14 billion, an increase of 2.50% compared to ¥1.11 billion in 2019[19]. - The net profit attributable to shareholders was a loss of approximately ¥636.97 million, a decrease of 3,876.01% from a profit of ¥16.87 million in 2019[19]. - The net cash flow from operating activities decreased by 72.45% to approximately ¥50.13 million, down from ¥181.96 million in 2019[19]. - The basic earnings per share were -¥1.36, compared to ¥0.04 in the previous year, reflecting a decline of 3,500.00%[19]. - Total assets at the end of 2020 were approximately ¥2.59 billion, a decrease of 9.95% from ¥2.87 billion at the end of 2019[20]. - The net assets attributable to shareholders decreased by 30.58% to approximately ¥1.46 billion, down from ¥2.10 billion in 2019[20]. - The company reported a significant increase in the net loss from non-recurring gains and losses, with a net loss of approximately ¥645.98 million compared to a loss of ¥5.31 million in 2019, marking a 12,072.06% increase[19]. - The company experienced a decline in the weighted average return on net assets, which was -35.68% in 2020 compared to 0.81% in 2019[19]. Revenue Segmentation - The revenue from the sewing machine application segment was approximately ¥279.76 million, a 24.15% increase compared to ¥225.34 million in 2019[76]. - The automotive application segment revenue decreased by 11.78% to approximately ¥421.94 million from ¥478.28 million in 2019[76]. - The intelligent controller segment revenue increased by 11.48% to approximately ¥412.93 million from ¥370.42 million in 2019[76]. - Domestic revenue accounted for 63.49% of total revenue, down from 69.01% in 2019, while international revenue increased by 20.74% to 36.51% of total revenue[76]. Research and Development - The company's R&D expenditure totaled CNY 11,915.36 million, accounting for 10.43% of total revenue, with 38 new independent intellectual property rights added[31]. - The company plans to enhance its R&D capabilities, focusing on key technologies such as electric vehicle systems and lightweight materials, aiming for a 40% improvement in production efficiency by 2022[55]. - The company plans to enhance its R&D capabilities by establishing the Lishui Fangde Intelligent Drive Application Technology Research Institute and a new energy drive motor laboratory[114]. - Research and development expenses amounted to ¥119,153,571.85, representing 10.43% of total revenue, with a year-on-year increase of 44.18%[88]. Market Position and Growth - The company ranked third in the market for new energy drive motors in 2020, following BYD and Tesla, with a significant increase in production capacity[32]. - The company is actively expanding its production capacity in Vietnam, particularly for electric tools, to meet customer demands for new product designs[114]. - The company aims to enhance its market share in the new energy drive motor and integrated system market through technological advancements and product upgrades[63]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share within the next two years[198]. Strategic Initiatives - The company has established a strategic partnership with key suppliers to enhance supply chain advantages and reduce logistics costs[35]. - The company plans to invest in a new facility in Vietnam to support global supply chain needs for smart controllers in electric tools and home appliances[44]. - The company is exploring strategic acquisitions to enhance its product portfolio and market reach, with a budget of 1 billion RMB allocated for this purpose[58]. - A merger with a local battery manufacturer is anticipated to be finalized by the end of 2021, expected to enhance supply chain efficiency and reduce costs by 15%[55]. Environmental and Social Responsibility - The company has implemented environmental protection measures, including the installation of exhaust stacks and the use of bag filters to meet emission standards for major air pollutants[162]. - The company has established a comprehensive wastewater treatment process, including the use of flocculants and activated carbon filtration, to ensure compliance with discharge standards[164]. - The company has a third-party monitoring system in place for wastewater, waste gas, and noise, with real-time data displayed on the local environmental protection bureau's platform[165]. - The company has set a goal to achieve a 30% reduction in carbon emissions by 2025, aligning with government sustainability initiatives[54]. Shareholder and Governance - The company has not distributed any cash dividends in the past three years, indicating a focus on reinvestment rather than shareholder returns[120]. - The company emphasizes the importance of internal management and employee engagement through improved HR systems and incentive mechanisms[115]. - The company reported a total of 468,694,930 shares, with 21.71% being restricted shares before the change, which decreased to 12.78% after a reduction of 41,835,111 shares[170]. - The company has no controlling shareholder or actual controller, with the largest shareholder being Excellent Automobile Co., Ltd.[178]. Future Outlook - The company projects a revenue target of 6 billion RMB for the next fiscal year, indicating a growth forecast of 20%[59]. - The company aims to achieve a 60% penetration rate of its new energy vehicles in public transport by 2023[57]. - The company has set a strategic goal to occupy the market through patents and standards, aiming for significant growth in the next decade[112]. - The company plans to distribute profits through cash or stock dividends, depending on the cash flow situation and ensuring a reasonable capital scale[125].