FDM(SZ:002196)2022-04-14 16:00Financial Performance - The company's operating revenue for 2021 was approximately CNY 1,114.65 million, representing a year-on-year increase of 65.47%[21]. - The net profit attributable to shareholders for 2021 was CNY 25.18 million, a significant turnaround from a net loss of CNY 638.79 million in 2020, marking a 103.94% improvement[21]. - The basic earnings per share for 2021 was CNY 0.05, up 103.68% compared to CNY 0.04 in 2020[21]. - The total assets of the company at the end of 2021 were CNY 3,200.01 million, an increase of 23.21% from CNY 2,597.22 million in 2020[21]. - The net cash flow from operating activities for 2021 was CNY 1,890.77 million, compared to CNY 142.16 million in 2020[21]. - The company reported a weighted average return on equity of 1.70% for 2021, up from 0.81% in 2020, reflecting a 37.38% increase[21]. - The net profit after deducting non-recurring gains and losses was CNY -144.73 million, an improvement of 77.66% from CNY -647.81 million in 2020[21]. Market Trends and Opportunities - The global sales of new energy vehicles reached 4.2 million units in the first three quarters of 2021, with a market penetration rate exceeding 10%[30]. - The company is positioned to benefit from the increasing demand for flat wire motors, as major automotive manufacturers are transitioning to this technology[33]. - The government is enhancing support for the research and industrialization of new energy vehicle drive systems, which is expected to boost the company's growth prospects[31]. - The global new energy vehicle market is expected to reach nearly 20 million units by 2025, with a penetration rate exceeding 20%, and a compound annual growth rate of 45% over five years[35]. - By 2030, global new energy vehicle sales are projected to exceed 60 million units, with a penetration rate over 60%, and a five-year compound growth rate of 25%[35]. Research and Development - Investment in R&D for new technologies increased by 25%, focusing on electric vehicle components and smart driving systems[47]. - The company is actively involved in the research and development of key components for new energy vehicles, including electric motor management systems and integrated electric vehicle control systems[49]. - The company has invested in the development of new technologies, including 800V high-voltage motors and flat wire motors, and secured a development contract for 800V high-voltage motors with a leading new energy vehicle manufacturer[59]. - R&D investment rose by 36.28% to ¥162,384,281.10 in 2021, representing 8.59% of operating revenue, down from 10.43% in 2020[81]. Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales in that region by 2023[47]. - A strategic acquisition of a local battery manufacturer is expected to enhance production capacity by 40%[47]. - The company aims to launch three new electric vehicle models in 2022, with a target of selling 100,000 units in the first year[47]. - The company has established partnerships with major domestic and international automotive manufacturers, achieving a shipment volume of 700,000 units per year for its new energy drive motors, ranking third among independent suppliers, following BYD and Tesla[58]. Challenges and Risks - The company faced challenges due to chip shortages and price increases, impacting its operations, but it has taken measures to mitigate these effects[60]. - The company is exposed to policy risks, particularly regarding changes in subsidies for new energy vehicles, which could impact its business[117]. - Raw material prices, which account for 40-60% of total material costs, have been volatile, affecting the company's profitability[119]. - The company has recognized goodwill impairment risks due to acquisitions in the energy-saving and new energy vehicle sectors, with a net goodwill amount of approximately 200 million yuan[123]. Corporate Governance - The company has established a complete and independent production system, including R&D, procurement, and sales[130]. - The company has a fully independent financial department with a complete accounting system and independent decision-making capabilities[131]. - The company emphasizes investor relations management, ensuring timely and accurate communication with investors[129]. - The company has a strong governance structure, with independent directors and compliance with stock exchange regulations[146]. Employee and Management Practices - The total number of employees at the end of the reporting period was 2,816, including 1,874 at the parent company and 942 at major subsidiaries[166]. - The company has a total of 9 employees with doctoral degrees and 54 with master's degrees, indicating a strong educational background among staff[167]. - The company has implemented a positive incentive mechanism for employee compensation, linking salaries to company performance to enhance productivity[168]. - The company provides various training opportunities to enhance employees' professional skills and career development[169]. Environmental Responsibility - The company reported a total emission of 46.02 million m³ for hydrochloric acid, with a concentration of 1.60 mg/m³, compliant with GB16297 standards[190]. - The company has implemented measures to treat chromium-containing wastewater, converting hexavalent chromium to trivalent chromium before further processing[191]. - The company aims to balance environmental protection with business interests, striving to build a trusted brand while fulfilling social responsibilities[194]. Profit Distribution Policy - The company reported a profit distribution policy that does not include cash dividends or stock bonuses for the current fiscal year[173]. - The company plans to distribute cash dividends annually, with the cash profit distribution not less than 10% of the distributable profit achieved in the current year[199]. - The company can increase the cash dividend ratio or implement stock dividends if the net profit continues to grow steadily over the next three years[200].