Aotecar(SZ:002239)2022-06-27 16:00Business Focus and Strategy - Aotecar reported a significant change in its main business focus from textile and apparel to automotive air conditioning compressors and systems since 2015, following a major asset restructuring[24]. - Aotecar's main business now includes the design, production, and sales of automotive air conditioning compressors, systems, and thermal management equipment[24]. - The company has maintained confidentiality regarding specific sales and revenue data for its new energy vehicle components to protect its competitive advantage[5]. - The company has not disclosed detailed financial data for its new energy vehicle thermal management components due to competitive strategy considerations[5]. - The company operates through subsidiaries specializing in automotive air conditioning compressors, with a focus on both domestic and international markets[53]. - The company aims to become a world-leading supplier of automotive thermal management systems, focusing on new energy vehicle thermal management solutions[169]. Financial Performance - The company's operating revenue for 2021 was ¥5,137,401,282.64, representing a 37.85% increase compared to ¥3,726,893,595.05 in 2020[28]. - The net profit attributable to shareholders was -¥133,914,415.88 in 2021, an improvement of 54.79% from -¥296,185,380.75 in 2020[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥14,091,196.67, a 94.63% improvement from -¥262,570,823.22 in 2020[28]. - The total assets at the end of 2021 were ¥10,123,263,283.36, a 20.39% increase from ¥8,408,644,686.70 at the end of 2020[31]. - The company's total revenue for the reporting period was 5.137 billion yuan, representing a year-on-year growth of 37.85%[52]. - The company's net loss narrowed to 134 million CNY, a reduction of 162 million CNY compared to the previous period, with a return on equity of -2.57%[101]. Sales and Market Trends - The automotive market in China saw a recovery with total sales of 26.275 million vehicles in 2021, a 3.8% increase from the previous year[46]. - The sales of new energy vehicles surged by approximately 160% in 2021, reaching 3.521 million units, with a market share exceeding 10%[46]. - Revenue from the automotive thermal management business increased significantly, driven by high shipment volumes from major clients and a 274.96% increase in revenue from new energy vehicle thermal management components, totaling 2.141 billion yuan, which accounted for 41.68% of total revenue[52]. - The sales volume of automotive air conditioning compressors was 5.9836 million units, a 9.99% increase year-on-year, while the sales volume of air conditioning systems and battery thermal management equipment was 3.3676 million sets, up 68.20%[74]. - The energy storage battery thermal management business is experiencing rapid growth, aligning with the overall expansion of the energy storage market[52]. Research and Development - The company continues to invest in R&D for new products and projects, maintaining its technological standards in the industry[71]. - The company has developed advanced electric vehicle air conditioning compressors that are recognized for their long lifespan, low failure rate, and energy efficiency[88]. - R&D investment amounted to approximately ¥187.08 million in 2021, a decrease of 8.11% from ¥203.59 million in 2020, with R&D investment as a percentage of operating revenue dropping from 5.46% to 3.64%[132]. - The company has developed a highly integrated heat pump air conditioning system, which has already entered mass production, enhancing the competitiveness of its heat pump air conditioning products[128]. Corporate Governance and Investor Relations - The company emphasizes the importance of investor relations management to enhance communication with investors and protect shareholder rights[172]. - The company hosted 5 shareholder meetings during the reporting period, enhancing communication with investors and ensuring the rights of minority shareholders[176]. - The company has established a comprehensive investor relations management system, utilizing various channels to engage with investors and address their concerns[180]. - The company conducted on-site research with 6 institutional investors, discussing its competitive advantages in the new energy vehicle thermal management sector[176]. - The company maintains complete operational independence from its controlling shareholders, with no interference in asset, personnel, financial, institutional, or business aspects during the reporting period[182]. Challenges and Risks - The company is facing risks from the COVID-19 pandemic, raw material shortages, and rising prices, which could impact production and profitability[172]. - The competitive landscape remains challenging, with intense price competition in the automotive thermal management sector, and many customers hesitant to accept price increases[106]. - The company faced significant challenges in overseas operations due to high logistics costs and operational expenses, which contributed to the overall losses[107][109]. Production and Capacity - The total production capacity of automotive air conditioning compressors is approximately 8.2 million units, with electric compressors accounting for 600,000 units[67]. - The company has completed the construction of new energy vehicle heat pump air conditioning projects and a new electric compressor production line with an annual capacity of 600,000 units[67]. - The company is increasing investment in electric compressors and electric vehicle air conditioning systems to meet the rapidly growing demand for thermal management components in new energy vehicles[68]. - The production capacity for battery thermal management systems is closely aligned with sales, ensuring a balance between production and market demand[68]. Shareholder and Executive Information - The company reported a total of 370,080 shares held by executives at the beginning of the period, with an increase of 100,000 shares during the period, resulting in a total of 470,080 shares at the end of the period[194]. - The current chairman, Zhang Yongming, has been in position since June 1, 2016, with a term ending on March 16, 2025[198]. - The company has a total of 8 current directors and independent directors, with no changes in shareholding for most of them during the reporting period[194]. - The average age of the current board members is approximately 48 years, with a mix of professional backgrounds in management and engineering[198].