Morn(SZ:002451)2023-03-27 16:00Financial Performance - The company's operating revenue for 2022 was ¥1,078,487,200.37, a decrease of 5.59% compared to ¥1,142,295,753.59 in 2021[20] - The net profit attributable to shareholders for 2022 was ¥14,666,901.21, representing a 14.15% increase from ¥12,848,990.35 in 2021[20] - The net cash flow from operating activities improved significantly, reaching ¥-49,302,381.73 in 2022, an 87.93% increase compared to ¥-408,422,892.91 in 2021[20] - Total assets at the end of 2022 were ¥1,644,378,287.74, reflecting a 16.61% increase from ¥1,410,181,865.06 at the end of 2021[20] - The basic earnings per share remained stable at ¥0.03 for both 2022 and 2021[20] - The weighted average return on net assets for 2022 was 1.95%, up from 1.81% in 2021[20] - The net profit after deducting non-recurring gains and losses was ¥5,818,546.77, a decrease of 9.82% from ¥6,452,232.41 in 2021[20] - The company reported a net asset attributable to shareholders of ¥747,312,186.32 at the end of 2022, a slight increase of 0.37% from ¥744,573,305.34 at the end of 2021[20] - The company achieved a total sales revenue of 1.078 billion yuan in 2022, maintaining overall business stability despite external challenges[50] - Total revenue for 2022 was ¥1,078,487,200.37, a decrease of 5.59% compared to ¥1,142,295,753.59 in 2021[60] - Industrial revenue accounted for 96.24% of total revenue in 2022, down from 97.87% in 2021, with a year-on-year decline of 7.16%[60] - The revenue from power cables dropped significantly by 45.03% to ¥351,924,821.06, while electromagnetic wire revenue increased by 52.79% to ¥655,585,415.94[60] - The gross profit margin for industrial revenue was 9.88%, reflecting a slight increase of 0.14% year-on-year despite a 7.30% rise in costs[64] Operational Developments - The company has outlined potential risks and operational plans for 2023 in the management discussion section of the report[5] - The company received government subsidies amounting to 5,894,901.06 in 2022, compared to 4,091,986.01 in 2021, indicating a year-over-year increase of about 44.1%[26] - The company’s investment income from the disposal of non-performing assets reached 3,060,000.00, a significant increase from 972,260.21 in the previous year[26] - The company is focusing on high-end special cable development, with product lines including green energy, industrial automation, and smart grid[36] - The company aims to enhance its R&D capabilities to meet the rising quality demands in the cable industry driven by national policies and the growth of renewable energy sectors[30] - The company has launched over 100 products in its subsidiary Jiangsu Xunda Electric, focusing on high-end electromagnetic wire markets, including products for new energy vehicles and wind power generators[38] - The company is advancing its new energy vehicle flat electromagnetic wire project, completing factory renovations and initial production line installations[53] - The company implemented a new ERP system to enhance digital management across the entire production chain, improving efficiency and reducing production cycles[56] - The company emphasized supply chain optimization and strengthened relationships with suppliers and key customers to improve overall efficiency[54] - The company initiated multiple sustainability measures, including green factory certification and energy management improvements, contributing to cost reduction[55] Research and Development - The company aims to achieve technological breakthroughs in green energy product lines, particularly in new energy vehicle motors and wind power generators, aligning with national development strategies and carbon neutrality goals[38] - The company has filed for patents on several innovative products, indicating a strong commitment to R&D and market competitiveness[74] - The company completed the project for high-speed rail protective ring products, achieving a breakthrough in technology and obtaining a patent[74] - The development of a new type of high-temperature resistant copper wire has been completed, filling a domestic gap in specifications between 4.80-7.50 mm[74] - The company has developed a flame-retardant A-class frequency converter cable, enhancing its electromagnetic interference resistance and fire safety features[75] - The company has achieved mass production of a B-class flame-retardant power cable for rail transit, improving safety and reliability in high-speed rail networks[75] - The number of R&D personnel increased by 1.43% to 71, with a higher proportion of bachelor's degree holders[75] - The company is focusing on expanding its product lines in wind power generation, enhancing the safety and stability of high-pressure motors[75] Market and Product Strategy - The company is expanding its market presence in the high-end electromagnetic wire sector, targeting industries such as nuclear power and rail transportation[38] - The company’s products are designed to meet the rigorous demands of various applications, including chemical resistance and environmental durability, enhancing overall product reliability[39] - Jiangsu Xunda Electric maintained a high growth rate with revenue accounting for over 50% of the company's total, becoming a key driver for future development[41] - Jiangsu Xunda Electric achieved annual orders of approximately 10,000 tons and revenue of 650 million yuan in the high-end electromagnetic wire sector[42] - The company formed a production capacity of over 20,000 tons for various electromagnetic wire products, establishing a stable R&D capability[43] - The company completed 16 product certifications through the China Railway Certification Center (CRCC), enabling entry into specific locomotive applications[44] - The cable segment focused on key areas such as railway locomotive cables and wind power cables, optimizing marketing efforts to improve product competitiveness[48] - The company is committed to increasing R&D efforts in high-end special cables and electromagnetic wires, particularly in the new energy vehicle sector[108] Governance and Compliance - The company has established a robust corporate governance structure, including a board of directors, supervisory board, and management team, operating independently[130] - The company strictly adheres to information disclosure obligations, ensuring transparency and timely communication with shareholders through designated media outlets[124] - The company maintains complete independence in assets, personnel, finance, institutions, and business operations from its controlling shareholders and actual controllers[125] - The company has established effective communication channels with investors, including dedicated hotlines and interactive platforms[124] - The company has no related party transactions that could lead to unfair competition or conflicts of interest[131] - The company has a clear strategy for maintaining operational independence and protecting the interests of minority investors[125] - The company has not reported any significant discrepancies in governance compared to regulations set by the China Securities Regulatory Commission[124] - The company has established a performance evaluation system linked to the annual operating plan and targets for senior management remuneration[147] Employee and Talent Management - The total number of employees at the end of the reporting period was 371, with 122 in the parent company and 249 in major subsidiaries[160] - The professional composition included 181 production staff, 38 sales personnel, 90 technical staff, 18 financial staff, and 44 administrative staff[161] - The educational background of employees consisted of 4 with master's degrees, 88 with bachelor's degrees, 101 with associate degrees, and 178 with high school or lower education[161] - The company has established a mechanism for employee salary adjustments in line with economic performance, ensuring continuous growth opportunities for employees[177] - The company emphasizes talent development and will implement incentive measures to attract and retain skilled personnel[112] Risk Management - The internal control and risk management system operated effectively during the reporting period, with no significant risk events occurring[166] - The company has established a comprehensive risk reporting mechanism, including monthly risk warning reports and quarterly risk management reports[166] - The company enhanced risk control measures to stabilize cash flow and reduce the likelihood of bad debts from economically impacted clients[59] - The company has not encountered any major internal control deficiencies during the reporting period[170] - The company’s financial report showed no significant or important deficiencies in internal controls[170] - The company emphasizes compliance and risk prevention in its internal control objectives[166] Sustainability and Environmental Initiatives - The company has received ISO14000 certification for its environmental management system, demonstrating its commitment to sustainable practices[178] - The company has implemented energy efficiency measures, resulting in reduced energy consumption and carbon emissions, thereby lowering operational costs[178] - The company actively collaborates with third parties to install distributed solar energy systems, utilizing clean energy sources[180] Future Outlook - The company has outlined its future outlook with a focus on sustainable growth and innovation[143] - The company is actively pursuing strategic acquisitions to enhance its competitive position[143] - The company is committed to improving operational efficiency and financial performance in the upcoming fiscal year[143] - The company plans to retain profits to support its ongoing operational needs and strategic goals, rather than distributing them to shareholders[168]