Landai Technology(SZ:002765)2021-04-26 16:00Financial Performance - The company's operating revenue for 2020 was ¥2,454,688,922.22, representing a 115.99% increase compared to ¥1,136,464,220.19 in 2019[18]. - The net profit attributable to shareholders of the listed company was ¥7,719,578.75, a significant recovery from a loss of ¥149,169,617.85 in the previous year, marking a 105.18% improvement[18]. - The net cash flow from operating activities was ¥71,397,632.00, which decreased by 9.80% from ¥79,158,076.26 in 2019[18]. - The basic earnings per share increased to ¥0.01 from a loss of ¥0.33 in 2019, reflecting a 103.03% improvement[18]. - The company reported a net profit excluding non-recurring gains and losses of -¥27,466,218.64, an 84.59% improvement from -¥178,186,414.83 in 2019[18]. - The total assets of the company at the end of 2020 were approximately ¥3.94 billion, an increase of 13.32% compared to the end of 2019[19]. - The net assets attributable to shareholders of the listed company reached approximately ¥1.83 billion, reflecting a growth of 20.46% year-over-year[19]. - The operating revenue for 2020 was approximately ¥2.45 billion, a significant increase from approximately ¥1.14 billion in 2019, representing a growth of 116.14%[19]. - The net profit attributable to shareholders for the fourth quarter of 2020 was approximately -¥21.90 million, indicating a loss compared to a profit of approximately ¥27.75 million in the third quarter[23]. - The company received government subsidies amounting to approximately ¥48.12 million in 2020, an increase from approximately ¥35.71 million in 2019[25]. Business Operations and Strategy - The company has undergone a name change and expanded its business scope to include the export of self-produced products and technology, as well as the import of necessary machinery and components[16]. - The company emphasizes the importance of risk awareness regarding its future plans and operational strategies[4]. - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[3]. - The touch display business remains a key focus, with products being supplied to major clients such as BOE and Foxconn, targeting high-end applications in various electronic devices[28]. - The company operates on a "make-to-order" model, emphasizing customization and batch production based on client specifications[29]. - The global touch screen market is expected to grow due to increased demand for smart hardware driven by the COVID-19 pandemic, presenting new opportunities for the company[30]. - The company has maintained stable strategic partnerships with leading manufacturers, which is crucial for its ongoing business development[29]. - The company has improved its profitability due to better-than-expected product order conditions during the reporting period[31]. - The company increased its production capacity by adding new production lines, effectively meeting customer demand[31]. - The company has established a comprehensive product production model in the large-size touch display field, enhancing its overall competitiveness and sustainable development capabilities[31]. Market and Industry Trends - In 2020, domestic automobile production and sales reached 25.225 million and 25.311 million units, respectively, with a year-on-year decline of 2% and 1.9%[35]. - The company has expanded its market presence in the automotive power transmission sector, focusing on new energy vehicles and commercial vehicles[36]. - The company achieved significant growth in core business areas, particularly in touch screens and display modules, with explosive growth in industrial control and automotive markets due to increased demand for smart hardware[55]. - The touch screen industry is experiencing a shift from resistive to capacitive screens, with capacitive screens dominating downstream applications[120]. - The small and medium-sized touch screen market is primarily driven by smartphones and tablets, while the large-sized touch screen market is growing rapidly due to price advantages[120]. - The production and sales of new energy vehicles in 2020 reached 1.366 million and 1.367 million units, respectively, with year-on-year growth of 7.5% and 10.9%[123]. - The market share of automatic transmissions in passenger vehicles has reached approximately 80%, indicating a significant shift towards automatic transmission systems[125]. Research and Development - The company has obtained 23 valid patents in the touch display field, including 2 invention patents, enhancing its technological advantage[39]. - The company holds 127 valid patents, including 27 invention patents and 100 utility model patents, enhancing its innovation capabilities[44]. - The company’s R&D team has strengthened collaboration with universities and research institutions, enhancing its technological innovation capacity[45]. - Research and development (R&D) investment increased by 28.95% to ¥121,519,263.31, representing 4.95% of operating revenue[81]. - The number of R&D personnel increased by 5.68% to 242, but their proportion of total employees decreased to 6.05%[81]. - The company is investing heavily in R&D, with a budget allocation of 200 million yuan for new technology development[165]. - Investment in R&D increased by 20% year-over-year, focusing on innovative technologies and new product development[166]. - The company plans to increase R&D investment to keep pace with market trends and enhance its competitive edge through the introduction of high-value-added products[141]. Subsidiaries and Acquisitions - The subsidiary Taiguan Technology reported a net profit of RMB 111,740,593, contributing significantly to the company's overall profitability[112]. - The subsidiary Chongqing Taiguan reported a net loss of RMB 9,869,223.6, indicating challenges in its operational performance[112]. - The company established a wholly-owned subsidiary in Hong Kong in September 2020, expanding its operational footprint[75]. - The company completed a strategic acquisition of a competitor, enhancing its product portfolio and expected to generate an additional 500 million RMB in revenue[169]. - The company has engaged in discussions regarding its touch display business and sales conditions during investor communications[152]. Financial Management and Risks - The company has not experienced any changes in its controlling shareholders since its listing[16]. - The company has not engaged in any major asset or equity sales during the reporting period, maintaining its asset base[110]. - The company has implemented a foreign exchange hedging management system to mitigate exchange rate risks, ensuring compliance with operational strategies and minimizing foreign exchange losses[102]. - The company faced risks related to exchange rate fluctuations, internal control, and performance obligations in its derivative investments[101]. - The company has faced significant bad debt provisions due to the financial difficulties of some customers, impacting overall operating performance[149]. - Fluctuations in raw material prices, particularly steel and aluminum, directly affect production costs and profit levels, necessitating effective procurement strategies[150]. Shareholder Returns and Dividends - The company plans not to distribute cash dividends or issue bonus shares[5]. - The cumulative net profit attributable to the parent company over the three years from 2018 to 2020 was negative, leading to no cash dividends being distributed during this period[159]. - The company has maintained a consistent approach to profit distribution, with no cash dividends declared in 2018, 2019, or 2020[161]. - The cash dividend distribution plan for 2020 was set to not distribute cash dividends, stock dividends, or capital reserve transfers due to insufficient cash flow and negative distributable profits[162]. - The company plans to roll over its undistributed profits to the next year, primarily for project construction and new product development[162]. Legal and Compliance - The company is involved in 17 lawsuits during the reporting period, with a total claim amount of approximately 86.43 million RMB (8,642.57 million RMB) related to various disputes[190]. - The company has not faced any delisting situations following the annual report disclosure[188]. - The company has not undergone any bankruptcy reorganization during the reporting period[188]. - The company has engaged Sichuan Huaxin (Group) CPA as its auditor, with an audit fee of 600,000 yuan for the year[186]. - The company reported no significant accounting errors requiring retrospective restatement during the reporting period[184].