伊戈尔(002922) - 2021 Q4 - 年度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board and management affirm the report's accuracy, with all directors present, and the 2021 profit distribution plan has been announced - The company's 2021 profit distribution plan is based on the total share capital of 296,320,455 shares as of December 31, 2021, distributing a cash dividend of CNY 2.00 per 10 shares (including tax) to all shareholders, with no bonus shares or capital reserve conversions[14] Risk Factors The company faces key risks including international operation (exchange rate fluctuations, trade friction), intensified market competition, management, technology iteration, intellectual property, raw material price volatility (silicon steel, copper), rising labor costs, and global pandemic uncertainties - The company identifies nine major risks, covering international operations, market competition, internal management, technology, raw materials, labor, exchange rates, and the pandemic, with raw material price fluctuations and international operational risks being particularly prominent[6][9][13] Definitions This section defines key terms used in the report, including abbreviations for the company and its subsidiaries, as well as technical and industry terms related to core businesses like power supplies, transformers, photovoltaic power generation, and inverters, providing a foundation for understanding the report content Company Profile and Key Financial Indicators Company Information Igor Electric Co., Ltd. (Stock Code: 002922) is a company listed on the Shenzhen Stock Exchange, with Xiao Juncheng as its legal representative, focusing on the R&D and manufacturing of electrical products Key Accounting Data and Financial Indicators In 2021, the company achieved significant performance growth, with revenue up 58.61% to CNY 2.23 billion and net profit attributable to parent company surging 278.70% to CNY 195 million, primarily due to non-recurring gains from non-current asset disposal; however, net cash flow from operating activities turned negative, decreasing by 377.51% Key Financial Indicators for 2021 | Indicator | 2021 | 2020 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,230,103,076.67 | 1,406,042,508.54 | 58.61% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 194,782,993.71 | 51,434,187.95 | 278.70% | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains/Losses (CNY) | 68,876,734.28 | 36,832,719.71 | 87.00% | | Net Cash Flow from Operating Activities (CNY) | -67,826,362.46 | 24,440,838.85 | -377.51% | | Basic Earnings Per Share (CNY/share) | 0.66 | 0.20 | 230.00% | | Weighted Average Return on Net Assets | 12.75% | 5.01% | Increase of 7.74 percentage points | Quarterly Key Financial Indicators The company's 2021 operating revenue showed steady quarterly growth, from CNY 360 million in Q1 to CNY 690 million in Q4; net profit attributable to parent peaked at CNY 118 million in Q1 due to non-recurring gains, with operating cash flow negative in the first two quarters before turning positive in Q3 2021 Quarterly Financial Data (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 360,093,918.39 | 544,319,686.79 | 631,822,636.10 | 693,866,835.39 | | Net Profit Attributable to Shareholders of Listed Company | 117,686,022.93 | 24,488,811.19 | 40,206,939.41 | 12,401,220.18 | | Net Cash Flow from Operating Activities | -57,274,562.94 | -50,262,567.30 | 44,259,196.79 | -4,548,429.01 | Non-recurring Gains and Losses Items and Amounts In 2021, the company's total non-recurring gains and losses amounted to CNY 126 million, significantly impacting net profit, primarily driven by CNY 118 million from the disposal of non-current assets, specifically the sale of land and buildings in Guicheng Science Park; government subsidies and wealth management income also contributed - Non-current asset disposal gains and losses amounted to CNY 118 million, representing the primary source of non-recurring gains and losses for the period, mainly due to the company's sale of land and buildings located in Guicheng Science Park[44] - Government subsidies recognized in current profit and loss totaled CNY 13.44 million, constituting another significant non-recurring gain and loss item[44] Management Discussion and Analysis Industry Overview The company's industry benefits from global 'carbon neutrality' trends and policy support, driving strong demand in new energy photovoltaic power generation, with high growth expected in domestic and international installed capacity, boosting the market for PV inverters and core components; industrial automation and LED lighting also offer broad market opportunities - Under 'dual carbon' goals, the photovoltaic industry gains attention with steady growth in domestic and international installed capacity; China's new grid-connected PV capacity reached 54.88 GW in 2021, global new installations hit 183 GW, and are projected to reach 270-330 GW by 2025, presenting significant opportunities for the company's new energy transformer business[53] - The LED lighting industry retains growth potential driven by digitalization and intelligence, with promising prospects in emerging markets like health and smart lighting; China's health lighting market is projected to reach CNY 17.2 billion by 2023, and its smart LED lighting market reached CNY 46.6 billion in 2021[62] Main Business and Core Competencies The company implements a '2+X' strategy, focusing on energy and lighting product lines while expanding into new areas like automotive and communication power supplies and energy storage; its core competencies include global client resources, strong R&D (172 patents), diverse product lines, quality advantages, global responsiveness, and an experienced management team - The company's strategic layout is '2+X', with core businesses in energy products (new energy transformers, industrial control transformers) and lighting products (lighting power supplies, luminaires), while actively expanding into new fields such as automotive power supplies, communication power supplies, and energy storage[63] - The company maintains a long-term, stable base of high-end clients, including Sungrow, IKEA, Hitachi, Meidensha, and Osram, utilizing a direct sales model to quickly respond to customer needs[76][80] - As of the end of the reporting period, the company holds 172 patents, including 14 invention patents, demonstrating strong independent R&D and technological advantages[81] Main Business Analysis In 2021, the company achieved record high revenue and profit, with operating revenue up 58.61% to CNY 2.23 billion and non-recurring net profit up 87.00%, primarily driven by 80.37% growth in energy products, especially 136.22% surge in PV-related products; however, gross margin declined by 3.36 percentage points due to rising raw material costs, and operating cash flow was negative due to long settlement cycles and increased raw material reserves 2021 Operating Performance Overview | Indicator | 2021 Amount (CNY 10,000s) | Year-on-year Growth | | :--- | :--- | :--- | | Operating Revenue | 223,010.31 | 58.61% | | Net Profit Attributable to Parent | 19,478.30 | 278.70% | | Net Profit Attributable to Parent (Excl. Non-recurring) | 6,887.67 | 87.00% | | Net Cash Flow from Operating Activities | -6,782.64 | -377.51% | Operating Revenue by Product Category (Unit: CNY 10,000s) | Product Category | 2021 Revenue | Share of Total Revenue | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Energy Products | 124,901.67 | 56.01% | 80.37% | | Lighting Products | 88,460.32 | 39.67% | 32.89% | | Other Products | 9,648.32 | 4.33% | 101.36% | - Photovoltaic industry products became the company's fastest-growing business, achieving total revenue of CNY 693 million, a 136.22% year-on-year increase; high-frequency inductors for PV inverters grew 58.11%, and step-up grid-connected transformers surged 989.33%[90] - Gross margin decreased by 3.36 percentage points, primarily due to significant increases in raw material prices (copper +35.51%, silicon steel +22.89%)[88] - Net cash flow from operating activities decreased by 377.51% year-on-year, mainly due to longer settlement periods for new energy business clients (mostly bank acceptance bills) and the company's proactive stocking of key materials to mitigate market changes[89][121] Analysis of Assets and Liabilities As of year-end 2021, total assets reached CNY 2.73 billion, up 18.04%, with significant shifts in asset structure: accounts receivable and inventory proportions rose to 23.77% and 15.27% of total assets, reflecting business expansion and raw material stocking; liabilities saw substantial increases in accounts payable and notes payable, while CNY 521 million in assets were restricted, primarily for bill pledges and loan collateral Major Balance Sheet Item Changes | Item | Proportion of Total Assets at 2021 Year-end | Proportion of Total Assets at 2020 Year-end | Explanation of Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 11.89% | 17.46% | Due to business scale growth, inventory stocking, and wealth management product purchases | | Accounts Receivable | 23.77% | 19.56% | Increased proportion of sales to major clients with unsettled accounts | | Inventory | 15.27% | 10.52% | Due to rising raw material prices and market shortages, proactive material stocking | | Short-term Borrowings | 4.69% | 13.17% | Use of idle raised funds to supplement working capital and repay borrowings | - As of the end of the reporting period, the company had CNY 521 million in restricted assets, including CNY 231 million in notes receivable, CNY 226 million in fixed assets, CNY 15 million in intangible assets, and CNY 48 million in cash and cash equivalents, primarily used for bill pledges and secured borrowings[131] Investment Analysis During the reporting period, the company's major non-equity investment was the 'Photovoltaic Grid-Connected Equipment Intelligent Manufacturing Project,' with CNY 108 million invested this period and CNY 114 million cumulatively, still under construction; the company also engaged in cash management and derivative investments like forward foreign exchange contracts to mitigate currency risks, with CNY 468 million raised in 2020, partially used for loan repayment and working capital, and the PV project ongoing - The company's ongoing major non-equity investment is the 'Photovoltaic Grid-Connected Equipment Intelligent Manufacturing Project,' with CNY 108 million invested in this reporting period, a cumulative investment of CNY 114 million, and a project progress of 29.61%[134] - The company engaged in forward foreign exchange contracts to hedge against exchange rate risks, with an actual gain of CNY 3.481 million during the reporting period[139] - The net proceeds from the 2020 non-public offering amounted to CNY 468 million, with CNY 337 million cumulatively utilized as of the end of the reporting period, leaving CNY 140 million unused, primarily for wealth management product purchases and deposit in special fundraising accounts[143] Future Development Outlook The company will continue its '2+X' strategy, deepening its core energy and lighting businesses while expanding into new areas like automotive power and energy storage; 2022 plans include strengthening core operations and major client relationships, accelerating PV project construction, advancing digital and intelligent manufacturing, enhancing human resources, and pursuing external growth through capital market investments and M&A - The company will continue to focus on its '2+X' strategy, building upon energy and lighting products to expand into new application areas such as automotive power supplies, communication power supplies, and energy storage[161] - For 2022, the company plans to accelerate the construction of the 'Photovoltaic Grid-Connected Intelligent Manufacturing Project,' aiming for early production to enhance product quality, reduce costs, and strengthen core competitiveness[163] - The company plans to fully leverage capital markets, integrating quality resources through investments and M&A to achieve both organic growth and external expansion[165] Corporate Governance Overview of Corporate Governance During the reporting period, the company operated in strict compliance with laws like the Company Law and Securities Law, continuously improving its governance structure, with no significant discrepancies from CSRC regulations; the company maintains independence from its controlling shareholder in assets, operations, personnel, organization, and finance Directors, Supervisors, and Senior Management During the reporting period, the company's board, supervisory, and senior management teams remained stable with experienced core members; Independent Director Mr. Yan Guoxiang departed due to term expiration, and Employee Representative Supervisor Mr. Wang Hailong resigned for personal reasons, with replacements completed; total compensation for directors, supervisors, and senior management was CNY 8.66 million - Personnel changes during the reporting period included the departure of Independent Director Yan Guoxiang due to completing a six-year term and the resignation of Employee Representative Supervisor Wang Hailong for personal reasons, with both replacements completed[192][193] Compensation of Selected Directors, Supervisors, and Senior Management (Unit: CNY 10,000s) | Name | Position | Total Pre-tax Compensation from the Company | | :--- | :--- | :--- | | Xiao Juncheng | Chairman | 93.85 | | Wang Yilong | Director, General Manager | 191.39 | | Zhang Tie Lei | Deputy General Manager | 125.97 | | Zhao Nannan | Deputy General Manager | 124.83 | | Total (All Disclosed Personnel) | -- | 866.07 | Performance of the Board of Directors and Special Committees During the reporting period, the company's board held 12 meetings, reviewing annual reports, profit distribution, equity incentives, and major investments, with all directors diligently performing their duties without dissent; the four special committees (Audit, Remuneration & Appraisal, Strategy, Nomination) also held meetings, reviewing financial reports, executive compensation, company strategy, and director nominations, supporting the board's scientific decision-making Employee Information As of the end of the reporting period, the company had 2,624 employees, with production personnel being the largest group at 1,630; the company has established a scientific compensation policy and comprehensive training system, focusing on talent development, and also utilized labor outsourcing, with total compensation paid of approximately CNY 33.65 million Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 1,630 | | Sales Personnel | 110 | | Technical Personnel | 315 | | Financial Personnel | 41 | | Administrative Personnel | 528 | | Total | 2,624 | Profit Distribution and Capital Reserve Conversion During the reporting period, the company implemented its 2020 profit distribution plan, converting 7 shares per 10 shares from capital reserves and distributing a CNY 2.00 cash dividend per 10 shares; for 2021, the board approved a plan to distribute a CNY 2.00 cash dividend per 10 shares (including tax), totaling CNY 59.26 million, with no bonus shares or capital reserve conversions - The 2020 profit distribution plan has been completed: a cash dividend of CNY 2.00 per 10 shares (including tax) was distributed, and 7 shares per 10 shares were converted from capital reserves[245] - The 2021 profit distribution proposal: a cash dividend of CNY 2.00 per 10 shares (including tax) is proposed, with no bonus shares or capital reserve conversions[248] Equity Incentive Plan During the reporting period, the company continued its 2019 restricted stock incentive plan, repurchasing and canceling 102,450 restricted shares held by 8 departing grantees; it also completed the unlocking of the second tranche of both the initial grant (1.975 million shares) and the reserved grant (535,500 shares), with these shares now listed for trading - The company completed the unlocking of the second restricted period for both the initial and reserved grants under its 2019 restricted stock incentive plan[250] Environmental and Social Responsibility Environmental and Social Responsibility Status The company and its subsidiaries are not designated as key polluting entities and had no environmental incidents or penalties during the reporting period; it upholds legal compliance, protects stakeholder rights, provides a safe work environment with diverse training, and actively engages in public welfare initiatives like establishing charity funds and school-enterprise cooperation Significant Matters Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, and directors, supervisors, and senior management strictly fulfilled commitments made during IPO and refinancing, including share lock-up and information disclosure accuracy, with no breaches observed Changes in Accounting Policies Effective January 1, 2021, the company adopted the revised Accounting Standard for Business Enterprises No. 21—Leases, requiring lessees to recognize right-of-use assets and lease liabilities for all leases except short-term and low-value ones; this change had no significant impact on the company's financial position or operating results - The company adopted the new leasing standard effective January 1, 2021, adjusting its accounting policies accordingly, with no significant impact on its financial position or operating results[291][296] Changes in Consolidation Scope During the reporting period, the company's consolidation scope changed: Foshan Igor Industrial Development Co., Ltd. was deconsolidated due to the sale of 95% equity, while a new wholly-owned Singapore subsidiary and Ji'an Igor Electric Co., Ltd. Guangdong Branch were established and included in the scope from their respective incorporation dates - Foshan Igor Industrial Development Co., Ltd. is no longer included in the consolidated financial statements due to the sale of 95% equity[297] - A new wholly-owned Singapore subsidiary and Ji'an Igor Guangdong Branch were established and included in the consolidated financial statements[297][298] Significant Related Party Transactions During the reporting period, the company had no significant related party transactions related to daily operations; the primary related party transaction involved the actual controller, Mr. Xiao Juncheng, providing an unconditional joint and several liability guarantee for the company's and its subsidiaries' bank comprehensive credit lines (totaling up to CNY 880 million), supporting the company's financing activities - The company's actual controller, Mr. Xiao Juncheng, provided an unconditional joint and several liability guarantee for the company's and its subsidiaries' 2021 bank comprehensive credit lines, not exceeding CNY 880 million[313] Significant Contracts and Their Performance This section discloses the company's leasing and guarantee situations; the company and its subsidiaries leased various offices, factories, dormitories, and equipment; regarding guarantees, the company primarily provided guarantees for its subsidiaries, with approved guarantee limits totaling CNY 500 million and actual outstanding guarantees of CNY 68.28 million during the reporting period, with no irregular external guarantees Guarantees to Subsidiaries (Unit: CNY 10,000s) | Item | Amount | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period | 50,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-end | 6,827.64 | Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital increased from 174 million shares to 296 million shares, primarily due to the 2020 equity distribution, which converted 7 shares per 10 shares from capital reserves, adding 122 million shares, and the repurchase and cancellation of 102,450 restricted shares due to grantee departures - The company's total share capital increased from 174,408,600 shares to 296,320,455 shares[344] - The primary reason for the increase in share capital was the implementation of the capital reserve to share capital conversion plan (7 shares converted per 10 shares), resulting in a total increase of 122,014,305 shares[345] Shareholders and Actual Controller Information As of the end of the reporting period, the company had 66,548 common shareholders; the controlling shareholder is Foshan Max Investment Co., Ltd., holding 33.25%, and the actual controller is Mr. Xiao Juncheng; the top ten shareholders' holdings are relatively concentrated, and the controlling shareholder's stake remains stable Top Five Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Shares Held at Period-end | | :--- | :--- | :--- | :--- | | Foshan Max Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 33.25% | 98,536,571 | | Wang Yilong | Domestic Natural Person | 3.63% | 10,757,744 | | Xiao Juncheng | Domestic Natural Person | 1.88% | 5,569,207 | | Zhang Zexue | Domestic Natural Person | 1.35% | 4,015,000 | | Zheng Hongyan | Domestic Natural Person | 1.09% | 3,239,028 | Preferred Shares Information Preferred Shares Status During the reporting period, the company had no preferred shares Bonds Information Bonds Status During the reporting period, the company had no bond-related information Financial Report Audit Report Rongcheng Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2021 financial statements, affirming they fairly reflect the company's financial position and operating results in all material respects; key audit matters included revenue recognition and inventory impairment provisions, for which sufficient audit procedures were performed - The auditing firm issued a standard unqualified opinion, affirming that the financial statements fairly reflect the company's financial position[377] - Key audit matters included revenue recognition and the provision for inventory impairment, indicating the auditors' focus on the authenticity of revenue and the valuation of inventory assets[379][381][389] Financial Statements The financial statements detail the company's financial position: the balance sheet shows total assets grew to CNY 2.73 billion and owner's equity to CNY 1.63 billion; the income statement reflects CNY 2.23 billion in operating revenue and CNY 195 million in net profit attributable to parent; the cash flow statement indicates CNY 67.83 million net cash outflow from operations, CNY 167 million net inflow from investing, CNY 222 million net outflow from financing, with period-end cash and cash equivalents decreasing to CNY 276 million Consolidated Balance Sheet Summary (December 31, 2021) | Item | Amount (CNY) | | :--- | :--- | | Total Assets | 2,730,242,494.12 | | Total Current Assets | 1,900,522,199.96 | | Total Non-current Assets | 829,720,294.16 | | Total Liabilities | 1,104,086,154.25 | | Total Current Liabilities | 1,068,949,414.17 | | Total Non-current Liabilities | 35,136,740.08 | | Total Owner's Equity | 1,626,156,339.87 | | Total Owner's Equity Attributable to Parent Company | 1,617,248,523.39 | Consolidated Income Statement Summary (2021) | Item | Amount (CNY) | | :--- | :--- | | Total Operating Revenue | 2,230,103,076.67 | | Total Operating Costs | 2,136,033,482.24 | | Operating Profit | 216,400,092.54 | | Total Profit | 213,739,210.51 | | Net Profit | 188,649,861.31 | | Net Profit Attributable to Shareholders of Parent Company | 194,782,993.71 | Consolidated Cash Flow Statement Summary (2021) | Item | Amount (CNY) | | :--- | :--- | | Net Cash Flow from Operating Activities | -67,826,362.46 | | Net Cash Flow from Investing Activities | 167,402,746.86 | | Net Cash Flow from Financing Activities | -221,984,898.56 | | Net Increase in Cash and Cash Equivalents | -125,265,360.38 | | Cash and Cash Equivalents at Period-end | 276,115,780.08 |