Bojay(SZ:002975)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,214,036,104.64, a decrease of 11.77% compared to ¥1,375,964,707.52 in 2020[23]. - The net profit attributable to shareholders for 2021 was ¥243,262,976.96, down 28.71% from ¥341,245,124.96 in 2020[23]. - The net profit after deducting non-recurring gains and losses was ¥213,377,909.70, a decline of 33.76% compared to ¥322,120,053.05 in 2020[23]. - The basic earnings per share for 2021 was ¥1.75, a decrease of 29.44% from ¥2.48 in 2020[23]. - The total assets at the end of 2021 were ¥2,445,331,230.57, an increase of 44.87% from ¥1,687,922,991.26 at the end of 2020[23]. - The net assets attributable to shareholders at the end of 2021 were ¥1,597,897,220.86, up 18.46% from ¥1,348,894,293.97 at the end of 2020[23]. - The company's non-operating income for 2021 was CNY 29,885,067.26, a significant increase of 56.2% compared to CNY 19,125,071.91 in 2020[34]. - The government subsidies recognized in the current period amounted to CNY 18,340,051.02, up from CNY 13,733,206.78 in 2020, reflecting a growth of 33.5%[34]. - The revenue from the top five customers decreased by 30.88% compared to the previous year[120]. - Domestic sales revenue increased by 14.45%, while foreign sales revenue decreased by 25.12%[120]. - The gross profit margin for the main business was 49.24%, a decrease of 4.03 percentage points from the previous year[121]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 3.50 RMB per 10 shares to all shareholders based on a total share capital of 139,688,000 shares as of December 31, 2021[5]. Governance and Compliance - The company has a comprehensive governance structure with all board members present for the report's approval[4]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible personnel[4]. - The management emphasizes the importance of risk awareness regarding forward-looking statements and potential operational risks[5]. Research and Development - R&D expenses increased by 12.01% to 141 million yuan, accounting for 11.64% of total revenue, up 2.47 percentage points year-on-year[121]. - The number of R&D personnel increased by 24.01% to 408, with R&D personnel now constituting 18.44% of the total workforce[148]. - The company holds 411 domestic patents and 8 foreign patents, along with 141 software copyrights[108]. - The company is focusing on modular product solutions to balance production cycles and reduce R&D costs[117]. - The company has continuously innovated in testing equipment, extending its capabilities from electrical testing to acoustic, optical, and RF testing solutions[64]. Market and Industry Trends - The global industrial automation equipment market reached USD 218 billion in 2019, with a compound annual growth rate (CAGR) of approximately 4%[45]. - The domestic industrial automation market size was CNY 186.5 billion in 2019, with a CAGR exceeding 7%[46]. - The global smartphone shipment in 2021 was 1.355 billion units, representing a year-on-year growth of 5.7%[48]. - The cloud infrastructure service market in mainland China reached a size of $27.4 billion in 2021, with an expected growth to $85 billion by 2026, representing a compound annual growth rate (CAGR) of 25%[49]. - The Chinese capacitor industry is projected to grow from ¥121.4 billion in 2021 to ¥151.3 billion by 2026, at a CAGR of approximately 4.5%[51]. Business Strategy and Operations - The company is focused on enhancing its business processes and performance through a lean management approach[15]. - The company is actively involved in the development of new technologies and products, particularly in the field of electronic testing[15]. - The company has established several subsidiaries, including Bojay Technologies, Inc. in the U.S. and Bojay Electronics (Hong Kong) Company Limited[11]. - The company aims to continuously explore new businesses and products to mitigate significant fluctuations between quarters and years[31]. - The company has been actively adapting its business structure to mitigate seasonal fluctuations in demand, particularly in the third quarter[38]. - The company operates under a platform and modular business model, focusing on customer needs and offering integrated solutions in fields such as acoustics and optics[97]. Client and Market Relationships - Major clients include Fortune 500 companies such as Apple, Microsoft, Google, and Qualcomm, with steady domestic client expansion recognized by companies like Lenovo and Xiaomi[69]. - The domestic customer base has steadily expanded, with recognition from companies such as Lenovo, Xiaomi, OPPO, and Vivo[60]. - The company has established production bases in the Pearl River Delta, Yangtze River Delta, and Southwest regions, and has set up sales and technical support in Taiwan, Southeast Asia, and North America[60]. Financial Management and Investments - The company reported a net cash flow from operating activities of CNY 96,764,267.00 in Q4 2021, indicating strong operational efficiency[37]. - The company reported a credit impairment loss of -1,789,349.95, which is sustainable due to the provision for bad debts[153]. - The company issued convertible bonds, resulting in an increase in payable bonds to 414,630,510.25, representing 16.96% of total liabilities[158]. - The company has not made any significant equity investments during the reporting period[164]. - The company plans to utilize idle raised funds and self-owned funds for wealth management products[163]. Risk Management - The company has implemented risk control measures to mitigate exchange rate fluctuations, including real-time monitoring of international market conditions[170]. - The company emphasizes the importance of managing accounts receivable to prevent overdue payments, which could lead to delivery risks in forward contracts[170]. - The company aims to avoid speculative trading in its forward settlement operations, focusing instead on hedging against exchange rate risks[170]. Future Outlook and Plans - The company plans to focus on expanding its presence in the MLCC industry and aims to become a leading supplier in the MLCC industry supply chain[187]. - The company will implement a business development plan for 2022, focusing on market expansion, cost reduction, talent development, and establishing incubation platforms[193]. - The company aims to transition from a provider of non-standard customized products to a supplier of standardized, high-end equipment, focusing on developing more standardized equipment products to meet customer automation line needs[186].