GUIBAO TECH(SZ:300019)2023-03-24 16:00Financial Performance - The company's operating revenue for 2022 was ¥2,694,497,682.49, representing a 5.43% increase compared to ¥2,555,679,738.57 in 2021[19]. - The net profit attributable to shareholders for 2022 was ¥250,323,247.83, a decrease of 6.48% from ¥267,674,760.01 in the previous year[19]. - Basic earnings per share for 2022 were ¥0.6400, down 8.88% from ¥0.7024 in 2021[19]. - The total assets at the end of 2022 were ¥2,819,156,033.47, a decrease of 4.87% from ¥2,963,371,325.12 at the end of 2021[19]. - The net assets attributable to shareholders increased by 6.89% to ¥2,224,969,508.00 at the end of 2022, compared to ¥2,081,646,647.52 at the end of 2021[19]. - The weighted average return on equity for 2022 was 11.76%, down from 14.68% in 2021[19]. - The company reported a decline in net profit after deducting non-recurring gains and losses, which was ¥228,376,028.35 in 2022, down 6.68% from ¥244,734,530.32 in 2021[19]. - The company achieved a revenue of 2,694.50 million CNY, representing a year-on-year growth of 5.43%[53]. - The company's net profit attributable to shareholders was 250.32 million CNY, a decrease of 6.48% compared to the previous year[53]. Cash Flow and Investments - The net cash flow from operating activities decreased by 27.75% to ¥126,816,649.19 in 2022, down from ¥175,535,918.09 in 2021[19]. - The company faced a net cash outflow in the first quarter of 2022, with a negative cash flow of ¥190,497,773.85[21]. - Operating cash inflow for 2022 was $1.66 billion, an increase of 17.38% compared to 2021[89]. - Operating cash outflow for 2022 was $1.53 billion, up 23.80% from 2021[89]. - Investment cash inflow decreased by 7.84% to $827.57 million, while investment cash outflow increased by 18.35% to $1.15 billion[89]. - Net cash flow from investing activities worsened by 332.82%, resulting in a loss of $323.81 million[89]. - Financing cash inflow dropped by 74.34% to $234.50 million, while financing cash outflow decreased by 50.39% to $205.82 million[89]. - Net cash flow from financing activities fell by 94.25% to $28.68 million[89]. - The net increase in cash and cash equivalents was negative at $167.94 million, a decline of 128.01% compared to the previous year[89]. - Cash and cash equivalents at year-end decreased by 22.01% to $728.49 million[92]. Market and Industry Insights - The company operates in the organic silicon industry, which is a key focus area for national development, with significant applications in construction, automotive, electronics, and renewable energy sectors[28]. - By the end of 2022, China's production capacity for organic silicon methyl monomer reached 5 million tons, accounting for about 67% of global capacity, with an expected increase to 7.5 million tons by the end of the "14th Five-Year Plan" period[29]. - In 2022, the domestic real estate development investment was ¥132,895 billion, down 10.0% year-on-year, with new construction area decreasing by 39.4%[32]. - The photovoltaic industry saw significant growth in 2022, with production of polysilicon, silicon wafers, batteries, and modules all increasing by over 55% year-on-year, driving demand for organic silicon sealants[33]. - The automotive industry produced 27.02 million vehicles in 2022, with new energy vehicles seeing a remarkable growth of 96.9% in production, indicating a rising demand for organic silicon materials[34]. - The company anticipates continued growth in the high-end organic silicon sealant market due to increasing demand for green and low-carbon construction materials[32]. - The market for silane coupling agents is expected to expand as China's production and demand for these agents grow rapidly, driven by the photovoltaic sector[36]. Research and Development - The company has established 6 production bases and holds 244 authorized patents, with R&D expenses accounting for 4% of its revenue[43]. - The company has a strong R&D team of 194 personnel, including 7 PhDs, and collaborates with universities for technological innovation[43]. - The company maintains a research and development investment of over 4% of its revenue annually, ensuring continuous innovation[46]. - The company applied for 35 new patents in 2022, including 22 invention patents and 13 utility model patents, and received 46 new authorized patents[64]. - The company is focusing on high-performance and high-value-added products in the organic silicon industry, with a trend towards domestic substitution of imported products[109]. - The company plans to develop new high-performance organic materials for photovoltaic components, which is expected to enhance market competitiveness[86]. Production and Capacity - The company has developed a production capacity of 180,000 tons/year for high-end silicone materials, making it the largest production base in Asia for high-end silicone sealant materials[47]. - The production capacity utilization rate for organic silicone sealants is 76.35%, with an additional 30,000 tons of capacity under construction[43]. - The company has successfully completed the construction of a 30,000 tons/year production line for high-end silicone sealants, with an additional 30,000 tons/year line expected to be operational in 2023[70]. - The company plans to expand production capacity by establishing three major production bases in Southwest, East China, and South China to enhance market proximity and service[109]. Sales and Revenue - The company's sales revenue for construction adhesives reached CNY 1,673.11 million, a year-on-year decrease of 5.53% due to the decline in organic silicon raw material and product prices[55]. - Industrial adhesives achieved sales revenue of CNY 656.32 million, representing a year-on-year growth of 30.74%[55]. - Sales revenue from photovoltaic industry adhesives reached CNY 243.79 million, with a remarkable year-on-year increase of 103.82%[55]. - Revenue from electronic and electrical industry adhesives was CNY 273.18 million, showing a year-on-year growth of 28.68%[56]. - The silane coupling agent segment generated sales revenue of CNY 329.24 million, reflecting a year-on-year increase of 22.59%[59]. - Export sales revenue amounted to CNY 131.56 million, marking a year-on-year growth of 11.54% despite challenging international conditions[59]. - Online sales revenue grew by 8.15% year-on-year, supported by the expansion of e-commerce channels[59]. Corporate Governance - The company held three shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[137]. - The board of directors consists of nine members, including three independent directors, and held nine meetings during the year[138]. - The supervisory board, comprising three members, held six meetings during the reporting period, ensuring effective oversight of the company's management[139]. - The company has established a transparent performance evaluation and incentive mechanism for senior management, with various incentive measures in place[140]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate information is available to all investors[142]. - There were no significant accounting errors or omissions in the annual report during the reporting period, enhancing the quality and transparency of disclosures[143]. Strategic Initiatives - The company aims to achieve an annual output value exceeding 4 billion yuan in 2023, maintaining a high-quality development strategy amidst a stable economic growth environment[112]. - The company plans a 30% year-on-year increase in construction adhesive sales and a 50% increase in industrial adhesive sales, focusing on applications in photovoltaic new energy, electronics, and automotive sectors[113]. - The company is committed to technological innovation, collaborating with universities and industry leaders to develop high-value-added products and enhance its research capabilities[115]. - The company will actively seek external growth through investments and acquisitions in organic silicon materials, adhesives, and lithium battery materials to broaden its business scope[116]. - The company plans to increase investment in digital transformation to optimize organizational structure and enhance management efficiency[118]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, which could adversely affect market demand for its products[119]. - The company is exposed to raw material price volatility, which significantly impacts production costs and profitability[119]. - The company may encounter risks related to accounts receivable due to changes in domestic industry policies affecting customer liquidity[120]. - The company is focused on ensuring timely project completion to mitigate risks associated with new project construction not meeting expectations[121].