NARADA(SZ:300068)2022-04-28 16:00Financial Performance - The company reported a revenue of RMB 1,184,757.03 million in 2021, representing a year-on-year growth of 15.48%, with lithium battery product revenue increasing by 29.48%[7]. - The company's operating revenue for 2021 was ¥11,847,570,283.65, an increase of 15.48% compared to ¥10,259,772,565.40 in 2020[31]. - The net profit attributable to shareholders for 2021 was -¥1,370,219,224.42, a decrease of 387.46% from -¥281,092,043.95 in 2020[31]. - The net cash flow from operating activities was ¥321,928,209.53, down 15.40% from ¥380,524,043.70 in 2020[31]. - The total assets at the end of 2021 were ¥13,832,109,976.92, a decrease of 3.16% from ¥14,282,786,784.69 at the end of 2020[31]. - The net assets attributable to shareholders decreased by 22.57% to ¥4,645,137,048.07 from ¥5,999,340,198.86 in 2020[31]. - The basic earnings per share for 2021 was -¥1.60, a decline of 384.85% from -¥0.33 in 2020[31]. - The company reported a quarterly operating revenue of ¥3,459,798,353.38 in Q1 2021, with a net profit of ¥29,738,009.16[35]. - In Q4 2021, the operating revenue dropped to ¥1,749,098,267.63, with a significant net loss of -¥1,300,932,438.13[35]. - Non-operating income from government subsidies in 2021 amounted to ¥40,814,169.04, compared to ¥196,984,754.41 in 2020[38]. Losses and Impairments - The company faced significant losses due to a sharp increase in raw material prices for lithium and lead batteries, leading to a substantial decline in gross margins across all business segments[6]. - The company incurred asset disposal losses of RMB 163.69 million and recognized impairment losses totaling RMB 115.54 million on various assets, including goodwill and inventory[6]. - The company has recognized credit impairment losses of RMB 112.04 million based on the aging structure of receivables and the recoverability of individual accounts[6]. - Major impairment provisions totaling approximately 19,299.98 million yuan were made for energy storage stations, goodwill, and inventory[99]. Business Strategy and Focus - The company has divested its loss-making lead-acid battery business by transferring 21% stakes in subsidiaries to Yadi Group, which is expected to alleviate financial pressure and refocus on new energy storage and lithium battery businesses[9]. - The company plans to enhance its core business focus and improve profitability through better cost management and quality upgrades[9]. - The company is focusing on the development of smart energy storage, lithium batteries, and lithium battery recycling, while divesting from civil lead-acid battery business[99]. - The company aims to become a leader in communication and data backup power solutions, focusing on smart energy revolution[187]. - The company is expanding its energy storage business into markets such as Europe, North America, and Australia, aiming for long-term partnerships[189]. Market Outlook and Opportunities - The company anticipates a broad market outlook in the energy storage industry, driven by domestic "new infrastructure" initiatives and global carbon neutrality goals[7]. - The Chinese government has set a target of 30 GW for energy storage development during the 14th Five-Year Plan, with local plans exceeding this target, indicating strong market potential[53]. - The company is increasing its focus on the 5G communication market and data centers, with plans to accelerate project delivery and revenue growth[190]. Research and Development - The company is committed to continuous research and development in key technology areas, ensuring sustainable growth in the context of the global carbon neutrality trend[7]. - The company has applied for 85 intellectual property protections, including 21 invention patents, and has passed over 120 safety certifications, enhancing its credibility in the energy storage market[58]. - The company has established deep cooperation with major telecom operators and equipment integrators, covering over 150 countries and regions globally[68]. - The company is actively innovating in distributed energy storage and smart grid construction to meet the growing demand for energy storage systems[103]. - The company is committed to strengthening R&D in solid-state lithium batteries and fuel cells, aiming for technological breakthroughs[194]. Production and Capacity - The company has accelerated the construction of lithium battery production capacity, with a completed 1GWh capacity from the "2GWh high energy density power lithium battery project" and ongoing projects expected to significantly enhance delivery capabilities in the energy storage sector[114]. - The company has established a closed-loop system for lithium battery recycling, with a processing capacity of 25,000 tons of waste lithium-ion batteries initiated in Q3 2021[114]. - The company processes over 1.2 million tons of waste lead-acid batteries annually, achieving a metal and plastic recovery rate of over 99%[76]. Financial Management and Investments - The company will not distribute cash dividends or issue bonus shares for the reporting period[10]. - The company has implemented an operational management committee to improve efficiency and responsiveness to market changes[119]. - The company reported a net amount of CNY 242,726.90 million from the fundraising after deducting underwriting fees and other expenses[168]. - The company has ongoing projects including a 2000MWh high energy density lithium battery project, with a cumulative investment of CNY 265,499,151.59[160]. Challenges and Risks - The company faces risks from international political and economic instability, as well as exchange rate fluctuations, and is implementing strategies to mitigate these risks[195][197].