经纬辉开(300120) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥3,305,858,977.52, representing a 6.12% increase compared to ¥3,115,096,153.28 in 2020[22]. - The net profit attributable to shareholders decreased by 45.58% to ¥43,310,555.03 from ¥79,580,137.07 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥24,352,525.35, down 34.30% from ¥37,069,001.31 in 2020[22]. - Basic earnings per share decreased by 45.53% to ¥0.0933 from ¥0.1713 in the previous year[22]. - The total assets at the end of 2021 were ¥4,091,108,296.16, a slight decrease of 0.25% from ¥4,101,520,856.41 at the end of 2020[22]. - The net assets attributable to shareholders increased by 0.81% to ¥2,507,854,844.18 from ¥2,487,604,516.47 in 2020[22]. - The weighted average return on equity was 1.74%, down from 3.22% in the previous year[22]. - The company reported a total of 18,928,345.29 in government subsidies for 2021, which is a decrease from 48,626,827.38 in 2020[27]. - The company’s total revenue for 2021 was approximately ¥3.31 billion, representing a year-over-year increase of 6.12% compared to ¥3.11 billion in 2020[61]. - Revenue from the electromagnetic wire segment increased by 47.64% to ¥822.33 million, up from ¥556.97 million in 2020[61]. - The reactor segment saw a significant growth of 96.49%, with revenue reaching ¥135.20 million compared to ¥68.81 million in the previous year[61]. - The touch display segment experienced a decline of 5.64%, generating ¥2.34 billion, down from ¥2.47 billion in 2020[61]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to ¥157,869,811.19, a 377.40% increase from -¥56,910,780.76 in 2020[22]. - The net cash flow from operating activities reached 88,282,001.12 in Q4, a notable improvement from Q1's negative cash flow of -42,517,938.56[24]. - The net cash flow from investment activities improved by 54.16% year-on-year, attributed to a reduction in investment expenditures[80]. - The net cash flow from financing activities decreased by 143.60% year-on-year, primarily due to increased financing expenditures during the reporting period[81]. - The total investment amount for the reporting period was 0.00, compared to 146,712,415.22 in the same period last year, indicating a 0.00% change[89]. Business Strategy and Market Position - The company plans to focus on new product development and market expansion strategies in the upcoming years[5]. - The company has established itself as a leading manufacturer in the touch display industry, serving major clients such as Walmart and Honeywell, indicating strong market positioning[33]. - The domestic electromagnetic wire industry is highly competitive, with the company focusing on mid-to-high-end products to maintain a competitive edge[34]. - The company is actively expanding into new technologies and products in the power grid and renewable energy sectors, aiming to optimize its product structure and extend its industrial chain[35]. - The company aims to enhance its market competitiveness through ongoing R&D efforts and the introduction of innovative products[76]. - The company is committed to becoming an industry leader in outdoor displays, electromagnetic wires, and high-voltage reactors by capitalizing on new opportunities in the ultra-high voltage power grid construction[109]. Research and Development - The company emphasizes technological innovation and has established a comprehensive R&D management system to enhance product competitiveness[50]. - The company is actively enhancing its innovation capabilities by optimizing product structures and attracting top research talent[58]. - The company's R&D investment in 2021 amounted to ¥90,166,156.36, representing 2.73% of total operating revenue, an increase from 2.67% in 2020[77]. - The number of R&D personnel decreased by 12.60% from 365 in 2020 to 319 in 2021, with the proportion of R&D staff increasing from 14.60% to 15.29%[77]. - The company has completed several R&D projects, including high-temperature self-adhesive wires and new types of flat copper wires, which are expected to improve production processes and product advancement[76]. Governance and Compliance - The company has a board of directors consisting of 9 members, including 3 independent directors, complying with legal and regulatory requirements[122]. - The company maintains independence in business operations, personnel, assets, institutions, and finance, ensuring autonomous operational capabilities[124]. - The company has a clear ownership of assets, including technology, patents, trademarks, and real estate, with complete control over all assets[127]. - The company has established an independent financial department with its own accounting system, managing financial records independently[129]. - The company has a governance structure that includes a board of directors, supervisory board, and various specialized committees to ensure effective checks and balances[128]. - There are no significant discrepancies between the company's governance practices and the regulations set by the China Securities Regulatory Commission[122]. Employee and Management - The company reported a total of 2,086 employees at the end of the reporting period, with 1,362 in production, 429 in technical roles, and 57 in sales[154][155]. - The company implemented a training mechanism to enhance employee skills across various levels, focusing on business skills, internal systems, and safety production[157]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 1,140.34 million[146]. - The company’s management structure includes a performance evaluation mechanism linking executive compensation to company performance, enhancing accountability and motivation[177]. Shareholder and Profit Distribution - The board approved a profit distribution plan with no cash dividends or bonus shares for shareholders[5]. - The company did not distribute any cash dividends or issue new shares during the reporting period, with a total distributable profit of ¥89,058,369.79[160][161]. - The company’s cash dividend ratio was 0.00%, indicating no cash dividends were distributed[160]. - The decision to not distribute profits is based on the company's strategic development needs and significant operational liquidity requirements, ensuring sustainable growth and better long-term shareholder interests[163]. Environmental and Social Responsibility - The company has implemented effective measures for environmental protection, ensuring compliance with relevant laws and regulations[186]. - The company emphasizes a "people-oriented" approach, focusing on employee health, safety, and satisfaction while ensuring legal rights are protected[192]. - The company actively engages in social responsibility initiatives, including public welfare activities and promoting local economic development[193]. - The company has taken measures to prevent and manage environmental risks, continuously improving and maintaining environmental protection facilities[192]. Future Outlook and Challenges - The company aims to leverage its existing partnerships to enhance market penetration and operational efficiency[137]. - The company is responding to the rapid growth in demand for RF front-end modules driven by advancements in 5G technology and related wireless applications[110]. - The company faces intensified market competition in the touch display industry, which may lead to decreased product sales prices and overall industry profit decline[111]. - A significant portion of the company's revenue comes from overseas markets, with foreign sales managed by subsidiaries in the US and Hong Kong, exposing the company to foreign exchange risks[112].