Leyard(SZ:300296)2022-04-14 16:00Financial Performance - The company's operating revenue for 2021 was ¥8,852,427,391.75, representing a 33.45% increase compared to ¥6,633,666,880.42 in 2020[42]. - The net profit attributable to shareholders in 2021 was ¥610,894,622.18, a significant turnaround from a loss of ¥976,435,225.82 in 2020, marking a 162.56% increase[42]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥555,226,801.27, compared to a loss of ¥1,062,692,513.59 in the previous year, reflecting a 152.25% improvement[42]. - The basic earnings per share for 2021 was ¥0.2402, up from a loss of ¥0.3840 in 2020, indicating a 162.55% increase[42]. - The total assets at the end of 2021 amounted to ¥15,848,259,875.44, a 16.21% increase from ¥13,637,449,477.74 at the end of 2020[42]. - The company reported a net cash flow from operating activities of ¥463,497,781.76, which is a decrease of 58.28% compared to ¥1,110,885,918.39 in 2020[42]. - The weighted average return on net assets for 2021 was 8.19%, recovering from -13.38% in 2020[42]. - The company's total accounts receivable amounted to 29.98 billion CNY in 2021, accounting for 33.86% of operating revenue[136]. - The operating cash flow net amount was 4.63 billion CNY in 2021, representing 64% of the net profit attributable to the parent company[134]. Market Trends and Innovations - The Micro LED technology is expected to drive significant growth in the display industry, with a projected market size of $2.9 billion by 2025, primarily in large display applications[58]. - The demand for small-pitch LED displays is rapidly increasing, with applications expanding from high-end markets to lower-tier cities, indicating a broader market penetration[63]. - The video conferencing market is experiencing a surge in demand due to the pandemic, leading to increased adoption of video conferencing all-in-one machines[64]. - The outdoor "naked-eye 3D" display screens have gained popularity, becoming new urban landmarks in various cities, showcasing innovative design and creative effects[65]. - The establishment of the Mini/Micro LED display industry branch by the China Electronic Video Industry Association aims to reduce costs and set standards for the industry[61]. - The company aims to leverage its leading optical motion capture technology to develop and sell virtual reality products, expanding into new market segments[77]. - The company is focusing on the development of Micro LED technology, which is expected to drive further industry concentration and has applications in AR/VR, wearable devices, and flexible displays[173][182]. Strategic Initiatives - The company plans to distribute a cash dividend of 0.50 yuan per share (before tax) for the 2021 fiscal year[14]. - The company plans to expand its product offerings in the Mini LED and Micro LED segments, which are expected to drive future growth[31]. - The company is focusing on enhancing its market presence through strategic partnerships and potential acquisitions in the technology sector[31]. - The company aims to improve its R&D capabilities to innovate new products and technologies in the LED display market[31]. - The company has initiated employee incentive programs to share growth benefits with staff, reflecting a commitment to team stability and motivation[87]. - The company has implemented various employee stock ownership plans, with a total of 20 million shares allocated in 2021, representing 0.79% of the company's stock[108]. - The company has implemented a new organizational structure in 2021 to enhance management efficiency and standardization across its subsidiaries[147]. Risks and Challenges - The company faces risks related to the supply shortage of Micro LED chips and the potential for technology iteration, which could impact production capacity[7]. - The ongoing COVID-19 pandemic poses a risk to the company's operations, potentially affecting order signing, revenue recognition, and cash collection[12]. - The company acknowledges the risks associated with forward-looking statements regarding future plans and strategies[6]. - The concentration of the LED display industry increased significantly, with the top 12 companies accounting for 88.8% of total sales, a year-on-year increase of 3.1 percentage points[169]. Technological Advancements - The company has achieved breakthroughs in LED display technology, including mass production of Micro LED displays with a pixel pitch of P0.4~P0.9[137]. - The company has established a Micro LED mass production base in Wuxi, making it the first globally to do so[92]. - The company has established a Micro LED mass production base in partnership with upstream chip manufacturers, expanding its business into the midstream packaging sector[70]. - The company developed a new generation of spherical LED displays with a production capacity for 5-meter and 7-meter diameters, achieving 100% localization of components[194]. - The company launched new products such as the ECO MINI conformal screen and GOB floor screen, enhancing its position in the LED conformal screen market[140]. Shareholder Returns - The company has cumulatively returned 11.86 billion yuan to shareholders over the past ten years, including 9.29 billion yuan in cash dividends and 2.57 billion yuan in share buybacks[143]. - The company has not reported any significant audit opinions or internal control deficiencies for the fiscal year[6]. - The company is committed to maintaining accurate and complete financial reporting, as stated by its management team[5].