聚飞光电(300303) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was CNY 2,351,118,040.80, a decrease of 6.21% compared to CNY 2,506,856,474.33 in 2019[23] - The net profit attributable to shareholders of the listed company was CNY 304,925,533.62, down 1.14% from CNY 308,432,396.89 in the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 250,153,795.34, a decrease of 6.40% compared to CNY 267,245,818.42 in 2019[23] - The net cash flow from operating activities was CNY 245,896,540.44, a significant decline of 50.64% from CNY 498,149,107.35 in 2019[23] - The total assets at the end of 2020 reached CNY 4,956,154,922.36, an increase of 20.12% from CNY 4,125,881,758.97 at the end of 2019[23] - The net assets attributable to shareholders of the listed company were CNY 2,493,999,568.63, up 13.08% from CNY 2,205,612,963.77 in 2019[23] - The basic earnings per share for 2020 was CNY 0.24, a decrease of 4.00% compared to CNY 0.25 in 2019[23] - The diluted earnings per share also stood at CNY 0.24, reflecting a 4.00% decline from the previous year[23] - The weighted average return on net assets was 12.88%, down from 15.05% in 2019, indicating a decrease of 2.17%[23] Revenue Breakdown - The company's total revenue for Q1, Q2, Q3, and Q4 was approximately ¥439.55 million, ¥560.90 million, ¥689.67 million, and ¥660.99 million respectively, showing a slight decline in Q4 compared to Q3[26] - Net profit attributable to shareholders for the same quarters was approximately ¥54.72 million, ¥88.11 million, ¥88.17 million, and ¥73.93 million, indicating a decrease in Q4[26] - The company's backlight LED products generated sales revenue of CNY 1,789.49 million, a decline of 6.73%, accounting for 76.10% of total revenue, with a product yield rate of 99.0%[50] - The lighting LED products achieved sales revenue of CNY 239.49 million, an increase of 2.49%, representing 10.19% of total revenue, with a yield rate of 98.90%[51] - The automotive LED business showed significant growth, with successful entry into the global supply chain of major clients, and the company is now the only mainland brand in this sector[55] - LED industry revenue was ¥2,191,829,593.87, accounting for 93.22% of total revenue, down 3.01% from the previous year[67] - Backlight LED revenue was ¥1,789,486,526.20, representing 76.10% of total revenue, with a decline of 6.73% year-over-year[67] Cash Flow and Investments - The net cash flow from operating activities decreased by 50.64% year-on-year, primarily due to increased cash payments for goods and services[88] - Cash inflow from investment activities increased by 231.51% compared to the previous year, mainly due to an increase in the redemption of financial products[88] - Cash inflow from financing activities rose by 211.81% year-on-year, primarily due to funds raised from the public issuance of convertible bonds[88] - The company's cash and cash equivalents increased by CNY 125.25 million, a significant turnaround from a decrease of CNY 47.21 million in the previous year[88] - The company reported a significant increase in cash and cash equivalents, with a year-end balance of CNY 907.75 million, up 229.89% from the beginning of the year[91] Research and Development - The company has increased R&D investment in new products and technologies, focusing on Mini/Micro LED and invisible light products, with Mini LED products gaining market recognition[55] - The company launched several key R&D projects in 2020, including "Ultra-bright High Color Gamut Backlight LED Devices" and "Mini Backlight Module Manufacturing Technology"[80] - The company's R&D expenses were ¥114,431,541.34, a decrease of 5.29% compared to ¥120,828,558.39 in 2019[77] - In 2020, the company's R&D expenditure was CNY 114.43 million, accounting for 4.87% of total revenue[87] - The number of R&D personnel in 2020 was 367, representing 15.17% of the total workforce[83] Market Position and Strategy - The company has maintained a leading position in the global backlight LED market, with an increasing international sales ratio and stable growth in market share[37] - The company is focusing on high-end lighting products, including plant lighting and health lighting, which saw slight revenue growth compared to the previous year[37] - The company is actively developing new business areas, including high-end packaging and components, to cultivate new growth points for future performance[56] - The company is positioned as a major player in the LED packaging sector, with a focus on expanding its market share through internationalization strategies[119] - The company is enhancing its management capabilities to adapt to its growing operational scale and complexity[133] Profit Distribution and Dividends - The company proposed a cash dividend of CNY 1 per 10 shares, with no bonus shares to be issued[7] - The total distributable profit for the year was 1,021,737,338.53 yuan, with the cash dividend representing 100% of the profit distribution[154] - The cash dividend for the previous year (2019) was 1.00 yuan per 10 shares, amounting to 127,802,321.90 yuan[157] - The cash dividend amount was CNY 127,769,649.50, representing 41.90% of the net profit attributable to ordinary shareholders[158] - The company has a policy to distribute at least 30% of the average annual distributable profit over the past three years in cash dividends[148] Compliance and Governance - The company has ongoing commitments to ensure no unfair advantages or benefits are provided to related parties[166] - The actual controllers have pledged to avoid any conflicts of interest and not to engage in competitive businesses[167] - The company has not reported any non-operating fund occupation by controlling shareholders during the reporting period[170] - The company is committed to adhering to regulatory requirements regarding profit forecasts and related transactions[170] - The company's independent directors have fulfilled their responsibilities in the profit distribution process, ensuring minority shareholders' rights are protected[153] Future Outlook - The company anticipates a broad recovery in the global economy, driven by fiscal stimulus measures and easing pandemic impacts, which will benefit the LED industry[118] - The company expects continued growth in demand for Mini LED products and automotive LED applications, aligning with long-term industry trends[119] - The company plans to deepen its exploration of LED development potential and provide high-quality products and services to meet consumer upgrade demands[119] - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the industry[190] - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share within the next two years[189]