Dare Auto(SZ:300473)2023-04-26 16:00Financial Performance - In 2022, the company's operating revenue reached CNY 403,538,974.42, an increase of 10.14% compared to the previous year[6]. - The net profit attributable to shareholders was a loss of CNY 916,304,562.44, a decrease of 3,988.99% year-on-year[25]. - The net cash flow from operating activities was CNY 293,874,350.65, representing a significant increase of 647.00% compared to the previous year[25]. - The total assets at the end of 2022 were CNY 4,230,050,054.85, a decrease of 9.23% from the end of 2021[25]. - The net assets attributable to shareholders decreased by 30.08% to CNY 1,474,406,848.54 compared to the end of 2021[25]. - The company’s basic and diluted earnings per share were both CNY -6.54, reflecting a decrease of 3,733.33% year-on-year[25]. - The weighted average return on net assets was -53.08%, a decline of 54.17% compared to the previous year[25]. - The company achieved a gross profit margin of 16.36% in 2022, a decrease of 5.09% from the previous year[70]. - The company reported a significant impairment provision of CNY 73,320,430.00 for goodwill and long-term assets related to its subsidiary Carcoustics[6]. Revenue Breakdown - The company's operating revenue for 2022 was approximately ¥4.04 billion, an increase of 10.1% compared to ¥3.66 billion in 2021[26]. - Revenue from noise reduction, thermal insulation, and lightweight products accounted for 66.28% of total revenue, amounting to ¥2,674,563,809.92, up 11.16% from ¥2,406,042,903.29 in 2021[69]. - Revenue from products supporting new energy vehicles totaled approximately RMB 17,348.98 million, marking a substantial increase of 116.53% compared to the previous year[47]. - The company reported a significant increase in revenue from electric control and automotive electronics products, which rose by 47.61% to RMB 10,185.98 million[47]. - The company faced challenges due to rising raw material prices, leading to a decline in gross margin by 5.22 percentage points, despite a revenue increase of approximately 11.16% for Carcoustics[48]. Market Trends and Strategy - The global automotive market produced approximately 56.3 million passenger vehicles in 2022, a year-on-year increase of about 4.6%[36]. - In 2022, China's automotive production and sales reached approximately 27.02 million and 26.86 million units, respectively, with year-on-year growth of 3.4% and 2.1%[37]. - The market share of new energy vehicles in China reached 25.6% in 2022, with production and sales of approximately 7.06 million and 6.89 million units, respectively, reflecting a growth of 96.9% and 93.4% year-on-year[37]. - The company is focusing on the development of lightweight and electronic components to meet the increasing demand from the growing new energy vehicle market[38]. - The company anticipates that by 2025, automotive sales in China will reach 35 million units, with new energy vehicles accounting for approximately 30% of total sales[38]. Research and Development - The company has committed to increasing its R&D efforts and expanding its product line, particularly in the fields of hydrogen fuel cells and solid-state batteries[39]. - The company has integrated global R&D resources and achieved CMMI Level 3 and ASPICE Level 3 certifications, enhancing its product development capabilities and efficiency[44]. - The company has established a joint R&D center with Shanghai Jiao Tong University focusing on advanced materials, aiming for breakthroughs in lightweight materials and fuel cells[55]. - The company has developed customized solutions for battery thermal insulation and flame retardancy, addressing safety concerns in electric vehicles[59]. - The company is developing high-performance bipolar plates and membrane electrodes for hydrogen fuel cells, with client testing currently underway[77]. Operational Efficiency - The company has a comprehensive production service system with multiple production bases across Asia, North America, and Europe, allowing for rapid response to global customer demands[41]. - The company is focusing on global operational integration and international production layout to enhance competitiveness and mitigate operational risks amid increasing trade frictions[49]. - The company has implemented a quality management system compliant with IATF 16949:2016 standards, ensuring high-quality production processes and customer satisfaction[45]. - The company’s production system maintains controlled, stable, and efficient operations through a standardized quality improvement system[65]. - The company is actively expanding its market presence in Asia, building on its established footholds in Europe and North America, which is expected to be a significant growth area in the future[42]. Governance and Compliance - The company has established a complete and independent governance structure, ensuring compliance with relevant laws and regulations, with no unresolved governance issues reported[123]. - The company has implemented a transparent performance evaluation and incentive mechanism for its directors and senior management, ensuring compliance with legal standards[124]. - The company maintains an independent financial structure, with a dedicated finance department and independent accounting systems, ensuring no shared bank accounts with controlling shareholders[128]. - The company has taken effective measures to ensure the independence of its supervisory board, which possesses the necessary legal and accounting expertise[124]. - The company has not provided any guarantees for its controlling shareholders, maintaining a clear separation of interests[125]. Employee and Management Structure - The total number of employees at the end of the reporting period is 4,112, with 1,300 in the parent company and 2,812 in major subsidiaries[153]. - The professional composition includes 2,478 production personnel, 124 sales personnel, and 494 technical personnel[153]. - The company maintains a performance-oriented compensation policy that links employee salaries to overall company performance[155]. - The management team consists of experienced professionals with backgrounds in engineering, finance, and law, enhancing the company's strategic direction[134][135][136]. - The company has a diverse portfolio of subsidiaries in hydraulic systems and automotive components[139]. Risk Management - The company faces risks related to performance decline due to global economic impacts, supply chain issues, and rising raw material costs, which have pressured its cash flow and profitability[114][118]. - The company is addressing international trade risks, particularly related to U.S.-China trade relations, which could adversely affect its profitability and cash flow[116]. - The company emphasizes cash flow management and operational capital management to ensure sufficient funding for R&D and production needs[118]. - The company is focusing on improving product quality and brand reputation to mitigate risks associated with product recalls and quality issues[115]. - The company has established a robust customer relationship framework, enabling it to meet global customer demands effectively[63].