Tonhe TECH.(SZ:300491)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was RMB 421,068,362.08, representing a 31.34% increase compared to RMB 320,586,339.11 in 2020[31]. - The net profit attributable to shareholders for 2021 was RMB 32,514,539.99, a decrease of 21.65% from RMB 41,497,343.25 in 2020[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 64.27% to RMB 23,010,897.58 from RMB 14,008,344.82 in 2020[31]. - The total assets of the company at the end of 2021 were RMB 1,278,776,055.00, a 37.54% increase from RMB 929,744,081.85 at the end of 2020[31]. - The net assets attributable to shareholders increased by 39.24% to RMB 967,853,329.38 at the end of 2021 from RMB 695,089,678.17 at the end of 2020[31]. - The company's cash flow from operating activities improved significantly, reaching RMB 1,943,083.84, compared to a negative RMB 5,024,177.72 in 2020, marking a 138.67% increase[31]. - The basic earnings per share for 2021 was RMB 0.20, down 23.08% from RMB 0.26 in 2020[31]. - The weighted average return on net assets for 2021 was 4.59%, a decrease from 5.95% in 2020[31]. - The company achieved a total revenue of 421.07 million yuan in 2021, representing a year-on-year growth of 31.34%[83]. - The net profit attributable to shareholders was 32.51 million yuan, a decrease of 21.65% compared to the previous year, while the net profit excluding non-recurring gains and losses increased by 64.27% to 23.01 million yuan[81]. Accounts Receivable and Inventory Management - The accounts receivable at the end of the reporting period amounted to 343.90 million yuan, representing a 17.00% increase compared to the beginning of the period[7]. - The company emphasizes strict management of accounts receivable to mitigate risks associated with delayed payments and potential bad debts[7]. - The inventory at the end of the reporting period was 132.78 million yuan, a 40.12% increase from the beginning of the period, primarily due to increased product and raw material stock for sales growth[13]. - The company is focused on optimizing inventory management to reduce liquidity risks associated with increased stock levels[13]. - The company is implementing a policy of "production based on sales and reasonable inventory" to manage inventory risks and ensure timely and stable raw material supply[137]. Market and Competitive Position - The company is actively pursuing market expansion and product development to enhance its competitive position in the electric power electronics industry[9]. - The company is focused on building a unique core competitive advantage in its strategic areas of smart grids, new energy vehicles, and military equipment[80]. - The company is strategically focused on three main areas: smart grids, new energy vehicles, and military equipment, ensuring balanced development and mutual support among these sectors[78]. - The company is actively engaged in research and development of new products and technologies to enhance its market position[25]. - The company is committed to continuous R&D and innovation in core technologies to maintain stable gross margins and meet market demand with high-value products[137]. Risks and Challenges - The company faces risks related to declining gross margins due to increased competition in the electric vehicle sector and rising raw material costs, which have already begun to impact margins[10]. - The company is facing risks related to industry policy changes that could impact profitability and market demand[133]. - The gross margin for the new energy vehicle sector has been declining due to increased competition and market entry of new players[136]. - The company recognizes the risk of R&D failures impacting its competitive advantage and profitability[135]. - The company is actively seeking to reduce procurement costs amid rising material prices and supply chain challenges[136]. Research and Development - The company invested in R&D with expenditures of 36.21 million, 38.94 million, and 44.79 million CNY in 2019, 2020, and 2021, representing 13.09%, 12.15%, and 10.64% of total revenue respectively[73]. - The company has established a comprehensive R&D organization with centers in Beijing, Shijiazhuang, and Xi'an, focusing on customized military power supply products[71]. - The company has obtained a total of 139 patents and 50 software copyrights, showcasing its commitment to innovation in the power electronics industry[73]. - The company employs 230 R&D personnel, accounting for 30.67% of its total workforce, emphasizing its focus on technical expertise[73]. - The company plans to continue increasing its R&D investment to support future growth and innovation[81]. Governance and Management - The company has established a complete and independent financial management system, ensuring independent financial decision-making and compliance with regulations[151]. - The company has implemented a performance evaluation and incentive mechanism linking management compensation to business performance, enhancing motivation among key personnel[147]. - The company maintains a governance structure that complies with relevant laws and regulations, ensuring transparency and accountability in operations[141]. - The company has conducted multiple shareholder meetings during the reporting period, ensuring equal treatment of all shareholders and compliance with governance rules[142]. - The company has a diverse board with independent directors and various industry experiences[164]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of 0.30 yuan per 10 shares (including tax) based on a total of 173,453,199 shares[16]. - The total cash dividend amount is 5,203,595.97 CNY, which represents 100% of the distributable profit of 121,115,333.15 CNY[182]. - The cash dividend distribution plan aligns with the company's operational performance and future development strategy[183]. - The company has committed to a stock repurchase plan to enhance shareholder value, with an authorization of up to 100 million RMB[169]. Environmental and Social Responsibility - The company emphasizes green energy development and aims to promote energy conservation and emission reduction, contributing to ecological civilization[195]. - The company has not reported any major environmental issues or administrative penalties related to environmental protection during the reporting period[193]. - The company is committed to social responsibility, focusing on sustainable development and community engagement initiatives[196]. - The company has established a scholarship at Yanshan University since 2010 and has been actively involved in helping employees facing difficulties through a mutual aid fund since 2015[194].