苏奥传感(300507) - 2021 Q2 - 季度财报

Part I. Important Notes, Table of Contents, and Definitions This section provides important disclaimers, the report's structure, and definitions of key terms used throughout the document Important Notes Company management assures the accuracy and completeness of the semi-annual report, with no plans for cash dividends or bonus shares - Company management ensures the truthfulness, accuracy, and completeness of the 2021 semi-annual report[4] - The company's 2021 semi-annual profit distribution plan includes no cash dividends, no bonus shares, and no capital reserve transfers[6] Definitions This section defines key terms used in the report, including the reporting period and major entities - The reporting period is defined as January 1, 2021, to June 30, 2021[13] Part II. Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key financial performance metrics for the reporting period Company Profile Jiangsu Suao Sensor High-Tech Co., Ltd. (Suao Sensor, stock code 300507) is a company listed on the Shenzhen Stock Exchange, with Li Hongqing as its legal representative Company Profile Details | Item | Content | | :--- | :--- | | Stock Abbreviation | Suao Sensor | | Stock Code | 300507 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Li Hongqing | Key Accounting Data and Financial Indicators In H1 2021, revenue grew 21.58% to 369 million yuan, while net profit attributable to shareholders increased 2.25% to 48.94 million yuan, despite a decline in non-recurring net profit and operating cash flow H1 2021 Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 369,054,139.63 | 303,545,163.36 | 21.58% | | Net Profit Attributable to Shareholders (yuan) | 48,938,319.43 | 47,862,937.60 | 2.25% | | Net Profit Excluding Non-Recurring Items (yuan) | 37,830,456.38 | 39,774,448.94 | -4.89% | | Net Cash Flow from Operating Activities (yuan) | 37,697,920.63 | 52,343,601.17 | -27.98% | | Basic Earnings Per Share (yuan/share) | 0.11 | 0.11 | 0.00% | | Weighted Average Return on Net Assets | 4.41% | 4.66% | -0.25% | Non-Recurring Gains and Losses | Item | Amount (yuan) | | :--- | :--- | | Government Grants | 9,420,519.00 | | Wealth Management Gains/Losses | 4,130,672.02 | | Other Non-Operating Income/Expenses | 1,014,115.91 | | Total | 11,107,863.05 | Part III. Management Discussion and Analysis This section provides a detailed analysis of the company's operations, financial performance, and strategic outlook Overview of Main Business The company's core business involves R&D, production, and sales of automotive components and sensors, expanding into new energy vehicle systems - The company's main business includes sensors, fuel system accessories, and automotive interior parts, with expansion into new energy vehicle motor, electronic control, and battery systems[30] - Company performance is driven by its technological, customer, and product advantages, alongside a stable automotive market environment[42][43] - As of June 30, 2021, the company holds 117 patents, including 16 invention patents, and its R&D center is recognized as a provincial-level engineering technology research center and enterprise technology center[44] - The company boasts a premium customer base, including SAIC-GM, BYD, Geely in the OEM market, United Automotive Electronic and YAPP in the Tier 1 market, and new energy clients such as Li Auto and Weiran Power[46] Analysis of Core Competencies Core competencies include over 20 years of expertise in automotive liquid level and pressure sensors, strong R&D, cost-effective import-substituting products, premium customer base, and responsive service - The company possesses independent core component design IP and manufacturing capabilities in pressure sensors, enabling it to replace or surpass foreign mainstream solutions[54] - Company products, such as OBD vapor pressure sensors utilizing MEMS technology and China VI standard valves and fuel filler pipes, fill domestic gaps and achieve import substitution[56][57] - The company has established a rapid response project development team structure, facilitating synchronous development with customers and providing 24-hour after-sales service response[58] Analysis of Main Business Revenue increased by 21.58%, but operating costs rose significantly due to freight reclassification, and financial expenses surged from increased loans and exchange losses Major Financial Data Year-on-Year Changes | Item | Current Reporting Period | Prior Year Period | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 369,054,139.63 | 303,545,163.36 | 21.58% | - | | Operating Cost | 273,531,335.98 | 208,473,071.30 | 31.21% | Freight reclassified to operating cost | | Selling Expenses | 2,174,973.10 | 7,090,351.22 | -69.32% | Freight reclassified to operating cost | | Financial Expenses | 3,017,533.79 | -1,707,788.11 | 276.69% | Increase in loan interest and exchange losses | | R&D Investment | 16,125,874.22 | 11,618,631.15 | 38.79% | Increase in new projects | Performance by Product or Service (yuan) | Product or Service | Operating Revenue | Operating Cost | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sensors and Accessories | 88,012,837.21 | 78,179,687.27 | 11.17% | 30.83% | 37.33% | -4.20% | | Fuel System Accessories | 213,771,380.94 | 143,906,483.53 | 32.68% | 26.64% | 38.03% | -5.56% | | Automotive Interior Parts | 38,228,587.26 | 26,339,454.27 | 31.10% | 2.62% | 6.15% | -2.29% | Analysis of Non-Core Business Non-core business significantly impacted profit, with government grants and wealth management income being major positive contributors, while credit impairment losses had a negative impact Non-Core Business Profit and Loss (yuan) | Item | Amount | Proportion of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment Income | 8,571,723.22 | 12.02% | Wealth management income and external investment income | | Credit Impairment Losses | 3,470,921.93 | 4.87% | Bad debt provision | | Other Income | 9,470,787.89 | 13.28% | Government grants | Analysis of Assets and Liabilities Total assets grew 3.08% to 1.467 billion yuan, with increased cash and decreased accounts receivable, and no significant impairment risk for overseas equity assets - At the end of the reporting period, the proportion of the company's monetary funds to total assets increased from 10.57% to 13.73%, while accounts receivable decreased from 17.61% to 13.08%[65] - The company holds 32% equity in three German and Polish companies through its wholly-owned subsidiary Europe Aoliwei, with these overseas assets valued at 62.27 million yuan, generating 4.44 million yuan in profit during the reporting period, with no significant impairment risk[66] Analysis of Investment Status The company did not undertake significant equity or non-equity investments but actively engaged in wealth management with 312 million yuan in transactions and 362 million yuan outstanding, all principal-protected Wealth Management Overview (ten thousand yuan) | Specific Type | Source of Funds | Wealth Management Amount | Unexpired Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 24,200 | 34,200 | 0 | | Brokerage Wealth Management Products | Own Funds | 7,000 | 2,000 | 0 | | Total | | 31,200 | 36,200 | 0 | - During the reporting period, all the company's entrusted wealth management products were principal-protected and highly secure, with no instances of expected unrecoverable principal or impairment[75][79] Analysis of Major Holding and Participating Companies Key subsidiary Shuerchi Precision showed strong performance with 25.8% revenue growth and 22.17% net profit growth, while new acquisitions expanded the company's new energy and supply chain capabilities Shuerchi Precision Key Financial Data (yuan) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Shuerchi Precision | 95,725,438.42 | 35,632,319.28 | 29,553,599.12 | - During the reporting period, the company acquired two new subsidiaries, Changzhou Huaxuan and Kunshan Aoliwei, to strategically expand into the new energy motor sensor market and shorten the supply chain for customers in the Shanghai region[84] Risks and Countermeasures The company faces risks from high customer concentration, intense market competition, rising raw material costs, talent loss, and the transition from traditional to new energy vehicles, addressed by new customer and product development - The company's top five customers account for over 50% of its operating revenue, indicating a risk of high customer concentration[85] - The company faces multiple operating risks, including rising raw material prices, declining product gross margins, loss of core technical personnel, product quality liability, and outsourced processing management[86][87][88] - The company acknowledges the risk of its traditional fuel vehicle business being replaced by pure electric vehicles and is actively developing new energy vehicle supporting products to address this transition[89] Part IV. Corporate Governance This section details the company's governance structure, including shareholder meetings and equity incentive plans Shareholders' Meeting Information Two shareholder meetings were held during the reporting period, with investor participation rates of 43.32% and 47.39% Shareholders' Meeting Details | Session | Meeting Type | Investor Participation Rate | Date of Meeting | | :--- | :--- | :--- | :--- | | 2020 Annual Shareholders' Meeting | Annual Shareholders' Meeting | 43.32% | May 20, 2021 | | 2021 First Extraordinary Shareholders' Meeting | Extraordinary Shareholders' Meeting | 47.39% | June 29, 2021 | Company Equity Incentive Plan The company adjusted its 2018 restricted stock incentive plan due to a capital reserve transfer and unlocked 2,013,076 restricted shares for 127 grantees in June 2021 - In June 2021, 2,013,076 restricted shares for 127 grantees from the third unlocking period of the 2018 restricted stock incentive plan became tradable[109] - Unvested shares in the equity incentive plan increased due to the implementation of the 2020 capital reserve transfer plan (4 shares for every 10 shares)[108] Part V. Environmental and Social Responsibility This section outlines the company's commitment and performance regarding environmental protection and social responsibilities Environmental and Social Responsibility The company is not a key polluter and received no environmental penalties, actively fulfilling social responsibilities in governance, investor relations, employee rights, customer/supplier relations, and product quality - The company and its subsidiaries are not classified as key polluting units and received no environmental administrative penalties during the reporting period[112] - The company prioritizes fulfilling its social responsibilities, including safeguarding shareholder rights, fostering employee development, maintaining strong customer and supplier relationships, and establishing a sound quality management system[113][114] Part VI. Significant Matters This section details important commitments and other significant events impacting the company during the reporting period Commitments The company's controlling shareholder, shareholders, directors, supervisors, and senior management strictly fulfilled their commitments regarding share reduction, avoiding competition, and regulating related-party transactions - Controlling shareholder Mr. Li Hongqing and other related parties are fulfilling long-term effective commitments regarding share reduction, avoiding horizontal competition, and regulating related-party transactions[117][118] Other Significant Matters The company completed a private placement of 65,927,971 shares, raising approximately 476 million yuan, with new shares listed on August 6, 2021 - On January 5, 2021, the company received approval from the China Securities Regulatory Commission (CSRC) for its private placement registration application[139] Private Placement Details | Item | Amount/Quantity | | :--- | :--- | | Shares Issued | 65,927,971 shares | | Total Proceeds | 475,999,950.62 yuan | | Net Proceeds | 466,656,622.39 yuan | | Listing Date of New Shares | August 6, 2021 | Part VII. Share Changes and Shareholder Information This section provides an overview of changes in the company's share capital and details of its shareholder structure Share Changes Total share capital increased from 306.27 million to 428.78 million shares due to a capital reserve transfer, also altering the structure of restricted and unrestricted shares - Due to the implementation of the "4 shares for every 10 shares" capital reserve transfer plan, the company's total share capital increased from 306.27 million shares to 428.78 million shares[150] Share Structure Before and After Change | Share Type | Quantity Before Change | Quantity After Change | | :--- | :--- | :--- | | Restricted Shares | 116,691,055 | 158,147,104 | | Unrestricted Shares | 189,578,657 | 270,630,492 | | Total Share Capital | 306,269,712 | 428,777,596 | Shareholder Numbers and Shareholding As of the end of the reporting period, the company had 24,795 common shareholders, with controlling shareholder Li Hongqing holding 42.43% of shares, of which 56 million shares were pledged - As of the end of the reporting period, the company had 24,795 shareholders[155] Top Five Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | End-of-Period Shareholding Quantity | | :--- | :--- | :--- | :--- | | Li Hongqing | Domestic Natural Person | 42.43% | 181,950,440 | | Wang Wenqiao | Domestic Natural Person | 8.24% | 35,310,807 | | Teng Fei | Domestic Natural Person | 4.04% | 17,334,403 | | Zhang Min | Domestic Natural Person | 3.75% | 16,086,246 | | Zheng Xiaoqing | Domestic Natural Person | 1.97% | 8,440,380 | - Controlling shareholder Li Hongqing pledged 56,000,000 of his shares[155] Part X. Financial Report This section presents the company's audited financial statements and related notes for the reporting period Financial Statements Financial statements show slight growth in total assets and equity, revenue up 21.58% but net profit only 2.25% due to rising costs; operating cash flow decreased, investment cash flow turned positive from wealth management redemptions, and financing cash flow was negative from debt repayment and dividends Consolidated Balance Sheet As of June 30, 2021, total assets were 1.467 billion yuan (up 3.08%), total liabilities 237.46 million yuan (down 2.0%), and equity attributable to parent company 1.126 billion yuan (up 2.37%), with a debt-to-asset ratio of 16.19% Consolidated Balance Sheet Key Items (yuan) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Assets | 1,466,875,494.81 | 1,423,057,824.06 | | Total Liabilities | 237,462,446.62 | 242,217,480.88 | | Equity Attributable to Parent Company Owners | 1,125,614,225.02 | 1,099,508,263.75 | Consolidated Income Statement In H1 2021, total operating revenue was 369 million yuan (up 21.58%), total operating costs 320 million yuan (up 30%), total profit 71.30 million yuan (up 3.8%), and net profit attributable to parent company 48.94 million yuan (up 2.25%) Consolidated Income Statement Key Items (yuan) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Operating Revenue | 369,054,139.63 | 303,545,163.36 | | Total Operating Costs | 320,313,236.41 | 246,480,832.34 | | Total Profit | 71,295,488.53 | 68,684,949.69 | | Net Profit Attributable to Parent Company Owners | 48,938,319.43 | 47,862,937.60 | Consolidated Cash Flow Statement H1 2021 operating cash flow was 37.70 million yuan (down 27.98%), investment cash flow was 32.98 million yuan (positive from wealth management redemptions), and financing cash flow was -17.72 million yuan (due to debt repayment and dividends) Consolidated Cash Flow Statement Key Items (yuan) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 37,697,920.63 | 52,343,601.17 | | Net Cash Flow from Investing Activities | 32,976,695.32 | -63,076,029.90 | | Net Cash Flow from Financing Activities | -17,718,997.68 | 11,113,710.08 | | Net Increase in Cash and Cash Equivalents | 52,968,964.73 | 381,638.63 | Significant Accounting Policies and Estimates Changes The company adopted new lease standards from January 1, 2021, recognizing right-of-use assets and lease liabilities, resulting in a 7.03 million yuan increase in both on the consolidated balance sheet - The company adopted the revised "Accounting Standard for Business Enterprises No. 21 – Leases" issued by the Ministry of Finance, effective January 1, 2021[344] Impact of First-Time Adoption of New Lease Standards on Opening Financial Statements (Consolidated) | Item | Adjustment Amount (yuan) | | :--- | :--- | | Right-of-Use Assets | +7,025,486.21 | | Lease Liabilities | +7,025,486.21 | Notes to Consolidated Financial Statements Notes detail financial statement items, including 362 million yuan in wealth management products, high accounts receivable concentration (top five clients 44.85%), and 20.89 million yuan in new goodwill from acquisitions - End-of-period trading financial assets totaled 362 million yuan, entirely composed of debt instrument investments measured at fair value (wealth management products)[360] - The top five accounts receivable by debtor collectively accounted for 44.85% of the total end-of-period accounts receivable[386] - New goodwill of 20,891,836.23 yuan arose during the current period from the acquisition of Changzhou Huaxuan and Kunshan Aoliwei[461] Supplementary Information This section provides details on non-recurring gains and losses, totaling 11.11 million yuan (mainly government grants and wealth management income), and adjusted ROE and EPS after excluding these items Current Non-Recurring Gains and Losses (yuan) | Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -2,224.02 | | Government Grants Included in Current Profit/Loss | 9,420,519.00 | | Gains/Losses from Entrusted Investment or Asset Management | 4,130,672.02 | | Other Non-Operating Income and Expenses Apart from the Above | 963,857.02 | | Total | 11,107,863.05 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 4.41% | 0.11 | | Net Profit Attributable to Common Shareholders After Excluding Non-Recurring Items | 3.41% | 0.09 |