Exciton(SZ:300566)2022-04-21 16:00Financial Performance - The company's operating revenue for 2021 was RMB 1,924,520,416.90, representing a year-on-year increase of 35.51% compared to RMB 1,420,171,894.07 in 2020[26]. - The net profit attributable to shareholders of the listed company decreased by 12.83% to RMB 119,220,764.35 in 2021 from RMB 136,762,723.32 in 2020[26]. - The basic earnings per share for 2021 was RMB 0.51, down 13.56% from RMB 0.88 in 2020[26]. - The total assets of the company increased by 53.12% to RMB 3,508,883,590.87 at the end of 2021, compared to RMB 2,291,541,135.06 at the end of 2020[27]. - The net cash flow from operating activities was negative at RMB -3,115,213.20 in 2021, a decrease of 102.03% from RMB 153,475,380.90 in 2020[26]. - The company's net assets attributable to shareholders increased by 104.03% to RMB 1,683,273,236.68 in 2021 from RMB 824,998,276.24 in 2020[27]. - The company reported a quarterly revenue of RMB 591,474,685.27 in Q4 2021, with a total annual revenue of RMB 1,924,520,416.90[28]. - The net profit attributable to shareholders in Q4 2021 was RMB 16,657,290.64, showing a decline compared to previous quarters[28]. - The company received government subsidies amounting to RMB 26,581,277.01 in 2021, slightly down from RMB 27,179,403.89 in 2020[31]. - The weighted average return on equity for 2021 was 13.28%, down from 18.22% in 2020[26]. Accounts Receivable and Inventory - The company's accounts receivable at the end of 2021 amounted to 702.57 million yuan, representing 29.03% of total current assets, an increase from 570.69 million yuan or 40.32% at the end of 2020[10]. - The company reported a significant increase in accounts receivable, which poses a risk of bad debts if economic conditions or customer situations change[10]. - Inventory stood at ¥438,087,245.67, maintaining a stable proportion of 12.49% of total assets compared to 12.47% at the beginning of the year[83]. Research and Development - The company emphasizes continuous R&D investment to launch new products and maintain stable gross profit margins despite market price declines[7]. - Research and development expenses amounted to ¥12,315.69 million, marking a 17.82% increase from the previous year, with a total of 123 patents obtained, including 92 invention patents[52]. - The company is actively investing in OLED luminescent materials through its subsidiary, Ningbo LumiBlue New Materials Co., Ltd., to enhance its product offerings[43]. - The company is pursuing new product development in the Mini-LED and OLED sectors, with successful trials for new optical films aimed at improving optical performance[48]. - The company completed key R&D projects, including high-brightness multi-layer composite optical films, which are expected to generate additional sales of ¥100 million and new tax revenue of ¥4.69 million by the end of 2021[69]. Market Position and Competition - The company faces risks from intensified market competition as the display optical film industry is expected to grow rapidly, attracting more competitors[8]. - The company is committed to improving product quality and service levels to retain market share amid increasing competition[8]. - The company has established a strong market position as a leading manufacturer of optical films, with a focus on innovation and product quality[42]. - The company aims to maintain its leading position in optical display materials while actively promoting the mass production of new products and functional films[51]. Product Development and Sales - The company has seen significant growth in sales of photovoltaic backsheet films and double-sided battery transparent backsheet products, which have been certified by leading enterprises in the industry[40]. - The sales of solar backsheet products reached 518.12 million CNY, marking a significant year-on-year growth of 97.37%[46]. - Sales of high-end display optical films, including quantum dot films and composite films, increased by 84.71% to 620.36 million CNY[46]. - The company is actively expanding its product offerings, including the development of POE encapsulation films and OCA optical adhesives, with initial mass production capabilities achieved[48]. - The company is focusing on optimizing its product structure, with high-end optical films accounting for an increasing proportion of total sales[47]. Governance and Management - The company held its annual general meeting with a participation rate of 41.40%, ensuring shareholder engagement and transparency[118]. - The governance structure has been strengthened, with the board comprising nine members, including three independent directors, to enhance decision-making processes[111]. - The company experienced a change in its board with the resignation of two directors and one supervisor due to personal reasons and unfortunate circumstances[122]. - The management team includes professionals with extensive backgrounds in engineering and finance, enhancing the company's strategic capabilities[124][125][126]. Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[170]. - Total emissions of VOCs from Ningbo Jizhi Technology Co., Ltd. are 18.75 tons, with an annual limit of 65.234 tons, and emissions are within standards[171]. - The company has implemented a waste gas treatment system including zeolite rotary wheel and RTO devices, ensuring compliance with national and local environmental standards[172]. - The company has completed environmental impact assessments for new projects, including the optical film production line[174]. Social Responsibility - The company has established various scholarships, including a 2.5 million RMB scholarship at the Chinese Academy of Sciences and a 1 million RMB scholarship at Northwestern Polytechnical University[187]. - The company donated 500,000 RMB to support the creation of a civilized city in the Juqian Street area and provided thousands of books to children in Liangshan[186]. - The company actively engages in social responsibility, providing free health check-ups for employees and training to enhance their skills[185]. - The company donated 500,000 RMB and protective equipment during the COVID-19 pandemic to support local charities[188]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 1.44 billion RMB[110]. - The company aims to maintain its leading position in the industry through continuous innovation and quality management[106]. - The company is positioned to benefit from the high growth potential in the photovoltaic and new energy vehicle sectors, leveraging its accumulated R&D and management experience[104].