Longertek(SZ:300594)2023-04-20 16:00Financial Performance - The company achieved operating revenue of 770.73 million RMB in 2022, representing a year-on-year growth of 14.05% due to increased income from new businesses such as new energy bus air conditioning and digital energy products[3]. - The net profit attributable to shareholders was -57.99 million RMB, with a significant increase in credit impairment losses of 50.70 million RMB and inventory impairment losses of 5.63 million RMB[3]. - The company's operating revenue for 2022 was ¥770,727,198.42, representing a 14.05% increase compared to ¥675,804,349.88 in 2021[19]. - The net profit attributable to shareholders was -¥57,992,141.27, a significant decrease of 1,150.43% from ¥5,520,813.54 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥65,265,825.26, down 4,040.20% from ¥1,656,409.62 in 2021[19]. - The basic earnings per share for 2022 was -¥0.64, compared to ¥0.06 in 2021, reflecting a decrease of 1,166.67%[19]. - The company reported a cash flow from operating activities of -¥299,146,578.54, a decline of 781.27% from ¥43,909,936.66 in 2021[19]. - The weighted average return on equity for 2022 was -6.23%, down from 0.61% in 2021[19]. Strategic Business Development - The company plans to establish strategic business segments focusing on core technologies in variable frequency control, energy conservation, and intelligence, with independent R&D and sales teams[4]. - The company expanded its business from rail transit to new energy and digital energy sectors, indicating a strategic shift in focus[31]. - The company aims to enhance its market share in the energy storage and data center sectors by leveraging its core technologies in intelligent variable frequency control and energy-saving solutions[44]. - The company is positioned as a supplier of temperature control equipment for data centers and new energy storage stations, focusing on energy-saving, environmental protection, and intelligent technology to capture market opportunities[44]. - The company aims to deepen its focus on the rail transit air conditioning sector and expand into new markets such as digital energy and energy storage[130]. Research and Development - The company is in the early stages of developing new products and markets, with increased R&D and marketing investments expected to contribute to future profit growth as sales increase[4]. - The company has established a dedicated R&D technology center to enhance product technology and process management systems, focusing on customer needs and pain points for overall technical solutions[59]. - The number of R&D personnel increased by 19.08% from 173 in 2021 to 206 in 2022, with R&D personnel accounting for 19.77% of the total workforce[105]. - R&D investment amounted to ¥59,931,981.38 in 2022, representing 7.78% of total revenue, a decrease from 8.57% in 2021[105]. - The company has developed a series of standardized air conditioning units for metro vehicles, including a 37kW and a 44kW variable frequency heat pump, both in the production phase[104]. Market Trends and Opportunities - In 2022, China's new energy vehicle sales reached 6.887 million units, a year-on-year increase of 93.4%, with a penetration rate of 25.6%[36]. - The global energy storage battery shipment volume in 2022 was 122.2 GWh, representing a year-on-year growth of 175.2%[43]. - The compound annual growth rate (CAGR) for electrochemical energy storage from 2021 to 2025 is projected to be 57.4%, indicating a robust market growth trend[42]. - The digital energy intelligent environmental control industry is entering a rapid development phase, with national goals to enhance data center efficiency and capacity by 2023[39]. Operational Efficiency and Cost Management - Increased costs were attributed to rising prices of raw materials such as copper, aluminum, and electronic components, impacting overall product costs[3]. - The cost structure remained stable, with direct materials accounting for 88.68% of total operating costs in 2022[97]. - Sales expenses increased by 7.88% to approximately $82.46 million in 2022, primarily due to the expansion of the sales team and increased costs related to market development[102]. - Management expenses decreased by 9.48% to approximately $36.08 million, mainly due to a reduction in share-based payment expenses[102]. - Financial expenses surged by 2,461.35% to approximately $10.87 million, attributed to decreased interest income from deposits and increased interest expenses from bank loans[102]. Corporate Governance and Shareholder Relations - The company held 4 shareholder meetings during the reporting period, ensuring equal rights for all shareholders and protecting the interests of minority investors[144]. - The board of directors consists of 9 members, including 3 independent directors, and held 8 meetings during the reporting period, all in compliance with legal requirements[145]. - The company maintains complete independence from its controlling shareholder in terms of business operations, assets, and financial management, with no instances of fund occupation or unauthorized power exercise[149]. - The company has established an independent financial department with a complete accounting system, ensuring no interference from the controlling shareholder in financial decisions[150]. Product Development and Innovation - The company has developed intelligent variable frequency air source heat pump drying equipment, which has been put into mass production and is being applied in various sectors[38]. - The company’s main products include energy-efficient air conditioning systems for rail transit, new energy vehicles, and intelligent thermal management solutions[45]. - The company is in the production phase for a new low GWP refrigerant and DC750V direct-in smart variable frequency air conditioning system, aimed at meeting overseas market demands[103]. - The company has initiated the production of a new 8kW variable frequency integrated water chiller, aimed at large container cooling needs in the digital energy sector[105]. Financial Management and Investment - The company’s total investment during the reporting period was 1,510,000.00, a significant increase of 196.08% compared to the previous year[112]. - The total cash and cash equivalents decreased by 60,254,798.42, representing a decline of 568.21% compared to the previous year[108]. - The company has not distributed cash dividends, issued bonus shares, or increased capital from reserves for the fiscal year 2022 due to a negative net profit and significant funding needs for new business expansion[192]. - The company’s cash dividend total for the year was 0 CNY, representing 0.00% of the total profit distribution[192]. Talent Management and Workforce Development - The company has a strong talent pool with advanced technical skills and market experience, which supports its R&D direction and enhances its competitive edge[68]. - The company has implemented a performance-based salary system, aligning compensation with job value and professional capabilities[189]. - The training program includes both internal and external training, focusing on enhancing employee skills and aligning with the company's strategic goals[190]. - The company has established a comprehensive welfare system to attract and retain talent, supporting its overall development strategy[189].