Enpower(SZ:300681)2022-04-21 16:00Sales and Market Performance - In 2021, the sales volume of new energy vehicles in China reached 3.521 million units, a year-on-year increase of 160%, accounting for 13.4% of total new car sales[6]. - The company achieved a sales volume of 390,982 units in the new energy sector, a remarkable increase of 338.46% from 89,171 units in 2020[87]. - The company delivered 187.70 thousand sets of electric vehicle power source assemblies, achieving a market share of 6.25%, which is a significant increase compared to the previous year[47]. - The company’s powertrain (including motor controllers) sales volume reached 191.20 thousand sets, with a market share of 6.37%[46]. - Revenue from the new energy sector amounted to ¥641,437,180.01, accounting for 65.73% of total revenue, with a significant year-on-year growth of 285.55%[83]. - The company reported a gross margin of 11.06% in the new energy sector, with a year-on-year increase of 1.23%[86]. Financial Performance - The company's operating revenue for 2021 was approximately ¥975.80 million, representing a 131.80% increase compared to ¥420.97 million in 2020[20]. - The net profit attributable to shareholders for 2021 was approximately ¥46.84 million, a significant increase of 256.01% from ¥13.16 million in 2020[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥13.32 million, up 273.13% from a loss of ¥7.69 million in 2020[20]. - The total assets of the company at the end of 2021 reached approximately ¥1,995.08 million, an increase of 82.85% from ¥1,091.12 million at the end of 2020[20]. - The basic earnings per share for 2021 was ¥0.62, reflecting a 264.71% increase from ¥0.17 in 2020[20]. - The company reported a negative net cash flow from operating activities of approximately ¥119.02 million in 2021, a decline of 302.66% compared to a positive cash flow of ¥58.73 million in 2020[20]. Research and Development - The company emphasizes independent R&D, leading to several industry-leading core technologies that drive the development of the new energy vehicle industry[41]. - R&D expenses amounted to 91.90 million yuan, accounting for 9.42% of the operating revenue during the reporting period[49]. - The company has 157 authorized patents, including 24 invention patents, and has applied for 39 additional invention patents[49]. - The company has established a strong R&D team, with key personnel holding advanced degrees in electrical engineering and extensive industry experience[174]. - The company plans to continue investing in new technologies and product development to maintain its competitive edge in the market[175]. Production and Capacity - The company has an annual production capacity of 500,000 sets of power systems, including drive and power assemblies[36]. - The company has established a production capacity of 500,000 sets per year and is expanding its production base in Heze, Shandong, with an initial capacity of 200,000 sets launched in August 2021[61]. - The company employs an order-based production model, ensuring that production aligns with customer orders and specifications[40]. - The company is initiating a refinancing plan to enhance production capabilities and implement technological upgrades at its facilities in Zhuhai and Heze[61]. Strategic Goals and Market Position - The company is positioned in the rapidly growing electric vehicle market, with a projected compound annual growth rate (CAGR) of 36.1% for new energy vehicle sales in China from 2021 to 2025[34]. - The company aims to achieve higher order delivery targets in 2022 based on its improved batch delivery capabilities[78]. - The company has set a strategic goal to become an internationally leading power system supplier within the next 3-5 years, focusing on providing reliable quality and cost-effective key components for vehicle manufacturers[134]. - The company is actively expanding its customer base and brand presence, collaborating with global partners like Continental AG to penetrate international markets[141]. Risks and Challenges - The company faces risks from raw material price fluctuations, particularly in electronic components, which significantly impact manufacturing costs and sales profits[5]. - The company acknowledges the risk of intensified competition as domestic and foreign component suppliers accelerate their R&D efforts[6]. - The competitive landscape in the electric vehicle market is intensifying, with new entrants driving demand for high-quality components, necessitating continuous innovation and cost management[145]. - The company is closely monitoring industry policy changes, particularly in the electric vehicle sector, which could impact overall demand and sales[144]. Governance and Management - The company has established a complete and independent financial accounting department, ensuring compliance with accounting standards and independent financial management[156]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a diverse and knowledgeable governance structure[159]. - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, promoting accountability[164]. - The company has a robust governance structure that complies with relevant laws and regulations, ensuring effective operation and decision-making[164]. Employee and Organizational Structure - The total number of employees at the end of the reporting period was 1,510, including 1,358 at the parent company and 152 at major subsidiaries[199]. - The professional composition included 801 production personnel, 84 sales personnel, 427 technical personnel, 23 financial personnel, 76 administrative personnel, and 99 others[199]. - The company increased its R&D personnel from 233 in 2020 to 427 in 2021, representing an 83.26% increase[100]. - The company employs a fixed salary structure primarily for office personnel, which includes position-based, skill-based, and performance-based salary systems[200].