CSB(SZ:300718)2023-04-24 16:00Financial Performance - The company's operating revenue for 2022 was CNY 1,071,392,370.65, representing an increase of 8.77% compared to CNY 984,974,847.64 in 2021[28]. - The net profit attributable to shareholders decreased by 34.18% to CNY 102,057,759.91 in 2022 from CNY 155,048,497.09 in 2021[28]. - The net cash flow from operating activities increased significantly by 95.52% to CNY 158,827,691.89 in 2022 compared to CNY 81,232,014.74 in 2021[28]. - The company's total assets as of the end of 2022 were CNY 1,687,889,410.55, a 2.42% increase from CNY 1,648,039,299.53 at the end of 2021[28]. - The weighted average return on equity decreased to 7.55% in 2022 from 11.80% in 2021, indicating a decline in profitability[28]. - The total operating revenue for 2022 was CNY 1,071,392,370.65, representing an increase of 8.77% compared to CNY 984,974,847.64 in 2021[65]. - The manufacturing sector contributed CNY 1,046,275,038.91, accounting for 97.66% of total revenue, with a year-on-year growth of 8.45%[66]. - Domestic sales reached CNY 610,174,443.22, up 12.57% from CNY 542,062,629.31 in 2021, while international sales were CNY 461,217,927.43, a 4.13% increase[66]. - The gross profit margin for the manufacturing sector was 28.16%, reflecting a 1.76% increase from the previous year[67]. - The company reported a significant increase in net profit excluding non-recurring gains and losses, which rose by 36.67% to CNY 158,979,648.86 in 2022[28]. Market and Industry Trends - The self-lubricating bearing industry is expected to experience rapid expansion due to increasing demand for high-speed and high-power applications[37]. - The sliding bearing market in China reached CNY 162.5 billion in 2022, showing a growth of 12.4% from the previous year[37]. - The global bearing market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, reaching USD 118.74 billion by 2028[37]. - The engineering machinery market is expected to maintain growth due to ongoing infrastructure projects and technological advancements, which will benefit the company's self-lubricating bearings[43]. - The automotive sector is witnessing a significant shift towards new energy vehicles, with sales exceeding 6.88 million units in 2022, a growth of 93.4%[45]. - The self-lubricating bearing industry is significantly influenced by macroeconomic conditions, upstream raw materials, and competition, with Zhejiang province being a major production hub, accounting for over 70% of national output[50]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, which can significantly affect the demand for self-lubricating bearings in various industries[5]. - The company is exposed to international trade risks, particularly in the context of potential anti-dumping measures from foreign markets as its export volume increases[9]. - The company is exposed to foreign exchange risks as its export business is primarily denominated in euros and dollars, while raw material purchases are settled in RMB[8]. - The company faces risks from fluctuations in raw material prices, particularly copper, which significantly impacts production costs and gross margins[106]. - The company's products are subject to potential trade protection measures due to their inclusion in the US-China trade war tariff list, which could adversely affect performance[107]. Research and Development - The company has established a strong R&D foundation, recognized as a provincial-level high-tech enterprise research center and a national "little giant" enterprise[51]. - The company has a research and development team of 105 personnel, including 1 expert receiving special government allowances and 2 with senior titles[62]. - The company has invested 200 million in R&D for new technologies aimed at improving product efficiency[126]. - The company plans to invest 100 million CNY in R&D for innovative bearing solutions over the next three years[175]. - Research and development expenses increased by 30% in 2022, totaling 60 million RMB, to support innovation and new technology[178]. Corporate Governance - The company has established a robust corporate governance structure, complying with relevant laws and regulations, and ensuring independent operations from its controlling shareholder[113][117]. - The board of directors convened eight meetings, with all members present, demonstrating active governance and oversight[115]. - The supervisory board also held eight meetings, ensuring compliance and protecting shareholder interests[116]. - The company strictly adheres to the independent director system, ensuring effective supervision of financial and operational activities[118]. - The company has established an independent financial accounting department and a complete financial management system, ensuring independent financial decision-making[121]. Strategic Initiatives - The company aims to expand its high-performance polymer products into sealing, structural components, and membrane materials[39]. - The company aims to leverage its core technology and new product development to capture opportunities in the electric vehicle and renewable energy sectors, targeting revenue growth in 2023[99]. - The company plans to enhance its internal management by implementing a balanced scorecard approach, focusing on financial metrics as well as internal processes and learning[100]. - The company is exploring potential mergers and acquisitions to enhance its market position[137]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 25%[126]. Shareholder Returns - The company plans to distribute a cash dividend of 3.5 RMB per 10 shares, based on a total share capital of 298,010,549 shares[10]. - The company aims to maintain a dividend payout ratio of 30% of net income, ensuring shareholder returns[175]. - The company has set a shareholder return plan for the next three years (2022-2024), demonstrating a focus on enhancing shareholder value[141]. Sustainability and Social Responsibility - The company has committed to strict adherence to environmental laws and regulations, ensuring sustainable development practices[167]. - The company has established a photovoltaic power generation project in collaboration with the power supply company to reduce carbon emissions[168]. - The company actively engages in social responsibility initiatives, including support for public welfare projects and protecting the rights of small and medium investors[169].