JOVE(SZ:300814)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,440,351,927.97, representing a 33.12% increase compared to ¥1,082,031,027.07 in 2020[20]. - The net profit attributable to shareholders for 2021 was ¥96,298,640.86, a decrease of 6.47% from ¥102,955,632.55 in 2020[20]. - The net cash flow from operating activities was ¥71,406,703.71, which is a 4.79% increase from ¥68,144,515.16 in 2020[20]. - The total assets at the end of 2021 amounted to ¥1,822,165,921.68, a 74.96% increase from ¥1,041,447,091.91 at the end of 2020[20]. - The net assets attributable to shareholders increased by 66.91% to ¥1,054,932,745.96 at the end of 2021 from ¥632,029,347.50 at the end of 2020[20]. - The basic earnings per share for 2021 was ¥0.66, down 15.38% from ¥0.78 in 2020[20]. - The company achieved a gross margin of 19.04% for its main business, which decreased by 3.10% compared to the previous year[65]. - The company achieved a total operating revenue of ¥1,440,351,927.97 for the year 2021, with a net profit attributable to shareholders of ¥96,298,640.86[186]. Dividend Distribution - The company plans to distribute a cash dividend of 1.60 RMB per 10 shares to all shareholders, based on a total of 175,796,000.00 RMB[3]. - The total distributable profit for the year was 116,976,714.87 CNY, with cash dividends accounting for 100% of the profit distribution[183]. - The company has a profit distribution policy prioritizing cash dividends, with a minimum of 20% for growth stage companies with significant capital expenditure[180][185]. - The company’s profit distribution plan aligns with its articles of association and relevant regulations[182]. - The company actively engages with minority shareholders to gather their opinions on profit distribution proposals[181]. Market Outlook and Industry Trends - In 2021, the global PCB market value reached $80.449 billion, representing a year-on-year growth of 23.4%[32]. - China's PCB market value in 2021 was $43.616 billion, with a year-on-year increase of 24.6%, and is projected to reach $54.605 billion by 2025, reflecting a compound annual growth rate (CAGR) of 4.6%[33]. - The global PCB market is expected to grow to $101.559 billion by 2026, with a CAGR of approximately 4.8% from 2021 to 2026[33]. - The PCB industry is shifting towards high precision, high density, and high reliability, with a focus on specialized, large-scale, and green production[34]. - The PCB industry is expected to see significant growth in wireless communication, servers, data storage, new energy, smart driving, and consumer electronics, driven by the rapid development of 5G/6G technologies[106]. Risks and Challenges - The company acknowledges potential risks including macroeconomic fluctuations, market competition, raw material price volatility, and impacts from the COVID-19 pandemic and US-China trade tensions[3]. - The company is closely monitoring macroeconomic fluctuations that could impact overall demand in the PCB industry[120]. - The ongoing COVID-19 pandemic and geopolitical tensions, such as US-China trade disputes, pose risks to the company's operational performance[123]. - The company reported a foreign exchange loss of 2.24 million RMB due to currency fluctuations, highlighting the risk associated with overseas transactions[125]. Research and Development - The company's R&D investment accounted for 4.49% of the operating revenue during the reporting period[49]. - The company completed several R&D projects, including high thermal conductivity materials and MEMS technology, aimed at enhancing product performance and expanding customer base[75]. - The company has developed new clients in the fast-charging mobile phone sector and achieved small-scale production of embedded capacitor and resistor products[51]. - The company is investing 100 million RMB in research and development to innovate new technologies in the circuit board sector[151]. Production and Capacity Expansion - The company completed the expansion of its Shenzhen production base, adding 200,000 square meters of new capacity[56]. - The new production facility in Heshan is expected to achieve an annual output of 400,000 square meters, with the construction of the second factory starting in December 2021[56]. - The company plans to expand its production capacity by adding 400,000 square meters of high-density circuit board capacity in 2022[114]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[197]. - The company achieved a compliance rate of 204% for wastewater treatment standards[198]. - The company reported a total wastewater discharge of 23.32 kg of total copper, exceeding the standard by 200%[199]. - The company recorded a total nitrogen discharge of 2505 kg, which is also 200% above the required standard[199]. Corporate Governance - The company has established a performance evaluation and incentive mechanism linking employee compensation to company performance, enhancing work motivation[135]. - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholders and actual controllers[141]. - The company has a complete and independent business operation system, capable of independently managing production and sales activities[146]. - The board of directors emphasizes a commitment to sustainable practices, aiming for a 20% reduction in carbon emissions by 2025[151].