新强联(300850) - 2022 Q4 - 年度财报

Business Focus and Market Growth - The company focuses on the research, production, and sales of large slewing bearings, locking discs, and industrial forgings, primarily serving the wind power, shield machines, port machinery, and engineering machinery sectors [18]. - The domestic wind power industry is experiencing rapid growth, with the government encouraging the development of wind power, leading to a continuous increase in installed capacity, which is projected to reach an average of 50 million kilowatts annually during the 14th Five-Year Plan [20]. - The domestic market for wind power bearings has substantial room for growth, as the localization rate is low, and there is a strong demand for domestic substitutes due to the high costs associated with imported bearings [49]. - The wind power bearing market is expected to grow significantly, driven by the increasing demand for high-performance bearings that can withstand harsh environmental conditions [46]. Product Development and R&D - The company aims to enhance its product technology to meet the increasing demand for large bearings, as the trend towards larger wind turbines continues, with power ratings advancing from 4-8 MW to 10-15 MW [21]. - The company is committed to increasing its R&D investment to enhance product iteration and meet customized demands from clients [26]. - The company successfully developed and mass-produced 1.5-16MW pitch and yaw bearings, achieving import substitution for high-power wind turbine bearings [57]. - The company established a new R&D center in Shanghai in 2022, enhancing its research capabilities and attracting talent [56]. - The company is focusing on R&D projects, including the development of high-load, high-reliability bearings for shield machines, which is expected to enhance core competitiveness [94]. - The company has developed a 5 MW offshore wind turbine main shaft bearing with high precision, reliability, and long service life, currently in small batch production [95]. - The 7 MW offshore wind turbine main shaft bearing project is in the prototype testing phase, aiming to achieve domestic leading standards [95]. - The company has successfully developed a 12 MW offshore wind turbine main shaft bearing, marking a significant advancement in its R&D capabilities, reaching international leading levels [96]. - The research on the 6.25 MW offshore wind turbine bearing has resulted in products that meet both domestic and international technical requirements, currently in small batch production [96]. - The company is focusing on the R&D of a 10-12 MW offshore wind turbine bearing, addressing key issues in domestic high-end equipment manufacturing [96]. - The independent pitch bearing for high-power wind turbines has reached domestic leading levels, with ongoing production and testing [95]. - The company aims to fill domestic gaps in bearing technology and break foreign monopolies through its innovative R&D efforts [95]. - The R&D of the 1500t crawler crane slewing bearing is in the testing phase, expected to enhance product reliability and operational stability [95]. - The company's R&D investment in 2022 amounted to ¥129,318,800.59, representing 4.87% of total revenue, an increase from 4.29% in 2021 [98]. - The company has increased its R&D personnel by 8.47% from 295 to 320, with a notable increase in undergraduate qualifications [97]. Financial Performance - The company's revenue from wind power products reached CNY 1,989,644,711.16, accounting for 74.98% of total revenue, with a year-on-year decrease of 6.51% [62]. - The total revenue for the company was CNY 2,653,453,922.00, representing a year-on-year increase of 7.13% [62]. - The gross profit margin for the rotary support industry was 29.52%, reflecting a decrease of 2.63% compared to the previous year [62]. - The net profit attributable to shareholders decreased by 38.54% to ¥316,104,829.62, with basic earnings per share dropping by 41.46% to ¥0.96 [83]. - The total assets of the company increased by 46.73% to ¥9,179,868,799.83 [83]. - The top five customers accounted for 74.27% of the total annual sales, with the largest customer contributing 36.16% [83]. - The sales volume in the bearing industry decreased by 1.11% to 19,257 units, while production volume fell by 9.83% to 18,671 units [86]. - The company reported a significant increase in sales expenses, which rose by 121.04% to ¥16,329,291.09, attributed to increased after-sales service costs [117]. - The company's financial expenses increased by 35.78% to ¥103,193,867.03, mainly due to higher interest expenses on bank loans and convertible bonds [117]. - The net cash flow from operating activities was ¥101,752,543.53, an increase of 129.72% compared to the same period last year, mainly due to increased revenue and collections [123]. - The net cash flow from financing activities was ¥1,752,116,616.27, an increase of 3.2% year-on-year, primarily due to the issuance of convertible bonds during the period [125]. Corporate Social Responsibility - The company has made significant contributions to social responsibility, donating RMB 30,000 to the Henan Province Hero Fund and RMB 300,000 to support rural revitalization initiatives [27][28]. - The company donated RMB 500,000 to the Red Cross Society of Xin'an County for COVID-19 relief efforts, demonstrating its commitment to social responsibility [152]. - The company actively participates in green factory recognition and implements energy-saving measures, enhancing production efficiency and reducing pollution [165]. - The company emphasizes clean production and resource recycling, aiming for sustainable development and reduced resource consumption [165]. - The company has implemented various energy-saving measures, significantly improving energy efficiency and reducing carbon emissions [165]. Governance and Compliance - The company has achieved a 100% inclusion rate for its assets and revenue in the internal control evaluation, indicating comprehensive oversight of its financial activities [34]. - The company maintains effective internal financial controls, with no significant deficiencies reported in its internal control evaluation [159]. - The company is committed to improving corporate governance and enhancing the quality of the listed company to protect the interests of investors [145]. - The company emphasizes maximizing shareholder equity and has consistently returned value to investors through cash dividends and capital reserve transfers since its listing [142]. Investment and Capital Management - The company has invested a total of RMB 1,098.37 million from the funds raised through the issuance of shares to specific targets, with RMB 670.85 million used in the current year [140]. - As of December 31, 2022, the remaining balance of unused funds from the issuance of shares to specific targets is RMB 366,922,382.91, including RMB 14,498,153.86 from financial management income and bank interest [140]. - The company has invested RMB 689.52 million from the funds raised through the issuance of convertible bonds to unspecified targets, with RMB 689.52 million used in the current year [140]. - As of December 31, 2022, the remaining balance of unused funds from the issuance of convertible bonds is RMB 506,383,865.58, including RMB 838,330.07 from financial management income and bank interest [140]. - The company approved the use of 287.28 million RMB of raised funds to replace self-raised funds previously invested in fundraising projects [191]. - The company plans to temporarily use up to 300 million RMB of idle raised funds to supplement working capital, with a usage period not exceeding 12 months [191]. Challenges and Risks - The company recognizes the risk of goodwill impairment as a potential concern [177]. - The company faces risks related to raw material price fluctuations and potential product price declines due to market competition [195]. - The company acknowledges the risk of technological obsolescence as domestic competitors improve their technology levels [197].