SUNNY OPTICAL(HK:02382)2023-03-20 10:08Financial Performance - The company's revenue for the year ended December 31, 2022, was approximately RMB 33,196,900,000, a decrease of about 11.5% compared to the previous year[1]. - Gross profit for the same period was approximately RMB 6,605,000,000, down approximately 24.4%, with a gross margin of about 19.9%, a decline of approximately 3.4 percentage points year-on-year[1]. - Profit attributable to shareholders for the year was approximately RMB 2,407,800,000, representing a decrease of about 51.7% compared to the previous year[1]. - The company reported a basic earnings per share of RMB 220.26, down from RMB 456.52 in the previous year[2]. - The company reported a pre-tax profit of RMB 2,714,979 thousand for the year ended December 31, 2022, compared to RMB 5,634,887 thousand for the previous year, indicating a decrease in profitability[11][15]. - The total segment profit for optical parts, optoelectronic products, and optical instruments was RMB 3,197,214 thousand for the year ended December 31, 2022, down from RMB 5,801,556 thousand in the previous year[14][15]. - The company reported a net profit of RMB 3,864,463 thousand for 2022, compared to RMB 3,250,567 thousand in 2021, representing an increase of about 18.83%[27]. - The net profit for the year ended December 31, 2022, was approximately RMB 2.474 billion, a decrease of about 51.1% year-on-year, with a net profit margin of approximately 7.5%[67]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.500 per share, equivalent to approximately RMB 0.439 per share[1]. - The company declared a final dividend of HKD 0.50 per share for the year ended December 31, 2022, compared to HKD 1.118 per share in 2021, which is a decrease of approximately 55.32%[28]. - The proposed final dividend for the year ended December 31, 2022, is HKD 0.500 per share, equivalent to approximately RMB 0.439 per share, with a payout ratio of about 20.0% of the profit attributable to shareholders[68]. Assets and Liabilities - The company's total assets as of December 31, 2022, were RMB 42,001,288,000, an increase from RMB 38,773,840,000 in the previous year[3]. - Total assets as of December 31, 2022, amounted to RMB 43,001,288, an increase from RMB 38,773,840 as of December 31, 2021[17]. - Current liabilities increased to RMB 19,336,916,000 from RMB 11,873,457,000 in the previous year[3]. - Total liabilities as of December 31, 2022, were RMB 20,818,902, up from RMB 17,878,574 in the previous year[17]. - The net asset value of the company was RMB 22,182,386,000, compared to RMB 20,895,266,000 in the previous year[4]. Research and Development - Research and development expenses for the year were RMB 2,803,398,000, compared to RMB 2,642,196,000 in the previous year[2]. - The company's research and development expenses eligible for tax deductions increased significantly, allowing for a 100% deduction for certain expenditures incurred in 2022[26]. - Research and development expenses for the year ended December 31, 2022, were approximately RMB 2.803 billion, an increase of about 6.1% year-on-year, representing about 8.4% of total revenue[64]. Market and Operational Challenges - The company faced challenges including rising costs in energy, logistics, and raw materials, alongside ongoing low consumer demand and intensified industry competition[1]. - The revenue from the optoelectronic products business was approximately RMB 23,325,800,000, a decrease of about 17.7%, primarily due to weak demand in the smartphone market[61]. - The revenue from mobile-related products in 2022 was RMB 23,277,387, down from RMB 29,597,845 in 2021[20]. Inventory and Receivables - The company’s total inventory as of December 31, 2022, was RMB 4,720,913, compared to RMB 5,481,858 in 2021[17]. - Trade receivables amounted to RMB 6,334,911,000, an increase from RMB 5,634,652,000 in the previous year, reflecting a growth of about 12.4%[45]. - The average credit period granted to customers is 90 days, which may impact cash flow management[11]. Financing and Capital Expenditures - The group’s bank borrowings amounted to RMB 2,019,981,000 as of December 31, 2022, a decrease from RMB 2,238,897,000 in 2021, indicating a reduction of about 9.8%[47]. - Capital expenditures for the year ended December 31, 2022, were approximately RMB 3.114 billion, primarily for the acquisition of property, machinery, and equipment[74]. - The group had capital commitments of approximately RMB 1.26 billion for the acquisition of properties, machinery, and equipment as of December 31, 2022, up from RMB 684.4 million in 2021[80]. Employee and Management - As of December 31, 2022, the group had 26,610 full-time employees and has established a competitive compensation and benefits system to attract and retain talent[91]. - The company expresses gratitude to all employees for their long-term efforts and outstanding contributions from management, which have led to good performance[101]. Strategic Initiatives and Future Outlook - The company is focusing on the development of new products such as LiDAR, HUD, and smart headlights to enhance its position in the intelligent driving system market[54]. - The company plans to focus on new market opportunities in emerging industries, particularly in automotive camera and lidar sectors, to expand market share[59]. - The company has increased its investment in new businesses to strategically position itself within the industry[52]. - The company is committed to sustainable business development to create more value for shareholders and stakeholders[101].