Chengdu JOUAV(SH:688070)2024-04-26 10:58Financial Performance - The company reported a profit distribution plan for 2023, which includes no cash dividends, no bonus shares, and no capital reserve conversion into shares[6]. - The company has not achieved profitability since its listing, indicating ongoing investment and growth strategies[4]. - The company's operating revenue for 2023 was CNY 301,763,426.69, representing a 5.03% increase compared to CNY 287,307,583.88 in 2022[21]. - The net profit attributable to shareholders for 2023 was a loss of CNY 64,499,860.51, a significant increase in loss of 147.55% from a loss of CNY 26,055,652.94 in 2022[21]. - The net cash flow from operating activities improved to -CNY 21,782,729.82 in 2023, a 73.19% improvement from -CNY 81,257,911.08 in 2022[21]. - The company's total assets decreased by 1.08% to CNY 940,706,916.99 at the end of 2023, down from CNY 951,008,158.39 at the end of 2022[21]. - The basic earnings per share for 2023 was -CNY 0.74, a decline of 146.67% compared to -CNY 0.30 in 2022[22]. - The company's net assets attributable to shareholders decreased by 9.63% to CNY 605,537,140.08 at the end of 2023, down from CNY 670,037,000.59 at the end of 2022[21]. - The company reported a quarterly operating revenue of CNY 100,863,284.39 in Q4 2023, with a net loss of CNY 40,853,756.50 attributable to shareholders[25]. - The company experienced a significant increase in losses in the first three quarters of 2023, with Q1 showing a profit of CNY 1,478,285.93, followed by losses in subsequent quarters[25]. Research and Development - Research and development expenses accounted for 24.08% of operating revenue in 2023, an increase of 10.36 percentage points from 13.72% in 2022[23]. - Research and development expenses totaled CNY 72.66 million, an increase of 84.27% year-on-year[34]. - The company achieved a total R&D investment of ¥72,659,962.35, representing an increase of 84.27% compared to the previous year[98]. - The proportion of R&D investment to operating income rose to 24.08%, an increase of 10.36 percentage points[98]. - The company received 35 authorized invention patents during the reporting period, bringing the total to 90[95]. - The company developed a new intelligent flight control technology that enhances autonomous decision-making and reduces operational risks[93]. - The company has established a strong R&D team with a focus on autonomous technology and has achieved core technology advantages in smart control and drone platform design[109]. - The company is actively researching and developing new types of unmanned systems with strong payload capabilities and excellent short-distance takeoff and landing performance, targeting both defense and civilian applications[52]. Product Development and Innovation - The company is actively involved in the development of drone technology, including fixed-wing and multi-rotor drones, which are key to its product offerings[12]. - The company launched the Zongheng Kunlun JOS-C2000 unmanned system in March 2023, enhancing operational efficiency and reliability[36]. - A new large payload drone system successfully completed its maiden flight in May 2023, demonstrating strong load capacity and cost-effectiveness[36]. - The company is actively developing new products, including a new unmanned aerial vehicle control software and an integrated unmanned system design[36]. - The company has developed a streaming application server that supports AI, AR, dehazing, and image enhancement, meeting the full privatization deployment needs for streaming data services[38]. - The company has launched the JOUAV Application Software Development Platform, which supports various drone applications and has advantages in software architecture design, algorithm development, and data analysis[56]. - The Zongheng Cloud platform enables real-time video transmission and data analysis, enhancing decision-making accuracy and efficiency in security applications[60]. - The Zongheng Eagle Map software integrates task planning, flight monitoring, and real-time video processing, providing a comprehensive solution for drone operations[62]. Market and Industry Trends - The industrial drone market is expected to grow at a rate of over 30% due to increasing applications in various downstream sectors[82]. - The global civil drone market is projected to reach $121 billion in the next 10 years, indicating strong growth potential[83]. - By 2025, significant increases in the number of drone enterprises, flight hours, and licensed drone pilots are anticipated as part of the "14th Five-Year Plan" for general aviation development[84]. - The Chinese government emphasizes the importance of low-altitude economy development, which is expected to accelerate the commercialization of the drone industry[90]. - The company is positioned to leverage its core technological advantages to capture a larger market share in the rapidly evolving industrial drone landscape[87]. Governance and Compliance - The company is committed to transparency, with all board members present at the board meeting to ensure the report's accuracy and completeness[5]. - The company has not faced any significant issues regarding independence from its controlling shareholders, ensuring operational autonomy[175]. - The company’s internal control guidelines were strictly followed during the meetings, ensuring legal compliance[175]. - The company revised its governance documents to comply with regulatory requirements, ensuring no significant governance deficiencies exist[175]. - The company held three shareholder meetings in 2023, approving a total of 17 proposals, with all proposals passed without any rejections[178]. - The company is committed to improving its internal control and compliance systems following the regulatory warnings[194]. Strategic Partnerships and Collaborations - The company signed strategic cooperation agreements with various partners, including the establishment of a "Police Drone Joint Innovation Laboratory" and collaboration in the 5G connected drone application field[39]. - The company has established a national industrial drone industry education integration community with over 80 universities and research institutions to promote industry development[40]. - The company has established solid partnerships with over a thousand domestic users across various sectors, enhancing its market influence and customer resource advantages[112]. Operational Efficiency and Supply Chain - The procurement model is based on demand-driven purchasing, ensuring efficient supply chain management and supplier evaluation[76]. - The production model emphasizes self-manufacturing for core components while outsourcing non-critical processes, ensuring quality control[78]. - The company is committed to strengthening its supply chain capabilities to ensure product quality and delivery efficiency[171]. Financial Management and Future Outlook - The company plans to enhance R&D investment, focusing on product upgrades and improving performance indicators such as reliability and usability[168]. - The company aims to expand its domestic market by targeting sectors like security and emergency services, while also deepening international market development[170]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified[184]. - Future guidance indicates a continued growth trajectory, with expectations for increased user data and engagement metrics[182].