锦富技术(300128) - 2023 Q4 - 年度财报

Financial Performance - The company reported a significant loss for the year, with specific reasons and measures for improving profitability detailed in the management discussion section [5]. - The company's operating revenue for 2023 was ¥1,742,945,953.02, representing a 24.32% increase compared to ¥1,401,971,503.83 in 2022 [19]. - The net profit attributable to shareholders was -¥224,007,511.01, a slight improvement of 0.72% from -¥225,628,606.99 in the previous year [19]. - The cash flow from operating activities showed a significant decline, with a net outflow of -¥181,375,998.95 compared to a positive inflow of ¥109,327,231.90 in 2022, marking a 265.90% decrease [19]. - The total assets at the end of 2023 reached ¥3,931,061,272.55, an increase of 37.97% from ¥2,849,317,071.53 in 2022 [19]. - The net assets attributable to shareholders increased by 82.58% to ¥1,163,262,525.58 from ¥637,123,025.86 in the previous year [19]. - The basic earnings per share for 2023 was -¥0.1985, showing a 3.73% improvement from -¥0.2062 in 2022 [19]. - The overall gross margin for the company decreased to 16.92%, down 6.46 percentage points from the previous year, primarily due to increased competition and new business lines not reaching mass production [61]. - The company reported a net loss attributable to shareholders of CNY 22,400.75 million, a decrease in loss of 0.72% compared to the previous year [61]. Business Strategy and Focus - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment [5]. - The company is actively expanding its business in the new energy sector, particularly in lithium battery applications, to capitalize on the growing market demand [36]. - The company plans to leverage advanced materials manufacturing and high-end processing to drive growth in the consumer electronics and new energy sectors [31]. - The company is focusing on new material development and industry upgrades to meet the evolving demands of the market [42]. - The company is pursuing a dual-driven strategy focusing on "consumer electronics + new energy" to enhance profitability and market position [63]. - The company is actively exploring expansion into the new energy vehicle and lithium battery sectors, leveraging its production technology and experience in consumer electronics and LCD display businesses [42]. Market Trends and Industry Insights - In 2023, the overall shipment of smartphones in China reached 289 million units, representing a year-on-year growth of 6.5% [31]. - The global shipment of smartphones in Q4 2023 was 326 million units, showing an 8.5% increase compared to the previous year, exceeding the earlier forecast of 7.3% [31]. - The Chinese TV market saw a retail volume of 31.42 million units in 2023, a decline of 13.6% year-on-year, but is expected to grow to a retail value of 112.5 billion yuan in 2024, a 2.5% increase [33]. - The commercial display market in China reached a scale of 63.7 billion yuan in 2023, accounting for 26.5% of the global market [34]. - The global lithium-ion battery shipment in 2023 was 1,202.6 GWh, marking a year-on-year growth of 25.6% [36]. - The total production of lithium batteries in China exceeded 940 GWh in 2023, with a year-on-year increase of 25% [36]. - The shipment of energy storage lithium batteries globally reached 225 GWh in 2023, with a 50% year-on-year growth, while China's shipment was 206 GWh, up 58% [37]. - The market concentration of the power battery industry in 2023 showed that CR3 exceeded 79% and CR5 exceeded 88% [37]. Research and Development - The company has increased its investment in R&D and talent acquisition to support new business initiatives, particularly in the automotive and energy sectors [65]. - The company holds a total of 437 patents, including 98 invention patents, 307 utility model patents, and 32 design patents as of December 31, 2023 [90]. - The company is developing a multifunctional testing device for mobile screens, aiming to enhance testing capabilities and operational efficiency [91]. - The company is working on a system for testing audio interfaces and microphones, which will improve testing efficiency and accuracy [91]. - The company reported a total revenue of 80,048,157.31 CNY in R&D investment for 2023, representing an increase from 73,552,543.52 CNY in 2022, with R&D investment accounting for 4.59% of total revenue [94]. - The number of R&D personnel increased by 25.96% from 208 in 2022 to 262 in 2023, with the proportion of R&D staff rising from 10.75% to 13.54% [94]. Corporate Governance and Management - The company has established a fair and effective performance evaluation and incentive mechanism for senior management, ensuring transparency in the hiring process [167]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors [168]. - The board of directors consists of 1 internal director, 2 external directors, and 2 independent directors, complying with regulatory requirements [165]. - The company has undergone a board and supervisory board restructuring, with new members elected to enhance governance and oversight [182]. - The company is committed to maintaining transparency and effective communication with stakeholders following the recent changes in management [181]. - The company has established a comprehensive budget management system and enhanced compliance training for subsidiary management personnel to improve overall management levels [155]. Financial Management - The company achieved a net increase in cash and cash equivalents of 362,709,367.51 CNY in 2023, a 239.62% increase from 106,799,281.81 CNY in 2022 [95]. - The company plans to utilize idle funds for purchasing structured deposits or financial products, enhancing financial management [198]. - The total amount of funds raised by the company was RMB 738 million, with a net amount of RMB 724.76 million after deducting issuance costs [115]. - The company temporarily used RMB 150 million of idle raised funds to supplement working capital, which will be returned to the special account within 12 months [119]. - The company has not encountered any significant changes in the feasibility of its investment projects [119]. Subsidiaries and Joint Ventures - The company has established a joint venture, Jiangsu Meijin, focusing on the research, production, and sales of integrated CCS components for energy storage batteries, which has already achieved bulk supply to key clients [49]. - The company established several new subsidiaries and made significant equity acquisitions during the reporting period, including a 65% stake in Suzhou Yingshuo New Materials Co., Ltd. [87]. - The company’s subsidiary, Xiamen Lifu, has become a major supplier of aerogel insulation products for CATL, showcasing its strong market position [49]. Challenges and Risks - The company is facing a risk of declining gross margins in the liquid crystal display module and consumer electronics components sectors due to intense market competition, with traditional product gross margins decreasing year by year [156]. - The company has implemented measures to manage accounts receivable risks, including dedicated financial personnel and improved management systems, to mitigate cash flow pressure and potential bad debt risks [157]. - The company has experienced rapid business expansion in recent years, increasing the number of subsidiaries and facing remote management risks due to differences in business areas and management levels [155].