M&S ELECTRONICS(688311)2022-11-17 14:20Company Overview - Chengdu Mingsheng Electronics Technology Co., Ltd. focuses on satellite application technology, specializing in the R&D, manufacturing, and sales of satellite navigation and communication terminal equipment [1] - Main products include satellite navigation terminals based on the BeiDou satellite system and satellite communication antennas and components [1] Financial Performance - In 2021, the company achieved a revenue of CNY 47,578.80 million, representing a growth of 12.42% year-on-year [2] - Net profit attributable to shareholders was CNY 13,443.18 million, a year-on-year increase of 25.58% [2] - By the end of 2021, total assets reached CNY 251,396.67 million, up 17.66% year-on-year [2] Challenges and Strategic Response - The company faced significant challenges in 2021 due to the ongoing impact of the COVID-19 pandemic and global economic uncertainties [2] - Despite these challenges, the company maintained stable growth and prepared for future business development during the "14th Five-Year Plan" period [2] - The business strategy was refined to focus on satellite navigation and communication while exploring electronic countermeasure business and new civilian applications [2] Recent Performance and Outlook - In Q1 2022, the company reported a revenue of CNY 1,244.08 million, a decline of 37.51% year-on-year, with a net profit of -CNY 1,242.68 million [3] - The decline in revenue and profit was attributed to reduced product order deliveries due to the pandemic [3] Employee Incentives - The company announced a stock incentive plan aimed at establishing a long-term incentive mechanism to attract and retain talent, aligning the interests of shareholders, the company, and core team members [4] - The employee stock ownership plan is designed to improve governance, enhance employee cohesion, and promote sustainable development [4]