Megmeet(SZ:002851)2023-05-04 01:10Financial Performance - The company's 2022 revenue was CNY 547,775.86 million, a 31.81% increase from CNY 415,573.77 million in the previous year [4] - Operating profit for 2022 was CNY 50,614.92 million, up 15.34% from CNY 43,881.42 million [4] - Net profit attributable to shareholders in 2022 was CNY 47,269.55 million, a 21.56% increase from CNY 38,884.77 million [4] - In Q1 2023, revenue reached CNY 156.1 million, a 30.80% increase year-on-year [5] - Q1 2023 net profit attributable to shareholders was CNY 16,098.24 million, up 119.12% from the previous year [5] Business Development - The company is expanding its presence in the renewable energy sector, focusing on products like photovoltaic components and charging stations [6] - In the electric vehicle sector, the company is diversifying its client base beyond major customers to include new partnerships with various manufacturers [6] - The company has established a supply relationship in the wind energy market, providing core electrical components [6] Research and Development - R&D expenses in 2022 were CNY 632 million, a 37.28% increase, representing 11.55% of total revenue [6] - The company aims to leverage its R&D capabilities to capture opportunities in emerging industries such as new energy and digitalization [6] - Over the past decade, both revenue and R&D investment have achieved a compound annual growth rate of over 30% [6] Market Strategy - The company primarily operates under an ODM model, which helps maintain long-term relationships with major clients and optimize its R&D and production capabilities [8] - The strategy allows the company to focus on core competencies while minimizing sales and after-sales costs [8] Challenges and Outlook - The company has faced challenges due to external market pressures and supply chain issues, but is seeing a recovery in profit margins [7] - Future growth is expected as new products are launched and market demand increases, particularly in the server power supply sector driven by AI and cloud computing [7]