TZTEK(SH:688003)2022-05-08 16:00Financial Performance - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares, totaling 76 million CNY, which represents 113.33% of the net profit attributable to shareholders for the year[7]. - The company has not yet achieved profitability since its listing[5]. - The company's operating revenue for 2021 was CNY 1,265,238,702.28, an increase of 31.23% compared to CNY 964,110,234.89 in 2020[31]. - The net profit attributable to shareholders for 2021 was CNY 134,125,858.80, reflecting a growth of 24.91% from CNY 107,381,259.83 in 2020[31]. - The net cash flow from operating activities decreased significantly to CNY -164,003,617.63, a decline of 417.73% compared to CNY 51,617,988.81 in 2020[31]. - The company's total assets increased by 22.18% to CNY 2,591,476,461.37 at the end of 2021, up from CNY 2,121,007,275.89 at the end of 2020[31]. - The basic earnings per share for 2021 was CNY 0.7055, a 26.66% increase from CNY 0.5570 in 2020[31]. - The net profit after deducting non-recurring gains and losses for 2021 was CNY 97,123,033.89, up 16.73% from CNY 83,206,356.11 in 2020[31]. - The weighted average return on equity increased to 8.81% in 2021, up by 2.19 percentage points from 6.62% in 2020[31]. Research and Development - Research and development expenses accounted for 20.77% of operating revenue in 2021, an increase of 4.74 percentage points from 16.03% in 2020[31]. - The company has filed 161 new patent applications during the reporting period, including 116 invention patents, and has received 69 patent grants[73]. - Total R&D investment reached approximately 262.74 million yuan, a significant increase of 69.96% compared to the previous year, representing 20.77% of operating revenue[77][78]. - The company added 155 new R&D personnel, a year-on-year increase of 24.26%[78]. - The company has a dedicated R&D team of 794 members, accounting for 41.64% of total employees, with expertise in various fields including machine vision and deep learning[115]. - The company is actively pursuing advancements in automated defect detection technologies, enhancing production efficiency and quality assurance across its product lines[103]. Market Position and Strategy - The company has established a strong partnership with NVIDIA, becoming a gold partner for the Jetson product line, enhancing its AI edge computing platform for intelligent networking applications[53]. - The company has served over 4,000 mid-to-high-end industrial clients globally, emphasizing its commitment to industrial digitalization and intelligent development[52]. - The company is a leading player in the domestic industrial machine vision sector, actively participating in multiple industry alliances and standard-setting committees[62]. - The company aims to expand its market share through platform construction and continuous product iteration, enhancing its scalability[114]. - The company has established a strong brand presence with major clients such as Foxconn, BOE, and Alibaba, enhancing its market position[114]. Acquisitions and Investments - The company completed the acquisition of 100% of German MueTec in May 2021 and is actively integrating its operations, focusing on promoting MueTec's existing products, especially in the Chinese market[51]. - The company invested 12.19 million euros in MueTec, increasing its ownership to 100% and expanding the consolidation scope to include MueTec and its wholly-owned subsidiary[167]. - The company’s investment in MueTec represents a significant strategic move to enhance its technological capabilities in the semiconductor sector[197]. Risks and Challenges - The company has detailed various risks it may face in the "Management Discussion and Analysis" section of the report[5]. - The company faces risks related to technology talent retention, with 794 R&D personnel being critical for innovation and development[115]. - The ongoing COVID-19 pandemic poses risks to global economic stability, potentially affecting the sales and operational capabilities of the company’s downstream clients[134]. - The company reported a negative operating cash flow of -164.00 million RMB, primarily due to increased procurement and employee costs, which may lead to tight working capital if the trend continues[130]. Operational Efficiency - The company’s asset-liability ratio was 40.58% at the end of the reporting period, indicating a moderate level of solvency, but high working capital needs could pose liquidity risks if financing channels are not effectively expanded[127]. - The company reported a significant increase in accounts payable, which rose by 66.01% to ¥210,392,337.17, reflecting higher procurement volumes[185]. - Inventory balance grew from 250.12 million RMB in 2019 to 698.77 million RMB in 2021, with a low inventory turnover rate of 1.26, 1.71, and 1.33, raising concerns about operational efficiency and liquidity[124]. Product Development - The company is committed to expanding its market presence through innovative product development and strategic R&D investments[82]. - The company is focusing on market expansion through the development of new products, including online glue detection integrated equipment and general imaging measurement devices[88]. - The company has developed prototypes for multiple projects, including laser direct imaging equipment and AI edge computing devices, which have passed testing and entered the capitalization phase as of February 2021[93].