中材科技(002080) - 2022 Q4 - 年度财报

Financial Performance - Revenue for 2022 reached 22.11 billion yuan, an increase of 8.94% compared to 2021[14] - Net profit attributable to shareholders was 3.51 billion yuan, up 4.08% year-on-year[14] - Basic earnings per share (EPS) for 2022 was 2.0923 yuan, a 4.08% increase from 2021[14] - Total assets at the end of 2022 were 46.89 billion yuan, a 24.62% increase compared to the end of 2021[14] - Net cash flow from operating activities decreased by 13.95% to 3.16 billion yuan in 2022[14] - Weighted average return on equity (ROE) was 23.14%, down 2.15 percentage points from 2021[14] - Revenue for Q1, Q2, Q3, and Q4 were 4.66 billion yuan, 5.26 billion yuan, 4.78 billion yuan, and 7.41 billion yuan respectively[17] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 were 734.36 million yuan, 1.14 billion yuan, 546.40 million yuan, and 1.09 billion yuan respectively[17] - Non-recurring gains and losses for 2022 amounted to 1.31 billion yuan, a significant increase from 800.37 million yuan in 2021[18] - Revenue for the reporting period reached 22,108.95 million yuan, with net profit attributable to shareholders of 3,511.15 million yuan[42] - Operating income increased by 8.94% year-on-year to 22,108.95 million yuan, while operating costs rose by 15.87% to 14,207.49 million yuan[42] - R&D investment increased by 14.71% to 1,074.74 million yuan, accounting for a significant portion of the company's expenses[42] - Sales of lithium battery separators surged by 65.84% to 1,866.90 million yuan, reflecting strong market demand[43] - Sales in the North China region grew by 39.28% to 3,912.26 million yuan, indicating robust regional expansion[44] - Production of lithium battery separators increased by 94.17% to 138,582 million square meters, driven by capacity expansion[46] - Sales of high-pressure composite gas cylinders rose by 78.34% to 221,455 units, reflecting increased market demand[46] - Inventory of glass fiber and products surged by 200.00% to 18,000 tons, due to weakened market demand and new capacity releases[46] - Sales in the international market grew by 32.92% to 2,972.71 million yuan, highlighting successful global expansion[44] - Direct sales accounted for 97.65% of total revenue, reaching 21,589.14 million yuan, while distribution sales declined by 29.74%[43] - Operating costs increased by 15.61% year-on-year, reaching 16,163,976,152.05 yuan, with energy costs rising by 15.82% and raw material costs by 12.76%[49] - R&D expenses increased by 9.94% year-on-year, reaching 1,057,095,485.16 yuan[54] - R&D investment increased by 14.71% to 1,232,823,514.31 yuan in 2022, accounting for 5.58% of revenue, up 0.28% year-over-year[60] - Capitalized R&D expenditure rose by 36.30% to 225,151,531.85 yuan, representing 18.26% of total R&D investment, up 2.89% year-over-year[60] - Operating cash flow decreased by 13.95% to 3,159,748,246.93 yuan in 2022, while investment cash flow saw a significant outflow increase of 120.22% to 5,037,012,634.10 yuan[62] - Financing cash flow increased by 95.02% to 15,552,659,892.73 yuan, driven by a 5 billion yuan equity financing from Zhongcai Lithium Membrane[62] - Cash and cash equivalents increased by 1,308.94% to 3,114,638,554.12 yuan in 2022[62] - Fixed assets decreased by 4.88% to 19,996,989,745.20 yuan, while construction in progress increased by 2.74% to 3,866,655,837.09 yuan[65] - Long-term loans increased by 2.57% to 5,404,243,628.43 yuan, reflecting higher financing activities[65] - Total investment in 2022 reached 4,537,012,634.10 yuan, a 146.95% increase compared to the previous year[68] - Restricted assets totaled 900,360,642.75 yuan, including 129,363,166.04 yuan in cash and 101,757,154.31 yuan in fixed assets used as collateral[67] - The company invested RMB 552.56 million in the construction of a lithium-ion battery separator production line with an annual capacity of 1.04 billion square meters, with 20% progress and an expected revenue of RMB 712.13 million[70] - A lithium battery wet separator production line project with an annual capacity of 3.2 billion square meters has reached 80% progress, with an investment of RMB 396.91 million and an expected revenue of RMB 117.72 million[70] - The company invested RMB 37.68 million in a lithium battery wet separator production line project with an annual capacity of 720 million square meters, achieving 10% progress and an expected revenue of RMB 255.11 million[70] - A lithium battery wet separator production line project with an annual capacity of 560 million square meters has reached 30% progress, with an investment of RMB 155.15 million and an expected revenue of RMB 232.64 million[71] - The company invested RMB 3.26 million in a lithium battery wet separator production line project with an annual capacity of 1 billion square meters, achieving 5% progress and an expected revenue of RMB 267.13 million[71] - A lithium battery wet separator production line project with an annual capacity of 1 billion square meters has reached 15% progress, with an investment of RMB 350.58 million and an expected revenue of RMB 274.50 million[71] - The company invested RMB 62.45 million in a national new material testing and evaluation platform project, achieving 85% progress and an expected revenue of RMB 21.22 million[71] - A high-silica glass fiber product production line project with an annual capacity of 4,000 tons has reached 70% progress, with an investment of RMB 149.06 million and an expected revenue of RMB 60.84 million[72] - The company invested RMB 37.53 million in a glass fiber filter paper production line project with an annual capacity of 12,000 tons, achieving 45% progress and an expected revenue of RMB 83.09 million[72] - A wind turbine blade manufacturing base project in Brazil has reached 8.2% progress, with an expected revenue of RMB 36.29 million[72] - The company invested a total of 3.47 billion yuan in the construction of glass fiber production lines, with 32% funded by internal capital and 68% by bank loans[74] - The company's initial investment in derivative products for hedging purposes was 13.39 million yuan, resulting in an investment income of 48,100 yuan[77][78] - The company sold significant assets, including rhodium powder, generating a total transaction value of 104.76 million yuan, contributing 2.42% to the company's net profit[82] - The company's financial derivative transactions are strictly regulated by internal policies to control risks, with no speculative derivative investments made during the reporting period[75][80] - The company's derivative investments are funded entirely by internal capital, with no significant changes in accounting policies or principles compared to the previous reporting period[77][78] - The company implemented a cash dividend policy, distributing RMB 6.35 per 10 shares, totaling RMB 1,107,561,565.44, which accounts for 100% of the total profit distribution[124][126] - The total distributable profit for the year was RMB 1,582,307,370.06, with the cash dividend representing 100% of the profit distribution[126] - The company's total share capital is 1,678,123,584 shares, which served as the base for the dividend distribution[124][126] Industry and Market Trends - Domestic glass fiber yarn production reached 6.87 million tons in 2022, up from 6.24 million tons in 2021[20] - The company focuses on three main industries: wind turbine blades, glass fiber and products, and lithium battery separators[20] - The glass fiber industry faced challenges in 2022 due to the Russia-Ukraine war, rising raw material costs, and supply chain disruptions[20] - The company's strategy includes strengthening wind turbine blades, optimizing glass fiber, and expanding lithium battery separators[20] - The glass fiber industry is expected to trend towards high-end and intelligent development, with high-end products determining market space and intelligent technologies opening cost reduction opportunities[20] - Global glass fiber market is highly concentrated, with the top six companies accounting for over 70% of global capacity, and the top three domestic companies accounting for over 60% of domestic capacity[21] - Domestic wind power installation capacity in 2022 was 49.83GW, a year-on-year decrease of approximately 10.9%[21] - Global new energy vehicle sales in 2022 reached approximately 10.1 million units, a year-on-year increase of 59%, with domestic sales accounting for nearly 70% of the global market[22] - Domestic new energy vehicle production and sales in 2022 were 7.058 million and 6.887 million units respectively, with year-on-year growth rates of 96.9% and 93.4%, and a penetration rate of 25.6%[22] - China's energy storage lithium battery shipments in 2022 reached 130GWh, a year-on-year increase of 170%[22] - Global lithium-ion battery shipments are expected to reach 2,211.8GWh by 2025 and 6,080.4GWh by 2030, with a compound annual growth rate of 22.8%[23] - Taishan Fiberglass has an annual production capacity of approximately 1.2 million tons, with over 2,000 specifications of products exported to more than 70 countries and regions[24] - Taishan Fiberglass achieved sales revenue of approximately 9.13 billion yuan in 2022, with a net profit of 2.81 billion yuan, and cumulative sales of glass fiber and its products reached 1.162 million tons[25] - Taishan Fiberglass's export product revenue increased by 25% year-on-year, with 90% of domestic sales and 70% of overseas sales conducted through direct sales[25] - Fiberglass yarn production increased by 13.47% to 973,200 tons, while fiberglass products production increased by 3.81% to 231,500 tons[26] - Fiberglass yarn sales grew by 5.86% to 897,700 tons, but fiberglass products sales decreased by 2.62% to 227,000 tons[26] - Fiberglass yarn inventory surged by 229.87% to 155,700 tons, and fiberglass products inventory rose by 192.96% to 20,800 tons[26] - The gross margin for fiberglass yarn dropped by 11.28 percentage points to 34.66%, while the gross margin for fiberglass products decreased slightly by 0.23 percentage points to 29.73%[26] - Wind turbine blade sales reached 14.4GW, a 26% increase year-over-year, with a single set power of 4.5MW/set, up 36%[28] - Wind turbine blade segment achieved revenue of 6.5 billion yuan and a net profit of 110 million yuan[28] - Lithium battery separator sales volume increased by 65% to 1.13 billion square meters, with revenue rising by 66% to 1.87 billion yuan[29] - Lithium battery separator segment's operating profit surged by 434% to 400 million yuan, and net profit soared by 448% to 480 million yuan[29] - The company's lithium battery separator production capacity exceeded 1.5 billion square meters by the end of 2022[29] - The company raised 6.5 billion yuan through strategic investment, including 5 billion yuan from external financing and 1.5 billion yuan from internal funding[29] - The company's R&D investment for the year was 1.23 billion yuan, accounting for 5.57% of its operating revenue[30] - The company and its subsidiaries hold a total of 1,589 valid patents, including 646 invention patents and 943 utility model patents[30] - In the reporting period, the company added 323 newly authorized patents[32] - The company focuses on three major industrial sectors: special fibers, composite materials, and new energy materials[30] - The company aims to strengthen its wind turbine blade industry, optimize its glass fiber industry, and expand its lithium battery separator industry[30] - The company has established a comprehensive R&D platform, including one national key laboratory, three national enterprise technology centers, and three national engineering research centers[30] - The company has received 210 provincial and ministerial-level science and technology awards since 2006, including two National Technology Invention Awards and one National Science and Technology Progress Award[30] - The company is actively developing strategic industries such as hydrogen energy storage and transportation[30] - The company has formed long-term cooperative relationships with multiple universities and research institutions[30] - The company's innovation strategy includes accelerating the industrialization of scientific research achievements and building a new industrial development echelon[30] - A new type of centralized monitoring system and monitoring method has been developed[20] - A unidirectional moisture-conducting waterproof material and its preparation method have been invented[21] - A hollow box-shaped fiber reinforcement and its preparation method, as well as a method for preparing hollow boxes, have been developed[22] - A positioning and detection device and method for complex curved surfaces have been invented[23] - A filter material and its preparation method and application have been developed[24] - An electrically heated hollow fabric composite material and its preparation method have been invented[25] - A hollow box-shaped reinforcement and its preparation method, as well as a method for preparing hollow boxes, have been developed[26] - A needle punching device has been invented[27] - A hybrid structure fan blade preparation method has been developed[28] - A high dust capacity, electrostatic dissipative glass fiber filter material and its preparation method have been invented[29] - A closed composite material and its forming method[60] - A lightweight transfer pallet, processing mold, and processing method[61] - A thermal phenolic resin, prepreg, composite material, and preparation method[62] - An acidic inorganic repair agent and its preparation and repair methods[63] - A polyurethane foam-filled ring mold[64] - A compound containing an imide ring, high heat-resistant wave-transparent composite material, and preparation method[65] - A composite grid product and its preparation method[66] - A carbon fiber composite arm joint and its preparation method[68] - A self-adhesive composite honeycomb panel and preparation method[69] - A composite material test piece reinforcement bonding and curing device and usage method[70] - A new method for fixing the second bonding angle of wind turbine blades has been developed by Jiuquan Blades[99] - A new automated multi-layer storage device for wind turbine blades has been invented by Handan Blades[103] - A low thermal expansion coefficient and high modulus glass fiber has been developed by Taishan Fiberglass[111] - A low dielectric loss glass fiber composition has been created by Taishan Fiberglass[114] - A high dielectric constant and low dielectric loss glass fiber has been developed by Taishan Fiberglass[115] - A new method for preparing foamed glass using waste from glass fiber production has been invented by Taibo Zoucheng[116] - A new lithium-ion battery separator with high breakdown strength has been developed by Ningxiang Lithium Membrane[122] - A new method for preparing a heat-resistant and high mechanical strength lithium-ion battery separator has been invented by Zhongcai Lithium Membrane[124] - A new energy-saving system for drying wet-process lithium battery separators has been developed by Zhongcai Lithium Membrane[134] - A new quenching device and method for thick-walled station bottle containers has been invented by Suzhou Limited[137] - A new type of composite gas cylinder with strong fire resistance performance has been developed[140] - An internal sealing structure for high-pressure composite gas cylinders has been invented[141] - A thinning method for ultra-long pressure vessel aluminum alloy liners using a powerful reverse spinning system has been developed[142] - A new storage steel bottle design has been patented[145] - A new process and device for thickening the bottom of steel bottles has been invented[146] - A new method for generating jacquard patterns of preforms has been internationally patented[147] - A new high-modulus glass fiber composition based on basalt production has been internationally patented[153] - A new type III hydrogen storage cylinder for 70MPa hydrogen refueling stations has been internationally patented[158] - A new quenching auxiliary mechanism for gas bottle heat treatment processes has been internationally patented[159] - A new self-cleaning glass fiber filter box has been developed[176] - A new type of AGM separator production slurry mixing tank has been developed[182] - A self-cleaning filtration device for air filter paper production has been introduced[181] - A reciprocating flushing long net device for AGM separator production has been created[180] - A constant liquid level slurry supply device for AGM separators has been designed[179] - A new wind turbine blade transfer device has been developed[196] - A dust removal device for wind turbine blade manufacturing equipment has been introduced[197] - A new wind turbine blade coating device has been created[203] - A new wind turbine blade adhesive application device has been designed[211] - A new wind turbine blade root anti-deformation technology has been developed[208] - A new wind turbine blade root infrared heating device has been introduced[219] - Wind turbine blade bolt sleeve automatic winding machine developed by BaiCheng Blade[221] - Online continuous detection equipment for yarn tex number developed by Taishan Fiberglass[224] - Adjustable integrated thermal insulation decorative panel developed by Taishan Fiber