hlgf(002498)2023-04-28 16:00Financial Performance - In 2022, Qingdao Hanhe Cable Co., Ltd. reported a net profit attributable to shareholders of -21.72 million yuan, with non-recurring gains of 4.67 million yuan, resulting in a net profit of -26.39 million yuan after deducting non-recurring gains[1]. - The cumulative net profit commitment as of December 31, 2022, was 28.45 million yuan, while the actual net profit after deducting non-recurring gains was -75.01 million yuan, falling short of the commitment by 103.46%[1]. - The company's operating revenue for 2022 was approximately 9.84 billion yuan, representing a year-on-year increase of 9.58% compared to 2021[28]. - The net profit attributable to shareholders for 2022 was approximately 785.68 million yuan, a slight increase of 1.10% from 2021[28]. - The basic earnings per share for 2022 was 0.2362 yuan, reflecting a 1.11% increase from 0.2336 yuan in 2021[28]. - Total assets at the end of 2022 were approximately 9.86 billion yuan, up 5.73% from the previous year[28]. - The net assets attributable to shareholders at the end of 2022 were approximately 7.05 billion yuan, an increase of 10.62% from 2021[28]. - The cash flow from operating activities for 2022 was approximately 196.69 million yuan, a decrease of 63.72% compared to 2021[28]. - The weighted average return on equity for 2022 was 11.71%, down from 12.90% in 2021[28]. Revenue Breakdown - Total revenue for the year reached ¥10,841,933,301.70, with a quarterly breakdown of ¥1,728,670,778.56 in Q1, ¥2,956,477,325.24 in Q2, ¥2,472,673,397.09 in Q3, and ¥2,684,111,800.81 in Q4[33]. - Net profit attributable to shareholders was ¥135,142,297.44 in Q1, ¥364,488,846.88 in Q2, ¥166,949,417.77 in Q3, and ¥119,095,633.10 in Q4, totaling ¥786,770,195.17 for the year[33]. - The revenue from power cables accounted for 69.72% of total revenue, with a slight increase of 2.62% year-on-year[68]. - The company reported a significant increase in sales of bare wires, which grew by 47.50% year-on-year, contributing 13.27% to total revenue[68]. - The overseas revenue increased by 69.92% year-on-year, indicating successful international market expansion[68]. Operational Challenges - The company has indicated uncertainty regarding its ability to continue as a going concern, as both net profits before and after deducting non-recurring gains have been negative in recent years[28]. - The company faced challenges in meeting performance commitments, with a total commitment of ¥2,844.72 million against an actual realization of -¥7,500.95 million over the past three years[40]. - The cable industry faces challenges such as overcapacity, declining demand, and rising costs, necessitating a focus on quality improvement[62]. - The company recognizes the risk of technological obsolescence and is increasing R&D investment to maintain a competitive edge in technology and product development[189]. Research and Development - The company has invested CNY 597,173,703.09 in R&D in 2022, representing a 22.83% increase from CNY 486,184,879.32 in 2021, with R&D expenditure accounting for 6.07% of operating revenue[112]. - The number of R&D personnel increased by 2.15% to 332 in 2022, with the proportion of R&D personnel in the company at 11.42%[110]. - The company is conducting research on 500kV cable accessories, focusing on structural design, electric field analysis, and installation methods, with ongoing sample trials for outdoor terminals and dry GIS terminals[101]. - The company is developing hydrogen fuel cell composite bipolar plates, with production costs significantly lower than hard graphite plates by approximately 5%, and superior conductivity and strength compared to expanded graphite plates, enhancing market share in the hydrogen energy sector[106]. Market Opportunities - The company anticipates significant growth in demand for wind power cables, driven by the rapid development of the wind power market[52]. - Coastal provinces have announced plans for offshore wind power development, with an expected new installed capacity of over 55 GW during the 14th Five-Year Plan[54]. - The company expects a doubling of new installed capacity in offshore wind power to reach 10 GW in 2023, supported by abundant bidding opportunities in the industry[54]. - The transition to a clean, low-carbon energy system is expected to drive innovation and growth in the electrical cable sector[55]. Corporate Governance - The company adheres to strict governance practices, ensuring compliance with laws and regulations while protecting the rights of all shareholders, particularly minority investors[195]. - The company actively engages with stakeholders, including shareholders, employees, and suppliers, to balance interests and promote sustainable development[196]. - The company operates independently from its controlling shareholders in terms of business, personnel, assets, and finance, ensuring a complete and independent operational capability[199]. - The company has established a clear ownership relationship with its controlling shareholders, legally owning assets related to its operations[200].