Sinomag Tech.(SZ:300835)2022-03-14 16:00Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of XX% (specific percentage not provided in the content) for the fiscal year 2021[14]. - The company's operating revenue for 2021 was ¥804,674,516.11, representing a 43.91% increase compared to ¥559,133,254.97 in 2020[18]. - The net profit attributable to shareholders for 2021 was ¥131,010,919.01, a significant increase of 92.05% from ¥68,215,906.70 in 2020[18]. - The net profit after deducting non-recurring gains and losses was ¥121,883,139.46, which is a 133.35% increase from ¥52,232,324.57 in 2020[18]. - The company's cash flow from operating activities for 2021 was ¥74,447,866.76, up 31.12% from ¥56,778,508.17 in 2020[18]. - The total assets at the end of 2021 were ¥1,235,669,236.24, reflecting a 16.01% increase from ¥1,065,097,884.02 at the end of 2020[18]. - The basic earnings per share for 2021 was ¥1.85, a 71.30% increase from ¥1.08 in 2020[18]. - The weighted average return on equity for 2021 was 12.98%, up from 9.50% in 2020[18]. - The gross margin for wet-pressed magnetic tiles was 38.61%, reflecting a year-on-year increase of 3.67%[45]. - The production volume of wet-pressed magnetic tiles reached 31,197.3 tons, a 51.41% increase from 20,604.99 tons in 2020[46]. Dividend Policy - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares to all shareholders, based on a total of 70,670,000 shares[5]. - The cash dividend represents 100% of the total distributable profit, which amounts to RMB 526,229,380.81[115]. - The company will not issue bonus shares and will not increase share capital from capital reserves[116]. Market Outlook and Strategy - The company has outlined its future development outlook, highlighting potential risks and opportunities in the market[5]. - The company aims to expand its production scale and improve product quality in response to supportive industry policies, particularly in the magnetic materials sector[27]. - The automotive sector is expected to drive demand for permanent magnet ferrite products, with domestic car sales reaching 26.275 million units in 2021, a 3.8% increase year-on-year[28]. - The company is focusing on developing a soft magnetic industry chain, including soft magnetic powder, magnetic powder cores, and inductor devices[27]. - The company is positioned to benefit from the anticipated growth in the photovoltaic and energy storage sectors, with a cumulative installed capacity target of over 30 GW by 2025 in China[31]. - The global electric vehicle market share is projected to reach 6%-7% in 2021, with expectations to rise to double digits in 2022[32]. - The company has developed a comprehensive strategy in soft magnetic and new energy components, which is anticipated to become a new growth point for its business[29]. Research and Development - Research and development expenses increased by 40.02% to 40.78 million CNY, reflecting the company's commitment to innovation[40]. - The number of R&D personnel increased by 19.88% to 193, with the proportion of R&D staff in the company remaining stable at around 10.22%[56]. - The company completed several key R&D projects aimed at improving production efficiency and reducing costs, including the development of a new oil injection system that reduces single injection volume by 50%[54]. - The R&D investment as a percentage of operating revenue was 5.07%, slightly down from 5.21% in 2020, indicating a stable investment strategy in innovation[56]. Governance and Compliance - The company is committed to improving its governance structure and internal control systems in accordance with relevant laws and regulations, ensuring the protection of shareholder rights[83]. - The board of directors consists of 6 members, including 3 independent directors, and has established various committees to facilitate scientific decision-making[83]. - The company emphasizes transparency in information disclosure and investor relations, ensuring timely and accurate communication with shareholders[84]. - The audit committee oversees internal and external audits, ensuring the authenticity and completeness of financial information[85]. - The company actively engages with investors through multiple channels, ensuring fair treatment of all stakeholders[85]. - The company has established a comprehensive quality management system, but the expansion of operations increases the complexity of quality control; measures include enhancing training to improve overall employee quality[78]. Risk Management - The company faces risks from macroeconomic downturns, which could lead to increased market competition and reduced orders[77]. - The company is also exposed to risks related to new project development, requiring rapid and flexible R&D mechanisms[77]. - Fluctuations in raw material prices may adversely affect the company's sales and profits[77]. - The company has established a strategy to strengthen its competitive advantages and mitigate external market risks through product performance upgrades[77]. - The company aims to leverage its scale and centralized procurement advantages to mitigate the impact of rising procurement costs, while adjusting product sales prices based on cost fluctuations[78]. Employee and Management Structure - The total number of employees at the end of the reporting period is 1,888, with 683 in the parent company and 705 in major subsidiaries[110]. - The company has 1,378 production personnel, 67 sales personnel, and 224 technical personnel, indicating a strong focus on production capabilities[110]. - The educational background of employees shows that there are 10 with master's degrees or above, 143 with bachelor's degrees, and 1,306 with high school or lower education[111]. - The company has a diverse management team with backgrounds in various industries, enhancing its operational capabilities[95]. - The management team includes professionals with extensive experience in finance, engineering, and legal affairs, contributing to strategic decision-making[96]. Shareholder Information - The company had a total of 70,670,000 shares, with 30,369,000 shares (42.96%) under limited sale conditions after a reduction of 22,631,000 shares[168]. - The number of unrestricted shares increased to 40,301,000, representing 57.03% of the total shares after an addition of 22,631,000 shares[168]. - A total of 22,631,000 shares were released from restrictions, accounting for 32.02% of the company's total share capital[169]. - The actual controller, Xiong Yongge, acquired 160,000 shares through a non-trading transfer and committed to a voluntary lock-up for 36 months[169]. - The company had 11,099 shareholders at the end of the reporting period, with the largest shareholder, Xiong Yonghong, holding 28.54% (20,170,000 shares)[175]. Audit and Financial Reporting - The company's financial report has been audited and verified by a registered accounting firm, ensuring the accuracy of its financial statements[9]. - The audit opinion on the financial statements was a standard unqualified opinion, indicating that the financial statements fairly represent the company's financial position and results of operations[187]. - The audit was conducted by Tianjian Accounting Firm, with the report signed on March 14, 2022[187]. - The company has maintained its accounting firm, Tianjian Accounting Firm, for 11 consecutive years, with an audit fee of 600,000 RMB[146].