Shenzhen Sunlord Electronics Co.Ltd(002138)
Work report of the board of directors in 2021
In 2021, all members of the board of directors of Shenzhen Sunlord Electronics Co.Ltd(002138) (hereinafter referred to as the “company”) followed the articles of association, rules of procedure of the board of directors and other relevant systems in accordance with the requirements of the company law, the securities law, the self regulatory guidelines for listed companies of Shenzhen Stock Exchange No. 1 – standardized operation of listed companies on the main board and other laws and regulations, combined with the actual situation of the company, In line with the working attitude of scrupulously performing their duties and being diligent, they exercise their functions and powers independently according to law and spare no effort to protect the rights and interests of shareholders, the interests of the company and the legitimate rights and interests of employees from infringement. Earnestly perform the responsibilities of the board of directors entrusted by the general meeting of shareholders, strictly implement the resolutions of the general meeting of shareholders, diligently carry out various work, actively promote the implementation of the resolutions of the board of directors, constantly standardize the corporate governance structure, and ensure the scientific decision-making and standardized operation of the board of directors. The work of the board of directors in 2021 is reported as follows: I. main business indicators in 2021
2021 is the opening year of the company’s “Five Year Plan”, and it is also a year of opportunities and challenges. The external environment is changeable, the global epidemic situation is repeated, the shortage of chips at the end of the industrial chain and other external environmental factors affect the operation and development pressure of manufacturing enterprises is still huge. The company responded positively. On the one hand, it actively explored market opportunities and promoted product R & D and market expansion; On the other hand, we will continue to promote management reform and strengthen technological and management innovation. Through the joint efforts of all employees, the company’s performance has achieved steady growth, sales and net profit have reached a new high, and the company’s “Five Year Plan” has made a good start.
In 2021, the company realized an operating revenue of 4.577 billion yuan, an increase of 31.66% over the same period of last year; The net profit attributable to shareholders of listed companies was 785 million yuan, an increase of 33.33% over the same period last year; After deducting extraordinary gains and losses, the net profit was 693 million yuan, an increase of 31.45% over the same period of last year; In 2021, the gross profit margin will be 35.05%, 1.21 percentage points lower than the same period of last year; The weighted average return on net assets was 15.17%, an increase of 2.45 percentage points over the same period last year.
I The rapid growth of the company’s sales scale and profit benefits from the following aspects:
1. Huge market space and continuous growth
The company has strong R & D strength and R & D team, world-class material development platform, basic component equipment and test platform and basic component design platform, and can widely develop the necessary key components of wireless signal processing and power signal processing. The market demand for wireless signal processing and power signal processing components continues to increase with the development of electronic information technology, The market space is huge and still in a long-term sustained growth trend. Because more intelligent, convenient and fast electronic products are one of the main goals pursued by users, that is, they need more and more functions of products. Therefore, from the technical level, it is necessary to continuously improve the information processing ability; At the same time, with the increase of the amount of information and the complexity of information, more and more powerful signal processing capabilities and corresponding independent power modules are needed; Finally, the amount of components used for signal processing and power management will increase, and the market scale will continue to develop with the electronic information industry.
2. Continuously improve production capacity and new product delivery by relying on global competitive advantages and global high-quality customers
After years of development, the company has established global competitive advantages in the field of basic components, including technical advantages, customer advantages, quality advantages and brand advantages; Core products have established global delivery advantages, gained the trust of global heavyweight customer groups, continuously improved the depth and breadth of cooperation with customers, and gradually established strategic partnership.
The company’s global high-quality customer base covers emerging market fields, including 5g communication technology and application, automotive electronic electrification and intelligence, Internet of things, cloud computing and cloud services, new energy and special industries; The global heavyweight customer base covers “world-class” communication enterprises, electric vehicle enterprises, automobile battery suppliers, automobile electronic module suppliers, communication terminal enterprises, communication module enterprises and server enterprises.
Relying on global competitive advantages and global high-quality customers, the company continues to improve production capacity and develop new products. In recent years, micro inductors, low loss power inductors, LTCC microwave devices, high reliability transformers, NTC thermistors, sensors, 5g filters, etc. continue to be introduced to the market, but still can not fully meet the market demand. Improving production capacity and new product delivery is the company’s long-term key work in the future, and will further establish the company’s global competitive advantage and brand influence.
3. Strong basic technology and systematic research strength to establish the sustainable competitive advantage of the company’s products
Shunluo has set up a R & D center since its establishment, and established a customer-centered innovation system. While developing products, shunluo attaches great importance to the research of basic technology, and has established a long-term, systematic and innovative research on relevant materials and manufacturing technology around the industrial development direction of “magnetic devices, microwave components, sensors and structural ceramics” Continuous research and innovation have formed a technical platform from design, materials, technology, equipment and control, and established a systematic technical foundation for the rapid development of new products that meet the needs of the market.
Through long-term technological innovation and market cultivation, not only inductance products, automotive electronics, sensors, transformers, microwave devices, precision ceramics and other products have been widely recognized by mainstream customers. Shunluo has developed from a single inductance enterprise to a multi category electronic component R & D and manufacturing enterprise. With the promotion of market application of these products and the development of series products, more opportunities will be provided for the sustainable development of the company, and the core competitiveness of the company will continue to improve.
4. Localization and substitution to accelerate the transfer of market demand
Trade frictions and epidemics have made global enterprises pay more attention to the security and stability of the supply chain. As a global component leader, the company has won the favor and trust of customers at home and abroad, accelerated the domestic substitution process, and further established the company’s competitive advantage. A large number of domestic substitution needs will help the development of the company.
5. Continuously improve the management and broaden the moat of the enterprise
The company is committed to improving the ability of enterprise management, product development, quality control, intelligent manufacturing and market development, and improving the ability to provide solutions and create value for customers through continuous management innovation, R & D innovation and organizational change. Focusing on the purpose of “focusing on customer needs, driven by business development and realizing the company’s strategy”, focus on the construction and management level improvement of human resource management system (all-round talent guarantee), strategic management system (effective realization), R & D system (shortening R & D cycle and improving project success power), marketing system (new products and new market development). Committed to building a management innovation mechanism and operation mode suitable for the development of the company, and continuously optimize the corporate governance structure and operation mechanism; Take the comprehensive operation budget and operation quantification as the starting point, stimulate the organizational vitality, continuously improve the operation efficiency, and realize the sustainable and effective development of the enterprise.
As a supplier of key basic components, the company has been able to obtain a comparative advantage in the competition of global basic industries through long-term accumulation and precipitation. The company will unswervingly focus on its main business and continue to promote the diversification and upgrading of the company’s product structure and market application with the “double driving mechanism of product development and market development”; Gather key projects and accelerate Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) development; Gather core customers, expand product series and increase share.
Relying on the technical advantages, customer advantages, quality advantages and brand advantages accumulated in the past 21 years, we insisted on focusing on the strategic market and core components, and determined the development plan for the next five years to meet the application market demand of 100 billion or even trillion in the future, and finally realize the long-term development vision of the company.
II Description of main business indicators
Unit: RMB 10000
The fourth quarter of 2021 the third quarter of 2021 the second quarter of 2021 the first quarter of 2021 the fourth quarter of 2020 the third quarter of 2020 the second quarter of 2020 the first quarter of 2020
Sales revenue
In 110092.97 116543.27 125501.10 105594.42 102195.40 101262.99 83921.52 60281.00
Gross profit margin 29.12%, 36.10%, 38.19%, 36.36%, 36.26%, 35.09%, 38.34%, 35.32%
Unit: 10000 yuan
Application fields 2018 2019 2020 2021
Signal processing 102834.23 121658.64 166452.96 198637.06
Power management 91142.64 99438.35 128625.72 161573.93
Special for automotive electronics or energy storage 3949.42 12868.10 17436.94 30335.87
Ceramics, PCB and others 38277.99 3535357.65 35145.29 67184.89
Total 236204.28 269322.74 347660.91 457731.75
Application portfolio
Laminated RF inductor, high frequency wound inductor, LC filter, duplexer, tripler, laminated antenna, balance filter, power signal processing splitter, balun, coupler and other LTCC elements, dielectric waveguide filter, circulator, NFC, wound signal inductor, wound common mode choke, thermistor, varistor, sensor, etc
Power management winding power inductor, laminated power inductor, integrated inductor, switching power plane transformer, switching power transformer, communication transformer, polymer tantalum capacitor, manganese oxide tantalum capacitor, etc
Communication transformer, network transformer, high-speed common mode, small magnetic ring common mode, on-board network transformer specially developed for automotive electronics, inductive products with special components for LED lamp control system, BMS components developed for energy storage application field, on-board spare wireless charging coil, etc
1. Sales and net profit
In 2021, the company realized an operating revenue of 4.577 billion yuan, an increase of 31.66% over the same period of last year; The net profit attributable to shareholders of listed companies was 785 million yuan, an increase of 33.33% over the same period last year. After deducting extraordinary profits and losses, the net profit was 693 million yuan, an increase of 31.45% over the same period last year, and the net profit hit a record high.
2. Gross profit
In 2021, the gross profit from sales reached 1.605 billion yuan, an increase of 27.29% over the same period of last year, reaching a record high in gross profit in the same period.
3. Gross profit margin analysis
In 2021, the gross profit margin was 35.05%, a decrease of 1.21 percentage points over the same period of the previous year, of which the gross profit margin in the fourth quarter of 2021 was 29.12%, a month on month decrease of 6.98% and a year-on-year decrease of 7.14%.
There are many factors affecting the gross profit in the fourth quarter: (1) the company’s production capacity continued to increase. Although emerging markets such as automotive electronics and energy storage still maintained a rapid growth trend, the scene of consumer market and communication market did not meet expectations, and the company’s capacity utilization decreased as a whole; (2) Changes in product structure; (3) The unit price of some products has been adjusted; (4) Exchange rate changes and the rise of some raw materials; (5) Withdrawal of annual performance and excess awards.
In the future, with the continuous improvement of capacity utilization, new market growth, key customer share and high-end component sales, the company’s gross profit margin is expected to gradually increase. At the same time, the company is expected to continuously improve its overall operation efficiency by actively strengthening internal reform and incentive mechanism.
4. Four expenses
Unit: RMB
Increased amount and proportion of the project in 2020 and 2021
Selling expenses 92916560.72 87567353.27 – 5349207.45 – 5.76%
Administrative expenses 155285794.66 206985348.07 51699553.41 33.29%
R & D expenses 244172667.38 344286412.46 100113745.08 41.00%
Financial expenses 55358721.61 56738242.38 1379520.77 2.49%
Total 547733744.37 695577356.18 147843611.81 26.99%
