Company code: 688598 company abbreviation: Kbc Corporation Ltd(688598) Kbc Corporation Ltd(688598)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should go to the website of Shanghai Stock Exchange (www.sse. Com. CN.) The website carefully reads the full text of the annual report. 2 major risk tips
The company has described the possible risks in this report. Please refer to "IV. risk factors" in "section III Management Discussion and analysis". 3 the board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 4. All directors of the company attended the board meeting. 5 Tianzhi International Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 6. The company is not profitable and has not yet achieved profitability when it is listed □ yes √ No 7. The profit distribution plan or the plan for the conversion of provident fund into share capital in the reporting period adopted by the resolution of the board of directors
(1) The company held the first extraordinary general meeting of shareholders in 2021 on September 9, 2021, deliberated and passed the proposal on the company's 2020 interim profit distribution plan. As the company has completed the ownership and listed and circulated in the first vesting period of the 2020 restricted stock incentive plan, the total share capital of the company has changed from 80000000 shares to 80200000 shares. The profit distribution is based on the total share capital of 80200000 shares of the company before the implementation of the scheme, with a cash dividend of 0.5 yuan per share (including tax), a total of 40100000.00 yuan, and the cash dividend distribution will be completed on September 30, 2021.
(2) In order to protect shareholders' rights and interests and give back to shareholders, considering various factors such as operation, cash flow status, capital demand and future development, the 33rd meeting of the second board of directors of the company considered and adopted the proposal on the profit distribution plan of 2021 on February 25, 2022, which plans to take the total share capital on the date of equity distribution registration as the base, Distribute cash dividends of 2.5 yuan (including tax) to all shareholders for every 10 shares. The profit distribution plan still needs to be considered by the company's 2021 annual general meeting of shareholders. 8. Whether there are important matters such as special arrangements for corporate governance □ applicable √ not applicable
Section II basic information of the company
1 company profile company stock profile √ applicable □ not applicable
Company stock profile
Stock type stock exchange stock abbreviation before stock code change stock abbreviation and sector
RMB common stock (a) Shanghai Stock Exchange Kbc Corporation Ltd(688598) 688598 none
(1) Kechuang board
Profile of the company's depositary receipts □ applicable √ not applicable contact person and contact information
Contact person and contact information secretary of the board of directors (domestic representative of information disclosure) securities affairs representative
Name: Tong Yu, Luo Jianwei
Office address: No. 2, Yingbin West Road, Yiyang City
Tel: 0737-6202107 0737-6202107
E-mail [email protected]. [email protected].
2. Introduction to the company's main business in the reporting period (I) main business, main products or services
1. Main business of the company
The company is mainly engaged in the R & D, production and sales of advanced carbon matrix composites and products. At this stage, it focuses on carbon / carbon composites and products, which are mainly used in crystalline silicon manufacturing thermal field system in photovoltaic industry. It is a high-tech enterprise with independent R & D ability and continuous innovation ability. The company is committed to providing customers with advanced carbon matrix composite products and a full range of solutions with excellent performance and high cost performance. It is the only advanced carbon matrix composite manufacturing enterprise selected into the list of the first batch of specialized special new "little giant" enterprises of the Ministry of industry and information technology. The company's main business product carbon matrix composite hot field components are sold by the Ministry of industry and information technology China Industrial Economic Federation named "the Sixth Batch of single champion products of manufacturing industry".
2. Main products of the company
At present, the company's advanced composite products are mainly used in the thermal field system of photovoltaic monocrystalline silicon drawing furnace, and the main downstream customers are major enterprises in the field of photovoltaic crystalline silicon manufacturing. The company's main products, such as crucible, guide cylinder and insulation cylinder, are consumable parts. The sales revenue of the company's products in the photovoltaic field is the main source of revenue of the company. The downstream demand is mainly divided into new demand, replacement demand and transformation demand. （2） Main business mode 1. Procurement mode
The main raw materials purchased by the company include carbon fiber, etc. The procurement department of the company is responsible for supplier selection, price negotiation and contract signing. In order to ensure the quality and performance of the company's products, the company has formulated a strict supplier selection and audit system. The procurement department of the company selects suppliers from the list of qualified suppliers through price comparison and inquiry according to relevant procurement systems and production plans, and prepares a procurement application form and submits it to the company for internal approval. After the purchase requisition is approved, the company will sign a purchase contract with qualified suppliers. The procurement department shall continuously monitor and track the goods in the procurement contract to ensure that the goods arrive at the factory within the supply cycle. Goods arriving at the factory shall be subject to incoming inspection, and the inspector shall inspect the materials, which can be put into storage only after passing the inspection. 2. Production mode
The company's main production mode is customized development and production according to customer needs; The company focuses on order production, supplemented by market forecast information to arrange production. 3. Sales and profit model
The company's sales mode is direct sales mode.
The company has all-round business capabilities from single product sales to providing overall solutions (including scheme design, product manufacturing and provision, technical services and sales services). Through the industrialization of self-developed products, the company will finally realize sales revenue and profits. The company has formed the current business model by combining the upstream and downstream development status, national industrial policies, market supply and demand, main business characteristics, its own development stage, its own capital scale and other factors.
4. R & D mode
Relying on the experienced R & D team and advanced R & D equipment, after years of practice and accumulation, the company has established a R & D model to meet the company's business needs. The technology research and development of the company is undertaken by the research and development center. The company has formed a complete product R & D process, which is mainly composed of design and development project application, project review, design review, design verification, design confirmation and so on.
To sum up, the company has formed the current business model in combination with the upstream and downstream development status, national industrial policies, market supply and demand, main business characteristics, its own development stage, its own capital scale and other factors. During the reporting period, the above key factors affecting the company's business model have not changed significantly, and it is expected that the company's business model will not change significantly in the short term in the future. （3） Industry 1 Development stage, basic characteristics and main technical threshold of the industry
1.1 development stage of the company's industry
According to the changes of downstream application market, carbon matrix composites have experienced three development stages:
(1) Phase I: Technology Exploration and product verification. From 2005 to 2010, the application of advanced carbon matrix composites in the field of thermal field system of crystalline silicon manufacturing entered an exploratory period. A few advanced carbon matrix composite manufacturers in China, represented by the company and Xi'an super code, tried to use advanced carbon matrix composite products in the thermal field system of crystalline silicon manufacturing instead of isostatic pressing graphite products, and the products began to be verified;
(2) The second stage: technology upgrading and industrialization. From 2011 to 2015, the double anti policies of Europe and the United States had a great impact on China's photovoltaic industry. The urgent need of the photovoltaic industry to reduce costs made Chinese enterprises take the lead in thinking about change and began to boldly try new materials and processes. At this stage, carbon matrix composites provide new thermal field design and material guarantee for the single crystal drawing furnace of customers in the photovoltaic industry to increase the feeding amount, increase the drawing speed and reduce energy consumption, and promote the cost reduction and efficiency increase, technological progress and recovery development of the photovoltaic industry; (3) The third stage: batch substitution and market leading stage. From 2016 to 2020, with the development of downstream crystalline silicon manufacturing industry towards large size, high drawing speed and high quality, the technical advantages of carbon matrix composites in terms of high safety, high purity and designability are becoming more and more obvious, and carbon matrix composites have become the dominant market demand. Recently, with the promotion of policies, many enterprises have joined the photovoltaic industry across borders, and the downstream demand of the company is strong.
(4) The fourth stage: material product enrichment and application expansion stage. From 2021 to now, with the continuous highlighting of the performance advantages of carbon matrix composites and the continuous decline of the preparation cost, its application in the fields of photovoltaic, semiconductor, hydrogen energy, high temperature heat treatment, automobile and rail transit braking is expected to continue to expand, and the demand will maintain a stable growth.
1.2 basic characteristics of the industry at this stage
1. Policies promote the sustained and rapid development of the industry
The advanced carbon matrix composite industry is of great significance to promote technological innovation and support industrial upgrading. It is one of the industries that the state focuses on supporting and giving priority to development. The competent government departments have successively issued a series of policies to support the development of the industry. They require to actively develop the integrated preparation process of new super large specifications and special structural materials, and promote the low-cost production and preparation of high-performance composites, the diversification of product varieties and the autonomy of equipment design. A good policy environment will further promote the sustainable and rapid development of the industry.
2. The application field is expanding and the market space is broad
As a strategic advanced carbon material with excellent performance, carbon matrix composites can be used in the field of high temperature heat treatment, wear resistance, corrosion resistance and so on. As the performance advantages of carbon matrix composites continue to highlight and the preparation cost is gradually reduced, the demand for carbon matrix composites in aerospace, photovoltaic, semiconductor, machinery, automobile, chemical and other industries will maintain a stable growth, and its substitution for traditional materials and products will gradually improve, with a broad market space.
3. The products are developing in the direction of large size and high purity, and the technical threshold is further raised
With the rapid development of photovoltaic and semiconductor industries, the technical update and iteration speed of the thermal field system of monocrystalline silicon growth furnace is accelerated. With the development of thermal field system in the direction of large size and high purity, the requirements for the comprehensive performance of thermal field components are becoming higher and higher. The production process of carbon matrix composite products is relatively complex, and the overall technical difficulty is high, especially in the systematic design of thermal field components, the integrated design of structure and function of large-diameter and complex shape components, and the overall technology of high-performance and low-cost carbon matrix composite product manufacturing. Enterprises need long-term technology accumulation and continuous R & D investment to meet the higher technical requirements of thermal field system for carbon matrix composites, such as large size and high purity.
4. Technological progress continues to reduce costs and promote "cost reduction and efficiency increase" in downstream industries
The preparation cost has always been the key to the wide application of advanced carbon matrix composites. With the technical progress of the industry and the continuous improvement of the preparation process level, the preparation cost of carbon matrix composites gradually decreases, the cost performance advantage gradually highlights, and the market share is higher and higher. Especially in the single crystal drawing link of the photovoltaic industry, its market competitiveness has reached a high level, which has promoted the rapid development of silicon wafers in the photovoltaic industry in the direction of large size and high purity, and promoted the cost reduction and efficiency increase of the photovoltaic industry. 2. Analysis of the company's industry position and its changes
As a leading manufacturer and supplier of advanced carbon matrix composites and products for thermal field of crystalline silicon manufacturing in China, the company has mastered the core technology of low-cost preparation of advanced carbon matrix composites, and has a leading market position in R & D, products and brands. The company's large-scale thermal field components have played a supporting role in the large-scale development of the diameter of monocrystalline silicon rod, greatly improved the safety of the crystal drawing thermal field system, improved the crystal drawing rate, significantly reduced the operating power of the crystal silicon drawing furnace, greatly promoted energy conservation and consumption reduction, and further improved the market share of carbon based materials in the field of thermal field and so on. With the continuous expansion of the company's production capacity and the continuous introduction of new products, the company's business scale continues to expand and its market share will continue to increase.
According to the market demand and development strategy, the company continued to strengthen scientific research. During the reporting period, the total R & D investment was 64.9724 million yuan, an increase of 87.60% over the previous period; In addition, the company continued to strengthen the introduction of talents. The number of R & D personnel at the end of the period was 62, an increase of 55.00% year-on-year compared with the previous period. Continuous investment in scientific research and talent introduction will help the company further improve its technology and process level, expand its leading edge in technology and maintain its leading position in the market.
In the future, the company will continue to carry out new technology research and development, new product development and new field expansion in the field of carbon matrix composites, give further play to the advantages of technology and scale, continuously improve the market share and market position, and build the company into a world leading advanced carbon matrix composites research, development and industrialization platform. 3. Development and future development trend of new technologies, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business forms and new models during the reporting period
1. New technology
(1) During the reporting period, the photovoltaic silicon wafer developed towards a larger size, which put forward higher requirements for the size of the thermal field system and its components of the drawing furnace for crystalline silicon manufacturing. The company has developed a series of products with super large size thermal field components of 40 inches and above.
(2) During the reporting period, photovoltaic and semiconductors developed towards higher quality, which put forward higher requirements for the purity of crystalline silicon thermal field components. The company laid out and developed a series of ultra-high purity thermal field components.
(3) During the reporting period, in order to improve the friction performance of carbon matrix composites and expand its application in the braking field, the company has developed low-cost ceramic technology.
2. Development of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business forms and new models
