Securities code: Shenzhen Senior Technology Material Co.Ltd(300568) securities abbreviation: Shenzhen Senior Technology Material Co.Ltd(300568) Announcement No.: 2022033 Shenzhen Senior Technology Material Co.Ltd(300568)
Annual report for 2021
February 2022
Section I important tips, contents and definitions
The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee that the contents of the annual report are true, accurate and complete without false records, misleading statements or major omissions, and bear individual and joint legal liabilities.
Chen Xiufeng, the person in charge of the company, Wang Changhong, the person in charge of accounting, and Shen Hui, the person in charge of the accounting organization (Accounting Supervisor), declare that they guarantee the authenticity, accuracy and completeness of the financial report in this annual report.
All directors have attended the meeting of the board of directors to consider this report.
The company respectfully invites investors to carefully read the full text of this annual report and pay special attention to the following risk factors. For details, please refer to "Xi. Prospect of the company's future development (II) business risks faced" in "section III Management Discussion and analysis" of this report:
1. Risk of falling product price and fluctuation of gross profit margin
The continuous progress of technologies related to lithium-ion battery diaphragm industry, the scale advantage formed by capital investment and the rapid increase of production capacity not only promote the gradual reduction of production costs, but also make the market competition increasingly fierce, especially in the low-end market. At the same time, with the increasing investment scale and R & D efforts of competitors, the increasingly fierce market competition makes the company face not only development opportunities, but also risks and challenges, which affects the profitability of the company. Therefore, the company has the risk of falling product prices due to intensified market competition.
Countermeasures: the company focuses on developing the medium and high-end market, continuously optimizes the customer structure, and increases business cooperation with well-known lithium-ion battery manufacturers at home and abroad. Well known lithium-ion battery manufacturers pay more attention to the product quality and safety performance of lithium-ion battery separator, which will help to reduce the adverse impact of increasingly fierce competition in China's low-end market on the company.
2. Risk of customer concentration
The company is a national high-tech enterprise specializing in the R & D, production and sales of lithium-ion battery separators. Its main customers include Korean LG Chemical, Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Samsung SDI, Gotion High-Tech Co.Ltd(002074) , China Innovation airlines, Eve Energy Co.Ltd(300014) , Sunwoda Electronic Co.Ltd(300207) , Tianjin Lishen and other well-known lithium-ion battery manufacturers at home and abroad. In view of the advantages of well-known lithium-ion battery manufacturers at home and abroad in profitability and economies of scale, the company will continue to strengthen the business undertaking of the above important customers in the future, and the customer concentration of the company may remain at a high level in the future. In case of disputes between the company and the above major customers, resulting in the termination or reduction of the other party's procurement from the company, or significant changes in the other party's own production and operation, and the company is unable to expand other customers in time, the company will face the risk of decline in operating performance.
Countermeasures: the company will continue to expand new customers around the world and control its dependence on major customers.
3. Risk of declining performance
With the recovery of downstream market demand, the company's operating performance has increased significantly year-on-year, but its future development is affected by comprehensive factors such as macroeconomic, industrial policy, technological progress and market competition. If the company cannot effectively deal with the adverse effects of the above factors on production and operation, it may lead to the risk of performance decline.
Countermeasures: the company will strengthen the maintenance of cooperative relations with major customers and improve market competitiveness.
4. Risk of rising raw material costs
The main raw materials PP and PE required for the production of lithium-ion battery diaphragm of the company are mainly imported from overseas, and the price is affected by the change of exchange rate to a certain extent. Although the company has reached a good cooperative relationship with many suppliers through many years of operation and has strong bargaining power, if the prices of PP and PE continue to rise in the future, it may still affect the company's gross profit margin to a certain extent, and then adversely affect the company's performance.
Countermeasures: through years of operation, the company has reached a good cooperative relationship with many suppliers and has strong bargaining power.
5. Risk of single business and product
The company's main business is prominent. During the reporting period, the company's operating revenue mainly comes from the sales of lithium-ion battery diaphragm products. Due to the relatively single business and product structure, in the case of further decline in product prices caused by intensified competition in the lithium-ion battery diaphragm market, if the company fails to adjust the product structure in time and cultivate new profit growth points, it may have an adverse impact on the company's sustainable profitability.
Countermeasures: the company is carrying out research on other functional membranes to enrich the product types and structure of the company and enhance the profitability of the company.
6. Bad debt loss risk of accounts receivable
With the rapid growth of the company's business scale, the balance of accounts receivable may maintain a relatively high level. If the company's short-term accounts receivable rise sharply, and the customer's financial situation deteriorates or fails to pay on time, the company will face the risk of bad debt loss, which will have an adverse impact on the capital turnover and profit level.
At the same time, the company has formulated strict management measures for large accounts receivable of well-known manufacturers to reduce the risk of bad debts.
7. Risk of exchange rate changes
The raw materials and main equipment used in the production of lithium-ion battery diaphragm are mainly imported from abroad. At the same time, in recent years, the company has actively expanded its overseas business, and the scale of export revenue has increased rapidly. The settlement currencies of the company's overseas sales and procurement are mainly US dollars and euros. The exchange rate fluctuation of RMB against US dollars and RMB against euros may have an adverse impact on the company's production and operation. In the future, the company will continue to expand its overseas business, the amount of overseas sales and procurement will continue to increase, and the company will face the risk of weakening the price advantage or increasing the exchange loss caused by the fluctuation of RMB against the US dollar and RMB against the euro.
Countermeasures: the company will choose a strong currency for settlement to reduce the impact of exchange rate fluctuations; At the same time, adjust the settlement time point and settlement amount of foreign currency revenue and expenditure, and control the holding amount of foreign currency; And pay timely attention to the trend of exchange rate, and use the financial instruments provided by banks or financial institutions to improve the ability to control exchange rate risk.
8. Technological progress and risk of product substitution in lithium ion battery diaphragm industry
At present, there are many kinds of batteries that can convert chemical energy into electrical energy. After years of development, lithium-ion batteries have been superior to traditional secondary batteries in volume specific energy, mass specific energy, mass specific power, cycle life and charge discharge efficiency. As the key material of lithium-ion batteries, lithium-ion battery diaphragm has become a new energy industry with priority support and key development of governments all over the world together with lithium-ion batteries. From the perspective of the development of lithium-ion battery commercialization, its R & D, industrialization, cost performance, verification of energy-saving and environmental protection effect and market promotion have experienced a long process.
Although lithium-ion batteries are still difficult to be replaced by other types of batteries for a long time, with the continuous progress of science and technology, they are still faced with the possibility of being replaced by other products such as fuel cells, lithium metal batteries, zinc air batteries and so on.
Countermeasures: at present, the company is committed to the development of new products and technologies for lithium-ion battery diaphragm and other functional membranes to reduce the risk of product substitution caused by industrial technological progress. At the same time, the company will also continue to strengthen strategic cooperation with well-known lithium-ion battery manufacturers at home and abroad, establish closer resource and market cooperation relations, and maintain the sustainable development of the company.
9. Risk of disclosure of core technology and loss of core technical personnel
Lithium ion battery separator is a multi-disciplinary technology intensive industry involving polymer materials science, material processing, nanotechnology, electrochemistry, surface and Interface Science, mechanical design and automatic control technology, complete equipment design and other disciplines. The development and improvement of new technologies, processes and products are the key to the sustainable development of the company. In recent years, the company has made a large number of R & D achievements, most of which have been protected by applying for patents. Some R & D achievements are still in the process of patent application, and some R & D achievements and proprietary technologies are non patented technologies accumulated by the company over the years. If such R & D achievements are leaked or infringed, it will have an adverse impact on the production and operation of the company.
Countermeasures: in order to prevent the loss of core technical personnel, the company formulated relevant incentive policies and management systems to reflect the company's respect for R & D personnel, technical backbone and their achievements, and fully mobilize the work enthusiasm of R & D personnel. In order to prevent the leakage of the company's core technology, the company has also taken corresponding measures in the process of R & D and production, such as adopting the confidentiality system of segmented shielding of technical contact at key R & D and process nodes. On the other hand, the company signed relevant confidentiality agreements with relevant technicians, strictly stipulated the rights and responsibilities of technicians, and made non competition regulations for relevant technicians after leaving.
10. Risks of policy changes in the end market
In recent years, countries have intensively introduced industrial policies to support the development of new energy vehicle industry. Benefiting from policy support, the new energy vehicle industry has developed rapidly, which has driven the development of upstream related industries, including lithium-ion battery diaphragm. In the future, if the industrial policy changes, it will have an adverse impact on the development of the whole new energy vehicle industry chain, which may have an adverse impact on the lithium-ion battery diaphragm industry and the company's operating performance. Countermeasures: the company will increase investment in research and development of new functions of diaphragm, explore its new commercial application market, and reduce the impact of policy changes in the terminal market on the company to a certain extent.
The profit distribution plan approved by the board of directors is: Based on 768408503, the company will distribute cash dividend of 0.50 yuan (including tax) to all shareholders for every 10 shares, bonus shares of 0 share (including tax) and capital reserve to all shareholders for every 10 shares.
catalogue
Section I important tips, contents and definitions Section 2 company profile and main financial indicators Section III Management Discussion and Analysis Section IV corporate governance 48 Section V environmental and social responsibility 70 section VI important matters Section VII share changes and shareholders 103 Section VIII preferred shares 112 section IX relevant information of bonds Section x financial report one hundred and sixteen
Directory of documents for future reference
(I) the original of the 2021 annual report signed by the chairman of the company. (II) financial statements with the signatures and seals of the person in charge of the company, the person in charge of accounting work and the person in charge of the accounting organization (the person in charge of Accounting). (III) originals of all company documents and announcements publicly disclosed on the website designated by the CSRC during the reporting period.
interpretation
Explanatory item refers to the explanatory content
The company, the company and Shenzhen Senior Technology Material Co.Ltd(300568) refer to Shenzhen Senior Technology Material Co.Ltd(300568)
The articles of association and the articles of association refer to the Shenzhen Senior Technology Material Co.Ltd(300568) articles of association
Company Law refers to the company law of the people's Republic of China
Securities Law refers to the securities law of the people's Republic of China
CSRC refers to the China Securities Regulatory Commission
Shenzhen stock exchange refers to Shenzhen Stock Exchange
Hefei Xingyuan refers to Hefei Xingyuan new energy materials Co., Ltd., a holding subsidiary of the company
Changzhou Xingyuan refers to Changzhou Xingyuan new energy materials Co., Ltd., a wholly-owned subsidiary of the company
Jiangsu Xingyuan refers to Jiangsu Xingyuan New Material Technology Co., Ltd., a wholly-owned subsidiary of the company
Eurostar refers to senior material (Europe) AB, a wholly-owned subsidiary of the company
Nantong Xingyuan refers to Shenzhen Senior Technology Material Co.Ltd(300568) (Nantong) new material technology Co., Ltd., a wholly-owned subsidiary of the company
LG Chem, Ltd, which is subordinate to LG Group of Korea, governs petrochemical, information electronic materials, LG Chemical Index of Korea, secondary battery and other business divisions. The secondary battery business division is mainly engaged in the R & D, production and sales of high-capacity polymer batteries, power batteries and energy storage batteries, It is a leading enterprise in the chemical industry in Korea
Sumsung SDI is a battery solution specializing in battery materials, battery cells and battery packs. Samsung SDI refers to a global supplier. Its products are mainly used in mobile phones, tablet computers, electric bicycles, electric motorcycles, etc
