Securities code: Changshu Tianyin Electromechanical Co.Ltd(300342) securities abbreviation: Changshu Tianyin Electromechanical Co.Ltd(300342) Announcement No.: 2022009 Changshu Tianyin Electromechanical Co.Ltd(300342) 2021 annual report summary
1、 Important note: 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 carefully read the full text of the annual report in the media designated by the CSRC. In addition to the following directors, other directors attended the meeting of the board of directors to consider the annual report in person
Name of director not present in person position of director not present in person reason for not attending the meeting name of the entrusted person
The audit opinion of zhongxinghua Certified Public Accountants (special general partnership) on the company’s financial report this year is: standard unqualified opinion. Changes of accounting firm during the reporting period: the accounting firm of the company was changed from zhongxinghua accounting firm (special general partnership) this year. Tips on non-standard audit opinions □ applicable √ not applicable the company was not profitable at the time of listing and is not profitable at present □ applicable √ not applicable to the profit distribution plan of common stock or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors √ applicable □ not applicable
The company’s profit distribution plan for ordinary shares reviewed and approved by the board of directors is: take 425035113 as the base, distribute cash dividend of 1.00 yuan (including tax) to all shareholders for every 10 shares, give bonus shares of 0 shares (including tax), and transfer capital reserve to all shareholders for every 10 shares.
Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation Changshu Tianyin Electromechanical Co.Ltd(300342) stock code Changshu Tianyin Electromechanical Co.Ltd(300342)
Shenzhen Stock Exchange
The stock abbreviation (if any) before the change is not applicable
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Chen Zhaomin, Li Yan
Office address: No. 8, Yingbin Road, Bixi New District, Changshu, Suzhou, Jiangsu
Fax: 051252691888
Tel: 051252691536051252690818
E-mail [email protected] ly422567030126.com.
2. Introduction to main business or products during the reporting period
1. Refrigerator compressor spare parts business
(1) Main product types
A. Refrigerator compressor starter: refrigerator compressor starter is used to control the start of refrigerator compressor, including non power consumption starter, integral non power consumption starter, PTC starter, integral PTC starter and mini PTC starter. The company has the invention patent of non power consumption starter products and is one of the drafting units of the industry standard of non power consumption electronic starter for compressor. The power consumption of the non power consumption starter invented by the company is less than 0.05W, which is far less than the power consumption level of 2-5W of PTC starter, and the energy-saving effect is obvious. The company is a leading enterprise in large-scale production and sales of non power consumption starters outside China. It is also one of the most powerful manufacturers of refrigerator compressor starters in China.
B. Suction silencer: the main function of the suction silencer is to reduce the noise of the compressor. It is installed inside the compressor and is very important to the compressor. The company’s silencer leakage rate reaches 0ppm. At present, the company is one of the largest and most stable suppliers of suction silencers at home and abroad.
C. Refrigerator frequency conversion controller: the main function of the refrigerator frequency conversion controller is to change the internal heat load of the refrigeration capacity of the refrigerator by changing the speed of the compressor. As early as 2012, the company successfully developed the frequency conversion refrigerator controller which is in the international leading position in technology. Its core technology – frequency conversion control program is completely independently developed by the company and has a high level in software algorithm.
(2) Business model
A. Procurement mode
The procurement department of the company is responsible for ensuring that the purchased materials and products meet the specified requirements and keep the procurement activities under control. The company conducts regular procurement according to the sales plan and production plan and comprehensively considers the reasonable inventory level, selects qualified suppliers on the premise of paying attention to quality, abiding by the contract, keeping promise and good service, and establishes a stable cooperative relationship with them. When purchasing raw materials, the company generally selects more than three suppliers for inquiry, makes full comprehensive comparison of price, product quality and payment, and then negotiates or tenders with the selected suppliers to determine the price and sign the purchase contract. For the selection of important raw material suppliers, the procurement department, production department and Quality Department of the company jointly evaluate the production capacity, product quality, quality control, market reputation, credit policy and other factors of the manufacturers producing such raw materials in the market, and select the best to establish a list of qualified suppliers. When purchasing a specific raw material, the company first tests the product performance indicators provided by the supplier, and establishes a cooperative relationship with it after passing the trial to purchase in large quantities.
B. Production mode
The refrigerator compressor spare parts business adopts the production mode of setting production according to sales. The company mainly formulates the production plan according to the sales order to avoid the overstock of product inventory. The production of the company is usually coordinated and implemented by multiple departments such as production department, technology department, quality management department and procurement department to ensure that the production can be completed with quality and quantity. Due to the seasonal nature of the company’s product sales, the company often appropriately increases the stock in the off-season to cope with the arrival of the peak sales season.
At present, the company has established a quality control system in line with the product production process, and set up quality control points in the warehousing of raw materials, product production, finished product testing and other links. In terms of raw materials, first regularly review and screen suppliers, and then inspect and test the materials before warehousing according to the corresponding standards; In the production process, the inspector of the quality inspection department shall carry out sampling inspection, patrol inspection, fixed-point full inspection and other process inspections on the products in process in strict accordance with the process control quality standards; In terms of finished product inspection, the personnel in the production workshop shall complete the self inspection after the finished products are completed, report to the quality control center for inspection after passing the self inspection, and store the finished products after passing the inspection.
C. Sales model
The sales mode of refrigerator compressor spare parts business is order direct sales mode. The company’s sales department is responsible for contacting customers, making sales plans, tracking customer trends and mining customers’ further needs. After years of operation, the company has established a good reputation in the downstream industry and established a stable cooperative relationship with downstream leading enterprises. At the same time, the company actively participates in various large-scale professional product exhibitions and strengthens the development of customer resources. In addition, the company conducts regular customer satisfaction surveys, and the customers put forward suggestions and opinions on the company’s product quality, delivery timeliness, price and after-sales service. The company’s management will discuss the survey results, summarize experience, and put forward measures to improve customer satisfaction, so as to serve each customer well.
(3) Key performance drivers
A. Industry factors
In 2021, the impact of covid-19 epidemic continues. The home appliance industry is facing many challenges, such as flat demand in the Chinese market, soaring prices of bulk raw materials, soaring international logistics costs, tight industrial power consumption, blocked supply chain, RMB appreciation and so on. According to the data of the National Bureau of statistics, the cumulative output of household refrigerators (household refrigerators) in 2021 was 89.921 million units, a year-on-year decrease of 0.4%; The cumulative output of household freezers (household freezers) in 2021 was 29.06 million units, a year-on-year increase of 7.9%.
B. Company’s own factors
The company is a pioneer in industry technology. As early as the 1980s, the company began to research and develop starters and other spare parts for refrigerator compressors. It is the first manufacturer in China to successfully develop power-free electronic starting relays. It is also one of the drafting units of industrial standards for power-free electronic starters for compressors. The company has long been concerned about the technology upgrading and reform trend of the household appliance industry. In 2012, the company successfully developed the frequency conversion refrigerator controller which is in the international leading position in technology. Its core technology – frequency conversion control program is completely independently developed by the company and has a high level in software algorithm. At the beginning of 2015, the state officially launched the “leader” system of energy efficiency, proposing that advanced and efficient energy-saving technologies and spare parts are adopted for four types of household appliances such as refrigerators and variable frequency air conditioners. Major refrigerator factories have transformed to produce high-end energy-saving refrigerators and variable frequency refrigerators, and the company’s technical reserves and first mover advantages appear. The company has continuously improved the market share of a number of leading enterprises in the downstream industry by virtue of the company’s investment in quality and brand awareness for many years.
2. Radar and China Aerospace Times Electronics Co.Ltd(600879) business
(1) Main product types
A. Electromagnetic spectrum security equipment and electronic warfare equipment
In information warfare, radar, communication, navigation and positioning and other information equipment all rely on electromagnetic spectrum to perform combat tasks. The above equipment is in a complex electromagnetic environment. While ensuring the normal operation of our own information equipment in the complex electromagnetic environment, the operation mode of jamming and deceiving enemy information equipment by means of electronic warfare is collectively referred to as electromagnetic spectrum operation. In view of the customer’s demand for ensuring the tactical performance of its own information equipment in complex electromagnetic environment, Huaqing Ruida has derived and iterated multiple models of electromagnetic spectrum security products for radar, communication, navigation and other electronic systems around the self-developed “full exchange integrated electronic system” and based on the platform characteristics of “generalization, standardization and reconfiguration”. At present, electromagnetic spectrum security equipment products include ate, military electronic system test business Avionics system module, etc. To meet the needs of customers to use electronic warfare means to interfere with and deceive enemy information equipment, Huaqing Ruida has developed electronic warfare equipment including electronic warfare UAV, portable electronic warfare equipment and its supporting broadband RF SIP chip.
In terms of electromagnetic spectrum security equipment: Huaqing Ruida ATE products mainly realize the automatic detection and maintenance functions of military aircraft airborne navigation and communication electronic systems, and have undertaken the development and production tasks of airport ate systems of many types of fighters; Military electronic system testing business mainly provides customers with hypothetical enemy simulation, testing, anti-interference performance evaluation and daily training and maintenance equipment for military communication electronic system and military navigation electronic system. The products have been applied in Aerospace Hi-Tech Holding Group Co.Ltd(000901) , aerospace science and industry, China Nuclear Power Group, a unit of the people’s Liberation Army and other customers.
Electronic warfare equipment: W20 electronic warfare UAV can carry a variety of electronic warfare task loads constructed by self-developed broadband RF SIP chip and full exchange integrated electronic system, and can perform tactical electronic warfare tasks of grass-roots forces; The main market orientation of portable electronic warfare equipment is the electronic warfare demand of grass-roots forces.
B. UWB signal acquisition and analysis system
UWB signal acquisition and signal processing have broad market prospects in new system radar, software radio, satellite communication, 5g communication, radio astronomy and a new generation of comprehensive test system. The products of signal analysis technology are mainly used in the field of national defense and military industry. They are the key components of signal processing equipment of radar and communication system. They are also widely used in the supporting testing of various systems. The real-time spectrum analysis and recording system products of Analysys technology occupy a leading position in the industry in key indicators such as high-speed recording, real-time spectrum analysis bandwidth and spectral resolution, and UWB electronic signal equipment products have realized serialization and standardization. At present, information analysis technology products have been applied in radar communication broadband signal acquisition and recording, complex electromagnetic environment simulation and monitoring, satellite ground station, radio astronomy and other fields or supporting equipment.
C. Star sensor
Star sensor is an important part of spacecraft and aircraft navigation system. It provides high-precision measurement data for spacecraft attitude control and astronomical navigation. It is mainly used in various satellites, UAVs, airships, missiles and other space facilities. Relying on more than 20 years of space technology accumulation of Tsinghua University, Tianyin interstellar is the first commercially operated star sensor manufacturer in China. The main products include nano type and skin type star sensors. At present, more than 190 products have been in orbit without fault, occupying a dominant position in China’s commercial satellite market. The applied satellites include Jilin No. 1 satellite, Gaogao satellite, lunar exploration satellite, global multimedia communication satellite, Hongyan satellite, scientific exploration satellite, cubic satellite, etc.
D. New system radar and radar related technical services
The new system radar is the development trend of modern radar, which has the advantages of anti radiation destruction, anti-jamming, anti stealth and so on. Leixin’s main products are over the horizon radar and other new system radars, as well as ground penetrating radar, liquid level gauge radar, handheld weather station and other electronic equipment. The new system radar designed by Lei Tai has been advanced in design, stable in performance and advanced in technology. It can realize over the horizon, wide range perception and early warning of marine targets and sea state information, and use information processing technology to achieve target tracking and sea state information replay of ships at sea.
(2) Business model
The main customers of the company’s radar and China Aerospace Times Electronics Co.Ltd(600879) sectors include national defense and military industrial users, scientific research institutes, aerospace enterprises, etc., involving both military and civil markets. Facing the industry trend of accelerating the renewal speed of new equipment, increasing the complexity of the system and increasing the speed of technology renewal, the subsidiary has established a mature technology platform. On the basis of meeting relevant national and military standards, internal standards covering resource scheduling, condition monitoring, configuration management, basic algorithms, signal processing, microwave link, display control, mechanical structure and other aspects have been established, which basically realizes the generalization of software and hardware modules between different products, and replaces the traditional single technology with the systematic technology leadership of the whole platform, It is conducive to the rapid development of new radar and derivative technologies. The company’s military products are purchased in strict accordance with China’s weapons and equipment
