Today (April 13), taixiang shares (833874, BJ) released its 2021 annual report. Last year, the company achieved an operating revenue of 160 million yuan, a year-on-year increase of 3.54%, and a net profit attributable to shareholders of listed companies of 704037 million yuan, a year-on-year increase of 0.02%.
In 2021, the net profit attributable to the shareholders of taixiang listed company increased by only about 10760 yuan compared with that in 2020, while the net profit attributable to the shareholders of listed company after deducting non recurring profits and losses decreased by 6.21% year-on-year.
The sluggish performance growth of taixiang shares is mainly related to the decline in the prosperity of the automobile industry. At present, the company's main products are the core parts of automobile engine - engine main bearing cap. The company is a global supplier and A-class supplier of Volkswagen Group. At the same time, it also provides main bearing cap products for some well-known vehicle manufacturers at home and abroad.
Taixiang listed seven risk factors of the company in its 2021 annual report, including "the risk of slow recovery of the automobile industry". Listed companies said that the growth of China's automobile consumption is not optimistic. According to the statistics of China Automobile Industry Association, from 2019 to 2020, China's automobile sales fell by 8.23% and 1.78% respectively. Since the end of 2020, due to the impact of the epidemic, the global chip shortage has a great impact on the automobile industry, and the recovery speed of the automobile industry has been greatly limited. According to the statistics of China Automobile Industry Association, China's automobile production and sales in 2021 were 26.082 million and 26.275 million respectively, with a year-on-year increase of 3.40% and 3.81% respectively, and the growth rate was relatively slow. In addition, Ukraine has a supply share of more than 70% of the global neon gas, and the recent conflict between Russia and Ukraine may affect the chip supply. Therefore, affected by the "lack of core", there is a risk of slow recovery in the automotive industry.
In addition, taixiang also focused on the "risks brought by the development of new energy vehicles". The company said that in recent years, stimulated by the development and promotion policies of new energy vehicles all over the world, mainstream vehicle enterprises have successively increased their investment in new energy vehicles. China is one step ahead in the development of new energy vehicles. Relevant national departments have successively issued a series of policies to encourage the development of new energy vehicles. Since pure electric vehicles, which occupy a high share of new energy vehicles, do not need to be equipped with internal combustion engine, the development of new energy vehicles has a certain adverse impact on internal combustion engine parts manufacturing enterprises. In the future, if the government continues to increase policy support for the development of new energy vehicles or the core technology of new energy vehicles achieves a breakthrough, its proportion in the automobile consumption structure continues to rise, and the company fails to extend to the field of new energy vehicle parts in time, the company will face the risk of product substitution brought by the development of new energy vehicles.
Due to the single product structure of taixiang shares, the development of new energy vehicles does have a great impact. The listed company said that at present, the company's revenue depends entirely on class I products. In the future, the proportion of new energy vehicles in the downstream vehicle sales may be further increased, and the company's main customers may adjust the relevant product structure in order to adapt to the development trend of the industry. If the company cannot develop new products that adapt to the development trend of the industry in the future, the company may face major adverse changes in the company's cooperation with major customers, a sharp decline in the market share of major products, a sharp decline in the company's operating performance and other risks caused by the single product that cannot adapt to the changes in the downstream industrial structure.
In 2021, the R & D cost of taixiang Co., Ltd. was only 9.8421 million yuan, an increase of 37.43% over 2020, but the proportion of R & D investment in revenue was only about 6%. The company said that in terms of research and development of new products and new processes, it has completed the research and development of casting mold process, casting and machining process and multi wheel sample trial production of the new product Hungary Audi ea897 main bearing cap.
According to the review results of the 15th meeting of 2022 held by the GEM Listing Committee of Shenzhen Stock Exchange on March 25, the review result of taixiang's application for board transfer is that it meets the board transfer conditions and information disclosure requirements. If there is no accident, the company will transfer to the gem for listing in the future.
