Company code: Infovision Optoelectronics (Kunshan) Co.Ltd(688055) company abbreviation: Infovision Optoelectronics (Kunshan) Co.Ltd(688055) Kunshan Longteng North Electro-Optic Co.Ltd(600184) Co., Ltd
Summary of annual report 2021
April, 2002
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 http://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” of this report. 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 Daxin Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 6. The company was not profitable at the time of listing and has not yet achieved profitability
□ yes √ No 7 profit distribution plan or plan of converting accumulation fund into share capital in the reporting period adopted by the board of directors
The company plans to distribute a cash dividend of RMB 0.278 (including tax) to all shareholders for every 10 shares based on the total share capital registered on the date of equity distribution in 2021. As of December 31, 2021, the total share capital of the company is 3333333400 shares. Based on this calculation, the total amount of cash dividends to be distributed is 9266666852 yuan (including tax), accounting for 10.18% of the net profit attributable to the common shareholders of the listed company in the consolidated statements of the company in 2021; No bonus shares will be given and no capital reserve will be converted into share capital. The company’s profit distribution plan for 2021 has been deliberated and approved at the 18th meeting of the first board of directors of the company, and the independent directors have issued unanimous independent opinions, which need to be implemented after being deliberated and approved by the 2021 annual general meeting of shareholders. 8. Whether there are any 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 and sector stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange Kechuang board Infovision Optoelectronics (Kunshan) Co.Ltd(688055) Infovision Optoelectronics (Kunshan) Co.Ltd(688055) none
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: Cai Zhicheng, Julie
Office address: No. 1, Longteng Road, Kunshan Development Zone, Jiangsu Province
Tel: 051257278888
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
Infovision Optoelectronics (Kunshan) Co.Ltd(688055) is one of the first batch of enterprises specializing in TFT-LCD R & D and manufacturing in China. During the reporting period, the company continued to cultivate the application field of small and medium-sized display panels, and provided customers with all-round customized display solutions around the customer-centered value driving mechanism and relying on a sound marketing network. The products are mainly used in laptop, vehicle, mobile phone, industrial control, intelligent Internet and other display terminals. The company continues to implement the competitive strategy of product differentiation and high value, and layout advanced technologies in the industry such as privacy anti peeping display technology and metal grid on cell touch technology, so as to further improve its comprehensive competitiveness. （2） Main business model
The company has been deeply engaged in the LCD panel industry for many years and has formed a stable and efficient business model. The company adopts the production and operation mode of ordering by production and production by sales, adopts the combination of direct sales and distribution, and carries out business with direct sales as the main mode and distribution as the auxiliary mode. Through efficient R & D system, intelligent production system and relying on the marketing system covering many places, the company provides customers with high-quality products and services, meets customers’ multi-level and diversified needs, and realizes win-win development.
1. R & D mode
The company has maintained high R & D investment, invested heavily in building a number of scientific research and technology platforms, established a number of innovation carriers such as the national enterprise technology center, the National Postdoctoral research workstation, Jiangsu (Longteng) flat panel display technology research institute and Suzhou Institute of advanced technology, and has a professional R & D team, perfect R & D process and management system and advanced R & D support system, forming a complete and efficient innovation mechanism. For the development of new products and technologies, the company has formulated the process control document “new product development procedure”, which mainly includes four stages: planning, design, verification and mass production, and each stage has a strict approval process.
2. purchase mode
The company adopts the purchase mode based on production and order, and reasonably prepares materials by comprehensively considering the supply and demand of material market, inventory status, supply capacity of cooperative suppliers and other factors. Procurement strategy is divided into general raw materials and procurement strategy. The company carries out procurement in an open and transparent manner, and makes friendly negotiation on Pricing Based on market supply and demand and in combination with the technical requirements of products. The company maintains a good communication relationship with suppliers, establishes a qualified supplier system and a long-term good win-win cooperation relationship, so as to ensure the high quality requirements of the company’s products and the stability of the supply chain.
3. Production mode
The company adopts the production mode based on sales and production, and produces products according to customer needs. After receiving the customer’s demand, the company forms a sales forecast analysis, and comprehensively formulates the production plan according to the production capacity and product characteristics, taking into account the customer’s long-term cooperation, material supply, product production cycle and other factors; At the same time, according to the product sales history and in combination with the specific needs of customers, carry out strategic goods preparation. In order to improve production efficiency, the company entrusts some non core production processes, such as thinning and fitting, to external professional companies for processing; The company has established strict screening and certification standards for outsourcing manufacturers, mainly including quality system certification and product verification by means of data investigation, field investigation and risk identification investigation. In addition, the company has formulated strict management standards for outsourced processing processes and products to ensure the quality of outsourced products.
4. Sales model
The company adheres to the long-term proposition of brand and the development logic of professional technology quality brand, and adopts the sales mode of combining direct sales and distribution, with direct sales as the main and distribution as the auxiliary. The products sold by the company are mainly cell products and module products. According to the needs of customers, mobile phone panels are generally sold in the form of cell. Customers carry out subsequent module processing, and notebook computers, vehicle and industrial control panels are generally sold in the form of module. （3） Industry 1 Development stage, basic characteristics and main technical threshold of the industry
New display is the core basic industry in the field of new generation information technology, which is of fundamental, leading and strategic significance to the intelligent development of global economy and society. According to the guidance catalogue of key products and services of strategic emerging industries (2016 Edition) issued by the national development and Reform Commission, the panel products of high-performance amorphous silicon (a-Si) / low-temperature polycrystalline silicon (LTPs) / oxide liquid crystal display (TFT-LCD) belong to the key products of strategic emerging industries; According to the classification of strategic emerging industries (2018) issued by the National Bureau of statistics, display device manufacturing belongs to the electronic core industry of the new generation of information technology industry. In the 14th five year plan, China has always focused on the electronic information industry, including the new display industry, and has successively issued relevant industrial development plans and policies to encourage and support the development of the industry. After more than ten years of unremitting efforts, China has achieved the leapfrog development of the new display industry from scratch, from small to large, from weak to strong. With the continuous release of China’s production capacity and the withdrawal of some production capacity in South Korea, the industry concentration has further improved, and China is gradually occupying the leading position in the industry.
With the accelerated development of 5g, aiot technology and global digitization process, the penetration rate of consumer electronic products continues to increase, new scenarios and new applications promote the diversified development of IT products, and the rapid growth of new energy vehicle market drives the continuous growth of display panel demand. In 2021, the shipment of notebook computer panel reached a record high. In the first half of the year, the demand was driven by the epidemic, mainly consumer laptop and educational books. In the second half of the year, with Europe and the United States successively unsealing and returning to normal work, the demand was taken over by commercial machines to support the panel demand of the whole year. At the same time, with the trend of more intelligent vehicles, the on-board display gradually shows some characteristics of consumer electronics, and the area and total amount of on-board displays such as central control large screen and dual screen are growing synchronously. In 2021, the output value and output of the global new display industry reached a new high. According to the data of the liquid crystal branch of China Optical and Optoelectronic Industry Association (coda), the output value of the global new display panel was about 150 billion US dollars. According to the statistics of research institutions, 292 million laptop panels were shipped in 2021, a year-on-year increase of 28%; 188 million on-board display panels, a year-on-year increase of 26%; Smartphone panels shipped 1.92 billion pieces, a year-on-year increase of 8%.
Panel industry is a typical technology intensive, capital intensive and talent intensive industry with high barriers to entry. Only when enterprises have unique core technology, rich customer base, rapid demand response, stable supply, excellent quality and long-term and stable operation ability, can they match customer demand with innovative supply, so as to be in an advantageous position in the competition. 2. Analysis of the company’s industry position and its changes
The company is one of the first batch of enterprises specializing in TFT-LCD R & D and manufacturing in China. Over the years, it has devoted itself to its main business, has profound process accumulation and mature production line operation experience, gives full play to the characteristics of flexible production line configuration and fast switching speed, accurately grasps the needs of downstream end customers, adheres to innovation driven development and differentiated, high-value and customized product strategies, and takes the lead in industrialized application of advanced technology, Especially in the high-end business, the market share of PEEP proof laptop panel remains the world leader; And under the condition of limited production capacity, relying on the power of science and technology and products, the company has achieved a certain market share in various subdivided application fields. According to the statistics of research institutions, in 2021, the company ranked seventh in the world in the shipment of notebook computer panels and ninth in the world in the shipment of vehicle display panels. 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
In the future, with the continuous expansion of the scope of display applications and the diversification of display needs, TFT-LCD and AMOLED, as the main technology types in the market, will meet the display needs in different scenarios with a variety of display technologies such as mini / micro led, coexist and compete with each other for a long time. At this stage, TFT-LCD occupies a leading position in the display field with its unique advantages of mature technology, stable quality and high cost performance. According to the statistics of research institutions, the LCD production capacity accounts for about 93% in 2021. AMOLED has the characteristics of light weight, high contrast, low power consumption and flexible display. Its market penetration in high-end smart phones, wearable devices and other markets has increased rapidly.
As an improved technology based on TFT drive, metal oxide panel technology has higher electron mobility and light transmittance, better uniformity and stability than a-Si TFT-LCD. It can realize the characteristics of high resolution, high refresh, narrow frame and low power consumption. It has broad application prospects in the field of high-end notebook computers, E-sports displays, flat panels and other products, and is expected to become one of the mainstream display solutions in the future. The company continues to invest in research and development. In the future, it will combine the company’s industry advanced privacy peeping prevention, metal grid on cell touch and other technologies to better meet the high-end and differentiated market demand and enhance the core competitiveness of the company’s products.
By adopting more accurate zoning dimming technology, mini LED can improve the display image quality and contrast of the screen, highly restore the color and brightness of the real world, and have ultra-low power consumption. The application of mini LED backlight technology will usher in the first year of large-scale commercial use in 2021, with a rapid growth rate, and will become the next growth point of the display industry. In particular, driven by the efforts of various terminal brands, large-size display is growing rapidly, and there are mass production conditions in the small and medium-sized market. If the cost can be further optimized, mini LED backlight display is expected to usher in the rapid growth of actual shipments. Mini LED backlight technology is updated and upgraded in the existing technology and has a good complementary relationship with traditional LCD display products. The company has successfully launched relevant samples. In order to further optimize the cost, based on the traditional Mini led architecture, the company actively studies the new technical architecture and improves the comprehensive competitiveness of products.
As the next generation of display technology, micro LED has better display performance and has good application prospects and development space, but the technology is not yet mature. If it breaks through the bottlenecks such as chip technology, driving technology and massive transfer technology, it will have a competitive advantage in the display technology market such as super large display and wearable display. 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 723681021071566439446472 27
