Securities code: Xi'An Manareco New Materials Co.Ltd(688550) securities abbreviation: Xi'An Manareco New Materials Co.Ltd(688550) Announcement No.: 2022014 Xi'An Manareco New Materials Co.Ltd(688550)
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 http://www.sse.com.cn./ The website carefully reads the full text of the annual report. 2 major risk tips
The company has elaborated various risks that the company may face in the process of operation in this report. Please refer to section III "management discussion and analysis" of this report. Please read carefully and pay attention to investment risks. 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. Zhitong Certified Public Accountants (special general partnership) has 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
Based on the total share capital registered on the date of equity distribution, a cash dividend of 17.00 yuan (including tax) will be distributed to all shareholders for every 10 shares, and no capital reserve will be converted into share capital or bonus shares will be given. As of December 31, 2021, the total share capital of the company is 70181579 shares. Based on this calculation, the total cash dividend to be distributed is 11930868430 yuan (including tax). The amount of cash dividends of the company in this year accounts for 49.76% of the net profit attributable to the shareholders of the company in the consolidated statements of this year. If, from the date of disclosure of this report to the date of equity distribution and equity registration, the total share capital of the company changes due to the conversion of convertible bonds into shares / share repurchase / share incentive grant share repurchase and cancellation / major asset restructuring share repurchase and cancellation, the company plans to maintain the distribution proportion per share unchanged, adjust the total distribution accordingly, and will announce the specific adjustment separately. 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 listed and traded stock abbreviation stock abbreviation before stock code change
A shares Shanghai Securities Exchange Xi'An Manareco New Materials Co.Ltd(688550) Xi'An Manareco New Materials Co.Ltd(688550) not applicable
Institute of science and Technology Innovation 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: Wang Yinbin, Wu Dan
Office address: No. 71, deputy, Jinye Second Road, high tech Zone, Xi'an
Tel: 02968669091
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
The company is a high-tech enterprise focusing on R & D, production and sales of special organic new materials. Its business covers display materials, pharmaceutical products, electronic chemicals and other new materials. The display material products are divided into OLED materials and liquid crystal materials according to the display characteristics of terminal products; Pharmaceutical products include pharmaceutical intermediates and APIs (in the R & D stage, no sales for the time being). The main products of electronic chemicals include photoresist monomers, polyimide monomers, membrane material intermediates and new energy materials (in the project construction, no sales for the time being). （2） Main business model
After passing the certification of downstream manufacturers, according to the structural formula and technical index requirements of various materials provided by customers, the company develops targeted synthetic routes and purification processes, and customizes production for sale to downstream customers. The details are as follows: 1 R & D mode
As a technology oriented enterprise, the company's technology mainly comes from independent research and development and independent innovation. According to different research and development stages, it is divided into small-scale research and development, pilot research and development, mass production research and development and quality inspection research and development. The R & D direction mainly comes from the customized needs of customers. The company is independently responsible for the design and development of product synthesis route and process according to the molecular structure formula of target compounds provided by customers; At the same time, the marketing department and scientific research department take the market demand as the trend and take the initiative to develop projects with market potential.
In addition, the company and external institutions such as scientific research institutions and excellent companies in the industry carry out cooperative R & D for specific projects with the help of their respective advantages. 2. purchase mode
The company has established a procurement system based on a number of procurement management systems such as procurement system, supplier management system and inventory management system, and adopted a qualified supplier certification mechanism for major suppliers. The main procedures are as follows: the procurement department conducts preliminary investigation on potential new suppliers and makes a preliminary evaluation on their production scale and credit status; After passing the preliminary evaluation, notify the new supplier to send samples for small-scale test and pilot test. After the samples pass the small-scale test and pilot test, the rating department will issue the evaluation report, and the procurement department will organize relevant departments to inspect the supplier and issue the inspection report; The company determines qualified suppliers according to the report and manages them in accordance with the supplier management system in the later stage.
The company formulates the purchase plan according to the order demand, goods preparation demand and changes in the raw material market. After the purchase plan is approved, the purchase department adopts the methods of inquiry, price negotiation and price comparison according to the requirements of the company's quality standards and in combination with the supplier's inventory and product quality. After the purchase is completed, the inspection, warehousing, reimbursement and payment are carried out. 3. Production mode
Guided by customer orders and medium and long-term estimated demand, the company formulates and implements production plans. In terms of production, the company mainly produces its own products, supplemented by outsourcing processing, so as to alleviate the pressure of insufficient self owned production capacity and ensure the normal market supply of products. 4. Sales model
The company's products are mainly customized products produced according to the specific technical indicators of the terminal production enterprise, which are sold to downstream customers by direct selling. According to the business practices of some terminal manufacturers in Japan and South Korea, the company sells through its designated agent purchasers.
（3） Industry 1 Development stage, basic characteristics and main technical threshold of the industry
The main products of the company belong to display material industry, pharmaceutical cdmo industry and new energy industry respectively according to the application field and business type of its end products. (1) Display industry
At present, LCD display and OLED display are still the mainstream display technologies. As a new display technology, OLED can also be used in lighting and other fields in addition to brain, television, vehicle and other display fields. In recent years, the scale of OLED market has been growing and is gradually eroding the market share of LCD. According to omdia data, the shipping area of global display panels in 2021 was 260 million square meters, and the market scale was about 155.1 billion US dollars. Among them, the shipping area of AMOLED panels was about 14.21 million square meters, accounting for about 5% of the global display panel shipping area, and the AMOLED panel market scale was about 41.5 billion US dollars, accounting for about 27% of the global display panel market scale. In terms of terminal applications, due to evaporation technology, display life and other reasons, at present, OLED panels are concentrated in small and medium-sized screen products. More than 65% of smart watches and VR products use AMOLED panels. Almost all high-end models of apple, Samsung, Huawei and other brands use AMOLED panels. The shipment area of mobile phone AMOLED panels has increased from 4.65 million square meters in 2019 to 6.26 million square meters in 2021, It is estimated that it will exceed 8 million square meters in 2024. In the large-scale field, the penetration rate of OLED panels is still relatively low. Omdia predicts that the global OLED TV shipment in 2021 will be 7.43 million units, an increase of 66% year-on-year in 2020, but the proportion in the total TV shipment is only 2.78%. It is expected that the global OLED TV shipment in 2023 will exceed 11 million units, accounting for more than 4% of the total TV shipment.
In order to promote the popularization and application of OLED, OLED panel manufacturers and material manufacturers work together to solve the problems of yield, service life and production capacity, such as replacing hydrogen atoms with hydrogen isotopes in OLED blue fluorescent materials, which significantly improves the service life of OLED panels; LG display has expanded the production capacity of OLED ex TV panel since 2021, and Samsung started the mass production of QD OLED TV panel in November 2021. The development of 5g technology has brought new growth demand for flexible OLEDs. Mainstream mobile phone manufacturers such as Samsung and Huawei have launched folding screen mobile phones one after another. With the decline of price barriers and the solution of problems such as creases and weight, the global shipments of foldable smart phones began to grow explosively. According to the latest survey data of sigmaintell, the global shipments of foldable smart phones in 2021 were about 7.21 million, an increase of about 171.9% year-on-year, It is estimated that the global shipment scale of foldable smart phones will reach 14.4 million in 2022, with a year-on-year increase of about 99.6%. It is estimated that it will exceed 70 million in 2025. The increase of mobile phone screen size further increases the demand for OLED materials.
As a mainstream display technology, TFT-LCD display does not have additional functions unrelated to the main display functions. TFT-LCD panel occupies an absolutely dominant position in large-scale fields such as TV and computer display because of its mature preparation technology, large production capacity and high stability. According to omdia data, in 2021, the shipment area of TFT-LCD panel increased to about 250 million square meters, accounting for about 94% of the global display panel shipment area. The market scale of TFT-LCD panel was about 112.4 billion US dollars, accounting for about 72.5% of the global flat panel display market, of which the revenue of large-size TFT LCD reached 91.4 billion US dollars. Although the market share of LCD continues to be eroded by OLED, we can see that the shipment volume of TFT LCD display panel still maintains a certain growth. On the one hand, with the development of ultra-high definition video industry and the gradual maturity and application of 5g technology, the average size of flat panel, desktop display and TV continues to grow, and the production capacity of LCD TV panel of 8.5 generation and 8.6 generation lines of panel manufacturers decreases, More LCD TV panels will be produced by generation 10 and generation 10.5. On the other hand, mini led, qled, LTPS LCD and other technologies based on LCD display have emerged one after another and made breakthrough progress. LCD display is optimized in technical indicators such as contrast, viewing angle width, luminous efficiency and power consumption to enhance its competitiveness with OLED.
OLED display and LCD display will continue to coexist for a long time in the future, occupying dominant positions in small-size fields and medium and large-size fields respectively. At present, OLED is in the stage of growth and rapid development, and the whole industry will maintain a stable demand growth mode. The LCD industry as a whole is in the stage of mature and stable development, and the growth rate of the industry tends to be stable. (2) Pharmaceutical cdmo industry
Cdmo business is to provide pharmaceutical enterprises with process R & D and optimization, formula development and trial production services required for drug production, and further provide customized production services from kilogram level to ton level on the basis of the above R & D and development services. Cdmo industry belongs to the front link of pharmaceutical preparation industry chain.
The cdmo industry has a broad track, and the R & D investment of global innovative drug enterprises has increased, which promotes the continuous expansion of the cdmo industry. In addition, the cdmo industry is dominated by chemical drugs, with low market concentration and high fragmentation. In order to reduce the cost of drug R & D and production, improve the return of R & D investment and improve the efficiency of new drug R & D through professional division of labor, most multinational pharmaceutical enterprises choose to entrust cdmo enterprises to produce customized intermediates. China, India and other emerging market countries have won the favor of international pharmaceutical enterprises because of their perfect industrial system and low labor cost. The global cdmo market is gradually transferring to emerging market countries. Although China's cdmo industry started late, the government's policy support for pharmaceutical innovation has promoted the rapid growth of the industry scale, which is significantly higher than that of the global cdmo industry. According to Frost & Sullivan's relevant data, it is estimated that the market scale of China Meheco Group Co.Ltd(600056) cdmo will increase from 10.5 billion yuan in 2016 to 57.9 billion yuan in 2022, with an average annual compound growth rate of more than 30%. (3) New energy power battery industry
New energy vehicle is the most core application scenario of power battery. At the same time, as the core component of new energy vehicle, the demand for power battery continues to grow with the vigorous development of new energy vehicles. Under the concept of sustainable development, driven by the reform of energy technology, it is a global consensus to develop new energy vehicles. New energy vehicles maintain a rapid growth trend. According to clean data, the global sales volume of new energy vehicles in 2021 was 6.5 million, an increase of 109% over 2020, accounting for 9% of all passenger vehicle sales. The global power battery loading volume reached 296.8gwh, a year-on-year increase of 102.2%. According to sneresearch's prediction, by 2023, the global demand for electric vehicles for power batteries will reach 406gwh, and the power battery capacity is expected to be 335gwh. As the world's largest new energy vehicle market and the largest power battery market, the sales growth of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China far exceeds that in the world. The Research Report of Yingda securities shows that
