[年报]立讯精密(002475):2022年年度报告（英文版）
原标题:立讯精密:2022年年度报告（英文版） Annual Report 2022 Section I Important Note, Table of Contents and Definitions The Board of Directors, the Board of Supervisors, directors, supervisors and executives of the Company hereby warrant that the information contained in this Annual Report is true, accurate and complete and this Annual Report is free from any misrepresentation, misleading statement or material omission, and agree to assume joint and several liability for this Annual Report. WANG Laichun, Principal of the Company, CFO WU Tiansong and Chief Accountant CHEN Huiyong hereby represent that the financial statements contained in this Annual Report are true, accurate and complete. All directors of the Company attended the meeting of the Board of Directors reviewing this Report. The relevant risks facing the Company are set out in “Section III Management’s Discussion and Analysis - XI. Prospects for future development of the Company”. According to the profit distribution proposal approved by the Board of Directors, the Company will distribute a cash dividend of RMB1.30 (inclusive of tax) per 10 shares to all shareholders on the basis of 7,130,392,419 shares, and will not distribute any bonus shares or transfer any capital reserve to the share capital for the reporting period. Table of Contents Section I Important Note, Table of Contents and Definitions ........................................................ 2 Section II Company Profile and Key Financial Indicators ............................................................ 7 Section III Management’s Discussion and Analysis ..................................................................... 11 Section IV Corporate Governance ................................................................................................. 47 Section V Environment and Social Responsibilities ..................................................................... 72 Section VI Significant Matters ........................................................................................................ 96 Section VII Changes in shares and shareholders ........................................................................ 115 Section VIII Preference Shares ..................................................................................................... 122 Section IX Bonds ............................................................................................................................ 123 Section X Financial Report ........................................................................................................... 136 List of References 1. Financial statements signed and chopped by the principal, CFO and Chief Accountant of the Company; 2. Original of the auditor’s report stamped with the seal of the accounting firm and signed and chopped by the certified public accountants; 3. Originals of all documents of the Company publicly disclosed on the website for information disclosure designated by the China Securities Regulatory Commission during the reporting period and related announcements; and 4. Other references. Definitions
Section II Company Profile and Key Financial Indicators I. Company profile
Accounting firm engaged by the Company
□Applicable ?N/A Financial advisor engaged by the Company that performs the duties of ongoing supervision over the Company during the reporting period □Applicable ?N/A VI. Key accounting data and financial indicators Did the Company need to retrospectively adjust or re-state any accounting data of prior accounting years? □Yes ?No
been negative and the most recent annual auditor’s report indicates that the Company’s ability to continue as a going concern is uncertain? □Yes ?No Whether the lower of the net profit before and after deduction of non-recurring gain or loss is negative? □Yes ?No VII. Differences in accounting data arising from adoption of Chinese and foreign accounting standards concurrently 1. Differences in net profit and net assets disclosed in the financial statements prepared according to the international accounting standards and the Chinese accounting standards □Applicable ?N/A There was no difference in net profit and net assets disclosed in the financial statements for the reporting period prepared according to the international accounting standards and the Chinese accounting standards. 2. Differences in net profit and net assets disclosed in the financial statements prepared according to the foreign accounting standards and the Chinese accounting standards □Applicable ?N/A There was no difference in net profit and net assets disclosed in the financial statements for the reporting period prepared according to the foreign accounting standards and the Chinese accounting standards. VIII. Main quarterly financial indicators In RMB
corresponding financial indicators contained in any quarterly or semi-annual report already disclosed? □Yes ?No IX. Items and amounts of non-recurring gains or losses ? Applicable □ N/A In RMB
We do not have any other item of gain or loss within the meaning of non-recurring gains or losses. If the Company classifies any item of non-recurring gain or loss defined by or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Publicly Offering Securities - Non-recurring Gain or Loss as recurring gain or loss, please explain the reason. □Applicable ?N/A We have not classified any item of non-recurring gain or loss defined by or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Publicly Offering Securities - Non-recurring Gain or Loss as recurring gain or loss in the reporting period. Section III Management’s Discussion and Analysis I. Situations of our industry during the reporting period During the reporting period, we are engaged in the research and development (R&D), manufacturing and sale of products in the fields of consumer electronics, communication and data center, automotive electronics and healthcare, among others. Our products and businesses are diversified and vertically integrated, and cover components, modules and system assembly. (I) Consumer electronics As affected by global inflation, geopolitics and other factors in 2022, the consumer electronics industry remains challenging and the overall market demand is subdued. However, the integration of emerging technologies, including the future 5G, Internet of Things, artificial intelligence, health monitoring, virtual reality and new display, and new consumer electronics accelerates the upgrading of consumer electronic products, leads to new product forms, and continues to promote the growth of the consumer electronics market size. (II) Communication and data center Like the consumer electronics industry, the year of 2022 witnessed a challenging experience for the communications industry with the demand slowing in 2022 due to geopolitics, global inflation, global economic downturns and the impact of varying degrees of IC shortages on ODMs. However, in the long run, a series of technological innovations such as AIGC, the emergence of new technologies, and the commercialization and popularization of 5G in the future will put forward higher requirements for computing power and transmission. While promoting the expansion of the hardware terminal market, it will also further drive the rapid growth of related industries such as the Internet of Things, computing power networks, data centers, base station RF, power management, and thermal management. It is expected that the communications market will continue to maintain a rapid growth trend in the future. (III) Automotive electronics With the increasing demand for automobile safety, comfort and intelligence, the market size of new energy vehicles and intelligent vehicles is rapidly expanding. According to Clean Technica data, the number of traded global new energy vehicles exceeded 10 million for the first time, namely 10,091,164, a year-on-year increase of 56.4%, with a penetration rate being increased to 14%., it is expected to reach a key threshold of 50% by 2035. At the same time, the survey data from relevant institutions showed that the current global market penetration rate of new cars equipped with intelligent network connectivity functions is about 45%, and it is expected that the market size will reach approx. 60% by 2025. Given the rapid development of automobile electrification, networking and intelligence, the value chain and supply chain of new energy vehicles and intelligent vehicles are experiencing accelerated restructuring. With the entry of new players and emerging automakers, the automotive parts market has become diverse and the relatively closed supporting system is gradually being broken. Vehicle manufacturers are increasingly accepting and welcoming parts with strong competitiveness, especially in areas such as automotive wiring harness/connectors, vehicle electronics, intelligent cockpits, and automatic driving. Automotive parts companies with consumer experience have accumulated rapid iteration capabilities, cost control awareness, timely response experience and understanding of the ecosystem in consumer electronics products, which has greatly helped vehicle manufacturers promote and apply new products and technologies, and enhance their competitiveness. At present, the electrification and intelligence of China’s automotive market is showing high growth, with the development speed leading the world, which offers a platform for cultivation and development of Chinese Tier1 automotive companies to go global. (IV) Our position in the industry During the reporting period, we ranked first on the list of 2022 backbone enterprises in electronic components published by the China Electronic Components Association, and were awarded the honorable titles of “Top 500 Private Enterprises of China”, “Top 500 Private Manufacturers of China”, and “2022 Forbes China Most Innovative Companies”, among others. II. Our main business during the reporting period We are committed to diversified layout of various product lines in different application scenarios as follows by deeply focusing on and developing consumer electronics, automotive, communications, and medical industries, and continuously exploring value through vertical integration from components, modules to systems in a forward or reverse direction: 1. In the office scenario, we have fully utilized the opportunity of interconnection of all things in the digital era to deeply deploy smart display screens, smart conference systems, AR/VR/MR, smart speakers, laptops, controllers, tablet PCs, smartphones, wireless charging, and security cameras in our cable assembly, connectors, wireless charging modules, acoustic modules, screen modules, VCMs, vibration motors, SIPs, Mini LEDs, antenna modules and structural components, as well as system-level assembled products.
3. In the indoor home application scenario, we pay great attention to consumers’ continuous pursuit of home life quality in areas such as entertainment, audio-visual, beauty and fitness. We have also fully deployed product interfaces such as smart vacuum cleaners, gamepads, smart adapters, electronic cigarettes, routers, smart speakers, e-readers, floor-cleaning robots, beauty devices, TAG trackers and VR;
6. In the RF communications scenario, we deeply integrated and focused on product lines such as antennas, CPE, tower amplifier and RF units;
8. Starting with consumable products, we entered the medical product line. In reliance on our comprehensive abilities in light, sound, electricity, magnetism, heat, and RF in the consumer electronics and communications industries accumulated over the years, we have begun to rapidly integrate equipment product lines such as surgery and imaging.
III. Analysis of core competencies (1) Digital application stimulates new potential of intelligent manufacturing Given the continuous deep integration of the next generation of information technology and manufacturing, we have always insisted on intelligent manufacturing as the underlying logic, and devoted great energy to promoting automated processes and digital applications to empower the process development, personnel organization and production modes. For the digital applications, we have introduced systems such as SAP, PLM, MES and WMS to further optimize the management processes and production processes throughout the entire lifecycle from design, R&D, production to marketing, procurement, warehousing and after sales, conduct precise, scientific and intelligent customer-oriented management, and constantly strive to improve our production efficiency and product yield. In terms of automated processes, we actively leverage the significant advantages of machine vision in precision, speed, repeatability, reliability, and information aggregation to achieve precise positioning and error detection of precision electronic components in process, active coordination and positioning of parts and fixtures in assembly, and machine AI-assisted inspection of component product appearance. By relying on real-time feedback of measurement data from machine vision, we enhance the deep self-learning ability of automated equipment and create a closed-loop control for automated processes. (II) Forward-looking layout opens up a new growth curve Under the guidance of our “three five-year” strategy, we always grasp the market dynamics, respond to industry growth trend, take coordinated development as our fundamental purpose, make forward-looking layouts around the main business, and are dedicated to providing the market with a perfect and integrated solution of industrial chains. On the one hand, capitalizing on our comprehensive capabilities deeply accumulated and continuously optimized in the consumer electronics field, we have built “process + underlying technology” structure to continuously explore the mass market of new and old products for core customers and other consumer electronics customers. In addition, we conduct horizontal expansion to empower automotive and communication sectors, which highlights our differentiated advantages in relevant sectors, and effectively supports the implementation of commercial plans, thereby achieving our diversified product layout. On the other hand, with many years of efforts in market segments, we have proprietary key process capabilities, including design and processing of molds/jigs, bare copper wire drawing, plastic particle molding, stamping/press forging, precision implant molding, surface treatment, SMT, SiP and system-level assembly testing. We make continuous efforts to explore product value by way of vertically integrating components, modules, and system-level assembly in a forward or reverse direction. In the era of the internationalization of industrial chains, our globalization layout is developing in depth. In addition to Guangdong, Jiangxi, Jiangsu, Zhejiang, Anhui and other provinces in China, we have established mature production capacity bases and R&D centers in such countries and regions as Vietnam, India and Mexico. While serving customers nearby and enhancing product cost advantages, these bases and centers have gathered overseas sophisticated talents and offered strong support for the team to explore high-end markets and provide high-quality services to customers. (III) Scientific research innovation creates new momentum for growth Since our listing, we have placed R&D and innovation on an important position in our development, made continuous investments in technology R&D, vigorously upgraded traditional manufacturing processes, continuously improved the level of automatic production, and realized platformization of all precision manufacturing processes. We also attach great importance to the long-term development of underlying materials and innovative production technologies. Our R&D team has continuously learned and explored advanced precision manufacturing technologies and product applications in the countries and regions mastering frontier technologies, and established a number of advanced technology development labs with certain core customers, to jointly develop frontier technologies. Our R&D expenses are mainly divided into investment in cutting-edge technology and in product iteration. Our investment in cutting-edge technology mainly focuses on our medium- and long-term product and business planning layout. About 30% of the overall R&D expenses are invested in innovative research and development in cutting-edge technology areas such as underlying materials, processes, and production procedures, which contributes to enabling 30% of our products to enter the “unpopulated area” of the global industry in the next 20 years. Our investment in product iteration focuses on R&D investment from concept to NPI (New Product Introduction) of new solutions and products. Our R&D expenses and achievements have been continuously increasing. To be specific, our R&D expenses totaled RMB20.834 billion in the past three years, including RMB8.447 billion during the reporting period; in terms of our R&D achievements, we have a total of 4,526 invention patents, an increase of 46.47% from the end of 2021. (IV) The “dual carbon” concept generates new green vitality To achieve the “dual carbon” goal in our production and operation, we actively practice the concept of green and low-carbon development, and adhere to the strategy of “energy conservation and emission reduction and use of renewable energy as the main method and carbon offset as a supplement” to gradually achieve the organic combination of carbon neutrality in our own operation, industrial chain and value chain. As of the end of the reporting period, a total of our 43 plants passed ISO14001 environmental management system certification in 2008, 9 plants passed ISO 50001 energy management system certification, 11 plants were rated as national or provincial-level green factories, and 12 subsidiaries obtained UL 2799 zero waste to landfill certification with a platinum rating. Based on 1.5°C target led by the Science Based Targets initiative (SBTi), we steadily advance the action plan for carbon accounting, reduction, and neutrality in accordance with the climate action plan roadmap. What’s more, we regularly review and adjust our climate change strategy based on actual business operations, and adopt such methods as low-carbon transformation of energy structure, optimization of waste emission management, rooftop photovoltaic construction, direct purchase of green electricity, and green energy investment to contribute to our green and sustainable development. (V) Building hubs for talents The core competencies of a company will be ultimately reflected in the soft power arising from in-depth integration and mutual nourishment of talents and corporate culture. Core talents are the basis for the sustainable development of a company and the cornerstone for cultivating the talents required by a company. We have adhered to the strategy of invigorating the business through talents, and continuously improved our talent echelon building system and talent pool mechanism. On the one hand, we vigorously recruit outstanding talents required in our development who recognize and conform to the distinctive characteristics of our corporate culture, to continuously augment our team of core talents. On the other hand, we continuously improve our talent training system and talent selection system. Along with the growth of our business, we continuously put forward new and reasonable requirements for our employees, encourage them to make self-breakthrough in the boundary of their capabilities, and continuously improve their personal competencies and management capabilities, to contribute new energy to our development. Under the nurture of our corporate culture of being pragmatic and enterprising, constantly striving for perfection, and fulfilling the missions, we provide the key employees with a vast space to exercise their talents, and effectively stimulate their sense of mission, sense of achievement and sense of collective honor. At present, we have recruited outstanding talents in materials, automation, electronic information, molds, business （未完）  |