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China Display Optoelectronics Technology Holdings Limited China Display Optoelectronics Technology Holdings Limited China Display Optoelectronics Technology Holdings Limited China Display Optoelectronics Technology Holdings Limited 華顯光電技術控股有限公 司 華顯光電技術控股有限公 司 （於百慕達註冊成立之有限公司） 年報 Annual Report 2020 2020 華顯光電技術控股有限公司 Annual Report 2020 年報 CONTENTS CONTENTS 2 Corporate Information 3 Financial Highlights 4 Chairman’s Statement 6 Management Discussion and Analysis 13 Directors and Senior Management 17 Corporate Governance Report 34 Human Resources and Social Responsibility 37 Report of the Directors 50 Independent Auditor’s Report 54 Consolidated Statement of Profit or Loss 55 Consolidated Statement of Comprehensive Income 56 Consolidated Statement of Financial Position 58 Consolidated Statement of Changes in Equity 59 Consolidated Statement of Cash Flows 60 Notes to Financial Statements 126 Five Year Financial Summary CORPORATE INFORMATION CORPORATE INFORMATION BOARD OF DIRECTORS PRINCIPAL SHARE REGISTRAR Non-Executive Director Conyers Corporate Services (Bermuda) Limited Clarendon House Mr. LIAO Qian (Chairman) 2 Church Street Hamilton HM 11 Executive Directors Bermuda Mr. OUYANG Hongping (Chief Executive Officer) BRANCH SHARE REGISTRAR Mr. WEN Xianzhen Mr. ZHANG Feng (appointed on 4 March 2021) Tricor Investor Services Limited Mr. ZHAO Jun (resigned on 4 March 2021) Level 54, Hopewell Centre 183 Queen’s Road East Independent Non-Executive Directors Wanchai Hong Kong Ms. HSU Wai Man Helen Mr. LI Yang PRINCIPAL PLACE OF BUSINESS IN HONG KONG Mr. XU Yan 8th Floor, Building 22E COMPANY SECRETARY Phase Three Hong Kong Science Park Ms. CHEUNG Bo Man, Solicitor, Hong Kong Pak Shek Kok New Territories AUDITOR Hong Kong Ernst & Young REGISTERED OFFICE Certified Public Accountants 22/F, CITIC Tower Clarendon House 1 Tim Mei Avenue 2 Church Street Central, Hong Kong Hamilton HM11 Bermuda LEGAL ADVISOR INVESTOR AND MEDIA RELATIONS Cheung Tong & Rosa Solicitors Room 501, 5/F Cornerstones Communications Ltd. Sun Hung Kai Centre Unit 2102, 21/F 30 Harbour Road Overseas Trust Bank Building, Wanchai, Hong Kong 160 Gloucester Road, Wan Chai Hong Kong TICKER SYMBOL Listed on The Stock Exchange of Hong Kong Limited under the share ticker number 334 WEBSITE http://www.cdoth8.com 2 CHINA DISPLAY OPTOELECTRONICS TECHNOLOGY HOLDINGS LIMITED Annual Report 2020 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS FINANCIAL PERFORMANCE Year ended Year ended (RMB Million) 31 December 2020 31 December 2019 Revenue 4,353 5,456 Gross profit 220 268 Gross profit margin (%) 5.0% 4.9% Profit attributable to owners of the parent 25 52 Basic earnings per share (RMB cents) 1.20 2.51 FINANCIAL POSITION 31 December 31 December (RMB Million) 2020 2019 Property, plant and equipment 898 831 Cash and cash equivalents 417 101 Total assets 3,115 3,204 Total liabilities 2,364 2,459 Net assets 751 745 OPERATION INDICATORS Year ended Year ended 31 December 2020 31 December 2019 Inventory turnover (days) 36 27 Trade receivables turnover (days) 67 86 Trade payables turnover (days) 96 105 Current ratio 0.93 0.95 Note: The above turnover days are calculated on average balance of the beginning and end of the year. Annual Report 2020 CHINA DISPLAY OPTOELECTRONICS TECHNOLOGY HOLDINGS LIMITED 3 CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of China Display Optoelectronics Technology Holdings Limited, I hereby present to you the annual report of the Group for the year ended 31 December 2020. FACING UPHILL BATTLE TO CATCH UP AND SURPASS 2020 was clouded by the COVID-19 pandemic, which has heavily impacted the semiconductor display industry as well as the global economy. In the first half of the year, the productivity along the supply chain was delayed and the consumer sentiment was consistently weak, which led to decreases in smartphones sales and shipment volume and fluctuations of the price of display panels. Yet as the pandemic eased in China in the second half of the year, a glimmer of light appeared in the industry with retail electronic consumption gradually resuming worldwide, while the online shopping boomed and domestic brick-and-mortar stores reopened. In the gradually stabilized industry environment, the Group is committed to research and development of the semiconductor display-related technology and materials, so as to provide technological services for the global first-tier brands and to maintain the Group’s market position. For products, the market demand for the mid- to low-end smartphones has increased, pushing the demand for A-Si LCD products, which has a high cost-performance ratio, and driving up the proportion of the Group’s A-Si LCD products. In addition, the pandemic has boosted the demand for remote work and learning, which has driven up the sales of laptop and learning tablet products of the Group. ADJUST PRODUCT MIX TO CAPTURE BUSINESS OPPORTUNITIES IN THE PANDEMIC In terms of research and development, the Group has carefully considered the situation and continued to expand its product types horizontally. Meanwhile, the Group has also paid attention to the market of smart-home and wearable display modules to grasp the growing demand for remote office and education caused by the pandemic. The increase in unit price of the smart-home and learning tablet display modules has contributed to the increase in overall average selling price of the Group year-on-year. As a qualified supplier of global top mobile phone brands including Samsung, Huawei, Xiaomi, OPPO, vivo and Transsion, the Group was committed to fulfilling the demands of such first-tier customers, maximizing the efficiency and cementing the customer base. In 2020, driven by orders from first-tier brand customers, the Group’s sales volume reached 112 million units, up by 1.4% year-on-year. As the majority of the sales volume of the Group was contributed by its processing service which has a lower overall unit price as compared to sales of LCD modules of the Group, this led to a decrease in the overall revenue. The Group recorded a revenue of RMB4,353 million, down by 20.2% year-on-year. During the Review Period, the sales volume of the processing business accounted for 63% of the total sales volume with a revenue of RMB862 million, representing a year-on-year growth of 69.7%. The Group’s profit attributable to owners of the parent was RMB25 million. SOLIDIFY THE OPERATIONAL BASE TO SEIZE THE OPPORTUNITY OF THE TIMES Looking ahead, according to the forecast by Gartner, a world-leading research company, the combination of availability of new products, delayed smartphone replacements and the availability of lower end 5G smartphones are poised to drive a significant uptick in user demand in 2021. The researcher projects a year-on-year increase of 11.4% in the global smartphones shipment over 2020. The Group will enhance its core competitiveness and reinforce its partnerships with first-tier brand customers. The Group will focus on the semiconductor display business, continue to deploy its effort on the markets of 5G and Internet of Things, and seize the opportunities arising from industrial adjustment and reshuffle so as to accommodate the requirements of 5G mobile phones. In addition, it will continue to broaden its product range such as laptops and tablets, so as to cater the expected market demand in the coming year. On the other hand, the Group will actively allocate resources to the markets of smart-home and wearable display modules to seize the great opportunity therein and horizontally expand the Group’s business. 4 CHINA DISPLAY OPTOELECTRONICS TECHNOLOGY HOLDINGS LIMITED Annual Report 2020 CHAIRMAN’S STATEMENT Despite the COVID-19 pandemic in the first half of 2020 affecting the Group’s production and operation, the market demand for mobile phone has rebounded and the productivity of the Group’s production base located in Wuhan has returned to normal seasonal levels as the domestic pandemic eased due to effective prevention and control. In the second half of 2020, the Group achieved a turnaround as compared to the first half of 2020. In the long run, the Group remains cautiously optimistic about the development prospects of the display module business. It is confident that the Group will further enhance its strengths in technology and economies of scale by improving the industry value chain, so as to increase its competitiveness. The Group will strive to strike a balance between sustaining the sales growth and steady development. Last but not least, I would like to express my sincere gratitude to the shareholders, business partners and all employees for their long-term support throughout this challenging year. The Group will work unremittingly to drive our business forward and create the best returns for shareholders. LIAO Qian Chairman Hong Kong, 5 March 2021 Annual Report 2020 CHINA DISPLAY OPTOELECTRONICS TECHNOLOGY HOLDINGS LIMITED 5 MANAGEMENT DISCUSSION AND ANALYSIS MANAGEMENT DISCUSSION AND ANALYSIS TCL Building in Hong Kong INDUSTRY REVIEW In 2020, the world economy was impacted by the COVID-19 pandemic. The productivity along the supply chain was delayed and the consumer sentiment remained weak, which affected the sales of smartphones globally. According to the 2020 international smartphone shipment report by the global market research institution IDC (International Data Corporation), the global smartphone shipment volume for 2020 decreased by 5.9% year-on-year to approximately 1,292 million units. The global market analyst firm Canalys also disclosed that 330 million units of smartphone were shipped from Mainland China in 2020,
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