Scania AB
该技术来自我们在瑞典的子公司Sentient AB，承诺进一步提升我们的EPS转向技术，特别是针对乘用车和商用车的自动驾驶产品车辆运动控制技术。Sentient已经凭借其技术赢得了全球卡车原始设备制造商的安装合同。在20年的合作中，我们已经生产、运输并安装了超过300万套动力转向系统，包括向比亚迪汽车提供的EPS单元。2022年底，我们与中国最大的电动汽车生产商比亚迪扩大了战略合作伙伴关系，共同开发未来自动驾驶产品。我们赢得了比亚迪所有系列产品的C-EPS、DP-EPS和R-EPS设计合同。我们为比亚迪推出了新的EPS产品系列。CAAS的研发工程师与比亚迪工程师一起，利用计算机辅助设计和人工智能，将DP-EPS产品的设计周期缩短至五个月。我们在2022年底完成了DP-EPS集成到比亚迪唐车型底盘总装的工作。现在，我们在开发新产品和扩大全球市场份额的同时，保持了财务实力，自由现金流增至2770万美元，而2021年为1900万美元。2022年，我们在回购计划下回购了666,074股普通股。随着中国汽车市场复苏，我们在北美和巴西的业务持续扩张。我们的EPS产品获得更多市场认可，新能源汽车技术获得更多能力。不断变化的销售产品组合正在改善我们的利润率。新的COVID-19政策对中国经济产生了显著积极影响，振兴了社会商业活动并恢复了供应链。我们预计经济复苏将随着时间的推移而加强，从而推动汽车销量增长。现在，让我回顾2022年第四季度的财务业绩。净销售额下降7.2%至1.288亿美元，而2021年同期为1.388亿美元。净销售额下降主要是由于产品组合变化以及2022年第四季度乘用车和商用车需求较2021年第四季度降低。毛利润增长26.9%至2500万美元，而2021年第四季度为1970万美元。2022年第四季度毛利率为19.4%，而2021年第四季度为14.2%，主要原因是产品组合变化。销售费用为460万美元，而2021年第四季度为340万美元。销售费用占净销售额的比例为3.6%，而2021年第四季度为2.4%。一般及行政费用为1080万美元，而2021年同期为760万美元。G&A费用占净销售额的比例为8.4%，而2021年第四季度为5.5%，主要原因是坏账准备增加。研发费用为1060万美元，而2021年第四季度为990万美元。研发费用占净销售额的比例为8.2%，而2021年第四季度为7.1%，主要原因是新项目研发活动增加导致薪资增长。经营亏损为260万美元，而2021年第四季度经营收入为60万美元。利息费用为30万美元，而2021年第四季度为50万美元。财务收入为140万美元，主要由于美元对人民币和巴西雷亚尔的汇率波动，而2021年第四季度财务费用为150万美元。所得税及联营公司收益前成本为270万美元，而2021年第四季度亏损为40万美元。所得税收益为190万美元，而2021年第四季度所得税费用为70万美元，主要原因是2022年第四季度所得税及联营公司收益前出现亏损。归属于母公司普通股股东的净利润为430万美元，而2021年第四季度归属于母公司普通股股东的净利润为500万美元。稀释每股收益为0.14美元，而2021年第四季度为0.16美元。稀释普通股加权平均流通股数为30,229,987股，而2021年第四季度为30,853,822股。现在回顾2022年全年亮点。净销售额同比增长6.3%至5.296亿美元，而2021年为4.98亿美元。这一增长主要得益于中国乘用车销量增加，其中对奇瑞汽车的销售额同比增长54.5%。电动助力转向系统总销售额同比增长35.6%。EPS销售额占总收入的比例为29.5%，而2021年为23.2%。对北美客户的车辆转向系统净销售额在2022年基本持平，但巴西恒隆的净销售额同比增长54.1%至3930万美元。2022年毛利润同比增长15.7%至8340万美元，而2021年为7210万美元。毛利率从2021年的14.5%上升至15.7%，主要原因是产品组合变化。其他销售收益下降至370万美元，而2021年为440万美元。销售费用同比下降7.7%至1690万美元，而2021年为1830万美元，主要原因是运输费用降低。销售费用占净销售额的比例为3.2%，而2021年为3.7%。G&A费用同比增长7%至2610万美元，而2021年为2440万美元。G&A费用占净销售额的比例为4.9%，与2021年持平。研发费用为3610万美元，而2021年为2820万美元。增长主要由于对EPS产品和其他新产品的投资增加。研发费用占净销售额的比例为6.8%，而2021年为5.7%。经营收入同比增长45.5%至800万美元，而2021年为550万美元。经营收入增长主要得益于毛利润增加。利息费用为150万美元，与2021年的140万美元基本一致。净财务收入为1080万美元，而2021年净财务费用为240万美元，主要原因是美元对人民币和巴西雷亚尔汇率波动导致外汇收益增加。所得税及联营公司收益前收入为2300万美元，而2021财年为840万美元。抱歉，这一变化主要由于2022年经营收入和净财务收入增加。所得税费用为310万美元，而2021年为400万美元。归属于母公司普通股股东的净利润为2120万美元，而2021年为1110万美元。稀释每股净收益同比增长91.7%至0.69美元，而2021年为0.36美元。稀释普通股加权平均流通股数为30,641,274股，而2021年为30,855,431股。接下来，我们来看几个资产负债表项目。截至2022年12月31日，现金及等价物、质押现金和短期投资总额为1.718亿美元。应收账款总额（包括应收票据）为2.243亿美元。应付账款（包括应付票据）为2.351亿美元，短期银行贷款为4570万美元。截至2022年12月31日，母公司股东权益总额为3.117亿美元，而2021年12月31日为3.21亿美元。经营活动现金流为4800万美元，而2021年为2830万美元。购置不动产、厂房、设备和土地使用权的现金支出为2030万美元，而2021年为930万美元。业务展望。管理层提供了2023年营收指引为5.6亿美元。这一目标基于公司当前运营和营销条件，可能会有变化。主持人，我们现在可以开始问答环节了。
Scania AB
The technology is from our subsidiary in Sweden, Sentient AB promise to further enhance our EPS steering technology especially for vehicle motion control for autonomous driving products targeting both passenger and commercial vehicles. Sentient has already won the installation contracts with global truck OEMs with their technologies. We have produced, shipped, and installed more than 3 million power steering sets, including EPS units to BYD Auto over a 20 year partnership. In late 2022 we expanded our strategic partnership with BYD the largest Chinese EV producer for future autonomous driving products. We won design contracts from BYD for C-EPS, DP-EPS and R-EPS from BYD for all its series of products. We have introduced a new series of EPS products for BYD. Together with BYD engineers CAAS's R&D engineers use computer aided design and artificial intelligence to shorten the design cycle to five months for our DP-EPS products. We completed the DP-EPS integration into the chassis general assembly for by BYD's Model Tang in late 2022. Now, we develop new products and grow global market share we are maintaining our financial strength as our free cash flow increased to $27.7 million compared with $19 million in 2021. For 2022, we repurchased 666,074 common shares under our repurchase buyback program. As the Chinese automobile market is recovering, our North American and Brazilian operations continue to expand. Our EPS products are gaining greater market acceptance and our NEV technologies are acquiring more capabilities. Our changing sales product mix is improving our margins. New COVID-19 policies have had a dramatic and positive impact on the Chinese economy, revitalizing social and business activities and restoring supply chains. We expect recovery of the economy who will strengthen overtime leading to greater automobile sales. Now, let me review the financial results in the fourth quarter of 2022. Net sales decreased by 7.2% to $128.8 million compared to $138.8 million in the same quarter of 2021. The net sales decrease was mainly due to a change in the product mix and lower demand for passenger automobiles and commercial vehicles in the fourth quarter of 2022 compared to the fourth quarter of 2021. Gross profit increased by 26.9% to $25 million in the fourth quarter of 2022 compared to $19.7 million in the fourth quarter of 2021. Gross margin in the fourth quarter of 2022 was 19.4% compared to 14.2% in the fourth quarter of 2021, primarily due to a change in product mix. Selling expenses were $4.6 million in the fourth quarter of 2022 compared to $3.4 million in the fourth quarter of 2021. Selling expenses represented 3.6% of net sales in the fourth quarter of 2022 compared to 2.4% in the fourth quarter of 2021. General and administrative expenses were $10.8 million in the fourth quarter of 2022 compared to $7.6 million in the same period in 2021. G&A expenses represented 8.4% of net sales in the fourth quarter 2022 compared to 5.5% of net sales in the fourth quarter of 2021, which was mainly due to the increase in provision of allowance for doubtful accounts. Research and development expenses or R&D were $10.6 million in the fourth quarter of 2022 compared to $9.9 million in the fourth quarter of 2021. R&D expenses represented 8.2% of net sales in the fourth quarter of 2022 compared to 7.1% in the fourth quarter of 2021, mainly due to an increase in salaries and wages as a result of the increased R&D activity for new projects. Loss from operations was $2.6 million in the fourth quarter of 2022 compared to income from operations of $0.6 million in the fourth quarter of 2021. Interest expense was $0.3 million in the fourth quarter of 2022 compared to $0.5 million in the fourth quarter of 2021. Financial income was $1.4 million in the fourth quarter of 2022 due to exchange fluctuations of the U.S. dollar to the Chinese RMB and the Brazilian real compared to financial expense of $1.5 million in the fourth quarter of 2021. Cost before income taxes and equity in the earnings of affiliated companies was $2.7 million in the fourth quarter of 2022, compared to a loss of $0.4 million in the fourth quarter of 2021. Income tax benefit was $1.9 million in the fourth quarter of 2022 compared to an income tax expense of $0.7 million in the fourth quarter of 2021, mainly due to the loss before income tax expenses and equity and earnings of affiliated companies in the fourth quarter of 2022. Net income attributable to parent company's common shareholders was $4.3 million in the fourth quarter of 2022 compared to net income attributed to the parent company's common shareholders of $5 million in the fourth quarter of 2021. Diluted income per share was $0.14 in the fourth quarter of 2022 compared to diluted income per share of $0.16 in the fourth quarter of 2021. The weighted average number of diluted common shares outstanding was 30,229,987 in the fourth quarter of 2022 compared to 30,853,822 in the fourth quarter of 2021. Now we'll review the full year 2022 highlights. Net sales increase by 6.3% year-over-year to $529.6 million in 2022 compared to $498 million in 2021. This increase was mainly due to higher sales of passenger vehicles in China with sales to Chery Automobile up 54.5% year-over-year. In total sales of electric power steering EPS systems increased by 35.6% year-over-year. EPS sales represented 29.5% of total revenue in 2022 compared to 23.2% in 2021. Net sales of vehicle steering system to the company's North American customers was approximately the same in 2022, but Brazil Henglong's net sales grew by 54.1% year-over-year to $39.3 million. Gross profit in 2022 increased by 15.7% year-over-year to $83.4 million compared to $72.1 million in 2021. The gross margin increased to 15.7% from 14.5% in 2021, mainly due to changes in the product mix. Gain on other sales in 2022, decrease to $3.7 million compared to $4.4 million in 2021. Selling expenses declined by 7.7% year-over-year to $16.9 million in 2022 compared to $18.3 million in 2021 mainly due to lower transportation expenses. Selling expenses represented 3.2% of net sales in 2022 compared to 3.7% in 2021. G&A expenses increased by 7% year-over-year to $26.1 million in 2022 compared to $24.4 million in 2021. G&A expenses represented 4.9% of net sales in 2022 compared to 4.9% of net sales in 2021. R&D expenses were $36.1 million in 2022 compared to $28.2 million in 2021. The increase was primarily due to higher investment in EPS products and other new products. R&D expenses were 6.8% of net sales in 2022 compared to 5.7% of net sales in 2021. Operating income increased by 45.5% year-over-year to $8 million in 2022 compared to $5.5 million in 2021. The increase in operating income was mainly due to higher gross profit. Interest expense was $1.5 million in 2022 consistent with the $1.4 million in 2021. Net financial income was $10.8 million in 2022 compared to net financial expense of $2.4 million in 2021, primarily due to an increase in foreign exchange gains as U.S. dollar fluctuated against the Chinese RMB and Brazilian real. Income before income tax expenses and equity earnings of affiliated companies was $23 million compared to $8.4 million in fiscal year 2021. Excuse me. The change is primarily due to higher operating income and net financial income in 2022. Income tax expense was $3.1 million in 2022 compared to $4 million in 2021. Net income attributable to parent company's common shareholders was $21.2 million in 2022 compared to net income attributable to parent company's common shareholders of $11.1 million in 2021. Diluted net income per share increased by 91.7% year-over-year to $0.69 in 2022 compared to $0.36 in 2021. The weighted average number of diluted common shares outstanding was 30,641,274 in 2022 compared to 30,855,431 common shares in 2021. Next, we'll go over a few balance sheet items. As of December 31, 2022, total cash and equivalents, pledged cash in short-term investments were $171.8 million. Total accounts receivable, including notes receivable were $224.3 million. Accounts payable, including notes payable were $235.1 million and short-term bank loans were $45.7 million. Total parent company stockholders equity was $311.7 million as of December 31, 2022 compared to $321 million as of December 31, 2021. Cash flow from operating activities was $48 million in 2022 compared to $28.3 million in 2021. Cash paid to acquire property, plant and equipment and land use rights was $20.3 million in 2022 compared to $9.3 million in 2021. The business outlook. Management has provided revenue guidance for the year 2023 to $560 million. This target is based on the company's current use of operating and marketing conditions. This is subject to change. With that operator, we are now ready to begin the Q&A session.
