YCT-雅创电子(301099) - 2023 Q4 - 年度财报(更新)

Financial Performance and Dividends - Total shares for dividend distribution: 79,200,000 shares after deducting 800,000 shares from the repurchase account[1] - Cash dividend proposal: 0.7 RMB per 10 shares (tax included)[1] - Capital reserve transfer: 3 additional shares per 10 shares[1] - Revenue for 2023 reached 2.47 billion yuan, a 12.14% increase compared to 2022[21] - Net profit attributable to shareholders in 2023 was 53.26 million yuan, a 65.45% decrease from 2022[21] - Operating cash flow improved significantly, with a 55.01% reduction in negative cash flow to -124.09 million yuan in 2023[21] - Basic earnings per share decreased by 65.28% to 0.67 yuan in 2023[21] - Weighted average return on equity dropped to 5.31% in 2023, down 11.61 percentage points from 2022[21] - Total assets grew by 25.66% to 2.68 billion yuan at the end of 2023[21] - Q4 2023 revenue was the highest at 815.74 million yuan, showing strong seasonal performance[23] - Q2 2023 had the highest net profit attributable to shareholders at 16.70 million yuan[23] - Q4 2023 saw the largest negative operating cash flow at -149.39 million yuan[23] - The company's revenue has shown consistent growth, increasing from 1.42 billion yuan in 2021 to 2.47 billion yuan in 2023[21] - In 2023, the company achieved operating revenue of RMB 2.470223 billion, a year-on-year increase of 12.14%, with a gross profit margin of 17.87%, down 2.56 percentage points year-on-year[60] - The company's net profit attributable to shareholders of the listed company was RMB 53.2625 million, a year-on-year decrease of 65.45%[64] - The company's operating cash flow improved significantly, with a net cash flow from operating activities of -124.09 million yuan in 2023, compared to -275.81 million yuan in 2022, an increase of 55.01%[78] - The net cash flow from financing activities increased by 59.94% to 649.91 million yuan in 2023, primarily due to the issuance of convertible bonds[78] - The company's cash and cash equivalents increased by 487.18% to 237.94 million yuan in 2023, compared to a decrease of 61.45 million yuan in 2022[78] - The company's investment activities resulted in a net cash outflow of 279.19 million yuan in 2023, a 43.87% increase from 2022, mainly due to payments for WEC and Weili equity transfers[78] - The company's non-operating income included a significant investment loss of 27.72 million yuan, accounting for -36.33% of total profit, due to the acquisition of Weili equity[83] - The company's asset impairment loss was 30.34 million yuan, primarily due to inventory write-downs[83] - The company's credit impairment loss was 7.35 million yuan, mainly due to bad debt provisions for accounts receivable[83] - The company's operating cash flow was significantly impacted by the discounting of received bills, with 180.79 million yuan from bill discounting included in financing activities in 2023[81] - Cash and cash equivalents increased by 111.7% to 452.26 million yuan, accounting for 16.87% of total assets, primarily due to the issuance of convertible bonds[85] - Accounts receivable increased by 10.0% to 877.40 million yuan, but its proportion of total assets decreased by 4.65 percentage points to 32.73%[85] - Inventory decreased by 25.3% to 304.11 million yuan, with its proportion of total assets dropping by 7.75 percentage points to 11.34%, due to enhanced inventory management and increased sales[86] - Long-term equity investments increased to 132.14 million yuan, accounting for 4.93% of total assets, mainly due to the acquisition of a stake in Weiyali[86] - Short-term borrowings increased by 32.5% to 724.45 million yuan, accounting for 27.03% of total assets, driven by increased bank loans as revenue grew[86] - Trading financial assets increased by 105.5% to 119.83 million yuan, accounting for 4.47% of total assets, mainly due to increased structured deposits and bills[86] - Goodwill increased by 28.9% to 126.92 million yuan, accounting for 4.73% of total assets, primarily due to the consolidation of WEC[86] - Overseas assets accounted for 14.53% of the company's net assets, with Hong Kong Taixin contributing 15.81 million yuan in net assets and 2.34 million yuan in net profit[87] - The fair value of trading financial assets (excluding derivatives) increased by 105.5% to 119.83 million yuan, with a fair value change of 2.27 million yuan during the period[88] - Total investment in the reporting period increased by 7.64% to 270.48 million yuan compared to the same period last year[90] Subsidiaries and Acquisitions - Key subsidiaries include Shanghai Yaxinli Electronics Trading Co., Ltd. and Kunshan Yachuang Electronics Parts Co., Ltd.[11] - Subsidiary structure includes Hong Kong UPC Electronics Pte Limited and its subsidiaries in Singapore, India, and Malaysia[11] - Controlled subsidiaries such as Shenzhen Yihainengda Co., Ltd. and its affiliates in Wuhan and Hong Kong[11] - Strategic holdings in semiconductor companies like Shenzhen Ouchuangxin Semiconductor Co., Ltd.[11] - International presence through subsidiaries like WE Components India Pvt Ltd and WE Components (Penang) Sdn Bhd[11] - Subsidiary network spans across regions including South Korea, Hong Kong, and mainland China[11] - The company acquired 21.24% of Wai Lee's shares in March and April 2023, with Wai Lee generating annual sales of 3 billion HKD and an average annual net profit of 30 million HKD over the past decade[40] - The company acquired 86% of WEC's shares in June 2023, expanding its distribution business in Southeast Asia, including Vietnam, Malaysia, India, and Thailand[41] - The company acquired 60% of Edenway's shares in December 2023 for 6,000 HKD, focusing on the server power module market driven by cloud computing and 5G development[42] - The company invested 4 million RMB in December 2023 to acquire a 4.26% stake in Naso Technology, which specializes in automotive electronics and has long-term relationships with over 80% of Tier 1 and OEM suppliers[43] - The company invested 12 million RMB in March 2024 to acquire a 2.5% stake in FuriKun, a company specializing in RF IC chips, including automotive-grade Bluetooth SoC chips[44] - The company established a joint venture in March 2024 with a 25% stake, investing 10 million RMB to enhance its self-developed IC technology and reduce operational risks[45] - The company expanded its overseas market presence by acquiring WEC, which has sales offices in Vietnam, Malaysia, India, and Thailand, and plans to further globalize its operations[46] - The company's wholly-owned subsidiary acquired 86% equity of WE Components Pte. Ltd through cash payment, which has strong synergy with the company's business[137] - The company's wholly-owned subsidiary acquired partial equity of Wai Lee Electronics (Group) Co., Ltd through cash payment, which has strong synergy with the company's business[137] - The company completed the acquisition of 21.24% equity in Wailly Electronics (Group) Co., Ltd. for RMB 149,021,646.97[93] - The company acquired 86% equity in WEComponents Pte. Ltd. for RMB 112,561,944.32[93] - The company's subsidiary, Hong Kong UPC, now holds 100% equity in WEC, accelerating the layout in the Southeast Asian market[94] - The company's goodwill as of the reporting period was RMB 126,921,100, accounting for 4.73% of total assets[97] - The company added 10 new subsidiaries during the reporting period, bringing the total number of subsidiaries to 29[73] - Added 10 new subsidiaries during the reporting period, including the acquisition of Zhongao Electronics for HKD 10,000 and WEC's remaining 86% stake for USD 15.89 million[174] - Acquired 55% controlling stake in Yihainengda with performance commitments of RMB 20 million, RMB 21.5 million, and RMB 22.5 million for 2022, 2023, and 2024 respectively, totaling RMB 64 million[176] - Hong Kong Taixin acquired a 21.24% stake in Weili, becoming its largest shareholder[192] - The company's wholly-owned subsidiary, Hong Kong UPC, acquired 86% of WE Components Pte. Ltd for up to 15,892,519 USD[192] R&D and Technological Advancements - The company's R&D expenditure increased by 15% to 673.1 billion in 2024, with a compound annual growth rate (CAGR) of 8.8% from 2023 to 2032, reaching $1.3 trillion by 2032[28] - The automotive electronics market is expanding rapidly, with the cost of automotive electronics accounting for 15%-28% of the total cost of fuel vehicles and 65% for pure electric vehicles[29] - The communication industry is the largest application market for analog chips, accounting for 37.5% of the market share in 2022, while the automotive sector is the second largest, with a market share expected to increase from 24.7% in 2022 to 26.3% by 2026[30] - The global power management IC market size was approximately$ 36.8 billion in 2021, with China accounting for 36% of the market share, reaching $13.2 billion[34] - The automotive electronics market is driven by the "three transformations" (electrification, intelligence, and connectivity), with analog chips playing a significant role, accounting for 14% of the value of automotive semiconductors[30] - The company's performance is influenced by the cyclical nature of the automotive industry, with sales typically higher in the second half of the year due to seasonal factors[35] Corporate Governance and Management - The company's board of directors consists of 7 members, including 3 independent directors, and held 9 board meetings during the reporting period[107] - The company's supervisory board consists of 3 members, including 1 employee representative, and held 9 supervisory board meetings during the reporting period[108] - The company has established 4 specialized committees under the board of directors: strategy, audit, nomination, and compensation and evaluation committees[107] - The company maintains independence in business, assets, personnel, organization, and finance from its controlling shareholders and actual controllers[113] - The company has an independent and complete business system with no competition or related-party transactions with controlling shareholders or their affiliates[114] - The company possesses complete control over its assets, which are strictly separated from shareholders' assets[115] - The company strictly implements insider information registration management and did not experience any insider information leaks or trading during the reporting period[111] - The company actively manages investor relations through various channels, including regular reports and investor hotlines[112] - The company's actual governance status shows no significant differences from relevant laws, regulations, and regulatory requirements[112] - The company's 2022 annual general meeting had an investor participation rate of 68.86%[121] - Zhang Wenjun resigned as a director on April 25, 2023, due to Tongchuang Co., Ltd. reducing its shareholding in the company to below 5%[122] - Xu Guanghai was elected as a non-independent director at the 2022 annual general meeting on May 12, 2023[122] - Xie Lishu, the chairman and general manager, holds 44,880,000 shares as of the end of the reporting period[117] - Huang Shaoli, a director, holds 0 shares as of the end of the reporting period[117] - Hua Liang, a director, holds 0 shares as of the end of the reporting period[117] - The company has an independent financial department and accounting system, with no shared bank accounts with controlling shareholders[120] - Lu Peng has been serving as an independent director since July 2019[123] - Gu Jianzhong has been serving as an independent director since July 2019[124] - Chang Qijun has been serving as an independent director since June 2022[125] - The company's board members and senior management received a total of 6.63 million yuan in pre-tax compensation during the reporting period, with the highest individual compensation being 1.4181 million yuan for the CFO and Board Secretary[130] - The company's independent directors received an allowance of 64,000 yuan each, as approved by the board and shareholders[130] - The company held three board meetings during the reporting period, with resolutions disclosed on the official website[130] - The company's board members hold multiple positions in affiliated companies, with several appointments made on October 17, 2023[128] - The company's senior management, including the Chairman and CEO, received compensation ranging from 106,760 yuan to 119,760 yuan[130] - The company's board members are involved in various subsidiaries, including electronic and investment companies, with appointments spanning from 2008 to 2023[128] - The company's compensation structure for board members and senior management includes basic salary, bonuses, and social insurance benefits[130] - The company's board members hold positions in both domestic and international subsidiaries, including Hong Kong and Shanghai-based companies[128] - The company's board members are involved in technology and investment-related subsidiaries, with some holding executive roles[128] - The company's board members have a diverse range of roles, including non-executive directors and independent directors, with varying compensation structures[130] - The company maintained the existing board of directors and senior management team to ensure stability and healthy development[137] - The company's board of directors and senior management team members were proposed to remain unchanged to ensure stability and healthy development[137] - The company's audit committee strictly reviewed and approved the 2022 financial statements, profit distribution plan, and internal control self-assessment report[137] - The company's compensation and assessment committee strictly reviewed and approved the 2023 director and executive compensation plans[137] - The company's nomination committee proposed to maintain the existing board of directors and senior management team[137] - The company's strategic committee approved the acquisition plans of WE Components Pte. Ltd and Wai Lee Electronics (Group) Co., Ltd[137] - The company's board of directors held 9 meetings during the reporting period, with all directors attending either in person or via teleconference[133] - The company's directors did not raise any objections to the company's matters during the reporting period[134] - Total number of employees at the end of the reporting period is 575, with 235 from the parent company and 340 from major subsidiaries[140] - The company plans to strengthen performance orientation, optimize welfare policies, enhance salary competitiveness, and promote salary fairness in future salary planning[141] - The company will organize professional trainers