晶晨股份(688099) - 2024 Q2 - 季度财报

Company Overview and Governance - The company's semi-annual report for 2024 has been released, with the company code 688099 and the abbreviation "晶晨股份" [1] - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibilities [2] - The company has detailed various risks and countermeasures in the report, and the entire board of directors attended the board meeting [3] - The semi-annual report has not been audited, and the company's responsible persons have declared the financial report to be true, accurate, and complete [3] - The company has no profit distribution plan or capital reserve to share capital plan for this reporting period [3] - The company has no special arrangements for corporate governance and no non-operational fund occupation by controlling shareholders or other related parties [4] - The company has no violations of decision-making procedures for external guarantees, and no more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the semi-annual report [4] - The report includes forward-looking statements about the company's future plans and development strategies, which do not constitute a substantive commitment to investors [4] - The company's subsidiaries include Amlogic (Hong Kong) Limited, Amlogic Holdings Ltd., and various other entities in different regions [9] - The company collaborates with global partners such as ARM, Google, Amazon, and Xiaomi [9] - The company's registered address is located at No. 350 Chunxiao Road, South Building, Room 406, China (Shanghai) Pilot Free Trade Zone [11] - The company's office address is at No. 2555 Xiupu Road, Pudong New Area, Shanghai, in the Caobeijing Kangqiao Business Oasis E5 building [13] - The company's website is accessible at http://www.Amlogic.cn and http://www.Amlogic.com [13] - The company's stock is listed on the Shanghai Stock Exchange's STAR Market under the ticker symbol 688099 [16] - The company's legal representative is John Zhong [11] - The company's A-share stock is traded under the name "晶晨股份" (Jingcheng Shares) on the Shanghai Stock Exchange [16] - The company's electronic mail for investor relations is IR@Amlogic.com [13] - The company's semi-annual report is available on the website www.sse.com.cn [15] - The company's designated newspapers for information disclosure include "Shanghai Securities News," "China Securities Journal," "Securities Times," and "Securities Daily" [15] - The company's contact phone number is 021-38165066, and the fax number is 021-50275100 [14] Financial Performance - Revenue for the first half of 2024 reached 3.016 billion yuan, a year-on-year increase of 28.33% [18] - Net profit attributable to shareholders of the listed company was 362.15 million yuan, a year-on-year increase of 96.06% [18] - R&D expenses for the first half of 2024 were 674 million yuan, an increase of 66 million yuan compared to the same period last year [19] - T-series product sales revenue increased by approximately 70% year-on-year in the first half of 2024 [19] - W-series products accounted for over 8% of the company's total shipments in Q2 2024 [19] - The company successfully taped out a 6nm commercial chip based on the new ARM V9 architecture and self-developed edge AI capabilities, securing initial commercial orders [19] - Basic earnings per share for the first half of 2024 were 0.87 yuan, a year-on-year increase of 93.33% [21] - Weighted average return on equity (ROE) for the first half of 2024 was 6.37%, an increase of 2.72 percentage points year-on-year [21] - R&D investment as a percentage of revenue decreased by 3.51 percentage points to 22.35% in the first half of 2024 [21] - The company expects further year-on-year revenue growth in Q3 2024 and the full year of 2024, though specific performance remains uncertain [19] - Q2 2024 global semiconductor industry sales reached $149.9 billion, a YoY increase of 18.3% and a QoQ increase of 6.5% [26] - Q2 2024 company revenue reached 1.638 billion RMB, a YoY increase of 24.53% and a QoQ increase of 18.82% [26] - Wi-Fi 6 2×2 chip launched in 2023, with W series products accounting for over 8% of total shipments in Q2 2024 [30] - Company plans to launch a tri-mode combo product (Wi-Fi 6 + BT 5.4 + 802.15.4) in 2024, supporting Thread/Zigbee and enabling Matter controller and IoT gateway applications [30] - 6nm commercial chip based on ARM V9 architecture and in-house edge AI capabilities successfully taped out, with initial commercial orders secured [31] - 8K chip performed well in the first domestic operator commercial batch tender [31] - Company's S-series SoC chips are widely adopted by major manufacturers like ZTE, Xiaomi, Google, and Amazon, and used in domestic and international operator equipment [31] - Company has 11 key core technologies, including ultra-high-definition multimedia codec, global digital TV demodulation, and ultra-low-power technology [27] - Company is a leader in smart set-top box chips, a pioneer in smart TV chips, and an innovator in smart audio-visual system terminal chips [27] - Company's products are applied in various fields, including smart home, automotive, education, and industrial applications [30] - T series SoC chip sales revenue increased by approximately 70% year-over-year in the first half of 2024 [32] - W series Wi-Fi 6 product accounted for over 8% of the company's total shipments in Q2 2024 [34] - The company achieved revenue of 3.016 billion yuan in the first half of 2024, a year-over-year increase of 28.33% [37] - Net profit attributable to the parent company in the first half of 2024 was 362 million yuan, a year-over-year increase of 96.06% [37] - Q2 2024 revenue reached 1.638 billion yuan, a year-over-year increase of 24.53% and a quarter-over-quarter increase of 18.82% [37] - Q2 2024 net profit attributable to the parent company was 235 million yuan, a year-over-year increase of 52.07% and a quarter-over-quarter increase of 83.94% [37] - R&D expenses in the first half of 2024 were 674 million yuan, an increase of 66 million yuan compared to the same period last year [37] - The number of R&D personnel increased by 108 compared to the same period last year [37] - The company's automotive electronics chips have been successfully mass-produced and commercialized in several well-known domestic and international car manufacturers [35] - The company plans to launch a new tri-mode combination product (Wi-Fi 6 + BT 5.4 + 802.15.4) in 2024 [34] - W series products accounted for over 8% of the company's total shipments in Q2 2024, with sales expected to further increase due to rapid product iteration and series expansion [38] - The company's 6nm commercial chip based on ARM V9 architecture and self-developed edge AI capabilities has secured initial commercial orders after successful tape-out [38] - The company's 8K chip performed exceptionally well in the first batch of commercial bidding by domestic operators [38] - The company expects Q3 2024 and full-year 2024 revenue to grow year-over-year, though specific performance remains uncertain [38] - The company applied for 24 new patents in the reporting period, all of which were invention patents, and was granted 14 invention patents [40][41] - Total R&D investment in the reporting period was 674.07 million yuan, a 10.91% increase year-over-year, with R&D expenses accounting for 22.35% of revenue [42] - The company is upgrading its S series SoC chips with a total planned investment of 270 million yuan, aiming to reduce production costs and enhance performance [44] - The global version of the high-performance, low-power S series SoC chip project has invested 101.8 million yuan in the current period, with a total investment of 158.76 million yuan [44] - The company's T series SoC chip upgrade project has invested 60.87 million yuan in the current period, with a total investment of 140.57 million yuan, targeting the global smart display market [44] - The high-end smart terminal SoC chip upgrade project has invested 29.46 million yuan in the current period, with a total investment of 61.25 million yuan, focusing on high-end smart display applications [44] - Global version of Smart T-series SoC chip upgrade achieved phased results, with R&D and trial production ongoing, supporting global TV market standards and new image quality technologies [45] - Machine vision intelligent chip is in trial production phase, targeting high-performance edge-side visual computing for robotics [45] - Wireless connectivity chip upgrade and next-gen wireless connectivity chip achieved phased results, supporting Wi-Fi and Bluetooth integration for smart displays and devices [45] - Next-gen intelligent voice SoC chip is in trial production, supporting ultra-low power standby and voice wake-up interaction [45] - SoC chip R&D for new smart terminal applications is in progress, targeting high-performance, low-power solutions for smart home and robotics [45] - High-frame-rate color video signal display processing chip R&D is ongoing, targeting smart TVs and home devices [46] - Total R&D investment for the period reached 194,800.00 million, with 143,431.11 million already utilized [46] - R&D personnel increased to 1,588, accounting for 85.74% of total employees, with average salary rising to 32.55 thousand [47] - R&D team consists of 45.09% master's degree holders and 48.87% bachelor's degree holders, with 43.01% aged 30-40 [48] - Core R&D team has over 20 years of industry experience, with stable and high-quality talent structure [52] - Revenue for the first half of 2024 reached 3.016 billion yuan, a year-on-year increase of 28.33% [54] - Net profit attributable to the parent company in the first half of 2024 was 362 million yuan, a year-on-year increase of 96.06% [54] - Q2 2024 revenue reached 1.638 billion yuan, a year-on-year increase of 24.53% and a quarter-on-quarter increase of 18.82% [54] - Q2 2024 net profit attributable to the parent company was 235 million yuan, a year-on-year increase of 52.07% and a quarter-on-quarter increase of 83.94% [54] - R&D expenses in the first half of 2024 were 674 million yuan, an increase of 66 million yuan compared to the same period last year [54] - T-series product sales revenue increased by approximately 70% year-on-year in the first half of 2024 [54] - W-series products accounted for over 8% of the company's total shipments in Q2 2024 [54] - The company has 1,588 R&D personnel as of June 30, 2024, an increase of 108 compared to the same period last year [54] - The company confirmed share-based payment expenses of 66 million yuan in the first half of 2024, impacting net profit attributable to the parent company by 69 million yuan [54] - The company's 6nm commercial chip based on ARM V9 architecture and self-developed edge AI capabilities has received its first batch of commercial orders [54] - Revenue for the reporting period reached 3,016.21 million yuan, a year-on-year increase of 28.33% [65] - Net profit attributable to the parent company was 362.15 million yuan [65] - Total assets as of June 30, 2024, amounted to 7,083.64 million yuan [65] - Net cash flow from operating activities increased by 12.46% to 622.39 million yuan [65] - R&D expenses rose by 10.91% to 674.07 million yuan [65] - Gross profit margin faced potential fluctuations due to market competition and product iteration [60] - Inventory turnover rate may decline, increasing the risk of inventory impairment [60] - The company faces risks from supplier concentration, particularly in wafer foundry services [59] - Potential risks from changes in tax优惠政策 could impact profitability [64] - Exchange rate fluctuations may affect performance due to significant overseas sales and procurement [64] - Operating revenue increased by 665.83 million yuan, up 28.33% year-on-year, driven by market recovery and proactive sales strategies [66] - Operating costs rose by 420.89 million yuan, up 27.54% year-on-year, primarily due to increased sales [66] - R&D expenses increased by 66.32 million yuan, up 10.91% year-on-year, mainly due to higher personnel costs [66] - Net cash flow from operating activities increased by 68.96 million yuan, up 12.46% year-on-year, due to improved sales collections [66] - Other receivables increased by 54.74% to 41.28 million yuan, mainly due to unclaimed export tax rebates [68] - Other current assets surged by 987.82% to 235.72 million yuan, driven by increased input tax credits and short-term debt investments [68] - Contract liabilities increased by 184.95% to 157.44 million yuan, reflecting higher advance payments from customers [68] - Overseas assets totaled 1,427.79 million yuan, accounting for 20.16% of total assets [69] - Total financial assets measured at fair value reached 1,334.52 million yuan, with a fair value change of 7.90 million yuan during the period [71] - Investment in the Shanghai Guoce Green Technology Manufacturing Private Equity Fund totaled 90 million yuan, with a cumulative profit impact of 21.39 million yuan [74] - Jingcheng Hong Kong's total assets amounted to 158,554.35 million yuan, with a net profit of 5,886.63 million yuan [75] - Jingcheng Shenzhen's total assets were 22,993.58 million yuan, with a net profit of 1,229.02 million yuan [75] - Jingcheng California reported a net loss of 554.34 million yuan [75] - Jingcheng Beijing's total assets were 3,828.56 million yuan, with a net profit of 282.45 million yuan [75] - Shanghai Jingyi's total assets were 10,528.92 million yuan, with a net profit of 2.06 million yuan [75] - Shanghai Jingmin's total assets were 28,653.70 million yuan, with a net profit of 192.62 million yuan [75] - Jingcheng Chengdu's total assets were 5,136.95 million yuan, with a net profit of 411.14 million yuan [75] - Jingcheng Xi'an's total assets were 4,137.34 million yuan, with a net profit of 500.11 million yuan [75] - Jingcheng Nanjing's total assets were 686.61 million yuan, with a net profit of 27.68 million yuan [75] - Jingcheng Hefei's total assets were 1,866.20 million yuan, with a net profit of 148.03 million yuan [75] - The company's controlling shareholders and actual controllers, including John Zhong and Yeeping Chen Zhong, will repurchase shares issued in the initial public offering within a specified period [89] - The company confirms that its prospectus contains no false statements or material omissions, and it will compensate investors if losses occur due to such issues [89] - The company will repurchase all newly issued shares at the offering price plus bank deposit interest if any false statements or material omissions are found before trading begins [89] - If false statements or material omissions are found after trading begins, the company will propose a share repurchase plan within 5 working days and submit it to the shareholders' meeting for approval [89] - The company will strengthen R&D, expand business, and improve profitability to mitigate the impact of diluted earnings per share and return on equity after the IPO [90] - The company will optimize product processes, improve production efficiency, and reduce operating costs to enhance profitability [90] - The company has established a "Fund Management System" to ensure efficient use of raised funds and accelerate the construction of investment projects [90] - The company will strictly supervise the use of raised funds to ensure they are used for specified projects, aiming to enhance profitability and operational performance [92] - The company has established a profit distribution mechanism and shareholder return plan to protect the interests of shareholders, especially minority shareholders [92] - The controlling shareholders and actual controllers have committed not to interfere with the company's management and to compensate for any losses caused by their actions [92] - Directors and senior management have pledged to avoid unfair benefits and to link their compensation with the company's performance and return measures [92] - The company guarantees to fulfill all public commitments disclosed in the IPO prospectus and will compensate investors for any losses due to unfulfilled commitments [93] - The controlling shareholders and actual controllers have committed to extend the lock-up period of their shares if they fail to fulfill their commitments [93] - The company expects daily related-party transactions with Amlogic Holdings Ltd. to amount to RMB 170 million in 2024 [99] - The company has no significant litigation or arbitration matters during the reporting period [98] - The company has no non-operational fund occupation by controlling shareholders or other related parties [97] - The company has no illegal guarantees or bankruptcy restructuring matters [97][98] - The company's controlling shareholders and related parties have committed to avoiding competitive business activities with the company [96] - The company's directors and senior management have pledged to fulfill all public commitments made during the IPO [94] - The company's controlling shareholders have extended the lock-up period for their shares until all adverse effects from unfulfilled commitments are resolved [94] - The company's controlling shareholders will not receive dividends or bonus shares until all adverse effects from unfulfilled commitments are resolved [94] - The company's controlling shareholders will compensate investors for losses if commitments are not fulfilled [94] - The company's controlling shareholders will transfer or terminate any competitive business activities if they arise [96] - Total raised funds amount to 1.583 billion yuan, with net funds after deducting issuance costs reaching 1.503 billion yuan [103] - Cumulative