纳芯微(688052) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 increased to 831,748,320.74, up from 717,632,190.35 in the same period of 2023[8] - Operating costs for the first half of 2024 rose to 556,387,660.18, compared to 410,474,214.95 in the first half of 2023[8] - R&D expenses decreased to 302,719,260.84 in the first half of 2024, down from 350,874,508.06 in the same period of 2023[8] - Financial income improved to -14,165,859.24 in the first half of 2024, compared to -12,173,785.17 in the first half of 2023[8] - Interest income increased to 16,628,104.58 in the first half of 2024, up from 9,631,417.78 in the same period of 2023[8] - The company has set a net profit target of 3,912 million for 2024, 5,154 million for 2025, and 7,568 million for 2026 for a target company[7] - Total liabilities decreased to 760.68 billion yuan from 948.79 billion yuan compared to the previous period[12] - Total equity attributable to the parent company decreased to 6.08 billion yuan from 6.21 billion yuan[12] - Basic earnings per share (EPS) for the period was -1.86 yuan per share, compared to -0.93 yuan per share in the previous period[13] - Comprehensive income for the period was -265.63 million yuan, compared to -131.60 million yuan in the previous period[13] - The company has no profit distribution plan or capital reserve to share capital conversion plan for the reporting period[16] - The company's deferred income increased to 18.11 million yuan from 16.42 million yuan[12] - The company's other comprehensive income that will be reclassified to profit or loss was -378,199.07 yuan, compared to 1,883.31 yuan in the previous period[13] - The company's total assets at the end of the reporting period were 6.85 billion yuan, compared to 7.16 billion yuan in the previous period[12] - The company's total equity at the end of the reporting period was 6.09 billion yuan, compared to 6.21 billion yuan in the previous period[12] - Revenue for the first half of 2024 reached RMB 1.23 billion, representing a year-over-year growth of 15.6%[40] - Gross profit margin improved to 45.8%, up from 43.2% in the same period last year[40] - R&D expenses increased by 20% to RMB 250 million, accounting for 20.3% of total revenue[40] - Revenue for the first half of 2024 reached 848.87 million yuan, a year-on-year increase of 17.30%[41] - Net profit attributable to shareholders of the listed company was -265.25 million yuan, with a significant decline due to increased market competition and higher operating costs[43] - Operating cash flow turned positive at 8.40 million yuan, driven by increased customer payments and optimized inventory management[43] - R&D investment accounted for 37.61% of revenue, a decrease of 8.62 percentage points compared to the same period last year[42] - The company's net profit attributable to shareholders was -26,525.08 million, with a decline attributed to increased market competition, rising sales and management expenses, and restricted stock incentive plans[70] - The company achieved revenue of 848.871 million yuan in the first half of 2024, a year-on-year increase of 17.30%, with a net loss attributable to shareholders of 265.2508 million yuan[76] - In Q2 2024, the company's revenue was 486.3893 million yuan, a quarter-on-quarter increase of 34.18%, with a net loss attributable to shareholders of 115.2216 million yuan[76] - The company's R&D investment in the first half of 2024 was 319.22 million yuan, accounting for 37.61% of revenue, with a year-on-year increase of 25.86% after excluding share-based payment expenses[77] - The company's gross margin declined due to macroeconomic pressures and intensified market competition, with increased sales and management expenses[83] - The company's share-based payment expenses for the first half of 2024 were 147.3096 million yuan, and excluding this, the net loss attributable to shareholders was 117.9412 million yuan[83] - Revenue for the first half of 2024 reached 848.87 million yuan, a year-on-year increase of 17.30%[97] - Net profit attributable to shareholders was -265.25 million yuan, with a net profit after deducting non-recurring gains and losses of -286.36 million yuan[97] - Operating costs increased by 35.62% to 561.07 million yuan, driven by higher sales of sensors, signal chains, and power management products[98] - Sales expenses rose by 57.88% to 85.47 million yuan due to increased market expansion and talent development efforts[98] - R&D expenses decreased by 4.59% to 319.22 million yuan[98] - Cash flow from operating activities improved significantly to 8.40 million yuan, compared to -260.17 million yuan in the same period last year[98] - Cash flow from investing activities surged by 616.52% to 830.83 million yuan[98] - Cash flow from financing activities turned negative at -172.04 million yuan, a 169.13% decrease[98] - Sales revenue from customers increased by 883.158 million yuan, a year-on-year growth of 12.59%[99] - Cash paid for goods and services decreased by 229.632 million yuan, a year-on-year decline of 35.46%[99] - Monetary funds increased by 38.07% to 2,417.8445 million yuan, accounting for 35.32% of total assets[101] - Trading financial assets decreased by 44.68% to 1,244.4412 million yuan, accounting for 18.18% of total assets[102] - Accounts receivable increased by 71.99% to 3,082.232 million yuan, accounting for 4.50% of total assets[102] - Prepayments increased by 81.42% to 850.519 million yuan, accounting for 1.24% of total assets[102] - Inventory decreased by 10.73% to 7,390.069 million yuan, accounting for 10.79% of total assets[102] - Long-term equity investments increased by 78.28% to 418.931 million yuan, accounting for 0.61% of total assets[102] - Short-term borrowings decreased by 58.85% to 1,000.767 million yuan, accounting for 1.46% of total assets[102] - Investment amount in the reporting period decreased by 27.27% to 1,102.7873577 million yuan[105] - Subsidiary Naxim's net profit decreased by 40.57 million yuan year-on-year, primarily due to increased R&D expenses of 26.10 million yuan, interest expenses from new long-term loans of 4.45 million yuan, and credit impairment losses of 3.10 million yuan[108] - Naxim's financial performance showed a net loss of 39.30 million yuan, with total assets of 601.21 million yuan and revenue of 108.08 million yuan[111] - The company's 2022 restricted stock incentive plan's second vesting period performance target was not met, as 2023 revenue reached 1.31 billion yuan, below the 1.8 billion yuan target[115] - R&D expenses for Naxim increased significantly to 26.10 million yuan due to team expansion and self-developed projects[108] - Naxim's credit impairment losses increased by 3.10 million yuan due to higher accounts receivable balances[108] - The company's total investment in industrial synergy projects reached 330 million yuan, with a focus on semiconductor and new energy sectors, including 19 key investment targets[107] - The company's investment in sensor, chip, and module R&D and manufacturing enterprises totaled 50 million yuan, with a 38.43% ownership stake[107] - Naxim's long-term equity investments in the sensor industry chain reached 20 million yuan[107] - The company's total non-current assets related to industrial investments amounted to 228.50 million yuan[107] - The company's total investment in industrial synergy projects included 44 million yuan in current financing assets[107] - The company's overseas assets amount to 103.3574 million yuan, accounting for 1.51% of total assets[126] - The company's total investment in subsidiaries and grand subsidiaries is 66,278,735.77 yuan[127] - The company's private equity fund investments increased by 24 million yuan, reaching a total of 231,043,080 yuan by the end of the period[128] - The company's other financial assets, including wealth management products, amounted to 2.26 billion yuan at the beginning of the period, with a net increase of 1.27 billion yuan by the end of the period[128] - Investment in semiconductor industry: Suzhou Huaye Naxing Venture invested 90 million RMB in 2 semiconductor-related projects, focusing on industries, communications, and new energy[129] - Investment in integrated circuits: Suzhou Juyuan Zhenxin Equity Investment invested 30 million RMB in 18 projects related to integrated circuits and semiconductor upstream and downstream industries[129] - Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund invested 80 million RMB in 41 projects, primarily in integrated circuits and related fields, covering new information technology, intelligent manufacturing, and new materials[129] - The company has a total of 5.581 billion yuan in raised funds, with 4.831 billion yuan allocated for over-raised funds, of which 2.9 billion yuan has been invested, representing an investment progress of 60.03%[195][196] - 2.7 billion yuan of over-raised funds has been used for permanent working capital replenishment, accounting for 65.85% of the total allocated for this purpose[196] - 200.106 million yuan of over-raised funds has been fully utilized for stock repurchase[196] - The company has 531.14 million yuan of over-raised funds remaining unused[196] - The company has approved the use of up to 2.5 billion yuan of idle raised funds and 3.5 billion yuan of idle own funds for cash management, including investments in high-safety and high-liquidity products[199] - As of the reporting period, the company had 126.5 million yuan in cash management balance, which did not exceed the authorized limit[199] R&D and Innovation - R&D expenses decreased to 302,719,260.84 in the first half of 2024, down from 350,874,508.06 in the same period of 2023[8] - The company successfully launched 5 new ASIC chips, contributing 12% to total revenue[32] - The company completed the acquisition of a MEMS sensor manufacturer, expanding its product portfolio in the IoT sector[32] - The company achieved AEC-Q100 certification for 3 new automotive-grade chips, enhancing its competitiveness in the automotive market[33] - The company plans to invest RMB 500 million in a new R&D center focused on AI and IoT technologies[32] - R&D investment accounted for 37.61% of revenue, a decrease of 8.62 percentage points compared to the same period last year[42] - The company's sensor products, including magnetic and pressure sensors, are widely used in automotive and industrial applications[48] - The company's signal chain products cover a wide range of applications including automotive electronics, industrial automation, smart home, and consumer electronics, with significant performance and cost optimization[49] - The company has developed "isolation+" products that integrate power, interface, and signal isolation, offering high integration, low cost, and miniaturization advantages, widely used in automotive electronics, energy, and consumer electronics[49] - The company's CMOS temperature sensor technology achieves high precision with an error of less than +/-0.75°C in the range of -50°C to 150°C, and less than +/-0.2°C in the body temperature range, with a resolution of 0.015°C[51] - The company's sensor signal conditioning and calibration technology achieves an equivalent input zero drift of <1uV and a common-mode rejection ratio greater than 100dB, with calibration accuracy up to 0.1%[51] - The company's high-voltage/anti-voltage protection circuit technology provides over +/-30V protection for automotive-grade sensor signal conditioning ASIC chips, ensuring better stability in harsh environments[51] - The company's power management products include gate drivers, power supplies, LED drivers, motor drivers, audio amplifiers, and power path protection chips, widely used in industrial, communication, and new energy automotive fields[50] - The company's motor driver chips support various motor loads such as BDC, Stepper, Relay, Valve, and BLDC, widely used in industrial and automotive motor control designs[50] - The company's LED driver chips feature high constant current accuracy and strong heat dissipation, primarily used in automotive tail lights, headlights, and interior ambient lighting[50] - The company's power supply products, such as LDO and voltage monitoring, are designed for automotive battery applications, offering low standby power consumption to extend battery life[50] - The company's power path protection chips support complete diagnostic protection functions and are used in body controllers, vehicle controllers, power distribution controllers, and BMS[50] - MEMS pressure sensor technology achieves high sensitivity (>10mV/V), comprehensive accuracy (<0.2%F.S.), and lifetime stability (<1%F.S.), with ultra-low range capability (down to 200Pa) and compliance with AEC-Q103 standards[52] - Low-stress, media-resistant packaging technology for MEMS sensors enables full-temperature range accuracy of 1% and reduces testing costs through the StripTest automated calibration system[52] - Digital isolation chip technology based on "Adaptive OOK" modulation achieves CMTI >±200kV/μS, with signal jitter controlled to 1ns, and protection against extreme conditions up to ±300kV/μS[52] - High-voltage isolation process enhances isolation withstand voltage and surge impact capability, with products certified under DIN VDE0884-11 Reinforced Isolation standards[52] - Isolated power supply chip design achieves near 50% transmission efficiency, 2% output voltage accuracy, and includes soft-start and overvoltage protection features[52] - Power driving technology achieves CMTI of ±150kV/μS, transmission delay <35ns, and waveform distortion <6ns, with 4A6A driving capability and compliance with VDE, UL, and CQC standards[52] - High-precision isolated voltage/current detection technology achieves gain error <0.3%, offset <100uV, nonlinearity <0.03%, and CMTI >±100kV/uS, with excellent temperature drift and power supply rejection ratio[52] - Magnetic sensing technology provides high-isolation current detection with <5mV zero error, <1.5% sensitivity error, 400KHz bandwidth, and 1us response time, supporting current detection from 5A to 65A[52] - LED driving technology offers constant current drive, PWM dimming, and external resistor dimming, with diagnostic, protection, and auto-recovery features, and supports thermal balancing for enhanced current drive capability[52] - Linear regulator technology achieves ultra-low power consumption (5uA at no load), supports 3-40V input range, and provides 500mA output current with comprehensive protection features[52] - The company's core technology for precise current waveform generation achieves a phase current error accuracy of within 2.5%, ensuring driving precision and smooth motor operation[54] - The adaptive soft shutdown technology adjusts the shutdown current based on the severity of system overcurrent, protecting the system and preventing voltage overcharging[54] - The company added 26 new intellectual property applications in the reporting period, including 16 invention patents, and obtained 13 intellectual property authorizations, including 11 invention patents[55] - Total R&D investment in the reporting period was RMB 319.22 million, a decrease of 4.59% compared to the same period last year, with R&D investment accounting for 37.61% of revenue, a decrease of 8.62 percentage points[56] - The company is developing a series of automotive-grade LED driver chips with integrated error detection functions, targeting automotive front light applications[57] - A high-performance automotive audio amplifier chip is under development, aiming to achieve performance levels comparable to the latest international products[57] - The company is working on a series of automotive high-side switches for driving resistive, capacitive, and inductive loads, with applications in body domains and smart cabins[57] - Development of a low-power MEMS microphone signal conditioning chip is ongoing, targeting high-performance digital microphone modules for mobile phones[57] - The company is developing a dedicated gate driver chip for third-generation semiconductor devices such as GaN and SiC, targeting applications in automotive LiDAR and digital power supplies[57] - A multi-channel half-bridge integrated motor driver chip is under development, covering 2 to 12 channels for applications in body electronics and domain control[57] - The company is developing a multi-channel DC motor pre-driver chip, covering 2 to 8 channels, with integrated diagnostic and protection functions, targeting applications in body electronics, domain control, and chassis systems[11] - A series of high-performance sensor signal conditioning chips have been completed, achieving international leading standards, with applications in industrial control, photovoltaic, and automotive systems[12] - The company is developing automotive-grade motor controller series compliant with AEC-Q100 standards, integrating control MCU, drive half-bridge, and power transistors, supporting BLDC, BDC, and Stepper motors, primarily for new energy vehicle thermal management and body management systems[13] - High-reliability, low-EMI isolated power supply products have been developed, meeting industrial Class B standards, with applications in industrial control, power, and electric meters[14] - Integrated temperature and humidity sensor chips have been developed with humidity accuracy of ±3%, available in LGA and DFN packages, targeting industrial, automotive, consumer, and IoT markets[15] - High-reliability pressure sensors with MEMS chips and sensor signal conditioning ASIC chips have been developed, achieving 1% accuracy across full temperature ranges, with applications in automotive, industrial, and medical fields[16] - A cost-effective isolated gate driver series has been developed, covering drive currents from 1A to 15A, with enhanced