路维光电(688401) - 2024 Q2 - 季度财报

Definitions This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key accounting data and financial indicators Company Overview This chapter provides basic corporate registration information for Shenzhen Roadway Photoelectric Co., Ltd., including its name, legal representative, and registered address - The company's full name is Shenzhen Roadway Photoelectric Co., Ltd., with Du Wubing as its legal representative[11] Key Accounting Data and Financial Indicators During the reporting period, the company achieved a 28.49% year-on-year increase in operating revenue and a 16.69% increase in net profit attributable to shareholders, despite a 34.50% decrease in net cash flow from operating activities 2024 Semi-Annual Key Accounting Data | Main Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 395,721,525.20 | 307,985,898.48 | 28.49% | | Net Profit Attributable to Shareholders | 82,422,996.04 | 70,631,259.87 | 16.69% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 74,485,980.86 | 58,179,288.20 | 28.03% | | Net Cash Flow from Operating Activities | 70,415,169.69 | 107,503,028.22 | -34.50% | | | Current Period End (RMB) | Prior Year End (RMB) | Change from Prior Year End (%) | | Net Assets Attributable to Shareholders | 1,279,360,358.79 | 1,461,670,576.89 | -12.47% | | Total Assets | 2,127,836,017.70 | 2,322,589,909.48 | -8.39% | 2024 Semi-Annual Key Financial Indicators | Main Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.43 | 0.37 | 16.22% | | Basic EPS (Excluding Non-Recurring Items) (RMB/share) | 0.39 | 0.30 | 30.00% | | Weighted Average Return on Net Assets (%) | 5.63% | 5.12% | Increased by 0.51 percentage points | | R&D Investment as % of Operating Revenue (%) | 5.04% | 5.41% | Decreased by 0.37 percentage points | - Net cash flow from operating activities decreased by 34.50% year-on-year, primarily due to increased cash payments for goods and services during the reporting period[16] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's non-recurring gains and losses totaled 7.94 million RMB, primarily from government grants, fair value changes, and disposal gains of non-current assets Details of Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 1,025,344.16 | | Government Grants Recognized in Current Profit/Loss | 6,980,043.52 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets and Liabilities | 1,192,739.73 | | Other Non-Operating Income and Expenses | 123,712.39 | | Less: Income Tax Impact | 1,556,090.85 | | Less: Impact on Minority Interests (After Tax) | -171,266.23 | | Total | 7,937,015.18 | Management Discussion and Analysis This section provides an in-depth review of the company's industry, core business, technological advancements, competitive strengths, and operational performance during the reporting period Industry and Main Business Overview The company's photomask industry benefits from advancements in display and semiconductor technologies, driving market expansion and enabling the company to achieve steady revenue and profit growth - The global semiconductor industry is projected to grow by 13.1% to 595.8 billion USD in 2024, driven by computing chips and memory recovery, which will boost the upstream semiconductor photomask market[20] - The global flat panel display photomask market is expected to reach 150.4 billion JPY by 2028, with China mainland dominating demand, projected to account for 59% of sales by 2028[22] - The company possesses full-generation flat panel display photomask production capabilities from G2.5 to G11 and has achieved mass production of semiconductor photomasks at 180nm and above process nodes, breaking foreign manufacturers' monopoly in G11 ultra-high generation photomasks[25] Core Technologies and R&D Progress The company added 4 new core process technologies, totaling 41, covering G11 flat panel display and 150nm semiconductor photomask manufacturing, with R&D expenses increasing by 19.52% to 19.93 million RMB - The company added 4 new core process technologies, bringing the total to 41, covering high-end application fields from G11 flat panel displays to 150nm node semiconductors[29] R&D Investment Overview | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 19,926,970.68 | 16,673,039.63 | 19.52% | | Total R&D Investment | 19,926,970.68 | 16,673,039.63 | 19.52% | | Total R&D Investment as % of Operating Revenue (%) | 5.04% | 5.41% | Decreased by 0.37 percentage points | - During the reporting period, the number of R&D personnel increased from 45 to 58, raising their proportion of total company employees from 14.11% to 18.59%, with the R&D team primarily consisting of employees with bachelor's degrees or higher, aged 30-40[41] - The company currently has 27 R&D projects underway with an estimated total investment of 106.79 million RMB, having invested 19.93 million RMB in the current period and a cumulative 51.73 million RMB, focusing on high-generation high-precision photomask technology, flexible display touch photomasks, and semiconductor photomask process capability enhancement[37][38][39] Core Competitiveness Analysis The company's core competitiveness stems from its leading technology in full-generation panel photomasks and 150nm semiconductor photomasks, extensive industry experience, strong R&D capabilities, and a robust base of high-quality customers - Technology Leadership: The company is the first domestic and fourth global enterprise to master G11 high-generation photomask manufacturing technology, achieving mass production of new display technology products such as LTPO, Mini/Micro-LED, and silicon-based OLED[43] - High-Quality Customer Resources: Key customers in flat panel display include BOE, Tianma Microelectronics, and TCL Huaxing; in semiconductors, major clients include leading domestic chip companies, JCET Group, Tianshui Huatian Technology, Tongfu Microelectronics, and Sanan Optoelectronics[45] Discussion and Analysis of Operations Adhering to its 'Screen-Driven Chip' strategy, the company achieved steady performance growth with operating revenue reaching 395.72 million RMB and net profit attributable to shareholders reaching 82.42 million RMB - The company adheres to its 'Screen-Driven Chip' operating strategy, covering all G2.5-G11 generations of flat panel display photomasks, and its 180nm and above process semiconductor photomasks are widely used in advanced packaging and semiconductor devices[46] - The company's R&D focus targets 130nm to 28nm process node semiconductor photomasks and phase-shift photomask technology, aiming to fill gaps in the domestic mature process semiconductor photomask market[46] Risk Factors The company faces risks related to core competitiveness, operational challenges from its asset-heavy model and supply chain dependencies, and financial risks from accounts receivable and tax incentives - Core Competitiveness Risks: Technical gaps exist with international giants, especially in wafer manufacturing photomasks; risks include loss of key technical talent and new technology substitution[47] - Operational Risks: The company operates under an asset-heavy model, where fixed asset depreciation may erode profits; reliance on imported key raw materials (high-generation quartz substrates) and core equipment (lithography machines) from concentrated suppliers; high customer concentration with the top five customers accounting for 74.33% of sales[49] - Financial Risks: High accounts receivable recovery risk, with period-end book value accounting for 53.52% of current revenue; reliance on high-tech enterprise and Western Development tax incentives, with potential adverse impacts on profitability if policies change or qualifications are not renewed[50][51] Key Operating Performance During the reporting period, the company's operating revenue increased by 28.49% to 395.72 million RMB, while net cash flow from operating activities decreased by 34.50% due to increased payments for goods and services Major Operating Data Changes | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 395,721,525.20 | 307,985,898.48 | 28.49% | Stable business development, revenue maintained growth trend | | Operating Cost | 260,475,151.18 | 201,604,273.46 | 29.20% | Increased in line with operating revenue | | Financial Expenses | -2,265,454.39 | -1,035,885.90 | 118.70% | Exchange gains from optimized loan structure and depreciation of JPY | | Net Cash Flow from Operating Activities | 70,415,169.69 | 107,503,028.22 | -34.50% | Increased cash payments for goods and services | | Net Cash Flow from Investing Activities | -86,656,490.51 | -272,411,358.67 | -68.19% | Decreased cash payments for investments | | Net Cash Flow from Financing Activities | -112,465,220.66 | 21,371,129.62 | -626.25% | Increased cash payments for acquisition of minority equity | - During the reporting period, the company acquired 49% of the minority equity in its controlling subsidiary Chengdu Roadway for 219 million RMB of its own funds, making Chengdu Roadway a wholly-owned subsidiary upon completion of the transaction[62] Corporate Governance This section details changes in the company's board of directors, supervisors, senior management, and core technical personnel during the reporting period Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel The company completed the re-election of its Board of Supervisors due to the expiration of the fourth term, with Ms. Niu Cui and Mr. Xu Lin elected as new non-employee supervisors - The company's Board of Supervisors completed its re-election, with Xu Lin and Niu Cui elected as new supervisors, and Li Xiaofen and Xu Rongjie departing[67][68] Environmental and Social Responsibility This section outlines the company's environmental protection mechanisms, investments, and compliance with emission standards during the reporting period Environmental Information The company invested 1.05 million RMB in environmental protection during the reporting period, ensuring all production waste streams meet national and local emission standards through established management systems - Environmental capital expenditure during the reporting period totaled 1.05 million RMB[69] - The company strictly controls wastewater, exhaust gas, solid waste, and noise generated during production to ensure compliance with emission standards and has established an 'Emergency Plan for Environmental Incidents' to address potential risks[70][71] Significant Matters This section covers the fulfillment of commitments, significant related party transactions, and the progress of raised funds utilization during the reporting period Fulfillment of Commitments During and continuously through the reporting period, the company, its controlling shareholder, actual controller, and related parties strictly fulfilled all commitments made during IPO and refinancing, including share lock-up, price stabilization, and related party transaction norms - The company's controlling shareholder and actual controller, Du Wubing, and his concerted parties, committed not to transfer pre-IPO shares within 36 months from the listing date and strictly adhere to relevant reduction regulations[74][75] - The company and related parties made detailed commitments regarding share price stabilization, repurchase of fraudulently issued shares, and dilution of immediate returns, establishing restrictive measures for non-fulfillment[83][85][86] Significant Related Party Transactions The most significant related party transaction during the reporting period was the company's acquisition of 49.00% equity in its controlling subsidiary Chengdu Roadway from Chengdu Hi-Tech Investment Group and Chengdu Advanced Manufacturing Industry Investment Co., Ltd., making Chengdu Roadway a wholly-owned subsidiary - The company acquired 49% of the minority equity in its controlling subsidiary Chengdu Roadway, making it a wholly-owned subsidiary; this transaction was approved by the Board of Directors, Board of Supervisors, and Shareholders' Meeting in May and June 2024, and industrial and commercial changes have been completed[112][113] Explanation of Proceeds Utilization Progress The company's net proceeds from its initial public offering totaled 760.51 million RMB, with 596.25 million RMB invested as of the reporting period, representing a 78.40% utilization rate, with projects progressing as planned Overall Utilization of Proceeds | Item | Amount (RMB) | | :--- | :--- | | Net Proceeds | 760,510,483.58 | | Total Committed Investment | 405,052,600.00 | | Total Over-Raised Funds | 355,457,883.58 | | Cumulative Investment as of Reporting Period End | 596,247,363.15 | | Cumulative Investment Progress | 78.40% | - Over-raised funds were primarily used for permanent replenishment of working capital (212 million RMB) and share repurchases (planned investment not exceeding 80 million RMB, with 55 million RMB already invested)[122] - As of the reporting period end, the company used 97 million RMB of idle proceeds to temporarily supplement working capital and 17 million RMB for cash management[124][126] Share Changes and Shareholder Information This section provides an overview of the company's share capital changes and detailed information on its shareholders, including the top ten shareholders Shareholder Information As of the reporting period end, the company had 7,375 common shareholders, with the top ten shareholders maintaining a stable structure, and controlling shareholder Du Wubing holding 23.81% of shares - As of the reporting period end, the company had 7,375 common shareholders[130] Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | | :--- | :--- | :--- | | Du Wubing | 46,025,900 | 23.81 | | Xiao Qing | 15,454,100 | 7.99 | | Shenzhen Roadway Xing Investment Co., Ltd. | 14,714,310 | 7.61 | | SDIC (Shanghai) Technology Achievement Transformation Venture Capital Fund Enterprise (Limited Partnership) | 13,050,000 | 6.75 | | Shenzhen Fastprint Circuit Technology Co., Ltd. | 11,165,870 | 5.78 | | Fastprint Equity Investment (Guangzhou) Partnership (Limited Partnership) | 5,800,000 | 3.00 | | Dacheng Internet Thinking Mixed Securities Investment Fund | 3,768,726 | 1.95 | | Shenzhen Qianhai Pengchen Chuangzhi Investment Management Enterprise (Limited Partnership) | 3,483,895 | 1.80 | | Jingshi Manufacturing Transformation and Upgrade New Materials Fund (Limited Partnership) | 3,300,050 | 1.71 | | Dong Youquan | 3,134,962 | 1.62 | Preferred Shares Information This section confirms that the company has no preferred shares during the current reporting period Not Applicable The company has no preferred shares during the current reporting period Bonds Information This section confirms that the company has no bonds or debt financing instruments during the current reporting period Not Applicable The company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the current reporting period Financial Report This section presents the company's financial statements and detailed notes, providing a comprehensive view of its financial position, performance, and cash flows Financial Statements As of the reporting period end, the company's total assets were 2.13 billion RMB, total liabilities 847.60 million RMB, and net assets attributable to shareholders 1.28 billion RMB, with operating revenue of 395.72 million RMB and net profit attributable to shareholders of 82.42 million RMB Key Items from Consolidated Balance Sheet | Item | June 30, 2024 (RMB) | December 31, 2023 (RMB) | | :--- | :--- | :--- | | Total Assets | 2,127,836,017.70 | 2,322,589,909.48 | | Total Current Assets | 654,514,958.69 | 937,983,939.52 | | Total Non-Current Assets | 1,473,321,059.01 | 1,384,605,969.96 | | Total Liabilities | 847,596,754.33 | 812,032,627.72 | | Total Current Liabilities | 459,546,377.90 | 425,987,384.09 | | Total Non-Current Liabilities | 388,050,376.43 | 386,045,243.63 | | Total Equity Attributable to Parent Company Shareholders | 1,279,360,358.79 | 1,461,670,576.89 | Key Items from Consolidated Income Statement | Item | Jan-Jun 2024 (RMB) | Jan-Jun 2023 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 395,721,525.20 | 307,985,898.48 | | Total Operating Costs | 307,203,312.31 | 243,060,291.50 | | Operating Profit | 94,005,396.78 | 76,591,324.99 | | Total Profit | 94,129,109.17 | 78,337,477.13 | | Net Profit | 82,853,856.47 | 67,685,506.35 | | Net Profit Attributable to Parent Company Shareholders | 82,422,996.04 | 70,631,259.87 | Key Items from Consolidated Cash Flow Statement | Item | Jan-Jun 2024 (RMB) | Jan-Jun 2023 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 70,415,169.69 | 107,503,028.22 | | Net Cash Flow from Investing Activities | -86,656,490.51 | -272,411,358.67 | | Net Cash Flow from Financing Activities | -112,465,220.66 | 21,371,129.62 | | Net Increase in Cash and Cash Equivalents | -132,876,258.41 | -143,446,850.06 | Notes to Consolidated Financial Statements The notes provide detailed explanations of financial statement items, including accounts receivable of 226 million RMB with 74.82% from top five customers, inventory of 159 million RMB, fixed assets increasing to 1.01 billion RMB, and short-term borrowings rising to 265 million RMB - Accounts receivable at period-end totaled 226 million RMB, with the top five customers accounting for 169 million RMB, or 74.82% of the total, indicating high customer concentration[239][243] - Inventory book value at period-end was 159 million RMB, with raw materials at 94.84 million RMB and goods in transit at 43.15 million RMB, together accounting for approximately 87%[256] - Fixed assets book value increased from 869 million RMB at the beginning of the year to 1.01 billion RMB, primarily due to the transfer of 189 million RMB in machinery and equipment from construction in progress[263][264] - Short-term borrowings significantly increased from 90 million RMB at the beginning of the year to 265 million RMB, primarily consisting of credit loans[283]