WINGTECH(600745)2023-04-28 16:00Financial Performance - Revenue for 2022 reached RMB 58,078,698,403.04, a 10.15% increase compared to 2021[18] - Net profit attributable to shareholders in 2022 was RMB 1,459,767,278.38, a 44.10% decrease from 2021[18] - Operating cash flow for 2022 was RMB 1,663,984,012.57, a 4.87% decrease compared to 2021[18] - Total assets at the end of 2022 were RMB 76,689,799,077.22, a 5.67% increase from 2021[20] - Basic earnings per share for 2022 were RMB 1.18, a 44.08% decrease compared to 2021[21] - Weighted average return on equity (ROE) for 2022 was 4.19%, a decrease of 4.20 percentage points from 2021[21] - Revenue in Q4 2022 was RMB 15,993,590,852.62, the highest among all quarters[22] - Net profit attributable to shareholders in Q4 2022 was negative RMB 483,744,053.19, the only quarter with a loss[22] - Non-recurring gains and losses in 2022 amounted to a net loss of RMB 81,521,685.02[25] - The company achieved a revenue of 58.079 billion yuan in 2022, a year-on-year increase of 10.15%, while the net profit attributable to shareholders decreased by 44.10% to 1.460 billion yuan[29] - The company's net profit attributable to ordinary shareholders in the consolidated financial statements for 2022 was 1,459,767,278.38 yuan, with a cash dividend ratio of 0%[139] Business Operations - The company's main business includes IoT, discrete devices, logic devices, and MOSFET devices, with a focus on semiconductor design and manufacturing (IDM) and original design manufacturing (ODM)[9][11] - The semiconductor business generated revenue of 16.001 billion yuan, a year-on-year increase of 15.93%, with a gross margin of 42.66% and a net profit of 3.749 billion yuan, up 42.46% year-on-year[30] - The semiconductor business sold a cumulative total of 101.8 billion units in 2022, driven by strong demand in the automotive sector[30] - The company's semiconductor business ranked 5th globally in power discrete devices, up one position from 2021[32] - Revenue from the automotive sector accounted for 48.6% of the semiconductor business, followed by industrial and power (23.2%), mobile and wearable devices (14.3%), computer equipment (8.2%), and consumer electronics (5.7%)[33] - The company's optical module business advanced the verification of new models for specific customers and promoted the application of advanced technologies in automotive optics, AR/VR optics, and laptops[28] - The company's product integration business expanded its product portfolio in servers, laptops, AIoT, and automotive terminals, laying the foundation for new growth[28] - Product integration business revenue reached 39.569 billion yuan in 2022, a 2.10% YoY increase, with a gross margin of 8.74% and a net loss of 1.569 billion yuan[39] - Optical module business reported a net loss of 335 million yuan in 2022, with efforts to expand applications in automotive optics, AR/VR, and laptops[45] - The company diversified its product integration business into mobile, AIoT, automotive electronics, and servers, with significant orders secured in the mobile sector[65] - Product integration business revenue reached 39.51 billion yuan, with a gross margin of 8.60%, a slight decrease of 0.11 percentage points year-on-year[74] - Semiconductor business revenue increased by 15.93% year-on-year to 16.00 billion yuan, with a gross margin of 42.66%, up 5.49 percentage points[74] - Domestic revenue grew by 2.77% to 24.90 billion yuan, while international revenue increased by 8.33% to 30.62 billion yuan[74] - Top five customers accounted for 60.69% of total sales, amounting to 352.47 billion yuan[79] - Top five suppliers accounted for 33.62% of total procurement, amounting to 162.95 billion yuan[80] R&D and Innovation - The company's semiconductor R&D investment reached 1.191 billion yuan in 2022, focusing on power discrete devices (IGBT, SiC, GaN), 12-inch innovative products, and analog ICs[36] - R&D investment in product integration business was approximately 3.254 billion yuan in 2022, focusing on new customers, products, and technologies[44] - R&D expenses increased by 26.21% YoY to RMB 3.39 billion, driven by expanded business activities and higher R&D investments[71] - R&D expenses increased by 26.21% year-on-year to 3.39 billion yuan, with total R&D investment reaching 4.57 billion yuan, accounting for 7.86% of revenue[80][81] - The company plans to increase R&D investment and expand the R&D team globally, with new R&D centers in Hamburg, Manchester, Nijmegen, Penang, Shanghai, and Dallas, focusing on power discrete devices and analog ICs[108] - The company aims to upgrade 15% of its existing products annually using the latest wafer manufacturing and packaging technologies, a process expected to last 5-6 years[108] - The newly established IGBT and module, power, and signal conversion business units will release a series of new products in 2023, targeting the photovoltaic, industrial, consumer, and automotive markets[108] Environmental and Social Responsibility - The company aims to reduce greenhouse gas emissions density by 30% in the communications sector and over 20% in the semiconductor sector by 2030[46] - The company invested 1,330.44 million yuan in environmental protection during the reporting period[144] - No超标排放 was reported for wastewater and废气 emissions across the company's subsidiaries, including闻泰通讯股份有限公司 and安世半导体 (中国) 有限公司[144][145] - The company's environmental protection facilities, such as wastewater treatment and废气处理设备, are operating normally across all subsidiaries[146] - The company has obtained multiple environmental impact assessment approvals and completed environmental protection acceptance for various projects, including expansions of production capacity[147][148] - The company and its subsidiaries have established and filed突发环境事件应急预案 with local environmental authorities, ensuring compliance with environmental regulations[149] - The company reduced CO2 emissions by 917 tons in 2022 through various measures including photovoltaic power generation, LED lighting, and improved waste treatment processes[157] - The company invested 56.32 million yuan in external donations and public welfare projects, including a 50 million yuan donation to the Nanhu District Charity Fund[160] - The company allocated 2,168.32 million yuan for poverty alleviation and rural revitalization projects, benefiting 1,119 people through employment opportunities[161] - The company was fined 66,000 yuan for violating exhaust emission regulations in 2022[153] - The company implemented a Social Responsibility (SR) management system, focusing on pollution prevention and sustainable product development[154] - The company holds necessary environmental permits and has pollution prevention facilities in place at all production sites[154] - The company follows ISO 14001 standards for environmental management and has obtained third-party certifications for its manufacturing plants[156] - The company has an active environmental product program to ensure materials do not exceed harmful substance limits[154] - The company has emergency environmental event response plans in place at all production sites, including crisis management for events like typhoons and floods[154] - The company has not received any serious complaints from regulatory agencies or NGOs regarding environmental issues[154] Corporate Governance and Shareholder Commitments - The company's legal representative is Zhang Xuezheng, and the financial report is guaranteed to be accurate and complete by the responsible persons[3] - The company's board of directors held 16 meetings in 2022, all of which were conducted via telecommunication[128] - Total remuneration for directors, supervisors, and senior management at the end of the reporting period was 34.2923 million yuan (pre-tax)[123] - The company's education level distribution includes 288 PhDs, 1,824 master's degree holders, and 12,287 bachelor's degree holders[131][132] - The company's compensation policy combines monthly fixed salary, annual performance evaluation, and annual performance bonus[133] - The audit committee held 2 meetings in 2022, reviewing the 2021 annual report and related party transactions[128] - The company's board of directors includes 5 members on the strategy committee and 3 members each on the audit, nomination, and compensation committees[128] - The company's employee structure includes 5,174 administrative personnel and 14 medical personnel[131] - The company's education level distribution shows 7,665 employees with associate degrees and 11,984 with high school education or below[132] - The company has 38 retired employees for whom it bears expenses[131] - The total labor outsourcing hours for the company amounted to 29,579,577.87 hours, with a total payment of 752,896,446.79 yuan[134] - The company decided not to distribute profits for 2022, with no cash dividends, stock dividends, or capital reserve transfers[135] - The company terminated its 2020 stock option and restricted stock incentive plan, repurchasing and canceling unvested restricted stocks[140] - The company's retained earnings as of the end of 2022 will be used for R&D investment and major project expenditures to support its strategic goals[138] - The company's subsidiary, Nexperia, was required to divest at least 86% of its stake in NWF under the UK's National Security and Investment Act[142] - The controlling shareholder and actual controller committed to avoiding related-party transactions and ensuring the independence of the listed company in terms of personnel, assets, finance, organization, and business after acquiring 37 million shares in December 2016[165][166] - The controlling shareholder and actual controller pledged to avoid any form of competition with the listed company and to prioritize business opportunities for the listed company if any competitive activities arise[165][166] - The controlling shareholder and actual controller committed to minimizing related-party transactions and ensuring fair pricing and compliance with regulations for any necessary transactions[167] - The controlling shareholder and actual controller promised not to engage in any business that competes with the listed company and to compensate for any losses caused by violations of this commitment[166] - The controlling shareholder and actual controller committed to maintaining the independence of the listed company and avoiding any form of competition after the 2018 major asset restructuring[164] - The controlling shareholder and actual controller pledged to avoid related-party transactions and ensure fair pricing and compliance with regulations for any necessary transactions after the 2020 asset restructuring[164] - The controlling shareholder and actual controller committed to avoiding competition and related-party transactions after the 2020 asset restructuring[164] - The controlling shareholder and actual controller pledged to avoid competition and related-party transactions after the 2020 asset restructuring[164] - The controlling shareholder and actual controller committed to avoiding competition and related-party transactions after the 2020 asset restructuring[164] - The controlling shareholder and actual controller pledged to avoid competition and related-party transactions after the 2020 asset restructuring[164] - The company commits to not transferring shares obtained from the restructuring for 12 months after the issuance ends[170] - The company will avoid engaging in any business activities that compete with the listed company and its controlled enterprises[172] - The company will take measures to prevent illegal use of listed company funds and assets[175] - The company will ensure that any unavoidable related-party transactions are conducted fairly and in compliance with regulations[175] - The company will not engage in any activities that could harm the interests of the listed company or its shareholders[172] - The company will prioritize the listed company and its controlled enterprises for any business opportunities that may compete with their operations[172] - The company will stop any competitive business activities or transfer them to unrelated third parties to avoid conflicts[173] - The company will compensate for any losses caused by violating the commitments made to the listed company[173] - The company will adjust share lock-up periods according to the latest regulatory opinions from securities regulatory authorities[174] - The company will not transfer shares if the transaction is under investigation for false information disclosure[174] - The company commits to not transferring shares acquired through the acquisition for 12 months if the assets used for share subscription have been held for 12 months, or for 36 months if held for less than 12 months[178][180] - The company will avoid and minimize related-party transactions with the listed company and its subsidiaries, ensuring fair and market-based pricing for any necessary transactions[179][182][185] - The company and its controlled entities will not engage in any business that competes directly or indirectly with the listed company and its subsidiaries[183][184] - The company will not invest in or control any entity that competes with the listed company and its subsidiaries[184] - The company will not provide proprietary technology, sales channels, or customer information to any entity that competes with the listed company and its subsidiaries[184] - The company will prioritize the listed company and its subsidiaries for any business opportunities that may compete with their operations[183] - The company will ensure that any related-party transactions comply with legal procedures and disclosure requirements, and will avoid any conflicts of interest[185] - The company will not illegally occupy funds or assets of the listed company and its subsidiaries[179][182] - The company will adjust share lock-up periods in accordance with the latest regulatory opinions from securities regulatory authorities[178][180] - The company will not transfer shares if the transaction is under investigation for false or misleading information until the investigation is concluded[178][180] - The company commits to not transferring benefits to other entities or individuals under unfair conditions, nor using other methods to harm the company's interests[187] - The company will link the compensation system formulated by the board or the compensation and assessment committee with the implementation of measures to fill the immediate return[187] - The company will not use its assets for investments or consumption activities unrelated to its duties[187] - The company will not intervene in the company's management activities beyond its authority or encroach on the company's interests[188] - The company will not use the funds raised from the issuance of convertible bonds for financial business[191] - The company will complete the transfer or cancellation of the industrial and commercial registration of Shenzhen Xingshi Commercial Factoring Co., Ltd. within 6 months[191] - The company has the right to request the transfer of the 12-inch wafer manufacturing project or related project company equity to the company at any time[192] - The company will not reduce its direct holdings of the company's shares within the next six months (from October 26, 2022, to April 25, 2023)[193] - The company will ensure that the transfer of the 12-inch wafer manufacturing project or related project company equity is conducted under fair, just, and reasonable conditions[192] - The company will take active measures to eliminate competition issues if it decides not to acquire the project or related project company equity[192] - The company's total guarantee amount (including guarantees for subsidiaries) is 113.32 billion yuan, accounting for 30.95% of the company's net assets[199] - The company's guarantee amount for subsidiaries during the reporting period is 5.41 billion yuan[199] - The company's guarantee amount for subsidiaries at the end of the reporting period is 113.32 billion yuan[199] - The company's guarantee amount for entities with a debt-to-asset ratio exceeding 70% is 85.79 billion yuan[199] - The company's guarantee amount for shareholders, actual controllers, and their related parties is 0 yuan[199] - The company's guarantee amount exceeding 50% of net assets is 0 yuan[199] - The company's total guarantee amount for the three categories (C+D+E) is 85.79 billion yuan[199] - The company's domestic accounting firm, Zhonhua Certified Public Accountants, received a remuneration of 6.5 million yuan[194] - The company's overseas accounting firm, KPMG Accountants N.V., received a remuneration of 6.807 million yuan[195] - The company's internal control audit firm, Zhonhua Certified Public Accountants, received a remuneration of 1 million yuan[195] Market and Industry Trends - Global semiconductor market size in 2022 was approximately 31.7 billion, with China accounting for 42.4% of the market[49] - Global smartphone shipments in Q4 2022 were 303.9 million units, an 18% YoY decline, marking the lowest Q4 since 2013[50] - Global smartphone revenue in 2022 dropped to 111.7 billion, driven by hybrid cloud transitions and infrastructure upgrades[52] - Global smartphone camera module shipments in 2022 dropped to 4.46 billion units, with a projected 3.6% increase to 4.62 billion units in 2023[53] - China's automotive camera market size in 2022 was 11.01 billion by 2027[53] - Global semiconductor sales reached a record 180.3 billion in sales in 2022, a 6.3% decline from 2021[98] - Automotive semiconductor sales increased by 29.2% YoY, reaching a new record of $34.1 billion[99] - The proportion of power semiconductors in new energy vehicles increased from 21% to 55%[100] - Global new energy vehicle sales in 2022 reached 10.824 million units, a YoY increase of 61.6%, accounting for 14% of the total automotive market[100] -