捷捷微电(300623) - 2022 Q4 - 年度财报

Corporate Governance - The company has established a complete and independent business system, with no direct or indirect competition with its controlling shareholders or related parties [13]. - The company maintains an independent financial accounting department, ensuring no shared bank accounts with controlling shareholders or related parties [17]. - The company has a total of 9 board members, including 3 independent directors, ensuring compliance with legal and regulatory requirements [4]. - The company has a robust internal control system, continuously improving corporate governance practices [1]. - The company has maintained independence in assets, personnel, finance, and operations from its controlling shareholders [10]. - The company has a structured performance evaluation mechanism to enhance employee motivation and satisfaction [156]. - The company’s independent directors have fulfilled their responsibilities and ensured the protection of minority shareholders' rights [192]. - The company’s profit distribution plan complies with relevant regulations and has been approved by the board of directors [189]. Shareholder Engagement - The company reported a shareholder meeting participation rate of 51.67% for the first extraordinary general meeting held on January 26, 2022 [18]. - The company has designated a specific website and publications for information disclosure, ensuring fair access to information for all shareholders [6]. - The company emphasizes cash dividends, committing to distribute no less than 20% of the distributable profits as cash dividends each year [65]. - The company will consider shareholder feedback when formulating or modifying its profit distribution policy every three years [159]. - The board will propose dividend resolutions for shareholder approval at the end of each fiscal year [162]. - The company has not proposed a cash dividend distribution plan despite having positive distributable profits for shareholders [193]. Financial Performance - The company has maintained a growth trend in operating income over the past five years, indicating potential for increased profitability [163]. - The company has maintained a good cash flow situation over the past five years, supporting the implementation of its cash dividend policy [95]. - The distributable profit for the company is RMB 346,910,390.31, with a minimum cash dividend distribution ratio of 20% due to significant capital expenditures [193]. - The company plans to distribute a cash dividend of RMB 0.95 per 10 shares (including tax), totaling RMB 69,956,912.35 (including tax) based on a total share count of 736,388,551 after the repurchase of restricted stocks [193]. Market and Industry Trends - The overall production scale of semiconductor discrete devices in China increased from 531.68 billion units in 2014 to 1,699.7 billion units in 2021, with a compound annual growth rate of 18.06% from 2014 to 2021 [28]. - The demand for semiconductor discrete devices in the domestic market reached 350.95 billion yuan in 2021, with projections indicating it will grow to 530.04 billion yuan by 2024 [30]. - Emerging application fields such as new energy vehicles, smart equipment manufacturing, and IoT are expected to drive continuous growth in the semiconductor discrete device industry [29]. - The "East Data West Computing" project, a key initiative under the national "14th Five-Year Plan," is expected to boost demand for high-energy data centers and related semiconductor products [32]. - The market share of SiC devices in photovoltaic inverters is approximately 60%, with expectations that penetration will reach over 30% by 2025 as costs decrease [33]. Research and Development - The company has made significant investments in technology research and development to keep pace with international advancements and penetrate the mid-to-high-end product market [29]. - The company is committed to increasing R&D investment, maintaining a positive correlation between R&D spending and the conversion of results [41]. - The company has set a goal to obtain at least 5 invention patents and 30 utility model patents annually, while also promoting "industry-university-research" projects [46]. - The company has filed for 15 patents in China, indicating a strong focus on innovation and technology development [138]. - The company is actively involved in the development of new products, particularly in the MOSFET and IGBT sectors, which are critical for power semiconductor applications [139]. Strategic Growth and Expansion - The company is focused on the power semiconductor sector, positioning itself as a leading IDM brand both domestically and internationally [34]. - The company aims to enhance its core competitiveness and market share by focusing on high-quality development in key markets such as smart terminals, 5G, industrial internet, data centers, new energy vehicles, and renewable energy generation [38]. - The company plans to expand its product series of automotive-grade power semiconductor protection devices, targeting applications in communication equipment, smart home, security, industrial control, and more, striving for domestic leadership [40]. - The company is focused on market expansion and has established subsidiaries in various locations, enhancing its operational capabilities [141]. - The company has a clear strategy for future growth, emphasizing the importance of new product development and market penetration in the semiconductor industry [140]. Human Resources and Management - The company reported a total of 2,023 employees, including 1,131 production staff and 615 technical personnel [126]. - The company has a diverse educational background among its employees, with 397 holding a bachelor's degree and 38 holding a master's degree [126]. - The company plans to implement a high-end talent program to reserve technical management personnel, addressing the growing demand for skilled labor due to business expansion [77]. - The company will conduct training programs for middle and senior management to enhance capabilities and improve employee competency [183]. - The company has seen a change in its management team, with the resignation of Vice General Manager Guo Xi due to personal reasons [75]. Risk Management - The company is facing risks from international political and economic changes, particularly due to tariffs imposed on semiconductor products by the U.S., which could indirectly affect future performance [83]. - The company is experiencing rising labor costs in the domestic manufacturing sector, which poses a risk to its human resources [81]. - The company aims to enhance its internal management and control systems to adapt to the increased scale of operations, mitigating potential operational risks [80]. - The company will focus on accelerating capacity release and improving product yield to ensure timely project benefits and reduce operational risks [82]. Compensation and Incentives - The company’s remuneration for directors and senior management is determined based on performance evaluations and is reviewed by the compensation committee [116]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 14.67 million [148]. - The total pre-tax compensation for the board members amounts to 1,467.09 million [149]. - The company has implemented an employee stock incentive plan to align employee interests with company performance [166].