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翱捷科技(688220) - 2023 Q4 - 年度财报
688220ASR(688220)2024-03-29 16:00

Financial Performance - The company has not achieved profitability since its listing due to high R&D costs and low gross margins in the wireless communication chip design industry[3]. - The board approved a profit distribution plan for 2023, stating no allocation to statutory surplus reserves or profit distribution due to negative retained earnings[5]. - The company has a negative retained earnings balance, impacting its ability to distribute profits to shareholders[5]. - Marvell Technology Group reported a revenue of 1.2billionforthefiscalyear2023,representinga151.2 billion for the fiscal year 2023, representing a 15% year-over-year increase[12]. - The company achieved a gross margin of 65%, up from 62% in the previous year, indicating improved operational efficiency[12]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a 15% year-over-year growth[17]. - The company achieved operating revenue of approximately CNY 2.60 billion in 2023, representing a year-on-year increase of 21.48%[24]. - The net loss attributable to shareholders was CNY -505.82 million, a significant increase compared to the previous year's loss of CNY -251.51 million[25]. - The basic and diluted earnings per share were both CNY -1.22, reflecting an increase in loss of CNY 0.61 per share compared to the previous year[24]. - The gross margin for the year was reported at 35%, indicating a stable cost structure and efficient operations[17]. - The comprehensive gross margin for the reporting period was 24.35%, a decrease of 12.78 percentage points compared to the same period last year[129]. Research and Development - The company is committed to significant R&D investments despite the competitive landscape and has not disclosed any non-operational fund occupation by controlling shareholders[7]. - Marvell's R&D expenses increased to 300 million, accounting for 25% of total revenue, as the company focuses on new product development and technology advancements[12]. - The company invested 1,116 million yuan in R&D, which accounted for 42.92% of total revenue, with 20 R&D projects initiated during the year[38]. - The company has a strong R&D team, with 89.87% of employees in R&D roles, including 25 with doctoral degrees[38]. - The company achieved a total R&D investment of approximately ¥1.12 billion in 2023, representing a 10.95% increase from ¥1.01 billion in the previous year[93]. - The company applied for 36 invention patents and obtained 31 patents in 2023, bringing the total number of valid authorized invention patents to 147[90][91]. - The company is developing a new generation of NPU IP and algorithm software stack, with an investment of 196.6million,aimedatsmartdevices[100].−Thecompanyhascompletedthedevelopmentofalow−powerBluetoothaudiosinglechipwithatotalinvestmentof196.6 million, aimed at smart devices[100]. - The company has completed the development of a low-power Bluetooth audio single chip with a total investment of 69 million, awaiting testing and verification[97]. Market Expansion and Strategy - The company plans to continue its focus on high-end talent acquisition and long R&D cycles to enhance its competitive position[3]. - The company expects revenue growth of 10% to 12% for the next fiscal year, driven by demand in the 5G and cloud markets[12]. - Marvell plans to expand its market presence in Asia, targeting a 20% increase in sales from this region over the next two years[12]. - The company is considering strategic acquisitions to enhance its technology portfolio, with potential targets identified in the IoT sector[17]. - The company is exploring potential acquisitions to strengthen its position in the semiconductor market, with a budget of 500millionallocatedforthispurpose[185].−Thecompanyaimstoenhanceitspresenceinoverseasmarketsbyparticipatingininfluentialexhibitionsandstrengtheningbrandpromotion[169].CorporateGovernance−Therearenospecialarrangementsincorporategovernancethatcouldaffectthecompany′soperations[6].−Thecompanyhasestablishedarobustcorporategovernancestructureincompliancewithrelevantlawsandregulations,improvingoperationalstandards[171].−Thecompanyensuresfairandtransparentshareholdermeetings,allowingallshareholderstoexercisetheirrightseffectively[172].−Thecompanyhasimplementedastrictinternalcontrolsystemtoensurecomplianceandoperationalefficiency[175].−Thecompanyhasmaintainedindependencefromitscontrollingshareholders,ensuringautonomousoperationalcapabilities[175].OperationalRisks−Thecompanyfacesvariousoperationalrisks,whicharedetailedinthemanagementdiscussionandanalysissectionofthereport[4].−Themanagementemphasizestheimportanceofinvestorawarenessregardingtherisksassociatedwithforward−lookingstatementsinthereport[7].−Thecompanyisexposedtorisksrelatedtocoretechnologyleakage,particularlywithformeremployeespotentiallytakingproprietaryknowledgetocompetitors[111].−Thecompanyanticipateschallengesinmaintainingcontinuousrevenuegrowthduetofluctuatingmarketdemandsandcompetitivepressures[114].AcquisitionsandPartnerships−Marvellannouncedtheacquisitionofasmallersemiconductorfirmfor500 million allocated for this purpose[185]. - The company aims to enhance its presence in overseas markets by participating in influential exhibitions and strengthening brand promotion[169]. Corporate Governance - There are no special arrangements in corporate governance that could affect the company's operations[6]. - The company has established a robust corporate governance structure in compliance with relevant laws and regulations, improving operational standards[171]. - The company ensures fair and transparent shareholder meetings, allowing all shareholders to exercise their rights effectively[172]. - The company has implemented a strict internal control system to ensure compliance and operational efficiency[175]. - The company has maintained independence from its controlling shareholders, ensuring autonomous operational capabilities[175]. Operational Risks - The company faces various operational risks, which are detailed in the management discussion and analysis section of the report[4]. - The management emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements in the report[7]. - The company is exposed to risks related to core technology leakage, particularly with former employees potentially taking proprietary knowledge to competitors[111]. - The company anticipates challenges in maintaining continuous revenue growth due to fluctuating market demands and competitive pressures[114]. Acquisitions and Partnerships - Marvell announced the acquisition of a smaller semiconductor firm for 500 million, aimed at enhancing its product portfolio and market competitiveness[12]. - A new partnership with a leading telecommunications provider is expected to enhance service offerings and drive customer acquisition[17]. - A new strategic partnership was announced with a leading tech firm, expected to enhance product offerings and drive sales growth by 15%[186]. Sustainability Initiatives - The company has set a target to achieve carbon neutrality in its operations by 2025, aligning with its sustainability strategy[12]. - The board of directors emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2025[186]. Shareholder and Management Information - The total pre-tax remuneration for key management personnel during the reporting period amounted to CNY 2,365.00 million[182]. - The company has appointed Zhou Xuan as the new General Manager starting from March 2023[181]. - The company has not reported any changes in shareholding for several board members during the reporting period[181]. - The company has undergone a board restructuring, resulting in changes among directors and core technical personnel[192].