上海贝岭(600171) - 2023 Q4 - 年度财报

Financial Performance - The company achieved a net profit attributable to the parent company of -60.22 million yuan in 2023, while the parent company achieved a net profit of 934,261.77 yuan[8] - The company's undistributed profit available for shareholders at the end of 2023 was 1.16 billion yuan[8] - The company's total assets at the end of 2023 were 5.67 billion yuan, a decrease of 3.45% compared to the previous year[8] - The company's operating income in 2023 was 1.23 billion yuan, a decrease of 12.34% year-on-year[8] - The company's gross profit margin in 2023 was 38.72%, a decrease of 2.56 percentage points compared to the previous year[8] - The company's total liabilities at the end of 2023 were 1.23 billion yuan, a decrease of 15.45% compared to the previous year[8] - The company's cash flow from operating activities in 2023 was 256 million yuan, a decrease of 23.45% year-on-year[8] - The company's basic earnings per share in 2023 was -0.10 yuan, compared to 0.15 yuan in the previous year[8] - Revenue for 2023 increased by 4.54% to RMB 2,137,110,753.01 compared to 2022[57] - Net profit attributable to shareholders in 2023 was RMB -60,219,841.64, a decrease of 115.09% from 2022[57] - Operating cash flow for 2023 was RMB 115,942,347.02, a significant improvement from RMB -203,911,273.09 in 2022[57] - Total assets decreased by 2.15% to RMB 4,868,831,640.55 at the end of 2023 compared to 2022[58] - Basic earnings per share for 2023 were RMB -0.09, a decrease of 115.79% from 2022[58] - Weighted average return on equity (ROE) for 2023 was -1.46%, a decrease of 11.34 percentage points from 2022[58] - Non-GAAP net profit attributable to shareholders in 2023 was RMB 170,138,825.08, a decrease of 48.51% from 2022[57] - Total equity attributable to shareholders decreased by 3.98% to RMB 4,059,120,945.39 at the end of 2023 compared to 2022[58] - Revenue excluding non-core business and non-commercial income increased by 4.42% to RMB 2,081,785,755.16 in 2023[57] - Diluted earnings per share for 2023 were RMB -0.09, a decrease of 115.79% from 2022[58] - The company's total revenue grew by 4.54% year-on-year, reaching 2.137 billion RMB[77] - The company's operating cash flow turned positive at 115.94 million RMB, compared to a negative 203.91 million RMB in the same period last year[77] - The company's investment cash flow decreased by 77.41% year-on-year to 65.73 million RMB[77] - The company achieved a total revenue of 2.137 billion yuan in 2023, a year-on-year increase of 4.54%, with main business revenue reaching 2.082 billion yuan, up 4.42%[102] - Gross profit for 2023 was 629.70 million yuan, with main business gross profit decreasing by 69.66 million yuan to 581.70 million yuan, a drop of 10.69%[102] - Net profit attributable to shareholders, excluding non-recurring gains and losses, was 170.14 million yuan, a significant decrease of 160.28 million yuan, or 48.51%, primarily due to increased R&D investment and lower product gross margins[102] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 71.18 million yuan[8] R&D and Innovation - The company's R&D expenses in 2023 were 156 million yuan, accounting for 12.68% of operating income[8] - The company is focusing on R&D of power management ICs, including LDOs, DC-DCs, AC-DCs, and LED drivers for automotive applications[43] - The company is developing EEPROM products for automotive applications, with some products already in small-scale production[45] - The company has completed development of RTC chips and SPD chips for DDR5 memory modules, with samples being sent to customers[45] - The company is expanding its signal chain product portfolio with new interface, op-amp, analog switch, and level translation products[45] - The company is investing in R&D of Hall sensor products to improve its product system[43] - The company's total workforce (including subsidiaries) reached 682, a 14.43% increase year-on-year, with R&D personnel accounting for 68.18% of the total workforce[52] - The company holds 355 valid patents (including 284 invention patents), 342 integrated circuit layout design rights, and 89 software copyrights[52] - The company's R&D expenses increased significantly by 39.25% year-on-year, reaching 359.52 million RMB[77] - R&D investment in 2023 totaled 359.52 million yuan, accounting for 16.82% of total revenue, with no capitalised R&D expenditure[110] - The company focused on developing ultra-low noise, ultra-low power consumption, high-frequency high-current, and high-efficiency high-power power management chips, advancing the development and industrialisation of high-end IGBT and MOSFET products[99] - Significant progress was made in the automotive-grade chip technology, particularly in functional safety, with products covering IGBT, MOSFET, EEPROM, power management circuits, voltage references, and drive circuits[99] - The company completed the establishment of a high-precision digital-to-analog/analog-to-digital conversion technology platform, with several self-developed data converter products reaching or approaching international standards[99] - The company has 465 R&D personnel, accounting for 68.18% of the total workforce, with 169 holding master's degrees and 247 holding bachelor's degrees[88] - R&D expenses increased by 39.25% to 359,517,086.24, driven by increased R&D personnel and investment[84] Automotive Electronics - The company's power device business achieved a 133% year-on-year growth in automotive electronics sales, with over 50 products applied in vehicles and multiple products entering mainstream domestic and international automakers and Tier 1 suppliers[46] - The company completed vehicle certification for 13 power device products and strengthened R&D for high-power new power device structures and process technologies[46] - The company's automotive electronics platform business continued to mature, with product lines including power devices, power management, storage, drivers, and signal chains actively developing automotive electronics[46] - The company's automotive electronics business achieved a year-on-year revenue growth of approximately 133%, with over 50 products being applied in vehicles[65] Product Portfolio and Market Share - The company maintained the top market share in State Grid's IoT meter and single-phase meter tenders and achieved a leading domestic market share in high-precision ADC products for power protection[46] - The company actively expanded into emerging energy measurement sectors such as charging piles, smart sockets, and power line carrier communication, leveraging its traditional strength in energy monitoring[46] - The company launched nearly 400 new products during the reporting period, bringing the total number of available products to over 3,300[65] - The company's power management chip revenue increased by 14.13% year-on-year, reaching 635.76 million RMB, but the gross margin decreased by 6.64 percentage points[81] - The company's power device revenue surged by 53.45% year-on-year to 176.76 million RMB, although the gross margin dropped by 11.55 percentage points[81] - The company's gross margin for integrated circuit products decreased by 4.73 percentage points year-on-year to 27.94%[81] - The company's foreign sales revenue increased by 11.69% year-on-year to 69.59 million RMB, but the gross margin decreased by 9.90 percentage points[81] - Direct sales revenue increased by 18.53% to 743,254,469.90, while distribution revenue increased by 33.17% to 1,338,531,285.26, with a total revenue increase of 27.94% to 2,081,785,755.16[82] - Production of signal chain analog chips increased by 35.03% to 1,629,701,875 units, while power management chip production increased by 52.57% to 5,383,762,522 units[82] - Direct material costs for integrated circuit products increased by 19.20% to 623,821,081.82, accounting for 62.69% of total costs[82] - The company's products in power management, signal chain chips, and power devices have been steadily promoted in domestic brand customers, with significant market recognition in the optical communication-optical module application field[95] - The company focuses on three major product areas: power management, signal chain products, and power devices, with applications in automotive electronics, industrial control, photovoltaics, and energy storage[97] Supply Chain and Operations - The company optimized supplier resources and improved supply chain management efficiency to address challenges from structural oversupply in wafer and packaging testing capacities[47] - The company strengthened its market application teams in key sectors including automotive electronics, energy monitoring, industrial control, and network communication, developing multiple application solutions[46] - The company participated in multiple industry seminars and exhibitions, winning awards such as the "China Chip Application Innovation Award" and "Quality Supplier Award" in the motor industry[46] Financial Assets and Liabilities - The company's leasing liabilities increased by 138.44% to 42,916,033.40 due to the leasing of a new office building in Shenzhen[92] - Deferred income increased by 38.46% to 23,093,290.97, mainly due to an increase in government subsidies[92] - The company's deferred tax liabilities decreased by 25.24% to 87,375,596.52, primarily due to a decline in the fair value of financial assets[92] - The company's cash flow from operating activities increased due to the recovery of guarantee deposits and reduced cash payments for goods[112] - Investment cash flow decreased by 52.56% to 366 million yuan, mainly due to reduced recovery of time deposits held to maturity[112] - The fair value of trading financial assets decreased by 41.47% to 426,972,481.18 yuan, mainly due to the decrease in the fair value of Xinjie Neng stock[122] - Accounts receivable financing increased by 138.84% to 139,987,765.66 yuan, primarily due to an increase in customer payments via bank drafts[122] - Prepayments decreased by 64.35% to 23,859,887.02 yuan, mainly due to a reduction in prepaid purchases[122] - Fixed assets increased by 31.86% to 115,349,978.61 yuan, driven by the purchase of additional R&D equipment[122] - The company's stock investment in Xinjie Neng decreased by 278,235,154.65 yuan in fair value, resulting in a final balance of 426,972,481.18 yuan[126] - The company's investment in real estate decreased by 22,284,000 yuan, with a final balance of 546,026,000 yuan[128] - The company uses the fair value model for subsequent measurement of investment properties, with adjustments made at the balance sheet date based on fair value, and the difference between fair value and the original book value is recognized in current period profit or loss[136] - Fixed assets are depreciated using the straight-line method over their useful lives starting from the month following their readiness for use[138] - Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets are capitalized, while other borrowing costs are recognized as expenses in the period they occur[139] - Development phase expenditures are capitalized as intangible assets if they meet specific criteria, otherwise, they are expensed in the period incurred[141] - The company amortizes projects such as park renovations, warehouse renovations, and office decorations over periods of 5, 6, and 3 years respectively, using the straight-line method[143] - Termination benefits are recognized as a liability when the company cannot unilaterally withdraw the offer, and are expensed in the current period[145] - Provisions are recognized when the company has a present obligation, it is probable that an outflow of economic benefits will be required, and the amount can be reliably estimated[147] - Deferred tax assets and liabilities are recognized for temporary differences between the carrying amounts of assets and liabilities and their tax bases, using the balance sheet liability method[152] - The company classifies leases into finance leases and operating leases based on the transfer of risks and rewards associated with the ownership of the leased asset[154] - For operating leases, the company recognizes rental income on a straight-line basis over the lease term, with variable lease payments recognized in profit or loss when incurred[154] - For finance leases, the company recognizes finance lease receivables at the commencement of the lease, measured at the net investment in the lease, and recognizes interest income using a fixed periodic rate[154] - The company measures derivative financial instruments and listed equity investments at fair value at each balance sheet date, using observable inputs when available and unobservable inputs only when necessary[155] - Fair value is determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date[155] - The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available, prioritizing the use of observable inputs[155] - The company categorizes fair value measurements into three levels based on the significance of the inputs used: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[155] - The company reassesses the fair value hierarchy of assets and liabilities measured at fair value at each balance sheet date to determine if transfers between levels have occurred[155] - The company holds 12,942,482 shares of Wuxi NCE Power Co., Ltd. as financial assets measured at fair value through profit or loss as of December 31, 2023[163] - The company's financial assets include equity instruments measured at fair value through profit or loss, specifically shares of Wuxi NCE Power Co., Ltd.[163] - The company's financial statements reflect the application of the expected credit loss model for bad debt provisioning, though it is not applicable in this context[168] - The company's financial assets are managed based on business models and contractual cash flow characteristics, with specific focus on equity instruments[163] - The company's financial reporting includes detailed disclosures on bad debt provisions for accounts receivable, with specific cases highlighted[170] - The company's subsidiaries benefit from tax incentives and VAT refund policies, which are detailed in the annual report[161] - The company's financial assets and liabilities are managed with a focus on fair value measurement and profit or loss impact, as evidenced by the equity holdings in Wuxi NCE Power Co., Ltd.[163] Corporate Governance - The company held a total of 6 board meetings during the year, including 1 on-site meeting, 3 via telecommunication, and 2 combining both on-site and telecommunication methods[172] - The company's board of directors consists of 7 members, including 3 independent directors, and held 6 meetings during the reporting period, passing 37 proposals[179] - The company held 1 general meeting of shareholders during the reporting period, passing 7 proposals[179] - The company disclosed 36 temporary announcements and 4 periodic reports during the reporting period[179] Accounts Receivable and Bad Debt Provisions - The company's accounts receivable with individual significant amounts but not material in total had a bad debt provision of 530,444.70 RMB, representing a provision ratio of 66.84%[170] - The company's commercial acceptance bills amounted to RMB 2,949,300.29, with a bad debt provision of RMB 205.55, representing a provision ratio of 0.01%[187] - Accounts receivable within 1 year increased to 506,807,858.36 RMB from 412,635,282.24 RMB, showing a significant growth[188] - The total bad debt provision for accounts receivable is 575,218.18 RMB, with a recovery or reversal of 530,444.70 RMB for individually significant amounts[190] - The top five accounts receivable and contract assets at year-end totaled 145,979,456.82 RMB, accounting for 28.67% of the total year-end balance[195] - The bad debt provision for the top five accounts receivable and contract assets is 540,510.36 RMB[195] - The contract asset balance for 1 year or less is 1,510,101.55 RMB with a bad debt provision of 105.25 RMB[198] - The total contract asset balance is 1,511,181.55 RMB with a bad debt provision of 1,022.72 RMB[198] - The total accounts receivable and contract assets balance is 507,617,474.90 RMB with a bad debt provision of 575,218.18 RMB[190] - The normal sales combination accounts for 99.84% of the total accounts receivable with a bad debt provision of 44,773.48 RMB[190] - The total accounts receivable balance increased to 507,617,474.90 RMB from 412,722,158.56 RMB[190] - The total contract asset balance increased to 1,511,181.55 RMB from 1,369,701.55 RMB[198] Industry and Market Trends - Global semiconductor sales in 2023 totaled 526.8 billion USD, a decrease of 8.2% compared to 2022[130] - China's integrated circuit industry sales in 2023 reached 1,227.69 billion yuan, a year-on-year increase of 2.3%[130] Tax and Incentives - Subsidiary Xita Technology met the conditions for preferential corporate income tax policies in 2023, resulting in exemption from corporate income tax[161] - Subsidiaries Shenzhen Runengwei and Xita Technology continued to enjoy the VAT refund policy for software products, with the actual VAT burden exceeding 3% being refunded[161] - The company and its subsidiaries, including Shenzhen Ruinengwei