唯捷创芯(688153) - 2023 Q4 - 年度财报

Dividend Distribution and Profit Allocation - The company plans to distribute a cash dividend of RMB 0.55 per 10 shares, totaling RMB 23,007,430.27, which represents 20.49% of the net profit attributable to shareholders[5] - The total share capital of the company is 418,316,914 shares as of the board meeting date for the profit distribution proposal[5] - The company has no plans to issue bonus shares or convert capital reserves into share capital for the year 2023[5] Financial Performance and Revenue Growth - The company's revenue for the fiscal year 2023 reached $96.77 billion, driven by strong performance in the Chinese market[110] - Net income for the year increased by 15$23.45 billion[110] - Revenue in 2023 reached 2,981,525,258.85 yuan, a year-on-year increase of 30.32%[19] - Net profit attributable to shareholders in 2023 was 112,288,416.43 yuan, a year-on-year increase of 110.31%[19] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was 103,460,720.01 yuan, a year-on-year increase of 406.51%[19] - Revenue for 2023 reached RMB 29.815 billion, a year-on-year increase of 30.32%[108] - Net profit attributable to shareholders was RMB 1.123 billion, up 110.31% year-on-year[108] R&D Expenditure and Innovation - The company's R&D expenditure for 2023 was $6.78 billion, representing 7$352.8 billion, up 8% from the previous year[110] - The company's cash and cash equivalents increased to $45.6 billion, a 12$19.2 billion in 2022, with a projected CAGR of 5.8% to reach $26.9 billion by 2028[51] - The global automotive semiconductor market is forecasted to grow from$50.5 billion in 2021 to nearly $100 billion by 2027, with a CAGR of over 30$13.7 billion by 2025, driven by the rapid growth of the electric vehicle sector[62] Product Development and Sales - The company's main business revenue in 2023 was 2,980.63 million yuan, with RF power amplifier modules contributing 88.35% of the revenue[29] - The company's 5G RF power amplifier modules generated 1,370.56 million yuan in revenue, accounting for 52.05% of the total RF power amplifier module revenue[30] - The company's receiver module products achieved revenue of 347.27 million yuan in 2023, a double-digit year-over-year increase, accounting for 11.65% of the main business revenue[30] - The company successfully achieved mass production and sales of Wi-Fi 6 and Wi-Fi 6E modules, with Wi-Fi 7 products entering the market in the second half of 2023[31] - The company's full suite of 5G automotive RF front-end products has passed automotive-grade certification and is expected to achieve large-scale sales in 2024[31] - The company's RF power amplifier module business revenue in 2023 was 26.33 billion yuan, accounting for 88.35% of total revenue, with 5G products contributing 13.71 billion yuan, or 52.05% of the module revenue[55] - The company's receiver module revenue in 2023 was 3.47 billion yuan, accounting for 11.65% of total revenue, reflecting strong performance in new product lines[57] Risk Factors and Challenges - Risk of losing top R&D talent due to industry-wide talent shortage, which could impact the company's R&D capabilities and market competitiveness[94] - Risk of technology leakage, which could undermine the company's competitive advantage in product and technology[94] - Revenue growth may slow due to weak consumer electronics demand, potentially affecting profitability[96] - Relatively low gross margin compared to domestic and international peers, despite increased 5G RF power amplifier module revenue[97] - High customer concentration risk, with top 5 customers accounting for 99.23% of total revenue[97] - Limited alternative suppliers for key materials and packaging services, posing supply chain risks[97] - Accounts receivable stood at 509.04 million yuan, representing 11.74% of current assets, with potential collection risks[98] - Inventory value reached 652.21 million yuan, accounting for 15.05% of current assets, with potential inventory devaluation risks[100] - Intense competition in the RF front-end market dominated by US and Japanese players, pressuring profitability[101] - Dependence on government subsidies, with 48.39 million yuan recorded in 2023, posing risks if policies change[99] Corporate Governance and Shareholder Information - The company held 3 shareholder meetings in 2023, reviewing a total of 9 proposals[157] - The Board of Directors held 5 meetings in 2023, reviewing 34 proposals[157] - The company held 4 Supervisory Board meetings in 2023, reviewing 20 proposals[158] - The company strictly complied with information disclosure regulations to ensure transparency and protect investor interests[159] - The company actively communicated with investors and addressed their inquiries and suggestions[161] - The total number of shares held by directors and key personnel increased by 3,206,629 shares, primarily due to equity incentives[169] - The company's Chairman, Rong Xiuli, holds 53,265,280 shares, with no change in her shareholding during the reporting period[168] - Sun Yijun, the General Manager, increased his shareholding by 1,141,359 shares, reaching a total of 13,312,986 shares, driven by equity incentives and secondary market purchases[168] - The total pre-tax compensation for directors and key personnel amounted to 1,257.98 million yuan[169] - Key technical personnel, Bai Yunfang, increased her shareholding by 393,385 shares, reaching a total of 786,770 shares, due to equity incentives[169] - The company's financial director, Xin Jing, holds 786,770 shares, an increase of 393,385 shares from the previous year, also due to equity incentives[168] - The company's independent directors received a total compensation of 8 million yuan each, with no changes in their shareholdings[168] - The company's core technical personnel, Lin Sheng, increased his shareholding by 295,038 shares, reaching a total of 580,076 shares, driven by equity incentives[169] - The company's Board Secretary, Zhao Yanping, increased her shareholding by 393,385 shares, reaching a total of 786,770 shares, due to equity incentives[168] - The company's total shareholding by directors and key personnel at the end of the year was 70,698,806 shares[169] Strategic Partnerships and Market Expansion - The company entered the automotive RF front-end chip market through strategic partnerships with BYD and Quectel, with its full suite of 5G automotive-grade products passing AEC-Q100 certification[57] - The company is committed to expanding its market share in the 5G terminal application market and aims to become a globally competitive RF front-end enterprise[41] - The company is expanding its RF front-end product line to cover more applications, including medical and automotive electronics[152] - The company is enhancing its system architecture capabilities, offering 3.4V RF architecture products to optimize power management and cost structures[151] - The company is strengthening its supply chain through the construction of IC production and testing projects to ensure product reliability and delivery capabilities[152] Technological Advancements and Innovations - The company has developed advanced RF power amplifier technologies, including high-power, load-variation-resistant balanced power amplification, and linearity improvement techniques, all of which are in the mass production stage[64] - The company's chip reuse and variable coding technology simplifies system functionality and reduces development costs by enabling identical IC chips to perform different logic control functions[64] - The company's power amplifier mode-switching technology allows for flexible configuration of bias voltage, enabling the amplifier to switch between saturation and linear modes to meet various communication standards[64] - The company's low-temperature drift oscillator circuit technology provides temperature compensation for clock frequency, ensuring stable performance across varying temperatures[64] - The company's RF switch performance enhancement technology reduces off-capacitance and on-resistance, improving overall RF switch performance[64] - Harmonic suppression technology in low-noise amplifiers has entered mass production, improving design flexibility and reducing complexity[66] - RF module testing fixtures and solutions have reduced new product introduction time and reliability certification cycles, minimizing chip damage risks[66] - High PSRR LDO technology enhances mid-frequency power supply rejection, improving RF chip performance in mobile communication terminals[66] - Adaptive overshoot voltage suppression technology in reference circuits ensures fast response and effective voltage control during startup[66] - RF power amplifier power detection with temperature compensation reduces production costs and improves reliability[66] - Charge pump technology for RF switches achieves rapid voltage establishment and minimizes ripple, reducing peak current draw[66] - 3dB coupler technology optimizes insertion loss and port isolation, reducing RF front-end module design costs[66] - High-bandwidth power amplifier technology achieves high efficiency and low loss through load modulation[68] - Power detection technology maintains precision across temperature ranges, ensuring stable output voltage[68] - RF device reuse technology enables cost-effective 2G communication by leveraging existing 3G/4G/5G hardware circuits[68] Investment and Capital Expenditure - The 5G Sub-3 GHz PA module project has a total planned investment of 265.51 million yuan, with 210.15 million yuan already invested[75] - The satellite communication PA module project has a total planned investment of 42.97 million yuan, with 23.34 million yuan already invested[75] - The mid-high frequency LPAMiD module project has a total planned investment of 116.96 million yuan, with 74.28 million yuan already invested[75] - The low frequency L-PAMiD module project has a total planned investment of 59.31 million yuan, with 40.31 million yuan already invested[76] - The LNA Bank project has a total planned investment of 84.38 million yuan, with 75.29 million yuan already invested[76] - The 5G single-frequency LPAMiF module project has a total planned investment of 114.50 million yuan, with 63.47 million yuan already invested[76] - The company's total revenue for 2023 was 143,424.98 million yuan, with a total R&D investment of 36,769.11 million yuan, accounting for 25.64% of total revenue[81] - The company's investment amount for the reporting period was 84,142,089.81, a decrease of 81.37% compared to the previous year[134] - The fair value of equity investments increased by 377.05% to 66,087,600.90, primarily due to new strategic placements during the reporting period[130] - The company's total investment in securities at the end of the period was 66,087,600.90, with significant investments in stocks such as Yongxi Electronics and Huaqin Technology[135][137] Foreign Exchange and Hedging - The company's foreign exchange hedging transactions resulted in an actual loss of 25.4966 million yuan, offsetting the exchange gains or losses caused by exchange rate fluctuations[138] - The company's foreign exchange hedging transactions totaled 204.54312 million yuan in purchases and 225.36807 million yuan in sales during the reporting period[138] - The company's foreign exchange hedging transactions are conducted with large banks and financial institutions to mitigate legal risks[139] - The company has established a "Hedging Transaction Management System" to regulate foreign exchange hedging transactions, including risk control and information disclosure[139] - The company's foreign exchange hedging transactions are limited to hedging purposes only, with no speculative transactions conducted[140] Subsidiaries and Affiliates - The company's subsidiary, Shanghai Weijie Chuangxin Electronics Technology Co., Ltd., reported a net loss of 177.8968 million yuan in 2023[143] - The company's subsidiary, Beijing Weijie Chuangxin Electronics Technology Co., Ltd., was deregistered on March 8, 2023[143] Industry and Market Outlook - The Chinese smartphone market is expected to recover slowly in 2024, with year-on-year growth in annual sales[147] - 5G smartphone penetration rate is predicted to reach 72% in 2024, driving long-term growth in the RF front-end market[147] - 5G-Advanced is expected to achieve commercial application in 2024, marking a new phase of widespread adoption[148] - AI smartphones are becoming a new trend in mobile terminals, offering personalized and intelligent services[148] - Domestic RF front-end companies are narrowing the gap with international leaders, with market share expected to expand[150] - Satellite communication technology is advancing in the consumer market, with some brands already launching related products[150] Corporate Strategy and Future Plans - The company aims to transition from a follower to a parallel player in the RF power amplifier field, accelerating innovation with 5G commercialization[151] - The company plans to invest RMB 679.216 million in the construction of an R&D center[153] - In 2023, the company achieved large-scale shipments of L-PAMiD modules and introduced low-voltage L-PAMiF modules to the market[153] - The company began market promotion of automotive-grade module products in 2023[153] - Wi-Fi 7 products were shipped in 2023[153] Employee and Compensation Information - Total number of employees at the parent company and major subsidiaries is 620, with 139 at the parent company and 481 at major subsidiaries[189] - The company's 2023 net profit attributable to parent company shareholders is RMB 112,288,416.43, with a proposed cash dividend of RMB 0.55 per 10 shares, totaling RMB 23,007,430.27, accounting for 20.49% of the net profit[194] - The company's 2020 stock option incentive plan involves 31,304,346 shares, representing 7.49% of the total shares, with 213 participants accounting for 34.35% of the total employees[198] - In 2023, 9,745,531 stock options were eligible for exercise, with 9,545,816 actually exercised under the 2020 stock option incentive plan[199] - The company confirmed RMB 73,978,571.49 in share-based payment expenses for the 2020 stock option incentive plan, with a 100% exercisable coefficient achieved as the 2023 revenue target exceeded USD 600 million[200] Board and Committee Activities - The company held multiple board meetings in 2023, including discussions on the 2022 annual report, financial statements, and asset impairment provisions[180][185] - The board approved the 2023 semi-annual report and related financial reports, including the use of raised funds and internal audit management system[185] - The company proposed changes to its registered capital and articles of association multiple times throughout the year[180][185] - The board approved the nomination of non-independent director candidates for the third board of directors[181] - The company participated in the strategic investor placement of Huaqin Technology's A-share IPO[187] - The board approved the signing of an investment letter of intent in June 2023[187] - The company's risk and audit committee, nomination committee, compensation committee, and strategy committee were active throughout the year, with members attending all required meetings[184] - The company's directors attended all board meetings without any consecutive absences[182] - The company's internal audit and control self-assessment systems were established and approved in 2023[185] - The board approved the 2023 annual audit work plan and the 2024 audit department work plan in December 2023[185]