JoulWatt(688141)2024-04-29 12:41Financial Performance - Revenue in 2023 decreased by 10.43% to 1,296,748,737.23 RMB compared to 2022[30] - Net profit attributable to shareholders in 2023 was -531,409,069.34 RMB, a decrease of 487.44% compared to 2022[30] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was -554,133,837.85 RMB, a decrease of 677.80% compared to 2022[30] - Net cash flow from operating activities in 2023 was -291,425,072.33 RMB, compared to -823,487,045.35 RMB in 2022[30] - Total assets at the end of 2023 decreased by 3.11% to 4,225,065,101.73 RMB compared to the end of 2022[30] - Shareholders' equity attributable to the parent company at the end of 2023 decreased by 15.13% to 2,666,806,127.39 RMB compared to the end of 2022[30][32] - Revenue in Q4 2023 was 292,222,266.22 RMB, the lowest among the four quarters[34] - Net profit attributable to shareholders in Q4 2023 was -167,466,920.06 RMB, the third lowest among the four quarters[34] - Net profit attributable to shareholders after deducting non-recurring gains and losses in Q4 2023 was -174,245,428.88 RMB, the lowest among the four quarters[35] - Net cash flow from operating activities in Q4 2023 was -104,807,896.37 RMB, the second lowest among the four quarters[35] - Basic earnings per share decreased by 440.00% to -1.19 yuan per share in 2023 compared to 0.35 yuan per share in 2022[58] - Diluted earnings per share decreased by 440.00% to -1.19 yuan per share in 2023 compared to 0.35 yuan per share in 2022[58] - Net profit attributable to shareholders of the listed company decreased by 487.44% to -5.314 billion yuan in 2023[59] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 677.80% to -5.541 billion yuan in 2023[59] - Weighted average return on equity decreased by 31.91 percentage points to -18.36% in 2023[58] - Weighted average return on equity after deducting non-recurring gains and losses decreased by 28.61 percentage points to -19.14% in 2023[58] - Company's annual sales volume increased by 26.5% year-over-year, but operating revenue decreased by 10.44% to RMB 1,296.47 million[82] - Net profit attributable to shareholders was RMB -531.41 million, a decrease of 487.44% year-over-year[82] Risk Factors and Corporate Governance - The company's annual report for 2023 has been issued, detailing the financial performance and risk factors[1][8] - The company has disclosed potential risks and countermeasures in its operations, with a focus on the reasons for the annual performance loss[4] - The report includes a detailed discussion on management analysis, risk factors, and corporate governance[17] - The company has provided a forward-looking statement risk declaration, indicating potential uncertainties in future performance[13] - The company's governance structure includes special arrangements, as indicated in the report[6] - The company has confirmed that there are no instances of non-operational fund occupation by controlling shareholders or other related parties[7] Audit and Compliance - The financial report has been audited by Tianjian Certified Public Accountants, who issued a standard unqualified opinion[11] - The annual report is subject to approval at the company's 2023 annual general meeting[12] Shareholders and Subsidiaries - The company has a diverse group of shareholders, including entities like Intel, BYD, and various investment funds[20][21] - The company's subsidiaries include JoulWatt Microelectronics (Nanjing) Co., Ltd., JoulWatt Microelectronics (Chengdu) Co., Ltd., and JoulWatt Microelectronics (Hangzhou) Co., Ltd., among others[51] - The company's subsidiaries also include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shenzhen) Co., Ltd., JoulWatt Microelectronics (Zhangjiagang) Co., Ltd., and JoulWatt Microelectronics (Xiamen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Zhuhai) Co., Ltd., JoulWatt Microelectronics (Hangzhou) Co., Ltd., and JoulWatt Microelectronics (Shenzhen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Nanjing) Co., Ltd., JoulWatt Microelectronics (Chengdu) Co., Ltd., and JoulWatt Microelectronics (Hangzhou) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shenzhen) Co., Ltd., JoulWatt Microelectronics (Zhangjiagang) Co., Ltd., and JoulWatt Microelectronics (Xiamen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Zhuhai) Co., Ltd., JoulWatt Microelectronics (Hangzhou) Co., Ltd., and JoulWatt Microelectronics (Shenzhen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] Research and Development - R&D investment accounted for 38.51% of operating income in 2023, an increase of 17.46 percentage points compared to 2022[60] - R&D investment reached RMB 499.37 million, an increase of 63.88% year-over-year, with 544 R&D personnel accounting for 64.08% of total employees[83] - Company added 182 new intellectual property rights, including 101 invention patents, 7 utility model patents, 18 software copyrights, and 56 integrated circuit layout design rights[83] - The company's R&D process involves five stages: new product initiation, R&D design, wafer fabrication, packaging and testing, and mass production certification, with each stage involving detailed system design, process selection, circuit design, and layout design[151] - The company's BCD process technology integrates Bipolar, CMOS, and DMOS devices on a single chip, reducing power consumption, minimizing interference between modules, and lowering costs, making it a mainstream technology in the analog IC industry[136] - The company's high-power BCD technology is widely used in automotive electronics, focusing on cost reduction and optimization of power device structures, suitable for medium voltage and high current driving scenarios[138] - The company has established three major process platforms: 0.18-micron 7-55V medium-low voltage BCD process (extended to 90nm for some voltage ranges), 0.18-micron 10-200V high voltage BCD process, and 0.35-micron 10-700V ultra-high voltage BCD process, each iterated 1-3 generations, forming a systematic self-developed process system[156] - The company has built a product supply system with over 1,800 chip product models available for sale, with several products reaching international advanced levels[172] - In 2023, the company's R&D expenses reached 499.37 million yuan, a 63.88% increase from 304.72 million yuan in the previous year, with R&D expenses accounting for 38.51% of revenue, up 17.46 percentage points[179] - The company added 108 patents in 2023, including 101 invention patents and 7 utility model patents. As of December 31, 2023, the company has applied for 1,127 patents, with 800 invention patents and 524 valid patents, including 285 invention patents[178] - The company's R&D team increased by 137 people in 2023, a 33.66% year-on-year growth, with 112 additional master's degree holders and 35 bachelor's degree holders, enhancing the company's innovation capabilities[190] - The company has developed a stable supply chain system and downstream customer base, collaborating with domestic mainstream wafer fabs for BCD process development, and its products are used in automotive electronics, communication electronics, computing and storage, industrial applications, and consumer electronics[168] - The company focuses on improving the integration of analog chip products, optimizing chip design from process, circuit, and system perspectives, and has developed high-power-density boost and buck converters, AC-DC regulators, and isolated DC-DC products[173] - The company is committed to intelligent analog chip development, successfully creating products such as load switches with fast short-circuit response and AC-DC synchronous rectifiers supporting multi-mode switching, achieving breakthroughs in control algorithms and adaptive technologies[175] - The company emphasizes system-level optimization of analog chips and other components to improve efficiency and reduce power consumption, developing ultra-low standby power DC-DC products to meet market demands[174] - The company has developed three major process platforms: 90nm, 0.18μm 10-200V high-voltage BCD, and 0.35μm 10-700V ultra-high-voltage BCD, each iterated 1-3 generations, forming a comprehensive self-developed process system[192] - The core R&D team consists of experienced professionals with backgrounds from top universities and leading international analog IC companies, focusing on power management and signal chain ICs[193] - The company has established a multi-level R&D system and a diverse product matrix, including four major power management product lines (AC-DC, DC-DC, linear power, battery management) and five signal chain product lines (detection, interface, converter, clock, linear)[194] - High-voltage BCD technology integrates devices with voltage resistance ranging from 100-700V, widely used in electronic lighting and industrial control scenarios[196] - The company has formed a process R&D team to develop targeted BCD processes based on downstream demand, enhancing product performance efficiency[197] - The company has achieved comprehensive layout in power management product lines[198] - The company is working to fill gaps in other product lines[199] - Analog ICs are evolving towards differentiation, integration, efficiency, and intelligence, with expanding application fields[200] Market and Industry Trends - Global semiconductor market size is expected to decrease by 9.4% to 338.93 billion in 2016 to 515.10 billion in 2023, later adjusted to $520.13 billion, still a year-on-year decrease[159] Product Development and Innovation - The company released multiple new products including 100V DC-DC, buck-boost DC-DC, amplifiers, comparators, and analog switches in 2023[71] - The company's product matrix includes power management chips and signal chain chips, covering major categories of analog chips in various application fields[69] - Launched a leading 50A power tube integrated product and developed multiple automotive-grade LDOs for smart cockpits and ADAS applications[85] - The company has developed a complete DC-DC product matrix for the automotive sector, meeting AECQ100 standards with a voltage range of 5~100V, and has successfully integrated into the supply chains of well-known car manufacturers and Tier 1 suppliers[115] - The company's linear power supply chips feature low static power consumption, high performance, and high applicability, with a leading 50A power tube integrated product offering small conduction power loss, high start-up current capability, and strong protection performance under harsh conditions[117] - The company's power management product line includes AC-DC, DC-DC, linear power supply, and battery management chips, catering to various downstream applications such as consumer electronics, industrial control, computing, automotive electronics, and new energy[140] - The company's virtual IDM model allows for the development and optimization of wafer manufacturing processes, leveraging wafer fab resources without owning the production lines, resulting in core outputs like process flow documents, application documents, and process design kits[122] - The company's market strategy includes both internal development and external investments to enrich and complete its product lines, aiming to maintain a leading position in the analog IC industry and provide continuous value growth for customers[140] ESG and Corporate Responsibility - The report outlines the company's commitment to environmental, social responsibility, and corporate governance (ESG) practices[17] Strategic Investments and Collaborations - Strategic investments and collaborations were made to expand business boundaries and industry chain layout[108] - The company adopted a virtual IDM model and developed its own BCD process platform for chip design and manufacturing[110] Financial Assets and Liabilities - The company's financial report highlights an increase in fixed assets due to business expansion and equipment additions, as well as an increase in construction in progress due to ongoing investments in fundraising projects[145] - The company's restricted assets include RMB 26,150,000 in monetary funds, primarily used for issuing bank acceptance bills and bank asset pool business pledges[147] Human Resources and Incentives - Total number of employees increased by 31.22% to 849, with 544 R&D personnel, of which 340 hold master's degrees or higher[104] - Company completed its first post-IPO restricted stock incentive plan, covering 409 employees with 11.7084 million shares[104]