HUA HONG SEMI-华虹公司(688347) - 2024 Q1 - 季度财报

Financial Performance - In Q1 2024, Huahong Semiconductor reported sales revenue of $460 million, aligning with guidance expectations, and a gross margin of 6.4%, slightly above guidance [4]. - The company's net profit attributable to shareholders decreased by 78.76% year-on-year to approximately ¥221.74 million, primarily due to a decline in average selling prices [9]. - The operating cash flow for the quarter was ¥443.55 million, reflecting a 56.18% decrease compared to the previous year, attributed to lower cash received from sales and tax refunds [9]. - The company reported a decrease in diluted earnings per share by 83.54% to ¥0.13 [9]. - Total operating revenue for Q1 2024 was ¥3,297,290,706.10, a decrease of 24.6% compared to ¥4,374,300,427.29 in Q1 2023 [21]. - Operating profit for Q1 2024 was a loss of ¥325,448,232.28, compared to a profit of ¥902,583,094.35 in Q1 2023 [21]. - The company reported a net loss of ¥325,133,056.80 for Q1 2024, compared to a net profit of ¥902,964,889.56 in Q1 2023 [21]. - The total comprehensive income for the first quarter of 2024 was -172,727,803.40 RMB, while it was 967,984,293.17 RMB in the first quarter of 2023 [22]. - The basic earnings per share for Q1 2024 was 0.13 RMB, down from 0.80 RMB in Q1 2023 [22]. Cash Flow and Assets - Cash flow from operating activities for Q1 2024 was 443,549,494.96 RMB, a decrease from 1,012,192,400.58 RMB in Q1 2023 [25]. - Cash flow from investing activities showed a net outflow of -2,281,904,301.60 RMB in Q1 2024, compared to -1,489,259,999.89 RMB in Q1 2023 [26]. - Cash flow from financing activities generated a net inflow of 5,609,718,603.99 RMB in Q1 2024, significantly higher than 1,805,325,200.14 RMB in Q1 2023 [26]. - The cash and cash equivalents at the end of Q1 2024 amounted to 43,336,164,205.65 RMB, up from 15,245,189,360.85 RMB at the end of Q1 2023 [26]. - Total current assets as of March 31, 2024, reached approximately CNY 50.66 billion, an increase from CNY 46.53 billion as of December 31, 2023, representing a growth of about 8.5% [17]. - Cash and cash equivalents amounted to CNY 43.66 billion, up from CNY 39.86 billion, indicating an increase of approximately 7.0% [17]. - Accounts receivable stood at CNY 1.51 billion, slightly down from CNY 1.53 billion, reflecting a decrease of about 1.0% [17]. - Inventory was reported at CNY 4.44 billion, a minor decrease from CNY 4.45 billion, showing a decline of approximately 0.4% [17]. - Non-current assets totaled CNY 28.73 billion, compared to CNY 28.66 billion in the previous period, marking a slight increase of about 0.2% [17]. Research and Development - R&D expenses totaled ¥347.70 million, representing 10.55% of revenue, an increase of 2.96 percentage points year-on-year [6]. - Research and development expenses for Q1 2024 were ¥345,066,946.58, slightly up from ¥331,910,071.29 in Q1 2023 [21]. Shareholder Information - The company reported a total of 59,862 shareholders at the end of the reporting period [11]. - The largest shareholder, HKSCC Nominees Limited, holds 621,005,516 shares, representing 36.17% of total shares [11]. - Shanghai Hua Hong International, Inc. is the second-largest shareholder with 347,605,650 shares, accounting for 20.25% [11]. Future Outlook - The company expects Q2 2024 revenue to be between$ 470 million and $500 million, with a gross margin forecast of 6% to 10% [5]. - The first 12-inch production line is expected to operate at a monthly capacity of 94,500 wafers, with a second line under construction and projected to be operational by year-end [4]. - The company’s capacity utilization, sales revenue, and gross margin all showed a quarter-on-quarter improvement, indicating a positive market demand for its specialty processes [4]. Asset and Liability Overview - Total assets increased by 6.74% year-on-year to approximately ¥81.36 billion, while equity attributable to shareholders rose by 0.54% to approximately ¥43.59 billion [6]. - Total assets increased to ¥81,360,433,838.19 in Q1 2024 from ¥76,226,351,074.40 in Q1 2023, reflecting a growth of 6.5% [19]. - Total liabilities rose to ¥21,144,565,310.01 in Q1 2024, up from ¥20,735,545,554.93 in Q1 2023, marking an increase of 2.0% [19]. - Non-current assets totaled ¥30,698,682,802.27 in Q1 2024, compared to ¥29,696,173,376.39 in Q1 2023, indicating a growth of 3.4% [19]. - The total equity attributable to shareholders increased to ¥43,589,417,878.91 in Q1 2024 from ¥43,354,252,355.10 in Q1 2023, reflecting a growth of 0.5% [19]. - Deferred income tax liabilities decreased to ¥12,413,840.81 in Q1 2024 from ¥209,595,162.03 in Q1 2023, a reduction of 94.1% [19].