广立微(301095) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, the report's table of contents, and definitions of key terms Company Profile and Key Financial Indicators This section introduces the company and presents its key accounting data and financial performance indicators Company Profile Semitronix Corporation, listed on the Shenzhen Stock Exchange, is a leading microelectronics company with Zheng Yongjun as its legal representative Company Overview | Item | Content | | :--- | :--- | | Stock Abbreviation | Semitronix | | Stock Code | 301095 | | Listing Exchange | Shenzhen Stock Exchange | | Full Chinese Name | 杭州广立微电子股份有限公司 | | Full English Name | Semitronix Corporation | | Legal Representative | Zheng Yongjun | Key Accounting Data and Financial Indicators The company reported RMB 172 million in operating revenue, up 34.86%, but net profit attributable to shareholders declined 88.90%, while operating cash flow significantly improved Key Financial Performance | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 171,775,940.62 | 127,375,347.97 | 34.86% | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 2,536,178.39 | 22,843,129.29 | -88.90% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) (RMB) | -3,525,588.79 | 16,237,911.30 | -121.71% | | Net Cash Flow from Operating Activities (RMB) | -81,037,902.27 | -187,643,045.03 | 56.81% | | Basic Earnings Per Share (RMB/share) | 0.0127 | 0.1142 | -88.88% | | Weighted Average Return on Net Assets | 0.08% | 0.72% | -0.64% | | Total Assets (RMB) | 3,303,509,525.59 | 3,545,378,296.20 | -6.82% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 3,100,490,246.82 | 3,254,831,414.47 | -4.74% (Period-end vs. Prior Year-end) | Non-Recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled RMB 6.06 million, primarily from government subsidies and investment income from structured bank deposits Non-Recurring Gains and Losses | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Government Subsidies | 6,200,618.99 | Primarily various government subsidies received | | Fair Value Change Gains/Losses on Financial Assets | 1,194,460.55 | Investment income from structured bank deposits purchased in the current period | | Other Non-Operating Income and Expenses | -395,798.76 | Primarily external public welfare donations | | Total | 6,061,767.18 | - | Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, and future outlook Principal Businesses Engaged by the Company During the Reporting Period The company is a leading provider of integrated circuit EDA software and wafer-level electrical testing equipment, focusing on chip yield enhancement and rapid electrical test monitoring technologies - The company's core business focuses on chip yield enhancement, offering comprehensive support from design to mass production through its EDA software, testing equipment, and data analysis segments[20][28] - In the first half of 2024, the company's operating revenue reached RMB 172 million, a 34.86% year-on-year increase, with software development and licensing revenue growing by 86.81%, indicating strong momentum in its EDA software business[53] Industry Development Overview The global semiconductor industry is recovering, driven by AI, new energy vehicles, and consumer electronics, with China's integrated circuit sector showing rapid growth - The global semiconductor industry is entering an upward cycle, with WSTS projecting a 13.1% growth in global sales for 2024, while Gartner and IDC forecast even higher growth rates of 16.0% and 20.2%, respectively[21] - China's integrated circuit industry is rapidly recovering, with cumulative production reaching 207.1 billion units in January-June 2024, a 28.9% year-on-year increase, and exports totaling RMB 542.74 billion, up 25.6%[23] - Key industry trends include domestic substitution, AI technology empowerment, big data insights, and advanced packaging technologies[24][25] Main Products and Applications The company's product portfolio focuses on chip yield enhancement, encompassing EDA software, semiconductor big data analysis systems, and wafer-level electrical testing equipment - EDA software products cover three major areas: yield enhancement, design for manufacturability (DFM), and design for testability (DFT), providing comprehensive tools from test chip design to yield prediction[30][32][34] - The DATAEXP series of semiconductor big data analysis and management systems covers the entire chip design and manufacturing lifecycle, with the INF-AI artificial intelligence application platform launched in 2024 to enable intelligent manufacturing[35][36] - Wafer-level electrical testing equipment includes various models like the T4000 and T4100S series, expanding into WLR and SPICE fields to meet diverse process and testing requirements[39][40] Principal Business Model The company operates on a software-hardware integrated solution model, offering software development and licensing, testing equipment and accessories, and testing services - The company employs a flexible business model, initially providing software technical development services to gradually guide customers towards purchasing software tool licenses and testing equipment, fostering a positive cycle and customer loyalty[46] - The sales model primarily uses direct sales supplemented by distribution, with direct sales facilitating deep understanding of customer needs and brand enhancement, while distribution expands market reach[48][49] Industry Position The company is a rare provider of full-process products and services in chip yield enhancement and electrical monitoring, achieving international leading technical levels and breaking foreign monopolies - The company is one of the few in the industry capable of providing full-process yield enhancement solutions, from EDA software to testing equipment and technical services, achieving high-quality technological substitution[50] - As of June 30, 2024, the company holds 160 authorized patents (including 88 invention patents and 12 US patents) and over 140 software copyrights[50] - The company actively participates in industry ecosystem development, serving as a contributor member of the UCIe Industry Alliance and involved in setting SEMI and automotive electronic component industry standards[52] Analysis of Core Competencies The company's core competencies stem from its proprietary core technologies, comprehensive soft-hardware product coverage, first-mover advantage in domestic substitution, premium customer base, and growing brand influence - The company prioritizes R&D, with R&D expenses reaching RMB 132 million in the first half of 2024, accounting for 76.87% of revenue and increasing by 41.77% year-on-year, while R&D personnel comprise 82.70% of total employees[60] - The company is one of the very few EDA companies in the market offering yield services through a software-hardware collaborative solution, covering test chip design, DFM, DFT, data acquisition, and analysis, forming an effective closed loop[61] - The company boasts a high-quality customer base, including international IDM manufacturers like Samsung Electronics and SK Hynix, as well as leading domestic Foundry and Fabless companies, demonstrating strong customer stickiness and a significant demonstration effect[64] Analysis of Principal Business In the first half of 2024, the company's principal business experienced robust growth, driven by a significant increase in software development and licensing revenue, with overall gross margin improving Principal Business Performance by Segment | Item | Current Reporting Period | Prior Year Period | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,775,940.62 | 127,375,347.97 | 34.86% | Rapid growth in software development and licensing business | | R&D Investment | 132,040,799.99 | 93,134,580.49 | 41.77% | Company continues to increase R&D investment | | Net Cash Flow from Operating Activities | -81,037,902.27 | -187,643,045.03 | 56.81% | Reduced procurement of testing machine components compared to prior year | | Net Cash Flow from Investing Activities | -139,992,493.65 | -77,036,324.35 | -81.72% | Significant increase in external equity investments and infrastructure investments | | Net Cash Flow from Financing Activities | -181,978,471.20 | -64,992,362.14 | -180.00% | Share repurchases and cash dividend distributions | Revenue, Cost, and Gross Margin by Product/Service | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Revenue YoY Change | Cost YoY Change | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Software Development and Licensing | 60,571,463.75 | 6,465,081.26 | 89.33% | 86.81% | 343.01% | -6.17% | | Testing Equipment and Accessories | 111,094,145.41 | 52,507,960.47 | 52.74% | 17.21% | 12.95% | 1.79% | Analysis of Assets and Liabilities As of the reporting period end, the company's total assets decreased by 6.82% to RMB 3.30 billion, primarily due to reduced monetary funds used for investments, share repurchases, and dividend distributions - Monetary funds at period-end totaled RMB 2.097 billion, a decrease of nearly RMB 400 million from the beginning of the period, primarily utilized for external investments, share repurchases, and cash dividends[72] - Construction in progress increased to RMB 57.7365 million, mainly due to increased expenditures for the integrated circuit EDA industrialization base project[72] Analysis of Investment Status During the reporting period, the company's investment significantly increased to RMB 1.14 billion, a 1374.76% year-on-year growth, driven by major equity and non-equity investments and the deployment of raised funds - The investment amount for the reporting period was RMB 1.14 billion, a substantial increase of 1374.76% compared to RMB 77.38 million in the prior year period[77] - The company utilized RMB 100 million of over-raised funds to permanently supplement working capital and RMB 90 million for share repurchases[81][83] Analysis of Major Holding and Joint Stock Companies During the reporting period, the company's major subsidiaries operated steadily, with Changsha Semitronix and Hangzhou Semitronix Test Equipment being significant profit contributors, while newly acquired Shanghai Yiruixin expanded business smoothly Major Subsidiaries' Performance | Company Name | Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Changsha Semitronix Electronics Co., Ltd. | Subsidiary | 37,305,240.10 | 11,732,377.71 | | Hangzhou Semitronix Test Equipment Co., Ltd. | Subsidiary | 120,797,951.39 | 31,161,204.61 | | Semitronix (Shanghai) Technology Co., Ltd. | Subsidiary | 15,076,473.36 | -20,995,073.67 | | Shanghai Yiruixin Electronics Technology Co., Ltd. | Subsidiary | 13,988,900.79 | 5,217,362.29 | Risks and Countermeasures The company faces risks related to technology development, industry slowdown, customer concentration, scale expansion, seasonal revenue fluctuations, and international trade friction, which it addresses through continuous innovation, market diversification, and enhanced internal controls - Technology development risk: Failure to keep pace with industry upgrades or meet customer demands could lead to product obsolescence; the company plans to counter this through continuous innovation and deep customer collaboration[94][95] - Customer concentration risk: Sales to the top five customers accounted for 57.12% in 2023, indicating high concentration; the company aims to optimize its customer structure by diversifying its product matrix and expanding into overseas markets[97] - Revenue seasonality risk: Customers typically complete acceptance and settlement in the second half of the year, resulting in a higher proportion of fourth-quarter revenue; the company will mitigate this through optimized budget management and expanded application scenarios[99] Corporate Governance This section details changes in the company's governance structure, including personnel adjustments and the implementation of equity incentive plans Changes in Directors, Supervisors, and Senior Management During the reporting period, Vice General Manager Christine Tan Pek Boey and Supervisory Board Chairman Pan Weiwei resigned, with Li Lili elected as a new supervisor Personnel Changes | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | CHRISTINE TAN PEK BOEY | Vice General Manager | Resignation | 2024-04-15 | Personal reasons | | Pan Weiwei | Chairman of the Supervisory Board | Resignation | 2024-06-28 | Company's career planning arrangements | | Li Lili | Supervisor | Elected | 2024-06-28 | Company's career planning arrangements | Implementation of Equity Incentive Plans The company granted 987,000 restricted shares to 87 incentive recipients on November 3, 2023, at RMB 33.81 per share, aiming to stabilize the core team and promote long-term development - The 2023 restricted stock incentive plan completed its initial grant on November 3, 2023, to 87 core employees at a grant price of RMB 33.81 per share[112] Environmental and Social Responsibility This section outlines the company's commitments and actions regarding environmental protection and social welfare Significant Matters This section details important events and transactions that occurred during the reporting period Significant Related Party Transactions During the reporting period, the company engaged in approximately RMB 27.1556 million in related party transactions for procurement and sales with Wuhan Microtech Electronics and Korea Titus, all within annual limits and fairly priced Related Party Transactions | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | | Wuhan Microtech Electronics Co., Ltd. | Procurement | Testing equipment accessories | 1,932.92 | | Korea Titus Co., Ltd. | Procurement | Testing equipment accessories | 702.04 | | Korea Titus Co., Ltd. | Procurement | Sales services | 80.60 | | Korea Titus Co., Ltd. | Sales | Software and services, testing equipment and accessories | 4.51 | Share Changes and Shareholder Information This section provides an overview of changes in the company's share capital and details regarding its shareholders Share Change Status The company's total share capital remained at 200 million shares, with minor internal transfers due to director share increases, and a share repurchase program initiated - The company initiated a share repurchase program, planning to use RMB 100-160 million of over-raised funds, with the repurchase price cap adjusted to RMB 79.56 per share[140] - As of June 30, 2024, the company had cumulatively repurchased 1,874,466 shares, representing 0.94% of total share capital, with a total transaction amount of RMB 86,891,489.90[140] Number of Shareholders and Shareholding Status As of the reporting period end, the company had 21,920 common shareholders, with a stable top ten shareholder structure and Hangzhou Semitronix Equity Investment Co., Ltd. as the controlling shareholder Top Ten Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Hangzhou Semitronix Equity Investment Co., Ltd. | 16.62% | 33,242,812 | | Hangzhou Semitronix Co-creation Investment Partnership (Limited Partnership) | 11.87% | 23,744,867 | | Shi Zheng | 8.19% | 16,383,957 | | Zheng Yongjun | 6.02% | 12,042,432 | | Beijing Wuyuefeng Yihe High-tech Industry Investment Partnership | 5.28% | 10,554,054 | Preferred Shares Related Information This section confirms that the company has no preferred shares Bonds Related Information This section confirms that the company has no outstanding bonds Financial Report This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet As of June 30, 2024, the company's total assets decreased by 6.82% to RMB 3.30 billion, total liabilities decreased by 31.44% to RMB 197 million, and equity attributable to parent company shareholders decreased by 4.74% to RMB 3.10 billion, maintaining a stable asset-liability structure Consolidated Balance Sheet Summary | Item | Period-end Balance (RMB) | Period-start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 3,303,509,525.59 | 3,545,378,296.20 | | Total Liabilities | 197,367,588.55 | 287,863,870.61 | | Equity Attributable to Parent Company Owners | 3,100,490,246.82 | 3,254,831,414.47 | Consolidated Income Statement In the first half of 2024, the company's total operating revenue increased by 34.86% to RMB 172 million, but operating profit turned into a loss of RMB 14.7 million due to significantly increased R&D expenses, resulting in a net profit of RMB 5.5 million, a 75.9% year-on-year decline Consolidated Income Statement Summary | Item | H1 2024 (RMB) | H1 2023 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 171,775,940.62 | 127,375,347.97 | | Total Operating Costs | 200,014,307.84 | 125,732,220.84 | | Including: R&D Expenses | 132,040,799.99 | 93,134,580.49 | | Operating Profit | -14,703,283.98 | 18,857,597.67 | | Total Profit | -15,099,850.91 | 18,426,415.17 | | Net Profit | 5,504,857.49 | 22,843,129.29 | | Net Profit Attributable to Parent Company Shareholders | 2,536,178.39 | 22,843,129.29 | Consolidated Cash Flow Statement During the reporting period, the company's net cash and cash equivalents decreased by RMB 403 million, with operating cash flow significantly improving, while investing and financing activities resulted in substantial net outflows Consolidated Cash Flow Summary | Item | H1 2024 (RMB) | H1 2023 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -81,037,902.27 | -187,643,045.03 | | Net Cash Flow from Investing Activities | -139,992,493.65 | -77,036,324.35 | | Net Cash Flow from Financing Activities | -181,978,471.20 | -64,992,362.14 | | Net Increase in Cash and Cash Equivalents | -403,049,785.97 | -329,190,359.26 |