雷电微力(301050) - 2024 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions The company's board of directors approved the 2024 semi-annual profit distribution and capital reserve to share capital increase plan - The company's board of directors approved the 2024 semi-annual profit distribution and capital reserve to share capital increase plan: based on 171,485,806 shares, a cash dividend of RMB 3 per 10 shares (tax inclusive) will be distributed, and 4 shares per 10 shares will be transferred from capital reserve to all shareholders[1] Section II Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance metrics Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 42.67% to RMB 701 million, and net profit attributable to shareholders increased by 6.83% to RMB 208 million; however, net cash flow from operating activities significantly decreased by 128.10%, turning from a net inflow of RMB 486 million in the prior period to a net outflow of RMB 136 million in the current period, while total assets decreased by 18.75% compared to the end of the previous year Key Financial Indicators for H1 2024 | Indicator | Current Reporting Period | Prior Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 700,880,707.46 | 491,250,000.00 | 42.67% | | Net Profit Attributable to Shareholders (RMB) | 208,368,101.01 | 195,049,263.81 | 6.83% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (RMB) | 193,273,240.05 | 172,831,519.48 | 11.83% | | Net Cash Flow from Operating Activities (RMB) | -136,432,070.72 | 485,537,914.76 | -128.10% | | Basic Earnings Per Share (RMB/share) | 1.21 | 1.12 | 8.04% | | Weighted Average Return on Net Assets | 7.68% | 7.96% | -0.28% | | Total Assets (RMB) | 3,707,307,401.52 | 4,562,891,429.80 (End of Prior Year) | -18.75% | | Net Assets Attributable to Shareholders (RMB) | 2,733,381,437.83 | 2,665,612,674.71 (End of Prior Year) | 2.54% | Non-Recurring Gains and Losses and Their Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 15.09 million, primarily from fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, totaling RMB 15.29 million, and government grants of RMB 2.57 million Non-Recurring Gains and Losses for H1 2024 | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -1,678,249.99 | | Government Grants Recognized in Current Profit/Loss | 2,572,100.00 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 15,292,329.12 | | Gains/Losses from Entrusted Investments or Asset Management | 981,226.35 | | Other Non-Operating Income and Expenses | 593,019.18 | | Less: Income Tax Impact | 2,665,563.70 | | Total | 15,094,860.96 | Section III Management Discussion and Analysis This section provides management's discussion and analysis of the company's operations, financial condition, and future outlook Principal Businesses During the Reporting Period The company specializes in the R&D, manufacturing, testing, and sales of millimeter-wave microsystems, primarily for radar, detection, and communication in specialized fields, operating in the midstream of the industry chain by providing customized electronic products to research institutes and prime contractors, with market demand continuously growing driven by informatization, new quality productive forces, and domestic substitution policies - The company's core business is providing millimeter-wave microsystem overall solutions and product manufacturing services, primarily applied in radar, detection, and communication in specialized fields[19] - The company's performance is primarily driven by industry policies, technological leadership, and engineering manufacturing capabilities - The electronic information technology industry experienced demand growth during the "14th Five-Year Plan" period due to policy promotion - The company possesses full-chain core technologies and can adapt to the market's characteristics of multiple varieties, small batches, and rapid technological updates[23][24][25] Analysis of Core Competencies The company's core competencies include comprehensive technology, strong engineering capabilities, first-mover advantage from high industry entry barriers, efficient production capacity, and a stringent quality control system, further strengthened by 8 new invention patents and 10 integrated circuit layout designs obtained during the reporting period - The company's technology system is comprehensive, and its engineering capabilities are strong, making it one of the few domestic enterprises capable of providing overall millimeter-wave microsystem solutions - During the reporting period, the company added 8 invention patents and 10 integrated circuit layout designs[26] - The specialized market has strict entry regulations and high industry barriers, and the company, as one of the earliest private enterprises to obtain relevant qualifications, possesses a significant first-mover advantage[27] Analysis of Principal Business In H1 2024, the company achieved operating revenue of RMB 701 million, a 42.67% year-on-year increase primarily due to increased product delivery and acceptance, with net profit attributable to shareholders rising 6.83% to RMB 208 million, or RMB 268 million (up 23.52%) excluding share-based payment impact; operating costs increased by 80.73%, outpacing revenue growth mainly due to higher costs of accepted products, while selling, general and administrative, and R&D expenses all significantly increased due to share-based payment expenses from equity incentives Year-on-Year Changes in Key Financial Data | Item | Current Reporting Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 700,880,707.46 | 491,250,000.00 | 42.67% | Increased product delivery and acceptance volume | | Operating Cost | 415,201,753.74 | 229,737,251.50 | 80.73% | Increased product delivery and acceptance volume and rising product costs | | Selling Expenses | 8,676,025.51 | 4,422,218.24 | 96.19% | Increase in share-based payment amount from equity incentives | | General and Administrative Expenses | 58,153,944.28 | 31,636,481.57 | 83.82% | Increase in share-based payment amount from equity incentives | | R&D Expenses | 41,918,138.58 | 21,562,234.19 | 94.41% | Increased R&D investment and share-based payment from equity incentives | | Net Cash Flow from Operating Activities | -136,432,070.72 | 485,537,914.76 | -128.10% | Sales collections lower than procurement payments | Operating Revenue by Product/Service | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Array Antennas | 123,402,614.80 | 62,145,271.39 | 49.64% | -74.88% | -72.95% | -3.59% | | TR Modules | 577,478,092.66 | 353,056,482.35 | 38.86% | 100.00% | 100.00% | 38.86% | Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were RMB 3.707 billion, a 18.75% decrease from the end of the previous year, primarily due to reduced monetary funds from lower sales collections than procurement payments and share repurchases, decreased inventories as previously shipped goods were accepted, and significant reductions in contract liabilities and notes payable related to product acceptance and maturity of notes Changes in Key Balance Sheet Items | Item | Amount at Period End (RMB) | Percentage of Total Assets | Amount at Prior Year-End (RMB) | Percentage of Total Assets | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 801,199,031.01 | 21.61% | 1,056,969,687.65 | 23.16% | Sales collections lower than procurement payments, and execution of share repurchase | | Inventories | 1,477,832,185.99 | 39.86% | 1,839,812,854.38 | 40.32% | Previously shipped goods gradually completed acceptance | | Contract Liabilities | 469,147,302.55 | 12.65% | 931,960,765.03 | 20.42% | Contract liabilities decreased in line with product acceptance | | Notes Payable | 74,773,610.00 | 2.02% | 416,568,489.70 | 9.13% | Amount of matured commercial acceptance bills paid was greater than new bills issued | Analysis of Investment Status During the reporting period, the company's total investment amounted to RMB 1.288 billion, a 48.89% year-on-year increase, primarily from entrusted wealth management using temporarily idle raised funds and own funds; the raised fund projects "Production Base Technical Transformation and Expansion Project" and "R&D Center Construction Project" are still under construction with investment progress of 64.72% and 44.04% respectively, and the company has cumulatively used RMB 654 million of over-raised funds to permanently supplement working capital Status of Committed Raised Fund Projects (RMB 10,000) | Committed Investment Project | Total Committed Investment of Raised Funds | Cumulative Investment as of Period End | Investment Progress as of Period End | | :--- | :--- | :--- | :--- | | Production Base Technical Transformation and Expansion Project | 22,500 | 14,561.05 | 64.72% | | R&D Center Construction Project | 20,500 | 9,028.52 | 44.04% | | Supplement Working Capital Project | 20,000 | 20,000 | 100.00% | | Over-Raised Funds (Permanent Supplement to Working Capital) | 65,400 | 65,400 | 100.00% | - During the reporting period, the company used raised funds and own funds for entrusted wealth management, with a total amount of RMB 818 million incurred and an outstanding balance of RMB 714 million[49] Risks Faced by the Company and Countermeasures The company faces primary risks including changes in the macroeconomic environment, intensified market competition, and product quality control, which it plans to address by closely monitoring macroeconomic trends, strengthening core technology research, and optimizing its quality management system - The company identified three major risks: - Macroeconomic environment risk: Increased adverse impacts from changes in the external environment[52] - Intensified market competition risk: New entrants continuously emerge as policies are released[53] - Product quality control risk: Principal products are highly technical and require strict reliability[54] Section IV Corporate Governance This section details the company's corporate governance structure, including profit distribution and equity incentive plans Profit Distribution and Capital Reserve to Share Capital Increase During the Reporting Period The company proposed a 2024 semi-annual profit distribution plan to distribute a cash dividend of RMB 3 per 10 shares (tax inclusive) and a bonus issue of 4 shares per 10 shares from capital reserve, with the total cash dividend (including share repurchase) amounting to RMB 184 million, representing nearly 88% of the current period's distributable profit 2024 Semi-Annual Profit Distribution Plan | Item | Value | | :--- | :--- | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (RMB) (tax inclusive) | 3 | | Number of Shares Transferred from Capital Reserve per 10 Shares (shares) | 4 | | Share Capital Base for Distribution Plan (shares) | 171,485,806 | | Cash Dividend Amount (RMB) (tax inclusive) | 51,445,741.80 | | Cash Dividend Amount via Share Repurchase (RMB) | 132,077,638.26 | | Total Cash Dividend (including other methods) (RMB) | 183,523,380.06 | | Distributable Profit (RMB) | 208,368,101.01 | Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had two restricted stock incentive plans in progress, with 2.7825 million shares granted but unvested under the 2022 plan and 8 million shares granted but unvested under the 2023 plan - The company is implementing two restricted stock incentive plans from 2022 and 2023, both using restricted stock of the second category as the incentive tool[61] Section V Environmental and Social Responsibility This section outlines the company's commitment and actions regarding environmental protection and social responsibility Significant Environmental Issues The company and its subsidiaries are not classified as key pollutant-discharging entities and received no environmental administrative penalties during the reporting period, having implemented energy-saving and environmental protection measures and entrusted qualified entities to handle "three wastes" to fulfill environmental responsibilities - The company is not classified as a key pollutant-discharging entity, and there were no environmental administrative penalties during the reporting period[64] Social Responsibility The company actively fulfills its social responsibilities towards stakeholders including shareholders, employees, customers, and suppliers, with clear initiatives in safeguarding shareholder rights, employee development, customer service, and supply chain management, in addition to participating in consumer assistance for farmers to support the national rural revitalization strategy - The company fulfills its social responsibilities across multiple dimensions, including shareholders, employees, customers, and suppliers, and actively participates in rural revitalization and other social welfare activities[65][66] Section VI Significant Matters This section covers important events and commitments that occurred during the reporting period Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, and related parties all duly fulfilled their commitments made during the initial public offering, including share lock-up and share price stabilization, with shareholder Chen Fashu's six-month voluntary non-reduction commitment made on August 3, 2023, having been fulfilled - All commitments made by the company's related parties were duly fulfilled during the reporting period[67] - Shareholder Chen Fashu's voluntary non-reduction commitment was fulfilled on February 3, 2024[77] Section VII Share Changes and Shareholder Information This section provides details on changes in share capital and the company's shareholder structure Share Changes During the reporting period, the company's total share capital remained unchanged, and the company completed its share repurchase plan on May 6, 2024, having cumulatively repurchased 3,481,700 shares (representing 1.99% of total share capital) for a total transaction amount of RMB 178 million, with RMB 132 million of the repurchase amount occurring within the reporting period - The company completed its share repurchase plan, cumulatively repurchasing 3,481,700 shares (representing 1.99% of total share capital) for a total of RMB 178 million; the repurchased shares will be used for equity incentive or employee stock ownership plans[87] Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 28,913 common shareholders, with the largest shareholder Deng Jieru holding 19.32% and the second largest shareholder Chen Fashu holding 8.95%, indicating a relatively stable shareholding structure among the top ten shareholders Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | :--- | | Deng Jieru | Domestic Natural Person | 19.32% | 33,800,686 | | Chen Fashu | Domestic Natural Person | 8.95% | 15,659,169 | | Chongqing Yida Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 4.66% | 8,156,039 | | Wuhan Integrated Circuit Industrial Technology Research Institute Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.05% | 3,585,013 | | Shenzhen Rongze Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.92% | 3,366,251 | | Shenzhen Runyang Capital Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.83% | 3,209,403 | | Deng Hongzhong | Domestic Natural Person | 1.44% | 2,513,635 | | Zhuhai Hengqin Wumei Tongda Private Equity Fund Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.11% | 1,939,245 | | Hong Kong Securities Clearing Company Limited | Other | 1.06% | 1,856,937 | | CITIC Securities Leidian Weili Employee Participation in ChiNext Strategic Placement Collective Asset Management Plan | Other | 0.77% | 1,355,086 | Section VIII Preferred Shares Information This section confirms the absence of preferred shares in the company Preferred Shares Status The company had no preferred shares during the reporting period - The company has no preferred shares[96] Section IX Bond Information This section confirms the absence of bond-related matters for the company Bond Status The company had no bond-related matters during the reporting period - The company has no bond-related matters[97] Section X Financial Report This section presents the company's financial statements and related disclosures Audit Report Tianjian Certified Public Accountants issued a standard unqualified audit opinion on the company's 2024 semi-annual financial report, identifying "revenue recognition" and "impairment of accounts receivable" as the most significant matters in the current period's financial statement audit - The audit firm is Tianjian Certified Public Accountants, which issued a standard unqualified opinion[98] - Key audit matters include: - Revenue Recognition: Due to operating revenue being a key performance indicator, there is an inherent risk of management inappropriately recognizing revenue to achieve specific targets[100] - Impairment of Accounts Receivable: Due to the significant amount of accounts receivable and the substantial management judgment involved in impairment[101] Notes to Consolidated Financial Statement Items This section provides detailed explanations of key items in the consolidated financial statements, highlighting accounts receivable book balance of RMB 129 million with RMB 44.65 million in impairment provisions, inventory book value of RMB 1.478 billion with a significant portion in goods issued, operating revenue primarily from TR modules and array antennas, and a notable increase in share-based payment expenses within general and administrative, selling, and R&D costs due to equity incentive plans Top Five Accounts Receivable by Debtor at Period End | Debtor Name | Accounts Receivable Ending Balance (RMB) | Percentage of Total | Impairment Provision Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Customer 1 | 86,516,000.00 | 66.92% | 24,182,300.00 | | Customer 2 | 13,410,000.00 | 10.37% | 1,390,500.00 | | Customer 3 | 11,400,000.00 | 8.82% | 11,210,000.00 | | Customer 4 | 6,540,000.00 | 5.06% | 417,000.00 | | Customer 5 | 6,298,000.00 | 4.87% | 5,038,400.00 | | Total | 124,164,000.00 | 96.04% | 42,238,200.00 | Inventory Classification | Item | Ending Book Value (RMB) | | :--- | :--- | | Raw Materials | 415,722,707.57 | | Work-in-Progress | 190,293,506.67 | | Finished Goods | 4,655,959.94 | | Goods Issued | 863,883,016.15 | | Consigned Processing Materials | 3,276,995.66 | | Total | 1,477,832,185.99 | - During the reporting period, total share-based payment expenses amounted to RMB 61.46 million, allocated to general and administrative expenses (RMB 38.23 million), R&D expenses (RMB 16.99 million), and selling expenses (RMB 6.24 million)[334][335][336][408] Events After the Balance Sheet Date On August 23, 2024, the company's board of directors approved the 2024 semi-annual profit distribution and capital reserve to share capital increase plan, which proposes a cash dividend of RMB 3 per 10 shares (tax inclusive) and a bonus issue of 4 shares per 10 shares from capital reserve, pending approval by the general meeting of shareholders - The board of directors approved the 2024 semi-annual profit distribution plan: a cash dividend of RMB 3 per 10 shares and a bonus issue of 4 shares per 10 shares from capital reserve; this plan is pending approval by the general meeting of shareholders[412][413] Supplementary Information During the reporting period, the company's weighted average return on net assets (ROE) attributable to common shareholders was 7.68%, with basic earnings per share (EPS) of RMB 1.21, and after deducting non-recurring gains and losses, ROE was 7.12% and EPS was RMB 1.12 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 7.68% | 1.21 | 1.21 | | Net Profit Attributable to Common Shareholders After Deducting Non-Recurring Gains and Losses | 7.12% | 1.12 | 1.12 |