Financial Performance - Sales revenue reached a record high of $594.6 million, an increase of 95.1% year-over-year and 12.6% quarter-over-quarter[2] - Net profit for the period was $102.1 million, a year-over-year increase of 387.9% but a quarter-over-quarter decrease of 25.6%[2] - Gross margin was 26.9%, up 3.2 percentage points year-over-year but down 5.6 percentage points quarter-over-quarter[2] - Operating expenses increased to $75.264 million, a year-over-year rise of 26.5% and a significant quarter-over-quarter increase of 136.2%[13] - Pre-tax profit was $95.238 million, reflecting a year-over-year increase of 381.6% but a quarter-over-quarter decrease of 43.1%[13] - Basic earnings per share were $0.079, representing a year-over-year increase of 216.0% but a quarter-over-quarter decrease of 23.3%[13] - The company reported a net profit of $102.103 million for the quarter, compared to $20.925 million in the same period last year, marking a significant increase[38] Future Projections - The company expects sales revenue for the second quarter to be approximately $615 million[3] - The projected gross margin for the second quarter is expected to be between 28% and 29%[3] Sales Breakdown - The sales proportion of 12-inch wafers reached 44.1%, compared to 17.9% in the same period last year and 38.9% in the previous quarter[8] - Sales revenue for Huahong 8-inch reached $332.603 million, a year-over-year increase of 32.9% and a quarter-over-quarter increase of 3.1%[15] - Huahong Wuxi's sales revenue was $262.045 million, a year-over-year increase of 379.5% and a quarter-over-quarter increase of 27.4%[16] - 96.6% of sales revenue came from semiconductor wafer sales, with $574.651 million generated from this segment[17] - Sales revenue from 8-inch wafers was $332.603 million (55.9% of total), while 12-inch wafers contributed $262.045 million (44.1% of total)[18] - Sales revenue from China amounted to $451.638 million, representing 76.0% of total sales and a year-over-year growth of 105.5%[19] - Sales revenue from the United States was $58.064 million, showing a year-over-year increase of 105.1%[20] Product Segments - Embedded non-volatile memory sales reached $142.258 million, a 50.5% increase year-over-year[21] - Standalone non-volatile memory sales were $58.546 million, with a significant year-over-year growth of 406.1%[22] - Sales from 55nm and 65nm process technology nodes totaled $103.031 million, reflecting a year-over-year increase of 712.2%[23] - Sales from 90nm and 95nm process technology nodes reached $124.360 million, a year-over-year increase of 176.4%[24] - The consumer electronics segment generated $395.076 million in sales, accounting for 66.3% of total revenue, with a year-over-year growth of 109.0%[25] - Industrial and automotive products sales were $106.154 million, up 76.9% year-over-year, driven by increased demand for IGBT, MCU, and smart card chips[26] - Communication products sales reached $72.847 million, reflecting a 64.6% year-over-year increase, primarily due to demand for CIS, logic, and smart card chips[26] Capacity and Operations - The company achieved a total wafer capacity of 324,000 8-inch equivalent wafers, with an overall capacity utilization rate of 106.0%[27] - Wafer shipments totaled 1,057,000 units, representing a 58.0% year-over-year increase and a 3.4% quarter-over-quarter increase[28] - Total current assets increased to $2,574.550 million from $2,391.192 million year-over-year, reflecting a growth of 7.6%[35] - Cash and cash equivalents at the end of the quarter were $1,694.934 million, up from $961.506 million a year ago, showing a substantial increase of 76.3%[40] - Net operating working capital at the end of the quarter was $1,466.693 million, with a current ratio of 2.3x, indicating strong liquidity[36] - Trade receivables increased to $243.443 million from $181.042 million, primarily due to higher sales revenue[36] - Inventory turnover days improved to 92 days from 105 days, indicating better inventory management[36] Investment and R&D - The company plans to enhance R&D investment in its "specialty IC + Power Discrete" technology platform to meet growing market demand[8] - The company is advancing the capacity expansion of its 12-inch production line in Wuxi to satisfy increasing market needs[8] - The company remains committed to innovation and development in response to market challenges and opportunities[8] - The company is focusing on innovation and market expansion in the automotive electronics, industrial control, green energy, and IoT sectors[49] Financial Position - Total assets as of March 31, 2022, were $6.316 billion, with total liabilities of $2.532 billion, resulting in a debt-to-asset ratio of 40.1%[33] - The company’s total liabilities increased to $1,107.857 million from $1,080.401 million, reflecting a rise in trade payables and other liabilities[39] - Capital expenditures for Q1 2022 amounted to $124.080 million, with $107.500 million allocated to Huahong Wuxi[34] - The company’s investment in property, plant, and equipment for the quarter was $124.080 million, down from $167.357 million in the previous year[40] Cash Flow and Financing - Net cash flow from operating activities was $195.589 million, a significant increase of 221.5% year-over-year, attributed to sales revenue growth[31] - Cash inflow from bank loans amounted to 47,413,000, while the net cash flow from financing activities was 2,439,000[82] - The company raised 1,252,000 from issuing shares, contributing to a total cash and cash equivalents increase of 81,042,000[82] - The repayment of bank loans was recorded at (43,208,000), indicating a significant reduction in liabilities[82] - The net effect of foreign exchange rate changes on cash and cash equivalents was 3,752,000, reflecting currency fluctuations[82] - The beginning cash and cash equivalents stood at 1,610,140,000, providing a strong liquidity position[82]
华虹半导体(01347) - 2022 Q1 - 季度财报