NCE(SH:605111)2023-03-20 16:00Financial Performance - The company achieved operating revenue of CNY 1,810,946,756.88, representing a year-on-year increase of 19.87%[72]. - Net profit attributable to shareholders was CNY 435,180,979.82, an increase of 4.51% compared to the previous year[72]. - The net profit after deducting the impact of share-based payments was CNY 503,525,444.41, reflecting a growth of 20.45% year-on-year[72]. - The main business revenue was CNY 1,804,907,200, which grew by 19.78% compared to the previous year[72]. - The company reported a total of 23.44 million RMB in non-operating income for 2022, significantly higher than the previous year's 8.63 million RMB[91]. - The basic earnings per share for 2022 was 2.13 RMB, reflecting a 1.43% increase compared to the previous year[87]. - The diluted earnings per share for 2022 also stood at 2.13 RMB, consistent with the basic earnings per share[87]. - The weighted average return on equity decreased to 18.77% in 2022, down by 12.22 percentage points from the previous year[87]. - The net cash flow from operating activities was CNY 273,308,464.57, a decrease of 39.38% compared to the previous year[72]. - The company's net assets attributable to shareholders increased by 118.79% year-on-year, totaling CNY 3,362,694,574.64[63]. Investment and Assets - As of December 31, 2022, the company's long-term equity investment net value was CNY 482,839,186.45, an increase of CNY 170,176,653.54 compared to the beginning of the period, primarily due to capital increases in subsidiaries[9]. - The company invested CNY 6,419.71 million in the ultra-low energy consumption and high reliability semiconductor power device R&D and industrialization project during the year, with a cumulative investment of CNY 15,582.76 million[7]. - The company has overseas assets amounting to CNY 742,599.30, accounting for 0.02% of total assets[8]. - The company completed a capital increase in Guo Silicon Integration, resulting in a direct shareholding adjustment to 44.6250%[26]. - The company reported a total of CNY 11,116.90 million invested in the second batch of major projects, including CNY 10,240.72 million for working capital[14]. - The company’s total assets at the end of the reporting period reached CNY 3,989,496,638.01, an increase of 110.86% from the previous year[64]. - The company reported a significant increase in non-current financial assets, with a total of CNY 280,321,299.56 at the end of the period[70]. Market Trends and Demand - The global power semiconductor market is projected to reach $48.1 billion in 2022 and is expected to grow to $53.22 billion by 2024, with China accounting for approximately 36.68% of the market[32]. - The MOSFET market is anticipated to grow from $7.5 billion in 2020 to $9.4 billion by 2026, reflecting a compound annual growth rate (CAGR) of 3.8%[33]. - The IGBT market size is estimated to reach $6.619 billion globally by 2024, with China's market expected to grow to $2.576 billion, representing a CAGR of 4.34%[34]. - The semiconductor discrete device industry accounts for 22%-25% of the semiconductor industry's main business revenue in recent years[32]. - The demand for power semiconductor devices is driven by emerging applications such as new energy vehicles, smart equipment manufacturing, IoT, 5G, and photovoltaic new energy[32]. - The company is experiencing a differentiated market demand, with a decline in consumer electronics but sustained growth in emerging applications like renewable energy[95]. Product Development and Strategy - The company actively adjusted its product structure and market strategy to enhance capacity and expand product supply, particularly in the automotive electronics, photovoltaic, and energy storage sectors[95]. - The company aims to leverage the growth in the power semiconductor market to enhance its market position and expand its product offerings[32]. - The company is focusing on expanding its downstream applications in data centers, electric vehicles, and charging stations, leveraging its technological and product advantages[95]. - The company aims to further develop high-end market applications and increase its influence by acquiring more industry-leading clients[95]. - The company has increased its sales efforts in IGBT, SGT-MOSFET, and SJ-MOSFET products since 2022, indicating a strategic focus on these areas[73]. - The company is actively developing new products, including advanced IGBT and MOSFET technologies, to maintain competitive advantage[194]. - The company has established long-term strategic partnerships with major domestic chip foundries, becoming the largest semiconductor power device design company in terms of 8-inch and 12-inch chip production capacity[107]. - The company has successfully introduced the world's first 1200V 100A IGBT for photovoltaic applications, with plans to launch additional high-current products[117]. - The company has established a comprehensive product quality control system, ensuring excellent performance, stable quality, and high consistency of products[197]. Research and Development - The company achieved R&D investment of 114.12 million yuan in 2022, with a total of 182 patents held, including 81 invention patents and 1 US patent[119]. - Research and development expenses increased by 33.88% to 100,707,143.59 RMB, indicating a strong focus on innovation[176]. - The company has expanded its R&D team to 106 personnel by the end of 2022, focusing on high-end technology talent recruitment[126]. - The company is advancing the development of isolation driver IC products and Smart MOS products for automotive electronics, with samples expected by the end of 2023[150]. - The company has completed engineering batch verification for 18 models of 250V and 700V half-bridge driver chips, with mass production expected in Q2 2023[150]. - The 650V IGBT product using the seventh-generation micro-groove technology has entered mass production, with a current density increase of 27% to 550A/cm² and a gate charge reduction of over 50%[119]. Risks and Future Outlook - The company has outlined potential risks in its future development plans, advising investors to be cautious[54]. - The company plans to continue focusing on domestic emerging market demands and furthering domestic substitution strategies[184]. - The company aims for external expansion in strategic emerging industries, focusing on equity investments in high-potential enterprises to strengthen cooperation with customers[157].