NCE(SH:605111)2023-08-29 16:00Financial Performance - The company achieved operating revenue of 758.4851 million yuan, a decrease of 11.92% compared to the same period last year[11]. - The net profit attributable to shareholders was 147.6129 million yuan, down 36.98% year-on-year, while the net profit after deducting share-based payment impacts was 170.4885 million yuan, a decrease of 36.00%[11]. - The company's revenue for the first half of 2023 was ¥758,485,132.46, a decrease of 11.92% compared to ¥861,126,167.91 in the same period last year[33]. - Net profit attributable to shareholders for the first half of 2023 was ¥147,612,916.94, down 36.98% from ¥234,219,549.32 in the previous year[33]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥137,964,531.54, a decrease of 37.92% compared to ¥222,254,526.44 in the same period last year[33]. - The company reported a basic earnings per share of CNY 0.50 for the first half of 2023, a decrease of 40.48% compared to CNY 0.84 in the same period last year[78]. - The weighted average return on equity decreased to 4.29% from 14.21% year-on-year, a reduction of 9.92 percentage points[78]. - The total comprehensive income for the period was 147,612,916.94, a decrease of 2,318,068.50 compared to the previous period[159]. Market Trends and Projections - The global AI server market is projected to reach 21.1 billion USD in 2023 and 31.79 billion USD by 2025, with a CAGR of 29.5% from 2023 to 2025[1]. - The global power semiconductor market is expected to reach $53.219 billion by 2024, with China's market projected to be $19.522 billion, accounting for approximately 36.68% of the global market[63]. - The demand for power semiconductor devices, particularly MOSFETs and IGBTs, is strong, with these transistors representing about 28.8% of the power semiconductor discrete device market[63]. - The global MOSFET market is projected to reach $9.4 billion by 2026, with a compound annual growth rate (CAGR) of 3.8% from 2020 to 2026[90]. - The global IGBT market is expected to reach $6.619 billion by 2024, with a CAGR of approximately 5.16% from 2020 to 2024[90]. - The SiC device market is anticipated to grow from $1.09 billion in 2022 to over $4.3 billion by 2025, reflecting a CAGR of 42%[90]. - The annual increase in China's charging pile installations is expected to rise from 2.5 million units in 2022 to 5.8 million units by 2025, reflecting rapid market growth[66]. - The Chinese photovoltaic inverter market is projected to reach 19.6 billion yuan by 2025, driven by an expected increase in installed capacity[94]. - The AI server market in China is expected to reach $10.34 billion by 2025, with a global CAGR of 10.8% from 2022 to 2026[95]. Product Development and Innovation - The company has developed four major product technology platforms: IGBT, SGT MOSFET, SJ MOSFET, and Trench MOSFET, and has launched over 2,000 product models covering voltage ranges from 12V to 1700V[59]. - The company is focusing on expanding its market presence in emerging applications such as IoT and 5G, which are driving the demand for power semiconductor devices[61]. - The company is committed to continuous innovation and has built a strong technical foundation over the years, positioning itself well in the competitive semiconductor market[59]. - The company has developed and mass-produced MOSFET products based on a 12-inch chip process platform, enhancing its product offerings[72]. - The company is focused on the R&D and industrialization of high-end IGBT and MOSFET products, continuously upgrading its offerings[72]. - The company has successfully introduced Trench-MOSFET products into emerging applications such as new energy vehicles, enhancing its market share in these sectors[123]. Strategic Initiatives and Market Expansion - The company is actively expanding into emerging fields such as new energy vehicles, charging piles, photovoltaic storage, and server power supplies[11]. - The company aims to optimize product structure and expand market share by leveraging its technological and product advantages[11]. - The company aims to achieve full digitalization of large-scale manufacturing enterprises by 2035, in line with national development plans[69]. - The company plans to expand its market presence through strategic investments and new product developments in the semiconductor sector[138]. - The company has established deep cooperation with major clients in the new energy vehicle sector, including BYD and international tier 1 manufacturers[12]. Financial Health and Investments - The net cash flow from operating activities increased by 13.57% to ¥147,860,309.83 from ¥130,190,725.80 in the previous year[33]. - Total assets at the end of the reporting period were ¥4,049,840,607.94, reflecting a 1.51% increase from ¥3,989,496,638.01 at the end of the previous year[33]. - Total liabilities as of June 30, 2023, were RMB 498,957,312.11, a decrease from RMB 548,743,224.35 at the end of 2022[150]. - Total equity attributable to shareholders increased to RMB 3,515,928,786.73 from RMB 3,378,033,400.44 at the end of 2022, representing an increase of 4.1%[150]. - The company increased R&D investment to 46.92 million yuan in the first half of 2023, a 22.40% increase year-on-year, accounting for 6.19% of the current operating income[109]. Corporate Governance and Compliance - The management team, including the responsible persons, has stated that the financial report is true, accurate, and complete[39]. - The company confirmed that there were no violations of decision-making procedures in providing guarantees[41]. - The company has not provided any forward-looking commitments regarding future plans or development strategies, highlighting the importance of investor awareness of investment risks[40]. - The company has implemented specific accounting policies regarding revenue recognition and asset depreciation, which are detailed in the financial notes[200].