JoulWatt(SH:688141)2023-04-28 16:00Financial Performance - JoulWatt Technology reported a revenue of 1.2 billion CNY for the fiscal year 2022, representing a year-over-year growth of 15%[61]. - The company achieved a net profit margin of 10%, with a net profit of 120 million CNY in 2022[61]. - In 2022, the company's operating revenue reached approximately CNY 1.45 billion, representing a growth of 38.99% compared to 2021[68]. - The net profit attributable to shareholders decreased by 3.39% to approximately CNY 137.16 million in 2022[68]. - The net cash flow from operating activities fell by 156.26% to approximately -CNY 823.49 million, primarily due to increased operational expenditures and inventory[69]. - The company's total assets increased by 272.13% to approximately CNY 4.36 billion by the end of 2022, driven by the initial public offering on the Sci-Tech Innovation Board[68][76]. - The return on equity (ROE) was reported at 21.05%, an increase of 1.98 percentage points from the previous year[75]. - The basic earnings per share, excluding non-recurring gains and losses, decreased by 32.43% year-on-year[76]. - The basic earnings per share decreased by 10.26% to RMB 0.35 in 2022[106]. - The company reported government subsidies of approximately CNY 43.52 million in 2022, compared to CNY 7.65 million in 2021[79]. Market and Product Development - The company operates under a virtual IDM model, focusing on integrated circuit chip design as its core business[26]. - The company has established three major process platforms: 0.18-micron 7 to 55V medium and low voltage BCD process, 0.18-micron 10 to 200V high voltage BCD process, and 0.35-micron 10 to 700V ultra-high voltage BCD process[36]. - The global sales of analog integrated circuits are expected to grow from $39.3 billion in 2012 to $91 billion in 2023, with a compound annual growth rate exceeding 75%[45]. - The Chinese market for analog integrated circuits is expected to continue expanding, currently accounting for over 50% of global demand[45]. - The company aims to expand its product offerings into signal chain chips, targeting high-efficiency and high-reliability solutions for various industries[46]. - The company has developed an advanced self-owned BCD process platform for chip design and manufacturing, enhancing its competitive edge in cost and performance[46]. - The company has launched several competitive new products, including high-performance AC-DC controllers and GaN integrated chips, receiving positive market feedback[89]. - The revenue from power management chips was RMB 138,105.24 million, a growth of 35.50% compared to 2021[93]. - The company has established a complete layout of signal chain detection products for lithium battery voltage and current detection, widely used in low-speed electric vehicles, energy storage systems, smart homes, and power tools[127]. Research and Development - The company is investing 200 million CNY in R&D for new semiconductor technologies in 2023[61]. - Research and development (R&D) expenses accounted for 21.05% of operating revenue, up from 19.07% in 2021[75]. - The company's total R&D investment increased by 53.46% year-on-year, reaching approximately ¥304.72 million, driven by an increase in R&D personnel and related costs[194]. - The R&D investment accounted for 21.05% of the operating revenue, an increase of 1.98 percentage points compared to the previous year[191]. - The company has developed over 1,000 chip product models based on its proprietary BCD process technology, enhancing product performance and efficiency[168]. - The company has established a systematic self-research process with multiple generations of technology iterations across various platforms[97]. - The company follows a structured R&D process, including product initiation, design, wafer fabrication, packaging testing, and mass production certification[137]. - The company is in the continuous development phase for several projects, including a DC-DC chip with an expected total investment of ¥130 million, of which ¥26.67 million was invested this period[196]. Strategic Partnerships and Market Expansion - JoulWatt plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[61]. - The company has established a strategic partnership with Texas Instruments to co-develop advanced power management solutions[61]. - The automotive electronics sector is experiencing rapid growth, providing significant application space for analog integrated circuits[190]. - The communication industry remains a key focus, with the company positioned to benefit from ongoing national policy support and market expansion[190]. - The company has initiated discussions for potential acquisitions to enhance its supply chain efficiency[61]. Operational Efficiency and Quality Control - The company emphasizes continuous improvement in its process R&D team, collaborating with major domestic wafer foundries[36]. - The company has established close collaborations with leading domestic wafer and packaging factories, enhancing its production capabilities and product quality[110]. - The company has established a complete management system for supplier selection and production process management to ensure product quality and reduce production costs[147]. - The company emphasizes a high-quality product development process, ensuring product quality through rigorous management across R&D, supply chain, and production[110]. - The company has a stable supply chain and customer base across automotive electronics, communication electronics, and industrial automation sectors[163]. Innovation and Intellectual Property - The company has applied for 985 domestic and international patents, with 447 effective patents granted, showcasing its commitment to intellectual property innovation[179]. - The total number of patents applied for during the year was 134, with 73 newly granted, including 58 invention patents[191]. - The company is committed to smart analog chip development, successfully creating products with rapid short-circuit response capabilities[180]. - The company is focusing on optimizing power device structures and using new isolation processes in its BCD technology, which has broad market prospects[154]. - The company has developed proprietary process documentation and design toolkits for wafer manufacturing, enhancing its chip design capabilities[135].