生益电子(688183) - 2023 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 1,583,032,746.32, a decrease of 12.01% compared to CNY 1,799,064,686.54 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2023 was CNY 9,571,292.46, down 94.05% from CNY 160,986,341.08 year-on-year[21]. - The net cash flow from operating activities decreased by 31.70%, amounting to CNY 259,225,139.95 compared to CNY 379,552,500.64 in the previous year[21]. - The total assets at the end of the reporting period were CNY 6,505,172,076.05, a decline of 6.55% from CNY 6,961,317,142.77 at the end of the previous year[21]. - The company's net assets attributable to shareholders decreased by 3.02%, totaling CNY 3,960,685,019.20 compared to CNY 4,084,111,699.61 at the end of the previous year[21]. - Basic earnings per share for the first half of 2023 were CNY 0.01, a decrease of 94.74% from CNY 0.19 in the same period last year[22]. Market Conditions - The company faced intense price competition in the domestic printed circuit board market, impacting overall profitability[24]. - The company reported a significant decline in net profit and earnings per share due to weak demand in the printed circuit board industry[24]. - The global PCB market value is expected to shrink by 9.3% in 2023, reaching $74.139 billion, with a projected compound annual growth rate (CAGR) of 3.8% from 2022 to 2027, potentially reaching $98.388 billion by 2027[39]. - The Chinese PCB market is forecasted to decline by 8.41% in 2023, totaling $39.88 billion, with a CAGR of 3.3% from 2022 to 2027[40]. Research and Development - The research and development expenditure accounted for 5.66% of operating revenue, slightly up from 5.60% in the previous year[23]. - R&D expenditures totaled approximately ¥89.6 million in the first half of 2023, a decrease of 11.08% compared to the same period last year, while the R&D expenditure as a percentage of revenue was 5.66%[60]. - The company holds 235 invention patents and has established a complete technology system in PCB manufacturing, with 35 new invention patents applied for in 2023[50][58]. - The company is actively researching high-end PCB technologies for 400G and above optical modules and vehicle-mounted millimeter-wave radar[51]. Production and Sales Strategy - The main business model involves customized PCB production based on client orders, with a direct sales approach to high-quality clients in various industries such as telecommunications and automotive electronics[29]. - The procurement model is based on "order-based procurement" and "similar consolidated procurement," ensuring that raw materials are sourced according to customer specifications[30]. - The production model is "order-based," allowing the company to closely track customer needs and provide tailored PCB products[31]. - The sales strategy includes direct sales to end customers and limited distribution through PCB traders, supported by a comprehensive global sales network[32]. Environmental Compliance - The company is classified as a key pollutant discharge unit by the local environmental protection department[111]. - The total wastewater discharge for the company was 11.477 tons of chemical oxygen demand and 1.588 tons of total nitrogen, both meeting the discharge standards[112]. - The company has established two sets of industrial wastewater treatment facilities, ensuring stable compliance with discharge standards[116]. - The company has implemented online monitoring systems for wastewater and waste gas discharge, connected to the local environmental authority[116]. Investment and Expansion Plans - The company plans to invest approximately $100 million in establishing a new production base in Thailand, including land acquisition and fixed asset construction[98]. - The planned land area for the new production base is about 120 acres located in the TFD Industrial Park in Northern Thailand[98]. - The company aims to commence trial production at the new facility in the second half of 2025[98]. - The company is advancing the Ji'an Phase II project as planned, with steady progress in construction and equipment selection[76]. Corporate Governance and Compliance - The company maintains a strong commitment to corporate governance and transparency, with no violations reported[156]. - The company has implemented measures to ensure compliance with all regulatory requirements, avoiding any penalties or sanctions[156]. - The company will publicly disclose reasons for not taking stock price stabilization measures and apologize to shareholders if such measures are not implemented[141]. - The company will not engage in any business that competes with Shengyi Technology and its controlled enterprises in the future[130]. Related Party Transactions - The company reported a total of 199,506,730.48 CNY in related party transactions for the purchase of copper-clad laminates and semi-cured sheets, accounting for 24.93% of similar transactions[158]. - The company sold printed circuit boards to related parties, generating revenue of 381,050.73 CNY, which is only 0.03% of similar transactions[158]. - The company has engaged in significant related party transactions for waste treatment services, amounting to 450,956.41 CNY, which is 20.60% of similar transactions[158]. Shareholder Information - The largest shareholder, Guangdong Shengyi Technology Co., Ltd., holds 523,482,175 shares, representing 62.93% of the total shares[191]. - The strategic investor Dongguan Dongzheng Hongde Investment Co., Ltd. received 4,990,920 shares, with a lock-up period of 24 months[193]. - The total number of shares held by the top ten shareholders with limited sales conditions is 644,000,000 shares[193]. - The company has not received any declarations regarding related party relationships or concerted actions among the top ten shareholders[192].