Oriental Semi(SH:688261)2022-04-21 16:00Financial Performance - The company has not yet achieved profitability since its listing [4]. - The company reported a significant increase in revenue, reaching 1.2 billion yuan, representing a 25% year-over-year growth [19]. - The company's operating revenue for 2021 was ¥782,091,845.56, representing a year-on-year increase of 153.28% compared to ¥308,787,414.12 in 2020 [26]. - The net profit attributable to shareholders for 2021 was ¥146,903,706.46, a significant increase of 430.66% from ¥27,683,219.46 in 2020 [29]. - The net profit after deducting non-recurring gains and losses for 2021 was ¥140,506,928.84, reflecting a year-on-year growth of 588.67% compared to ¥20,402,633.39 in 2020 [26]. - The company's cash flow from operating activities for 2021 was ¥130,246,075.31, a recovery from a negative cash flow of ¥37,485,732.18 in 2020 [26]. - The gross profit margin for 2021 increased by 10.87 percentage points compared to the previous year, contributing to the overall profit growth [29]. - The total assets at the end of 2021 were ¥628,572,810.01, up 43.63% from ¥437,640,219.48 at the end of 2020 [26]. - The net assets attributable to shareholders increased by 35.07% to ¥565,793,694.48 at the end of 2021 from ¥418,897,956.11 at the end of 2020 [26]. - Basic earnings per share for 2021 were ¥2.91, a 385.00% increase from ¥0.60 in 2020 [26]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 3.30 CNY per 10 shares, totaling approximately 22.23 million CNY, which represents 15.14% of the net profit attributable to shareholders for 2021 [5]. - The board of directors has approved the profit distribution plan, pending approval from the shareholders' meeting [5]. - The company does not plan to increase capital reserves or issue bonus shares [5]. Audit and Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm [4]. - There are no non-operating fund occupations by controlling shareholders or related parties [6]. - There are no special arrangements for corporate governance [6]. - The company confirmed that all directors attended the board meeting [4]. Risk Management - The company has disclosed potential risks in the "Management Discussion and Analysis" section of the report [4]. - The company emphasizes that forward-looking statements do not constitute a commitment to investors [5]. - The company faces risks related to high supplier concentration, which could impact product delivery and revenue growth if wafer supply becomes constrained [179]. - The company’s product structure is relatively singular, primarily focusing on MOSFET products, which may pose risks if market demand shifts or if it fails to innovate in next-generation semiconductor materials [180]. - The company faces risks from international trade tensions and potential impacts from the ongoing COVID-19 pandemic on supply chains and customer demand [193][194]. Research and Development - The company invested 5.30% of its operating revenue in R&D in 2021, slightly up from 5.18% in 2020 [26]. - The company achieved a 159.07% year-on-year increase in R&D expenses, totaling CNY 41.43 million, reflecting a strong commitment to product performance and innovation [52]. - The company has developed over 1,790 product specifications, including 1,100 high-voltage super junction MOSFETs and 641 low-voltage SGT products, enhancing its product portfolio [50]. - The company has established a complete R&D team and system, ensuring its products maintain a leading position in the domestic and international markets [165]. - The company has implemented multiple digital systems to enhance R&D efficiency during the reporting period [133]. - The company has filed for 55 patents during the year, with 18 granted, including 16 invention patents [145]. Market Expansion and Product Development - The company projects a revenue growth of 15% for the next fiscal year, with an expected revenue of 1.38 billion yuan [22]. - Market expansion plans include entering the European market, targeting a 10% market share within the next two years [22]. - The company is actively expanding its overseas market presence, particularly in Europe, targeting applications in electric tools, automotive charging, and industrial power [49]. - The company is expanding its product applications into various fields, including LED lighting, 5G communication power supplies, and data center server power supplies [155]. - The company has successfully launched multiple voltage platform high-voltage super junction MOSFETs on a 12-inch production line in 2021 [135]. Customer Relations and Sales Strategy - The company employs a "distribution plus direct sales" model, establishing long-term relationships with customers through framework cooperation agreements [81]. - The company has developed a comprehensive customer management system to ensure high-quality service and support for long-term partners [82]. - The company's sales revenue from distributors accounted for 63.89% of total revenue, highlighting reliance on distributor management for brand and customer relations [186]. - The company benefits from a high customer retention rate due to the high entry barriers in the supply chain of leading clients, which drives continuous technological upgrades to meet industry demands [170]. Product Innovation and Technology - The company is investing in R&D for GaN technology, aiming to reduce power losses by 20% in future products [19]. - The introduction of a new power module is anticipated to improve power density by 30%, enhancing overall product efficiency [19]. - The company has developed a new type of gate-controlled field effect transistor patent technology for 650V SiC products, establishing a platform for SiC product design and manufacturing capabilities [161]. - The company has successfully developed and started mass production of its fourth-generation high-voltage GreenMOS technology, with expectations for large-scale supply beginning in 2022 [141]. - The company has developed and optimized IGBT products with improved conduction voltage drop and switching speed, resulting in lower power consumption and higher efficiency [138]. Industry Trends and Market Outlook - The global power semiconductor market size was approximately $46.4 billion in 2019 and is projected to grow to $52.2 billion by 2024, with a CAGR of 2.4% from 2019 to 2024 [86]. - The demand for high-voltage super junction MOSFETs is expected to grow significantly due to their suitability for high-performance applications in new energy and 5G infrastructure [88]. - The IGBT market in the electric vehicle sector is projected to reach approximately $57.2 billion by 2025, driven by the increasing demand for electric vehicles [91]. - The penetration rate of new energy vehicles is expected to exceed 25% of total vehicle production in 2023 and increase to over 50% by 2027 [126]. - The rapid construction of charging stations is expected to benefit the market for power devices, particularly the super junction MOSFET, with a value of $200-300 for a 100 kW charging station [116].