Oriental Semi(SH:688261)2023-04-19 16:00Dividend and Share Capital - The company plans to distribute a cash dividend of 14.76 CNY per 10 shares, totaling approximately 99.45 million CNY, which represents 34.97% of the net profit attributable to shareholders for 2022[6]. - The company intends to increase its total share capital by 4 shares for every 10 shares held, resulting in an increase of approximately 26.95 million shares, raising the total share capital to approximately 94.33 million shares[6]. Audit and Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The company has confirmed that all board members attended the board meeting[5]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity, accuracy, and completeness of the annual report[9]. - The company has not disclosed any special arrangements for corporate governance[8]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[9]. Financial Performance - In 2022, the company's operating revenue reached ¥1,116,363,474.63, representing a year-on-year increase of 42.74%[25]. - The net profit attributable to shareholders was ¥284,356,313.50, a significant increase of 93.57% compared to the previous year[25]. - The gross profit margin improved by 5.24 percentage points in 2022, driven by continuous technological upgrades and product mix optimization[28]. - Basic earnings per share rose to ¥4.31, reflecting a 48.11% increase from the previous year[26]. - The company maintained a stable operating cash flow, with a net cash flow from operating activities of ¥141,630,114.33, up 8.74% year-on-year[25]. - The company's total assets grew to ¥2,926,426,354.36, marking a 365.57% increase year-on-year, primarily due to funds raised from the initial public offering[28]. Research and Development - Research and development expenses accounted for 4.92% of operating revenue, slightly down from 5.30% in the previous year[27]. - The company has increased R&D investment by 32.57% year-on-year, with total R&D expenses reaching 54.93 million yuan, enhancing its competitive edge in power device performance[49]. - The company has developed 1,220 high-voltage MOSFET products and 816 medium and low-voltage shielded gate MOSFET products[130]. - The company has filed 19 new invention patents and obtained 18, bringing the total to 137 applications and 56 granted patents, showcasing its commitment to innovation[117]. - The company has successfully developed and mass-produced the second generation of Tri-gate IGBT technology, further enhancing product performance and achieving domestic replacement of high-performance IGBT products[104]. Market and Product Development - The company focuses on power semiconductor devices, including MOSFETs and IGBTs, which are essential for power conversion and control in electrical equipment[14]. - The company aims to expand its market presence through strategic partnerships and collaborations in the semiconductor industry[15]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the semiconductor market[15]. - The company has successfully replaced IGBT with high-voltage super junction MOSFETs in photovoltaic inverters and energy storage applications, leading to a rapid increase in shipments[44]. - The company has expanded its product offerings in the TGBT category, achieving rapid sales growth and entering mass supply stages for multiple new energy sectors, including photovoltaic inverters and electric vehicle charging modules[45]. Risks and Challenges - The company faces risks from high supplier concentration, which may lead to challenges in meeting production demands if wafer foundry capacity tightens[138]. - The company's gross margin is subject to fluctuations due to product pricing, costs, and market competition, with potential for continued volatility[141]. - As of the end of the reporting period, accounts receivable amounted to 181.06 million yuan, indicating a risk of increased bad debt if major debtors' financial conditions worsen[144]. - Inventory at the end of the reporting period was valued at 175.04 million yuan, with risks of impairment if market conditions change unfavorably[145]. - Future performance may be adversely affected if national policies supporting the semiconductor industry weaken[146]. Industry Trends - The global power semiconductor market size is estimated to be approximately $29.535 billion in 2022, with a projected growth to $35.865 billion by 2026, reflecting a CAGR of 5.8% from 2019 to 2026[76]. - The Chinese power semiconductor market reached $11.477 billion in 2022, expected to grow to $13.176 billion by 2026, with a CAGR of 4.7%, accounting for nearly 37% of the global market[77]. - The demand for high-performance power semiconductor devices is experiencing explosive growth due to the rapid development of the new energy vehicle and 5G industries[197]. - The dual carbon goals of "carbon peak and carbon neutrality" are driving a surge in demand for power semiconductor devices, particularly in clean energy applications[196]. - The energy storage industry chain in China has grown from 48 billion RMB in 2021 to 160 billion RMB in 2022, highlighting the expanding market for power semiconductor applications[198]. Customer and Sales Dynamics - The company's sales model includes both distribution and direct sales, fostering long-term relationships with customers through framework agreements[72]. - Revenue from automotive and industrial applications constituted approximately 80% of the main business income, with significant growth in various segments, including a 500% increase in revenue from onboard chargers[161]. - The top five customers contributed 62,989.77 million yuan in sales, accounting for 56.42% of the total annual sales, with related party sales making up 12.03%[166]. - The company has established long-term partnerships with leading domestic and international clients, enhancing customer loyalty and driving continuous technological upgrades[131]. Investment and Financial Strategy - The company raised 1,974,208,282.33 yuan through its initial public offering, significantly impacting financing cash flow[174]. - The company invested a total of RMB 41 million in the Suzhou Industrial Park Su Nawei New Venture Capital Partnership during the reporting period, with an initial fundraising amount of RMB 71 million[184]. - The company has established a wholly-owned subsidiary, Guangzhou Dynamic Semiconductor Co., Ltd., with a registered capital of 20 million RMB, holding 100% equity, and reported total assets of 7.6 million RMB and net profit of 9.3 million RMB[188].