CRM(SH:688396)2023-04-27 16:00Financial Performance - The proposed cash dividend for the 2022 fiscal year is CNY 1.983 per 10 shares, totaling CNY 261.77 million, which represents 10.00% of the net profit attributable to shareholders [5]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15% [15]. - The company's operating revenue for 2022 was approximately ¥10.06 billion, representing an 8.77% increase compared to ¥9.25 billion in 2021 [23]. - The net profit attributable to shareholders for 2022 was approximately ¥2.62 billion, a 15.40% increase from ¥2.27 billion in 2021 [23]. - The company's total assets increased by 19.23% to approximately ¥26.46 billion at the end of 2022, compared to ¥22.19 billion at the end of 2021 [23]. - The basic earnings per share for 2022 was ¥1.98, a 12.36% increase from ¥1.76 in 2021 [24]. - The diluted earnings per share for 2022 was ¥1.98, reflecting a 12.25% increase from ¥1.76 in 2021 [24]. - The company's net cash flow from operating activities decreased by 11.47% to approximately ¥3.06 billion in 2022, down from ¥3.45 billion in 2021 [23]. - The overall gross margin improved by 1.39 percentage points compared to the previous year, driven by product application expansion in high-end markets [36]. Research and Development - The company is investing in R&D for GaN and SiC technologies, with a budget allocation of 100 million RMB for the upcoming year [15]. - Research and development expenses accounted for 9.16% of operating revenue in 2022, up from 7.71% in 2021 [24]. - R&D investment reached 92,110.91 thousand yuan, a year-on-year increase of 29.15%, accounting for 9.16% of operating revenue [37]. - The company increased its R&D investment by 29.15% year-on-year, totaling approximately ¥921.11 million in the current year [94]. - The company has established a complete quality management system, obtaining multiple certifications including ISO/IATF16949 and ISO9001 [117]. - The company has received 177 new invention patents during the reporting period, bringing the total to 1,660 [93]. - The company has increased its R&D personnel from 822 to 1,413, representing a growth rate of 71.9% [106]. - R&D personnel now account for 14.92% of the total workforce, up from 9.14% in the previous period [106]. Market and Strategic Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10-15% [15]. - Market expansion efforts are underway in Southeast Asia, targeting a 25% market share by 2025 [15]. - The company is exploring potential acquisitions to enhance its product portfolio, with a focus on fabless semiconductor firms [15]. - The company aims to improve operational efficiency, targeting a 5% reduction in production costs through process optimization [15]. - The company plans to continue leveraging its IDM model to enhance core technology capabilities and increase market share [137]. - The company is focusing on emerging applications such as renewable energy, big data, cloud computing, 5G communications, and automotive electronics for future growth opportunities [173]. Governance and Compliance - The board of directors and senior management guarantee the authenticity and completeness of the annual report [4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [8]. - The company has not reported any violations of decision-making procedures regarding external guarantees [8]. - Independent directors adhered to relevant laws and regulations, fulfilling their duties diligently and independently [199]. - The company's governance mechanisms effectively operated in compliance with applicable laws and regulations [200]. Operational Challenges and Risks - The company has outlined various operational risks in the report, which investors should be aware of [4]. - The company faces risks related to rapid product iteration and potential loss of key technical personnel due to industry competition [119]. - The company faces risks related to technological gaps with international leaders such as Infineon and ON Semiconductor, which may impact competitive positioning [120]. - The semiconductor industry is characterized by high capital investment and ongoing funding requirements for R&D and manufacturing to maintain competitiveness [123]. Product Development and Innovation - The company has developed a series of core technologies with independent intellectual property rights, including trench-type SBD design and manufacturing technology, which are internationally leading [87]. - The company’s IGBT technology utilizes Trench-FS process and ultra-thin wafer processing, resulting in low conduction voltage and high reliability [87]. - The company has established a production testing process for the SOI-BCI technology and packaging, supporting the series of products developed [99]. - The company is focusing on the development of high-performance automotive SoC chips and visual application products [188]. - The company is committed to optimizing its product structure and expanding its product categories through technological innovation [185]. Investment and Acquisitions - The company completed the acquisition of Dalian Xinguang Technology Co., Ltd., renamed it to Runxin Microelectronics, focusing on GaN epitaxy and process technology development [55]. - The company established a joint venture, Runpeng Semiconductor, with local state-owned enterprises in Shenzhen, with a total investment of approximately 22 billion RMB [55]. - The company acquired a 34.56% stake in Runxin Microelectronics (Dalian) Co., Ltd., becoming the single largest shareholder [147]. - The company is actively pursuing external investment opportunities, with a planned investment of 1.2 billion yuan in the Dismicroelectronics project to enhance mask production capabilities [54]. Industry Trends - The global semiconductor market is anticipated to grow by 4.4% in 2023, reaching approximately $580 billion [74]. - The global power semiconductor market is expected to grow to $52.2 billion by 2024, with China's market projected to reach $20.6 billion [78]. - The advanced packaging market is forecasted to grow at a CAGR of approximately 7.9%, reaching over $42 billion by 2025 [85]. - The semiconductor industry is projected to experience a sales decline of 3.6% in 2023, following a 4% growth in 2022, with a rebound expected in the following years [173].