威迈斯(688612) - 2023 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2023 reached 2,254,204,610.99 yuan, a year-on-year increase of 50.05%[56] - Net profit attributable to shareholders of the listed company was 211,800,316.70 yuan, up 69.59% year-on-year[56] - Basic earnings per share were 0.56 yuan, a 69.70% increase compared to the same period last year[30] - Net profit attributable to shareholders of the listed company reached 211.80 million yuan, a year-on-year increase of 69.59%[58] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 191.41 million yuan, up 60.66% year-on-year[58] - Operating cash flow surged to 334.56 million yuan, a year-on-year increase of 722.90%, driven by increased sales collections and reduced receivables[58] - Basic and diluted earnings per share were 0.56 yuan, both up 69.70% year-on-year[58] - The weighted average return on equity was 18.59%, an increase of 2.85 percentage points from the previous year[30] - Operating cash flow surged to 334,561,322.91 yuan, a 722.90% increase compared to the same period last year[56] - The company's total assets grew by 8.94% to 4,425,483,960.29 yuan compared to the end of the previous year[56] R&D and Innovation - R&D investment accounted for 4.88% of revenue, a slight decrease of 0.18 percentage points from the previous year[30] - The company holds 360 authorized patents, including 45 domestic invention patents and 17 foreign invention patents[42] - The company's R&D investment in 2023 includes 80 million yuan allocated to projects like wireless charging and liquid-cooled ultra-fast charging, with 9.68 million yuan already invested[123] - The company's R&D model focuses on customer-driven synchronous development, with 16 proprietary core technologies covering circuit topology, algorithm control, structural and production processes[114] - The company's R&D expenses increased by 44.73% to RMB 110,021,129.36 in the first half of 2023, compared to RMB 76,018,019.49 in the same period last year[136] - R&D expenses accounted for 4.88% of total revenue, a decrease of 0.18 percentage points compared to the same period last year[136] - The company has obtained 360 authorized patents, including 45 domestic invention patents and 17 foreign invention patents, as well as 202 software copyrights by June 30, 2023[134] - The company added 32 new invention patent applications and obtained 10 invention patents in the reporting period, bringing the cumulative number of invention patent applications to 270 and obtained patents to 62[136] - The company's 800V high-voltage platform product development technology has been successfully applied in the Xiaopeng G9 model, which was launched in Q3 2022, making it one of the first domestic new energy vehicle models based on the 800V high-voltage platform[134] - The company's third-generation semiconductor material application technology has achieved mass production in 11kW and 22kW integrated vehicle power supply products and 40kW liquid-cooled charging pile module products[134] - The company's reverse pre-charging technology enables existing DC/DC converters to achieve reverse pre-charging function without affecting the existing hardware architecture and normal operation[133] - The company's high-efficiency cooling vehicle structure design technology increases the cooling surface from the traditional single side to three sides, significantly improving cooling efficiency[133] - The company's multi-in-one power domain controller technology integrates vehicle power supply and electric drive systems into a multi-in-one electric drive assembly, improving product reliability[133] - The company's super charging pile liquid cooling technology removes electrolytic capacitors and fans, significantly improving heat dissipation capacity, service life, and reducing noise[133] - The number of R&D personnel increased to 537, accounting for 19.11% of the total company headcount, compared to 371 and 16.44% in the same period last year[141] - Total R&D personnel compensation reached 7,511.59 million, with an average compensation of 13.99 million per R&D personnel, compared to 4,939.91 million and 13.32 million in the same period last year[141] Market Position and Clients - Key clients include Xiaopeng Motors, Li Auto, NIO, and SAIC Motor[11] - The company ranked second in China's passenger vehicle onboard charger market with a 16.3% market share in H1 2023[68] - In the third-party supply market (excluding BYD and Tesla), the company ranked first with a 30.45% market share[68] - The company has established strategic partnerships with major automakers including XPeng, Li Auto, and SAIC Motor[68] - The company has successfully entered overseas markets, supplying products to Stellantis and securing projects with Renault and Aston Martin[69] - The company's 800V integrated power supply products have secured orders from clients such as XPeng, Li Auto, and Voyah[93] Products and Technology - The company's main products include on-board chargers, DC/DC converters, and integrated power supply products for new energy vehicles[40] - The company developed a series of integrated power supply products with power levels ranging from 3.3kW to 22kW and voltage levels from 144V to 800V[71] - The company launched innovative liquid-cooled charging pile modules to complement its existing AC charging products[77] - The company's integrated vehicle power products, such as the 6.6kW OBC + 2.5kW DC/DC, support both 400V and 800V battery platforms and feature patented magnetic integration and water-cooling designs[97] - The company's liquid-cooled charging pile modules support 40kW fast charging per module and can be paralleled for higher power, utilizing third-generation semiconductor materials and liquid-cooling for efficient heat dissipation[102] - The company's product platforms include various power levels of integrated vehicle power products, single and dual motor controllers, and multi-in-one drive systems[112] - The company's core competitiveness lies in its customer-driven synchronous development model and its 16 proprietary core technologies, enabling rapid product development and mass production[128] - The company's liquid-cooled ultra-fast charging project aims to meet the needs of top-tier vehicle manufacturers, focusing on high reliability, long lifespan, and outstanding performance[123] Production and Sales Models - The company's production model is primarily self-manufacturing with supplementary outsourcing, focusing on SMT and DIP processes for certain products[80] - The company's sales model is direct sales, primarily targeting well-known domestic and international new energy vehicle manufacturers[80] - The company's new customer orders require two certifications: qualified supplier certification and synchronous development product certification[82] - The company's production model is based on "production based on sales, with moderate stockpiling," ensuring delivery by maintaining safety stock for key materials[103][106] - The company's sales model involves participating in the synchronous development of new vehicle models with downstream new energy vehicle manufacturers[107] Industry and Market Trends - In 2023, China's new energy vehicle production and sales reached 3.788 million and 3.747 million units, respectively, with a year-on-year growth of 42.4% and 44.1%[90] - The penetration rate of new energy vehicles in China reached 31.4% in the first half of 2023, up from 5.9% in 2020[90] Corporate Governance and Reporting - The semi-annual report for 2023 is unaudited[6] - No profit distribution plan or capital reserve to share capital conversion plan was proposed during the reporting period[7] - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report[16] - All directors attended the board meeting[17] - The company's responsible person and accounting officer guarantee the truthfulness, accuracy, and completeness of the financial report[18] - The report includes forward-looking statements about the company's future development plans and strategies, which do not constitute a commitment to investors[19] Subsidiaries and Operations - The company's subsidiaries include Shenzhen Vmax Software, Dalian Vmax Software, Shanghai Vmax, and others[10] - The company is classified as a "new energy vehicle key components" enterprise under the "energy conservation and environmental protection" sector[35] - The company's code is 688612 and it is listed on the STAR Market[14] - No significant risks affecting the company's production and operations during the reporting period[5] Investment Projects - DCDC project has a total investment of 4,000.00 million, with 854.57 million invested this period and a cumulative investment of 1,954.99 million, currently in small batch customer trial/production phase[138] - EVCC project has a total investment of 2,000.00 million, with 162.82 million invested this period and a cumulative investment of 477.28 million, currently in product and process verification phase/small batch customer trial/production phase[138] - 3.3kW charger integration project has a total investment of 4,000.00 million, with 1,502.51 million invested this period and a cumulative investment of 1,896.94 million, currently in small batch customer trial verification phase[138] - 6.6kW charger integration project has a total investment of 24,000.00 million, with 4,207.73 million invested this period and a cumulative investment of 8,815.42 million, currently in product and process verification phase/small batch customer trial/production phase[138] - 11kW charger integration project has a total investment of 12,000.00 million, with 823.57 million invested this period and a cumulative investment of 5,339.06 million, currently in product and process verification phase/small batch customer trial/production phase[138] - 22kW charger integration project has a total investment of 1,000.00 million, with 10.60 million invested this period and a cumulative investment of 141.81 million, currently in product and process verification phase[138] - Electric drive control project has a total investment of 20,000.00 million, with 1,506.13 million invested this period and a cumulative investment of 7,450.68 million, currently in small batch customer trial/production phase[138] Accounting and Financial Policies - The company uses the straight-line method to depreciate right-of-use assets, with depreciation periods determined based on the ability to reasonably determine ownership at the end of the lease term[172] - Intangible assets, including land use rights, patents, and software, are initially measured at cost[173] - Development phase expenditures are capitalized if the intangible asset can generate economic benefits, such as market existence or internal usefulness, and if the expenditures can be reliably measured[174][175] - The company recognizes contract assets when it has the right to receive consideration from customers, which depends on factors other than the passage of time[182] - Long-term equity investments are accounted for using the cost method for controlled entities and the equity method for associates and joint ventures[164] - The company capitalizes borrowing costs during the construction or production period of qualifying assets, but suspends capitalization if the process is interrupted for more than 3 months[192] - Right-of-use assets are initially measured at cost, including lease liability, lease payments, initial direct costs, and estimated costs for dismantling or restoring the leased asset[195] - The company conducts annual impairment tests for goodwill and indefinite-lived intangible assets, regardless of whether there are indications of impairment[198] - Long-term prepaid expenses are amortized over the benefit period or specified duration, and any unamortized balance is written off if the expense no longer benefits future periods[199] - The company determines expected credit losses for contract assets using methods detailed in its accounting policies[200]