Financial Performance - Sales revenue for Q4 2023 was $455.4 million, down 27.7% year-over-year and 19.9% quarter-over-quarter[6] - Gross margin for Q4 2023 was 4.0%, a decrease of 34.2 percentage points year-over-year and 12.1 percentage points quarter-over-quarter[13] - Net profit attributable to shareholders was $35.4 million, down 77.8% year-over-year and up 154.8% quarter-over-quarter[13] - Total sales revenue for the full year 2023 was $2.286 billion, with an annual gross margin of 21.3%[7] - Sales revenue for 2023 was $2.286 billion, a decrease of 7.7% compared to the previous year, primarily due to a decline in average selling prices[19] - Gross margin was 21.3%, down 12.8 percentage points year-over-year, attributed to lower average selling prices and increased depreciation costs[19] - Net profit for the year was $126.4 million, a decline of 68.9% from $406.6 million in the previous year[19] - Profit attributable to the parent company was $280.0 million, down 37.8% from $449.9 million year-over-year[17] - Basic earnings per share decreased to $0.189 from $0.345, representing a decline of 45.2%[17] - Basic earnings per share for Q4 2023 were $0.021, compared to $0.122 in Q4 2022[41] - Basic earnings per share for 2023 was $0.189, compared to $0.345 in 2022, representing a decrease of 45.4%[44] Capacity and Production - The company increased its monthly production capacity to 391,000 eight-inch wafers by the end of Q4 2023[7] - The second twelve-inch production line is on track to be completed by the end of 2024[7] - Total wafer shipments for Q4 2023 were 951,000 8-inch equivalent wafers, a decrease of 4.1% year-over-year and 11.7% quarter-over-quarter[32] - Capacity utilization rate was 94.3%, down 13.1 percentage points from 107.4% in the previous year[17] - The overall capacity utilization rate for Q4 2023 was 84.1%, down from 103.2% in Q4 2022[30] Operating Expenses and Cash Flow - Operating expenses increased by 19.3% year-over-year to $333.1 million, mainly due to reduced government subsidies for R&D activities and increased spending on engineering projects[19] - Operating expenses for Q4 2023 were $95.063 million, up 59.6% year-over-year, primarily due to reduced government subsidies for R&D activities and increased engineering expenses[33] - Net cash flow from operating activities for Q4 2023 was $196.546 million, up 6.6% year-over-year and up 29.2% quarter-over-quarter, primarily due to increased government subsidies and reduced personnel expenses[36] - Operating cash flow for 2023 was $641,695, down from $750,865 in 2022, indicating a decrease of 14.6%[51] Revenue Breakdown - Sales revenue from China accounted for 80.5% of total sales, totaling $366.5 million, down 19.8% year-over-year[23] - Sales revenue from consumer electronics was $252.508 million, accounting for 55.4% of total sales, down 35.4% year-over-year[29] - Sales revenue from the industrial and automotive sector was $138.628 million, a decrease of 18.2% year-over-year, primarily due to reduced demand for MCU and smart card chips[31] - Embedded non-volatile memory sales revenue was $112.026 million, down 52.6% year-over-year, primarily due to decreased demand for MCU and smart card chips[26] - Standalone non-volatile memory sales revenue was $14.753 million, a decline of 59.6% year-over-year, mainly due to reduced demand for NOR flash products[26] - Discrete device sales revenue reached $182.377 million, down 14.4% year-over-year, affected by decreased demand for general MOSFET and super junction products, partially offset by increased demand for IGBT products[26] - Logic and RF sales revenue increased by 30.9% year-over-year to $56.227 million, driven by higher demand for CIS products[26] Assets and Liabilities - Total assets as of December 31, 2023, were $10.943 billion, up from $9.974 billion as of September 30, 2023[37] - Total liabilities increased to $2.929 billion from $2.642 billion, resulting in a debt-to-asset ratio of 26.8%[37] - Cash and cash equivalents increased to $5.585 billion from $4.990 billion, reflecting a significant increase in net cash flow[38] - Trade receivables decreased to $278.669 million from $318.787 million, primarily due to a decline in sales revenue[39] - Inventory decreased to $449.749 million from $492.783 million, mainly due to a reduction in raw materials and finished goods[39] Strategic Focus and Investments - Research and development investments are focused on new process platforms and optimization of existing technologies[7] - The company aims to strengthen strategic partnerships and expand into emerging markets, particularly in automotive and renewable energy sectors[7] Governance and Leadership - The board of directors includes non-executive directors and independent non-executive directors, indicating a diverse governance structure[53] - The chairman and executive director is Zhang Suxin, highlighting leadership continuity[53] - The company is based in Hong Kong, which may influence its market strategies and operations[53]
华虹半导体(01347) - 2023 Q4 - 季度业绩