Financial Performance - Sales revenue for Q2 2023 reached $631.4 million, an increase of 1.7% year-over-year and flat compared to the previous quarter[2]. - Gross margin was 27.7%, down 5.9 percentage points year-over-year and down 4.4 percentage points quarter-over-quarter[2]. - Net profit for the period was $7.8 million, a significant decrease from $53.2 million in the same period last year and $140.9 million in the previous quarter[2]. - Basic earnings per share for Q2 2023 were $0.060, down from $0.064 year-over-year and $0.116 quarter-over-quarter[2]. - Operating expenses were $76.7 million, an increase of 8.5% year-over-year, mainly due to higher R&D costs[8]. - Other net losses amounted to $54.709 million, a decrease of 3.5% year-over-year, mainly due to increased government subsidies and interest income[22]. - The company reported a significant increase in interest income by 193.3% year-over-year, reaching $14.057 million[22]. - The company reported a net profit attributable to the parent company of $78.52 million for Q2 2023, compared to $83.93 million in Q2 2022[30]. - The company reported a pre-tax profit of $43,679 thousand for the three months ended June 30, 2023, down 46.5% from $81,519 thousand in the same period last year[32]. Future Projections - The company expects Q3 2023 sales revenue to be between $560 million and $600 million[3]. - Projected gross margin for Q3 2023 is expected to be between 16% and 18%[3]. Production and Capacity - The company’s eight-inch monthly production capacity increased to 347,000 wafers by the end of Q2 2023[4]. - The company maintained a production capacity utilization rate of 102.7% in Q2 2023[7]. - The overall capacity utilization rate for 200mm wafers was 112.0%, while for 300mm wafers it was 92.9%, resulting in a total capacity utilization rate of 102.7%[19]. - The company shipped 1,074,000 wafers in Q2 2023, reflecting a year-over-year increase of 3.7% and a quarter-over-quarter increase of 7.3%[20]. Revenue Breakdown - Revenue from 8-inch wafers was $361.2 million, accounting for 57.2% of total sales, while 12-inch wafers generated $270.1 million, or 42.8%[10]. - Sales revenue from China was $489.3 million, representing 77.5% of total sales, with an 8.6% year-over-year increase driven by demand for IGBT and MCU products[11]. - Sales revenue from North America was $48.5 million, down 33.7% year-over-year, primarily due to decreased demand for power management and MCU products[12]. - Embedded non-volatile memory sales reached $208.3 million, up 18.9% year-over-year, driven by increased demand for MCUs and smart card chips[13]. - Standalone non-volatile memory sales were $33.4 million, down 52.1% year-over-year, mainly due to reduced demand for NOR flash products[14]. - The industrial and automotive segment reported sales revenue of $195.158 million, a significant increase of 55.2% year-over-year, attributed to rising demand for IGBT, smart card chips, and general MOSFET products[18]. - Sales revenue for the 55nm and 65nm technology nodes was $84.920 million, down 25.7% year-over-year, primarily due to decreased demand for NOR flash, CIS, and logic products[15]. - Sales revenue for the 0.11µm and 0.13µm technology nodes increased by 15.2% year-over-year to $120.254 million, driven by higher demand for MCU products[16]. - The electronic consumer goods segment contributed $347.824 million in sales, accounting for 55.1% of total sales revenue, but saw a decline of 14.1% year-over-year[17]. Cash Flow and Assets - Net cash flow from operating activities for Q2 2023 was $161.19 million, a decrease of 24.1% year-over-year, but an increase of 22.2% quarter-over-quarter[23]. - Net cash flow used in investing activities was $(150.65) million, including capital expenditures of $165 million, partially offset by interest income of $14.4 million[24]. - Net cash flow used in financing activities was $(300.18) million, with new pledged deposits of $167.7 million and repayment of bank loans of $85.6 million[24]. - Total assets decreased from $7.38 billion in Q1 2023 to $6.95 billion in Q2 2023, while total liabilities decreased from $2.75 billion to $2.56 billion[25]. - Current assets totaled $3.08 billion, down from $3.32 billion in Q1 2023, with cash and cash equivalents decreasing from $2.22 billion to $1.85 billion[27]. - The current ratio improved to 2.8x in Q2 2023, compared to 2.7x in Q1 2023[28]. - Total non-current assets were $3,870,674 thousand, down from $4,060,779 thousand as of March 31, 2023, a decrease of 4.7%[31]. - Inventory increased to $558,252 thousand from $473,935 thousand, representing an increase of 17.8%[31]. - Total current liabilities decreased to $1,104,366 thousand from $1,220,712 thousand, a reduction of 9.5%[31]. - The company’s long-term bank borrowings stood at $1,410,544 thousand, a decrease from $1,496,396 thousand as of March 31, 2023[31].
华虹半导体(01347) - 2023 Q2 - 季度业绩