KAIFA(SZ:000021)2024-04-10 16:00Financial Performance - The company's operating revenue for 2023 was CNY 14,264,648,386.89, a decrease of 11.50% compared to CNY 16,118,375,162.38 in 2022[14]. - The net profit attributable to shareholders for 2023 was CNY 644,601,244.53, down 2.19% from CNY 659,052,805.91 in the previous year[14]. - The basic earnings per share for 2023 was CNY 0.4131, a decrease of 2.18% from CNY 0.4223 in 2022[14]. - Total assets at the end of 2023 were CNY 27,382,654,775.73, a decrease of 1.55% from CNY 27,812,939,467.81 at the end of 2022[14]. - The net assets attributable to shareholders increased by 6.23% to CNY 10,962,137,542.77 from CNY 10,318,929,498.82 in 2022[14]. - The company achieved operating revenue of 14.265 billion yuan, a year-on-year decrease of 11.50%[35]. - The total profit reached 991 million yuan, an increase of 22.69% year-on-year[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 673 million yuan, up 3.10% year-on-year[35]. Cash Flow and Investments - The net cash flow from operating activities increased significantly by 123.54% to CNY 2,002,232,683.50, compared to CNY 895,695,279.53 in 2022[14]. - Cash and cash equivalents decreased by 52.17% to -¥945,551,517.70 in 2023 from -¥1,977,036,270.36 in 2022[59]. - Investment activities generated a net cash outflow of -¥882,153,712.27, a decrease of 48.08% from -¥1,698,928,817.21 in 2022[58]. - The company invested CNY 36.2 million during the reporting period, a decrease of 90.94% compared to CNY 399.5 million in the same period last year[66]. Revenue Breakdown - In Q1 2023, the operating revenue was CNY 3,933,775,539.21, with a net profit of CNY 101,012,991.01[20]. - In Q2 2023, the operating revenue was CNY 3,806,793,414.66, with a net profit of CNY 195,825,356.27[20]. - In Q3 2023, the operating revenue was CNY 3,230,833,596.33, with a net profit of CNY 149,682,473.89[20]. - In Q4 2023, the operating revenue was CNY 3,293,245,836.69, with a net profit of CNY 198,080,423.36[20]. - The revenue from the intelligent metering terminal segment increased by 41.81% to approximately ¥2.54 billion, up from ¥1.79 billion in the previous year[45]. - The high-end manufacturing segment's revenue decreased by 21.33% to approximately ¥9.12 billion, down from ¥11.59 billion in 2022[44]. - The revenue from the storage semiconductor segment was approximately ¥2.56 billion, showing a slight decrease of 3.34% from the previous year[44]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.30 per 10 shares, totaling approximately RMB 202.88 million based on a total share capital of 1,560,587,588 shares[3]. - The cumulative cash dividend amount over the last three years (2021-2023) accounted for 30.78% of the average annual net profit (consolidated) and 190.26% of the average annual net profit (parent company)[134]. - The company's total distributable profit as of December 31, 2023, was 1,132,075,273.47 RMB, after accounting for the cash dividends paid in the previous year[136]. - The company has established a shareholder return plan for 2024-2026, emphasizing the importance of cash dividends in its profit distribution policy[134]. - The board of directors has approved a dividend payout of 0.5 RMB per share, reflecting a commitment to returning value to shareholders[107]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report, indicating potential uncertainties in future plans and strategies[2]. - The company’s management has highlighted the importance of adhering to legal responsibilities regarding the accuracy of the annual report[2]. - The company has established a strict internal evaluation and monitoring mechanism for its foreign exchange trading activities[74]. - The company has a zero-tolerance policy towards bribery and corruption, aiming to maintain compliance and integrity in its operations[141]. - The company has implemented a robust labor management and compensation system, ensuring that senior management operates exclusively within the company[93]. Research and Development - The company has established a comprehensive R&D capability with advanced laboratories across multiple locations, supporting various industries including storage semiconductors and smart metering[28]. - Research and development expenses increased by 15.68% to ¥362,019,207.03 in 2023 compared to ¥312,947,869.09 in 2022[53]. - The company is investing 200 million RMB in R&D for new technologies, focusing on advanced semiconductor solutions[105]. - The company is currently developing a joint simulation management platform to enhance chip packaging design efficiency and quality[55]. Environmental and Social Responsibility - Shenzhen Great Wall Development Technology Co., Ltd. has reduced total pollutant emissions by over 50% compared to the previous year[157]. - The wastewater reuse rate has reached over 60%, saving more than 200,000 tons of fresh water annually[161]. - The company has obtained ISO14000 and ISO18000 certifications and has been recognized as an excellent demonstration project for environmental protection in Guangdong Province since 2007[161]. - The company actively participates in social responsibility initiatives, contributing to sustainable development and rural revitalization[161]. Governance and Management - The company maintained a complete and independent governance structure, ensuring compliance with relevant laws and regulations, and effectively operating its board of directors and committees[90]. - The company has a clear and independent asset ownership structure, with distinct production systems and intellectual property rights[92]. - The company has a structured approach to governance, with independent directors and a clear decision-making process for remuneration[114]. - The company has experienced turnover in its board and management, indicating potential strategic shifts[100]. Market and Industry Trends - The global semiconductor industry sales in 2023 were $526.8 billion, reflecting an 8.2% year-over-year decline, but a strong rebound was noted in Q4 with a 11.6% increase[23]. - The global memory chip market is projected to reach $129.7 billion in 2024, with a year-over-year growth rate of 44.8%[23]. - The electronic manufacturing services (EMS) market is forecasted to grow from $569.3 billion in 2023 to $856.0 billion by 2028, with a CAGR of 8.5%[25]. - The company anticipates a gradual recovery in the HDD market, with an estimated shipment of 127 million units in 2023[23].