FHEC(SH:688362)2024-04-18 14:30Financial Performance - The company's operating revenue for 2023 was CNY 2,390.84 million, primarily from integrated circuit packaging and testing products [23]. - The company's operating revenue for 2023 reached ¥2,390,841,120.27, representing a year-on-year increase of 9.82% compared to ¥2,176,992,689.58 in 2022 [57]. - The net profit attributable to shareholders was a loss of ¥93,387,886.95, a significant decline of 167.48% from a profit of ¥138,400,419.38 in the previous year [57]. - The net cash flow from operating activities increased by 19.10% to ¥1,071,479,586.66, up from ¥899,615,766.86 in 2022 [57]. - The total assets of the company grew by 48.20% to ¥12,330,906,165.46, compared to ¥8,320,726,323.62 at the end of 2022 [57]. - The net profit attributable to shareholders decreased by 167.48% year-on-year, primarily due to weak demand and increased costs [74]. - The company's gross profit margin declined compared to the previous year due to weak downstream customer orders and price pressure on certain product lines [74]. - The company's net profit attributable to shareholders of the listed company was -9,338.79 thousand yuan, a decrease of 167.48% year-on-year [141]. - The company's operating costs increased by 21.08% to CNY 2,058,472,654.08 from CNY 1,700,110,847.59 in the previous year [169]. Shareholder Structure - The total number of shares held by the top ten shareholders includes Zhejiang Yongshun Chip Electronics Co., Ltd. with 74,210,000 shares, Wang Shunbo with 16,000,000 shares, and Ningbo Yongjing Enterprise Management Consulting Partnership with 15,250,000 shares [9]. - The company has no controlling shareholder, indicating a diversified ownership structure [13]. - There are no significant changes in the shareholder structure compared to the previous period [8]. - The company has not reported any changes in control during the reporting period [17]. Risks and Mitigation - The company has outlined various risks and corresponding mitigation strategies in its annual report [26]. - The company is facing risks related to gross margin fluctuations, which are directly linked to capacity utilization rates, raw material price volatility, and market supply-demand dynamics [50]. - The company is committed to maintaining reasonable levels of raw material inventory through production planning and supply chain management to mitigate inventory impairment risks [50]. - The company faces risks of underperformance or losses if the semiconductor industry remains sluggish or if project capacity ramp-up does not meet expectations [74]. - The company is actively monitoring global economic trends and industry policies to mitigate risks associated with market fluctuations and changes in government regulations [114]. Research and Development - Research and development expenses for the period amounted to 145.12 million, a year-on-year increase of 19.23%, mainly due to the growth in the number of R&D personnel and related salary costs [51]. - R&D investment reached 145 million yuan, accounting for 6.07% of operating revenue, with 27 new invention patents and 74 utility model patents filed during the reporting period [89]. - The total R&D investment for the year is approximately ¥145.12 million, representing a 19.23% increase from the previous year [104]. - The total R&D personnel increased to 793, representing 16.54% of the company's total workforce, compared to 14.67% in the previous period, indicating a focus on enhancing R&D capabilities [5]. - The company has filed 105 patent applications during the year, with 82 new patents granted [104]. Market and Industry Trends - The semiconductor market is projected to decline by 9.4% in 2023, with a total market size of approximately 520.1 billion USD [74]. - The company anticipates a 13.1% growth in the global semiconductor market in 2024, reaching an estimated value of 588 billion dollars, with expectations for continued revenue growth and improved profitability [89]. - In 2023, the global semiconductor market size is estimated at $520.1 billion, a year-on-year decline of 9.4% [163]. - The global advanced packaging market is projected to grow from $44.3 billion in 2022 to $78.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.6% [94]. Production and Sales - The company's packaging output reached 3.579 billion units, an increase of 33.06% compared to the previous year, while sales volume increased by 31.44% to 3.572 billion units, driven by market expansion and customer demand growth [52]. - The company expanded its product lines in advanced packaging and automotive electronics, achieving one-stop delivery capability with Bumping, CP, FC, and FT technologies [87]. - The company is actively pursuing market expansion, particularly in the automotive electronics sector, with successful certifications from end vehicle manufacturers and Tier 1 suppliers [87]. - The company achieved a revenue of CNY 2,390,841,120.27, representing a year-on-year increase of 9.82% compared to CNY 2,176,992,689.58 in the previous year [169]. - The company had 11 customers with sales exceeding 100 million RMB, and 14 customers with sales over 50 million RMB, indicating an optimized customer structure [79]. Financial Management - The audit report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2023 [30]. - The company has not engaged in any external guarantees that violate decision-making procedures [32]. - The company has not disclosed any information that is subject to confidentiality or exemption due to national secrets or commercial secrets [27]. - The company has implemented strategies to reduce product costs and improve delivery times, further enhancing its competitive position in the semiconductor industry [109]. Innovations and Technologies - The company has developed advanced packaging technologies, including system-level packaging and high-density packaging, to enhance future performance sustainability [63]. - The company has achieved breakthroughs in large FC-BGA, bumping, and RDL technologies through continuous independent research and development [98]. - The company has developed advanced packaging technology for high-density fine-pitch flip chip interconnects, achieving a minimum bump pitch of <80um and a minimum bump diameter of 40um, with over 3,400 bumps per die [99]. - The company’s FC-BGA products have reached 18,000 bumps per die, marking a significant breakthrough in high-density flip chip packaging technology [99]. - The company has successfully developed vacuum molding bottom filling technology for FCCSP flip chips, addressing challenges related to narrow gaps and ensuring effective filling [99].