MACMIC(SH:688711)2024-04-25 10:21Financial Performance - The company achieved operating revenue of ¥1,504,739,437.22 in 2023, a year-on-year increase of 62.48%[27]. - Net profit attributable to shareholders reached ¥116,194,855.57, up 47.63% compared to the previous year[27]. - The net profit after deducting non-recurring gains and losses was ¥100,770,322.88, reflecting a 66.90% increase year-on-year[27]. - Basic earnings per share were ¥0.7655, an increase of 47.52% from the previous year[26]. - Total assets at the end of 2023 amounted to ¥2,488,990,937.42, a 47.37% increase from the beginning of the year[27]. - The company reported a negative cash flow from operating activities of ¥-147,651,161.78, primarily due to some sales payments being in acceptance bills[28]. - The gross profit margin for the main business was 21.87%, with raw material costs accounting for over 78% of total costs[84]. - The company reported a net cash flow from operating activities impacted by sales receivables used for long-term asset payments[90]. Research and Development - The company’s R&D investment accounted for 7.18% of operating revenue, up from 6.94% in the previous year[27]. - In 2023, the company increased R&D investment to 108.10 million yuan, accounting for 7.18% of revenue, a year-on-year growth of 68.17%[43]. - The number of R&D personnel reached 176, a year-on-year increase of 28.47%, with 32 holding master's or doctoral degrees, representing 18.18% of the total[43]. - The company has developed several core technologies, including trench structure and field stop technology, which enhance the performance and reliability of power semiconductor chips[62]. - The company has made breakthroughs in high-efficiency rectifier diode technology, improving reverse recovery characteristics suitable for IGBT applications[62]. - The company has developed over 120 new products in 2023, with a total of 132 patents, including 41 invention patents[43]. - The company has established a comprehensive R&D management system to strengthen the management of R&D organizations and processes[61]. Corporate Governance - The company has not disclosed any special arrangements for corporate governance, suggesting standard governance practices are in place[8]. - The company has confirmed that all board members are able to guarantee the authenticity, accuracy, and completeness of the annual report, ensuring accountability[10]. - The company maintains a clear governance structure with independent operations from its controlling shareholder, ensuring no non-operational fund occupation[157]. - The board of directors convened 13 meetings, consisting of 9 members, including 3 independent directors, complying with legal requirements[156]. - The supervisory board held 9 meetings, with 3 supervisors, including 1 employee representative, fulfilling legal obligations[156]. - All resolutions from the general meetings were passed without any objections, confirming the legality and validity of the voting procedures[159]. Market and Industry Trends - The power semiconductor industry is experiencing stable growth, driven by applications in electric vehicles, renewable energy, and smart grids, with a focus on achieving carbon neutrality[55]. - The domestic industrial control IGBT market size was approximately 8.69 billion yuan in 2022, expected to reach 9.9 billion yuan by 2025[140]. - In 2023, China's electric vehicle production reached 9.587 million units and sales reached 9.495 million units, with year-on-year growth of 35.8% and 37.9% respectively, capturing a market share of 31.6%[141]. - The market size of SiC power devices is projected to reach 8.906 billion USD by 2028, with a compound annual growth rate of nearly 31% from 2022 to 2028[142]. Risk Management - The company has outlined various operational risks and corresponding mitigation strategies in the report, emphasizing the importance of risk management[4]. - The company faces risks related to reliance on key suppliers for core materials, which could impact product availability and operational performance[83]. - The company is exposed to market competition risks, particularly from established international players in the semiconductor industry[85]. - The company has established a comprehensive internal control system for its foreign exchange forward trading business to mitigate risks associated with currency fluctuations[129]. Strategic Initiatives - The company plans to continue expanding its production capacity and order intake to sustain revenue growth[27]. - The company aims to enhance R&D efforts for high-power chips and modules, focusing on standard and customized product development for the electric vehicle and renewable energy sectors[146]. - The company plans to expand its international market sales network and develop new growth areas[148]. - The company is actively expanding its market presence by leveraging partnerships with leading clients and enhancing its product offerings to meet diverse customer needs[57]. Employee and Management - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 5.3131 million[177]. - The company has established a performance-based incentive evaluation system and offers annual performance bonuses based on employee performance and company results[196]. - The company has a comprehensive internal training system aimed at enhancing employee skills and management capabilities[198]. - The company has increased its R&D personnel to 176, representing 18.13% of the total workforce, compared to 137 and 19.91% in the previous period[77]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Changzhou Jinchang Electronic Technology Co., Ltd. for CNY 91.91 million, enhancing its fixed assets[123]. - The company invested CNY 20 million to acquire a 10% stake in Changzhou Energy Ark New Materials Co., Ltd. to secure a stable supply of silicon carbide substrates[123]. - The company issued 430 million yuan in convertible bonds in July 2023, primarily for the "Automotive Grade Power Semiconductor Device Production R&D Project (Phase I)," which will have an annual production capacity of 2.4 million automotive-grade power semiconductor devices[45]. Future Outlook - The company provided a future outlook with a revenue guidance of 280,000 million for the next quarter, representing a 5% growth[164]. - The company plans to invest 16,500 million in R&D for new technologies over the next fiscal year[164]. - The company is expanding its market presence in Asia, targeting a 20% increase in market share by 2024[164]. - The management emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[164].