Financial Performance - The company's revenue declined year-on-year due to a weak terminal market demand and reduced equipment orders, reflecting the ongoing downturn in the global semiconductor industry [5]. - The net profit of the company experienced a significant decline, attributed to increased R&D investments aimed at enhancing product performance and competitiveness [5]. - The company's operating revenue for 2023 was ¥236,513,112.95, a decrease of 32.45% compared to ¥350,106,728.26 in 2022 [25]. - The net profit attributable to shareholders for 2023 was ¥24,583,286.84, down 80.56% from ¥126,483,538.90 in 2022 [25]. - The basic earnings per share for 2023 was ¥0.35, representing an 84.38% decline from ¥3.35 in 2022 [25]. - The total assets at the end of 2023 were ¥1,591,030,583.52, a decrease of 6.70% from ¥1,705,312,890.91 at the end of 2022 [26]. - The net assets attributable to shareholders at the end of 2023 were ¥1,461,973,044.07, down 7.93% from ¥1,587,901,701.42 at the end of 2022 [26]. - The company reported a net cash flow from operating activities of ¥17,984,953.39 in 2023, a significant drop of 87.50% from ¥143,853,551.12 in 2022 [25]. - The company reported a total of ¥1,188,551.35 in non-recurring gains and losses for 2023, a decrease from ¥3,060,505.78 in 2022 [31]. - The total revenue for 2023 was ¥236.51 million, a decrease of 32.45% compared to ¥350.11 million in 2022 [82]. R&D and Innovation - The company is committed to enhancing its R&D efforts to seize new market opportunities arising from the rapid development of the automotive and new energy sectors [5]. - The company maintained a high level of R&D investment, with expenditures increasing from 26.69 million yuan in 2019 to 87.11 million yuan in 2023, representing 36.83% of operating revenue [64]. - The company has obtained a total of 33 invention patents, 37 utility model patents, 7 design patents, and 85 software copyrights as of December 31, 2023 [64]. - The company is actively involved in the development of new technologies and products in the semiconductor sector, focusing on market expansion and innovation [17]. - The company is focusing on promoting the new QT-8400 series testing system, targeting applications in IGBT, third-generation semiconductor silicon carbide, and gallium nitride chips [65]. - The company is committed to developing new testing platforms for high-power devices and modules to maintain competitive advantages in the semiconductor testing market [128]. Market Conditions and Industry Trends - The overall market conditions remain challenging, with fixed asset investment in client sectors slowing down [5]. - The semiconductor industry experienced an 8.2% decline in global sales, totaling $526.8 billion in 2023 compared to $574.1 billion in 2022 [39]. - The global testing system market size is estimated to be $3.975 billion in 2023, down 6.89% from $4.269 billion in 2022 [44]. - The silicon carbide (SiC) power device market is expected to grow from $1.79 billion in 2022 to $8.69 billion by 2028, with a compound annual growth rate (CAGR) of 30.12% [40]. - The semiconductor testing equipment market is dominated by foreign companies, which hold over 80% market share, highlighting the need for domestic companies to enhance R&D and market promotion [64]. Corporate Governance and Compliance - The company emphasizes the importance of maintaining accurate and complete financial reporting as part of its governance practices [5]. - The company has established a complete governance structure, including a board of directors and various specialized committees, ensuring professional and efficient decision-making [138]. - As of the end of the reporting period, the company has complied with all relevant laws and regulations, with no violations reported, confirming its governance status aligns with regulatory requirements [139]. - The company maintains independence in assets, personnel, finance, institutions, and business from its controlling shareholders and actual controllers, ensuring autonomous operations [140]. - The company has established an independent financial accounting system and does not share bank accounts with its controlling shareholders [144]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares (including tax) to all shareholders, with no bonus shares issued [8]. - The annual shareholders' meeting had a participation rate of 70.41% on April 11, 2023, demonstrating strong shareholder engagement [147]. - The first extraordinary shareholders' meeting in 2023 had a participation rate of 65.30% on September 1, 2023, indicating continued shareholder interest [147]. - The cash dividend policy is consistent with the company's articles of association and has been clearly defined, ensuring that 100% of the distributable profits are allocated to cash dividends [178]. Employee and Talent Management - As of December 31, 2023, the company had 648 employees, a 19.12% increase year-over-year, with R&D personnel increasing by 28.06% to 251 [66]. - The number of R&D personnel increased to 251 in 2023, a rise of 28.06% from 196 in 2022, with the proportion of R&D staff reaching 38.73% [94]. - The company has a differentiated incentive plan to attract and retain key talent, aligning employee interests with business development and shareholder interests [173]. - The company has established a training mechanism focusing on employee growth and development, including new employee training and management skills enhancement [174]. Risk Management - The report highlights potential future risks that the company may face in its operations, which investors should pay attention to [6]. - The company faces risks from macroeconomic changes and industry volatility, which could impact demand for semiconductor testing equipment [123]. - The company recognizes the need for continuous innovation and market expansion to avoid adverse impacts on future performance due to high fixed costs in R&D and sales [127]. - The company faces risks related to the loss of technical talent due to increasing industry competition, prompting a focus on talent retention and development [132]. Supply Chain and Procurement - The company relies significantly on overseas procurement for raw materials, with a dependency on relays and certain FPGA chips, which could be affected by trade tensions with the US, Japan, and the UK [129]. - The company has shifted some raw material procurement from overseas to domestic suppliers, improving supply timeliness and stability [130]. - The company actively tracks raw material market trends and implements staggered purchasing strategies to mitigate the impact of potential price increases [131]. - The company has developed multiple strategies to ensure stable raw material supply, including temporary purchases from traders during market shortages [130].
联动科技(301369) - 2023 Q4 - 年度财报