C*Core Technology(SH:688262)2024-04-26 10:17Technology Development - The company focuses on the research and industrial application of domestically controllable embedded CPU technology, providing IP licensing, customized chip services, and self-developed chip products primarily in information security, automotive electronics, and industrial control sectors[5]. - The company is actively involved in the development of SoC technology, which integrates complex functions into single chips, thus shortening design cycles and enhancing competitiveness[16]. - The company is focusing on R&D, with significant investments in developing CPUs based on RISC-V and PowerPC architectures, including a 64-bit multi-core CPU aimed at edge computing and network communication applications[129]. - The company is developing several new chips, including the CCFC3007PT for powertrain control and the CCFC3008PT for battery management, both based on 40nm technology and achieving ASIL-D safety level[198]. - The company is focusing on domestic data security chip localization, with the market for high-performance password SoC chips just beginning to develop[200]. Automotive Electronics - The company is developing a series of automotive electronic chips to address the "chip shortage" issue in China's automotive industry, including body control chips and battery management system (BMS) control chips[6]. - The company has shipped over 4 million automotive electronic chips, establishing a leading position in the domestic market for high-end automotive electronic chips[28]. - The automotive electronics chip product line has established partnerships with over 10 Tier 1 module manufacturers and several major automotive manufacturers, enhancing market presence[115]. - The company aims to solidify its position as a leading supplier of automotive electronic chips in China, with a comprehensive product coverage across seven product lines[116]. - The automotive chip business has seen rapid growth due to strong domestic demand driven by national policies and the need for local alternatives amid chip shortages[136]. Financial Performance - The company's operating revenue increased by 22.09% year-on-year, driven by adjustments in product structure and significant growth in automotive electronics and customized chip services[82]. - Net profit attributable to shareholders grew by 6.79% year-on-year, primarily due to substantial increases in investment income and government subsidies compared to the previous year[82]. - The net cash flow from operating activities decreased by 402.60%, mainly due to significant investments in chip wafer production and increased R&D expenditures[84]. - The company's total assets increased by 3.22% to RMB 3,073,502,970.36 at the end of 2022, up from RMB 2,977,711,602.83 at the end of 2021[105]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 83.85%, amounting to RMB 7,071,917.78, down from RMB 43,801,025.88 in 2021[105][107]. Research and Development - The company emphasizes talent development and corporate culture, with a stable growth in the core team and an increase in R&D personnel to enhance its research capabilities[4]. - R&D expenses increased by approximately CNY 62.73 million, a growth rate of 70.11% compared to the previous year[93]. - The proportion of R&D investment to operating revenue rose to 30.60%, an increase of 8.64 percentage points from 21.96% in 2021[105]. - The total R&D investment for the reporting period was ¥152,204,444.14, an increase of 70.11% compared to ¥89,472,485.02 in the previous year[193]. - The company has achieved significant progress in R&D, with a total of 156 valid software copyrights and 39 commercial password certificates as of the reporting date[192]. Market Position and Strategy - The company is positioned as one of the few domestic manufacturers of RAID controller chips, aiming to break the long-standing foreign monopoly in this sector[14]. - The company aims to strengthen partnerships with over ten Tier 1 module manufacturers and several major automotive manufacturers, including BYD and SAIC[28]. - The company is focusing on customized chip services for national major demand areas, leveraging its technology in embedded CPU and SoC platforms to meet urgent domestic needs[127]. - The company is committed to increasing its R&D capabilities to enhance its competitive position in the market[194]. - The company has received multiple awards for innovation, including the "IC Innovation Award" and recognition as a "National Specialized and New Small Giant" enterprise[135]. Product Development - The company has developed over 40 embedded CPU cores, achieving significant applications in key areas such as information security and automotive electronics, with over 1 million units applied by 2006, 10 million by 2008, and over 100 million by 2015[23]. - The company has developed three automotive electronic safety chip products, with the CCM3310S-T and CCM3310S-H already in mass production, achieving the highest level of safety certification in the domestic automotive industry[118]. - The company is advancing the development of a second-generation high-performance RAID chip based on its proprietary RISC-V CPU, aiming to achieve performance comparable to international mainstream RAID chips[126]. - The company has successfully developed a first-generation RAID chip CCRD3316 based on the PowerPC architecture, capable of supporting up to 40 mechanical hard drives or SSDs, and is currently in mass production[190]. - The company’s automotive electronic chip product lines cover seven categories, including body control and powertrain control chips, catering to various applications in new energy and traditional vehicles[27].