Dioo Microcircuits (SH:688381)2024-04-26 13:16Dividend and Share Repurchase - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares, amounting to a total distribution of no more than RMB 36,509,870.25, which represents 237.17% of the net profit attributable to shareholders in the consolidated financial statements for the year[5]. - The total amount spent on share repurchases in 2023 was RMB 59,944,783.82, accounting for 389.41% of the net profit attributable to shareholders in the consolidated financial statements[6]. - The combined total of cash dividends and share repurchase amounts is projected to be 626.58% of the net profit[6]. - As of December 31, 2023, the company's distributable profits amounted to RMB 312,143,953.42[5]. - The company has a cash dividend policy in place, which has not been adjusted during the reporting period[197]. - The company has a clear and structured cash dividend policy that complies with its articles of association and shareholder resolutions[200]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits during the reporting period[200]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[22]. - The company's operating revenue for 2023 was ¥381.40 million, a decrease of 23.96% compared to ¥501.59 million in 2022[23]. - Net profit attributable to shareholders was ¥15.39 million, down 91.14% from ¥173.66 million in the previous year[23]. - Basic earnings per share decreased by 92.77% to ¥0.06 from ¥0.83 in 2022[25]. - The net cash flow from operating activities was negative at -¥2.35 million, a decline of 101.53% compared to ¥153.89 million in 2022[23]. - The total assets at the end of 2023 were ¥3.14 billion, a decrease of 1.04% from ¥3.17 billion in 2022[24]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting better cost management[22]. - The company's gross profit margin was 47.43%, a decrease of 7.59 percentage points from the previous year[118]. - The company maintained a stable gross margin of 47.43% for its main business throughout 2023[106]. Research and Development - Research and development expenses accounted for 38.40% of operating revenue, an increase of 24.35 percentage points from 14.05% in 2022[25]. - The company achieved a 107.86% increase in R&D expenses, totaling CNY 146.46 million, which represents 38.40% of its revenue[42]. - The R&D team consists of 188 personnel, with 43.62% holding master's or doctoral degrees, indicating a strong talent foundation[42]. - The company is focusing on the development of high-performance analog integrated circuits to meet the growing demands of AI applications and electric vehicles[80]. - The company plans to continue investing in technology and product innovation, which has led to increased R&D expenditures[27]. - The company reported a significant increase of 170.56% in share-based payment expenses within R&D costs compared to the previous year[93]. - The number of R&D personnel increased by 69.37% year-on-year, reaching 188, which accounts for 61.84% of the total workforce[106]. - Total compensation for R&D personnel reached approximately ¥87.20 million, up from ¥39.86 million in the previous period, indicating a strong investment in talent[101]. Market and Product Development - User data indicates a growing customer base, with active users increasing by 15% to reach 500,000 users[22]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[22]. - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on innovative technologies[22]. - The company is expanding its market presence, targeting a 10% increase in market share in the next year[22]. - The company is actively expanding its domestic market while accelerating its overseas market layout[37]. - The company is considering strategic acquisitions to bolster its product offerings and market reach[22]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[175]. - A strategic acquisition of a local tech firm was completed, valued at 500 million RMB, aimed at enhancing R&D capabilities[175]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not violated any decision-making procedures regarding external guarantees[9]. - The company has received a standard unqualified audit report from the accounting firm[6]. - The company has not disclosed any special arrangements for corporate governance[9]. - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and senior management, ensuring clear responsibilities and effective operations[159]. - The company has maintained compliance with relevant laws and regulations regarding corporate governance without any major violations[159]. - The company held two shareholder meetings in 2023, both of which passed all proposed resolutions without any rejections[163]. - The company did not report any significant issues regarding independence from its controlling shareholders or related parties[160]. Risks and Challenges - The company has described potential risks in the report, which investors should be aware of[4]. - The company is facing risks from the semiconductor industry's cyclical nature, which could impact future performance due to economic fluctuations[111]. - The company is exposed to procurement cost increases due to potential trade frictions affecting its supply chain stability[112]. - The semiconductor market is facing significant pressure due to geopolitical conflicts and economic slowdown, leading to inventory destocking and intensified competition[37]. Employee and Management Compensation - The total remuneration for senior management in the reporting period was 803.16 million[179]. - The total remuneration for core technical personnel in the reporting period was 225.33 million[179]. - The total pre-tax remuneration for the chairman and general manager was 1.5 million yuan, while other executives received varying amounts, with the highest being 1.24 million yuan[167]. - The total number of shares held by executives at the beginning of the year was 55,089,352, remaining unchanged by the end of the reporting period[170]. - The independent directors confirmed that the remuneration for directors in 2022 was accurate and compliant with relevant standards[181]. - The independent directors also confirmed that the remuneration for senior management in 2022 was accurate and compliant with relevant standards[181]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 25% for the next fiscal year[175]. - The company plans to invest 200 million RMB in new technology initiatives over the next two years[175]. - The company aims to achieve a strategic goal of "independent, safe, and controllable" in the analog chip field through continuous innovation[52]. - Future outlook includes potential mergers and acquisitions to enhance growth strategies[172].