Financial Performance - Q1 2024 sales revenue was $460 million, down 27.1% year-over-year and up 1.0% quarter-over-quarter[6]. - Net profit attributable to shareholders was $31.8 million, a decrease of 79.1% year-over-year and a decrease of 10.1% quarter-over-quarter[12]. - The company reported a net loss of $25.3 million for Q1 2024, compared to a profit of $140.9 million in the same quarter last year[12]. - Sales revenue for the first quarter was $459.986 million, down 27.1% from $630.842 million in the same quarter last year[15]. - Total sales revenue for the first quarter of 2024 was $459.986 million, a decrease of 27.1% compared to $630.842 million in the same quarter of 2023[24]. - Gross profit for the quarter was $29.632 million, down from $202.197 million year-over-year[37]. - The company reported a basic earnings per share of $0.019, down from $0.116 in the same quarter last year[14]. Gross Margin and Utilization - Gross margin for Q1 2024 was 6.4%, significantly lower than 32.1% in the same quarter last year, but improved from 4.0% in the previous quarter[6]. - Gross margin decreased to 6.4% from 32.1% year-over-year, primarily due to a decline in average selling prices and lower capacity utilization[14]. - The utilization rate for production capacity was 91.7%, down from 103.5% year-over-year but up from 84.1% in the previous quarter[12]. - The overall capacity utilization rate was 91.7%, an increase of 7.6 percentage points from the previous quarter[25]. Future Outlook - The company expects Q2 2024 sales revenue to be between $470 million and $500 million, with a gross margin forecast of 6% to 10%[6]. - The semiconductor market remains sluggish, but the company has seen improvements in capacity utilization, sales revenue, and gross margin compared to the previous quarter[7]. Revenue Breakdown - Revenue from 8-inch wafers was $239.95 million, representing 52.2% of total sales, while 12-inch wafers generated $220.036 million, or 47.8% of total sales[16]. - Sales revenue from China was $365.695 million, accounting for 79.5% of total sales, down 23.4% year-over-year[19]. - Embedded non-volatile memory sales dropped 50.2% year-over-year to $119.214 million, mainly due to decreased demand for MCU and smart card chips[21]. - Revenue from discrete devices fell 38.4% year-over-year to $143.344 million, driven by lower demand and average selling prices for IGBT and MOSFET products[21]. - Sales revenue from 55nm and 65nm process nodes reached $94.5 million, a year-over-year increase of 61.5%, driven by increased demand for CIS and other power management products[23]. - Sales revenue from 90nm and 95nm process nodes was $88.5 million, a year-over-year decrease of 25.8%, primarily due to reduced demand for smart card chips[23]. - The electronics consumer segment contributed $287.863 million, accounting for 62.6% of total sales revenue, down 21.9% year-over-year[26]. Operating Expenses and Cash Flow - Operating expenses increased by 3.0% year-over-year to $78.5 million, primarily due to increased R&D spending[14]. - Net cash flow from operating activities was $40.660 million, a decrease of 69.2% year-over-year[31]. - The net cash flow from operating activities for the quarter was $40.7 million, a decrease of 69.2% year-over-year and 79.3% quarter-over-quarter, primarily due to reduced customer collections and government subsidies[9]. - The company reported a change in working capital and other items resulting in a cash outflow of $45,899, compared to an outflow of $118,952 in the previous year[42]. Capital Expenditures and Assets - Capital expenditures for the first quarter totaled $302.574 million, with $199.429 million allocated to Huahong Manufacturing[32]. - Total assets increased to $11.648 billion as of March 31, 2024, compared to $10.943 billion at the end of December 2023[32]. - As of March 31, 2024, total current assets amounted to $7.14 billion, an increase from $6.57 billion as of December 31, 2023[34]. - The current ratio improved to 7.4x from 6.8x in the previous quarter, indicating enhanced liquidity[34]. - Total assets as of March 31, 2024, were $10.68 billion, up from $9.97 billion at the end of the previous quarter[40]. Other Financial Metrics - The annualized return on equity was 2.0%, down from 19.6% year-over-year and slightly down from 2.4% in the previous quarter[12]. - The company experienced a foreign exchange loss of $8,817 during the quarter, contrasting with a gain of $17,946 in the previous year[42]. - Depreciation and amortization expenses rose to $133,088, compared to $120,338 in the same quarter last year[42]. - The company received $689,430 from non-controlling interest capital injections, significantly higher than $296,197 in the previous year[42].
华虹半导体(01347) - 2024 Q1 - 季度业绩