汇顶科技20240523

Company and Industry Summary Company Overview - The conference call pertains to 汇顶科技 (Goodix Technology), discussing its 2023 annual and 2024 Q1 performance [1] Key Financial Performance - In 2023, the company achieved a revenue of 4.408 billion yuan, with fingerprint touch dual-engine revenue increasing by 30.3% year-on-year [2] - The revenue from fingerprint products grew by 19% year-on-year, while touch revenue surged by 67.4% [2] - The revenue structure has become more balanced, with fingerprint revenue accounting for 42.9% and touch revenue for 34.3% [2] - The company reported a net profit of 165 million yuan in 2023, recovering from a loss of 748 million yuan in 2022 [3] - Asset impairment losses significantly decreased from 710 million yuan in 2022 to 376 million yuan in 2023 [3] - Inventory was reduced from 1.795 billion yuan in 2022 to 0.715 billion yuan in 2023, a decrease of 60.1% [3] - The inventory turnover ratio improved from 1.3 times in 2022 to 2.09 times in 2023 [3] Q1 2024 Performance - In Q1 2024, the company reported a revenue of 1.218 billion yuan, a 44.4% increase compared to 844 million yuan in Q1 2023 [5] - The net profit for Q1 2024 was 162 million yuan, marking a return to profitability [5] - The gross margin for Q1 2024 was 14.4%, a decrease of 1.6 percentage points year-on-year due to declining product prices [5] - R&D expenses for Q1 2024 were 252 million yuan, down 18.2% from the same period in 2023 [5] Operational Efficiency - R&D expense ratio for Q1 2024 was 20.7%, a reduction of 15.8 percentage points, indicating improved R&D efficiency [6] - The company has effectively controlled sales and management expenses, leading to a decrease in expense ratios [6] - Q1 2024 inventory was 597 million yuan, significantly improved from 1.35 billion yuan in Q1 2023 [6] - Operating cash flow for Q1 2024 was 221 million yuan, showing substantial improvement [6] Strategic Outlook - The company aims to continue technological innovation, optimize resource allocation, reduce operating costs, and enhance R&D efficiency in 2024 [6] - The focus will be on scaling new product mass production to create better returns for investors [6] Additional Insights - The company has improved its financial health, with a current ratio of 4.19, quick ratio of 3.55, and a debt-to-asset ratio of 17.3%, all showing improvement compared to the previous year [4]