KINGSEMI(SH:688037)2024-04-29 07:46Financial Performance - The company achieved a revenue of over 1 billion, representing a year-on-year growth of 24% [9] - The net profit attributable to the parent company exceeded 25%, with a comprehensive gross margin of 42.53%, an increase compared to the previous year [9] - R&D investment approached 200 million, with a compound annual growth rate of over 50% in R&D expenses over the past five years [9] Market Position and Product Development - The company's front-end coating and developing equipment is the only core device that operates in conjunction with photolithography machines, making it a critical resource in semiconductor production lines [9][10] - The market for front-end coating and developing equipment is currently dominated by Tokyo Electron, with low domestic substitution rates [10] - The company has successfully launched a full range of products covering 28nm and above process nodes, with several successful integrations with photolithography machines [10] Challenges and Strategic Focus - The company faces high requirements for production capacity (WPH) and stability (UP TIME) from customers, especially as international photolithography machines have improved efficiency [10][20] - The company is committed to maintaining strategic focus on core competencies and responding to national strategic deployments and technological challenges [14] Recent Financial Trends - In Q1 2024, the company reported a revenue of 244 million, a decrease of 15% year-on-year, primarily due to lower acceptance of machines [15] - The net profit attributable to the parent company for Q1 2024 was 15.8 million, a decrease of 76% year-on-year, attributed to increased employee costs and stock payment expenses [15] Order and Market Outlook - The company maintains a positive outlook for 2024, with a strong order backlog of 2.2 billion as of the end of 2023, indicating good support for revenue [18] - The company is optimistic about the recovery of the advanced packaging industry in 2024, with ongoing expansion in 2.5D advanced packaging [23]