V-Test(688372)2024-03-26 07:36Financial Performance - In 2023, the company achieved a revenue of 73,652.48 million CNY, a year-on-year increase of 48% [2] - The net profit attributable to shareholders was 11,799.63 million CNY, a decrease of 51.57% compared to the previous year [2] - The net profit after deducting non-recurring items was 9,067.86 million CNY, down 55.06% year-on-year [2] - The total assets reached approximately 36 billion CNY, with net assets around 25 billion CNY by the end of 2023 [3] Capacity and Investment - The company invested significantly in fixed assets, with fixed assets (mainly testing equipment) reaching 19.64 billion CNY, a growth of about 50% from the end of 2022 [3] - R&D expenses accounted for 14.09% of revenue in 2023, up from 9.44% in 2022 [3] Market Trends and Product Categories - In 2023, wafer testing revenue accounted for 64.42% of testing income, while finished chip testing accounted for 35.58% [3] - The proportion of high-end chip testing in main operating revenue increased from 68.58% in 2022 to 75.96% in 2023 [3] - The company anticipates a gradual recovery in the industry, with demand expected to improve starting in Q2 2024 [4] Strategic Expansion - The company completed its IPO fundraising project ahead of schedule by 3-4 months, with production already starting in Wuxi [3] - New projects are being developed in Nanjing and Wuxi, with the Nanjing project expected to be operational by May 2024 [3] Pricing and Market Conditions - In 2023, the overall capacity utilization in the industry was low, leading to competitive pricing pressures, although some testing prices remained stable [4] - The company is experiencing pressure in finished chip testing due to competition from domestic packaging and testing factories [5] Future Outlook - The estimated share-based payment expense for 2024 is around 50 million CNY [6] - The company is focusing on high-performance chips and automotive electronics, with ongoing investments in R&D and testing capabilities [5]