Oriental Semi(688261)2025-04-25 12:00Financial Performance - The company's sales of high-voltage super junction MOSFETs increased year-on-year, contributing to an overall sales growth compared to the previous year[3]. - Despite the increase in sales volume, the average selling price of products decreased, leading to a decline in gross margin and overall profitability[3]. - The company reported a significant increase in revenue, achieving a total of 688 million in the last fiscal year, representing a growth of 25% year-over-year[16]. - In 2024, the company's operating revenue was CNY 1,003,220,024.79, representing a year-on-year increase of 3.12% compared to CNY 972,850,306.19 in 2023[23]. - The net profit attributable to shareholders decreased by 71.27% to CNY 40,235,142.44 in 2024 from CNY 140,024,955.26 in 2023[23]. - The basic earnings per share (EPS) fell by 71.05% to CNY 0.33 in 2024, down from CNY 1.14 in 2023[24]. - The company's gross profit margin for the reporting period was 14.25%, down 8.48 percentage points from the previous year due to declining product sales prices[145]. - Operating costs rose by 14.37% to 860 million RMB, primarily due to increased sales volume[144]. - The company recorded a credit impairment loss of CNY 6.829 million and an inventory write-down loss of CNY 22.0957 million for 2024[121]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.3955 per 10 shares, amounting to a total of RMB 4,828,920.09, which represents 12.00% of the net profit attributable to shareholders[6]. - The total amount for cash dividends and share buybacks reached RMB 17,916,464.72, accounting for 44.53% of the net profit attributable to shareholders for the year[7]. - The board of directors has approved the profit distribution plan, which is subject to shareholder approval at the annual meeting[7]. Research and Development - The company continues to invest in R&D, with ongoing upgrades to main product technologies and steady progress in new product development[3]. - The company is investing in research and development, allocating 10% of its revenue to new technology initiatives[16]. - Research and development (R&D) expenses accounted for 7.55% of operating revenue in 2024, down from 8.74% in 2023[25]. - The total R&D investment for the year was approximately ¥75.72 million, a decrease of 10.98% compared to the previous year[107]. - The number of R&D personnel increased to 69, accounting for 43.67% of the total workforce, while the total R&D personnel compensation rose to 29.03 million RMB[113]. Market Expansion and Strategy - The company is expanding its market presence, targeting new regions in Asia and Europe to increase its market share[16]. - Strategic acquisitions are planned to enhance technological capabilities and product offerings, with a focus on integrating innovative solutions[16]. - The company aims to enhance its product pricing strategy to capture a larger market share while maintaining high performance and reliability standards in automotive and industrial applications[79]. - The company is focusing on expanding its global customer base, with products entering various fields including computing power supplies, base station power supplies, and industrial control, achieving mass shipments[46]. Product Development and Innovation - New product development includes the introduction of advanced power MOSFETs, which are expected to enhance performance and reduce energy loss[16]. - The company is actively investing in the R&D of TGBT high-power products, expanding applications beyond micro-inverters and energy storage to include power stations and electric vehicles[44]. - The company has successfully launched multiple high-speed TGBT products for electric vehicle chargers, with the 330KW power module based on the 950V platform already in mass production for leading domestic photovoltaic solutions[45]. - The company has achieved mass production of its second and third generation 650V and 1200V SiC MOSFETs, with the fourth generation SiC MOSFETs entering the sample verification stage, expected to be in mass production by 2025[46]. Risks and Challenges - Risks include intensified market competition, macroeconomic downturns, and potential difficulties in expanding the customer base, which could pressure future performance[3]. - The company faces risks from high supplier concentration, which could impact product shipment and future revenue growth if there are capacity constraints in the wafer foundry industry[124]. - The company is experiencing increased competition in the power semiconductor market, particularly from overseas giants like Infineon and ON Semiconductor[128]. - The company is subject to risks from fluctuations in gross profit margin due to product pricing, cost control, and market competition dynamics[129]. Sustainability and Corporate Responsibility - The company is committed to sustainability, implementing eco-friendly practices in its manufacturing processes[16]. - The company is committed to sustainable development, integrating green low-carbon concepts into all operational aspects, and aims to contribute to national carbon neutrality goals[40]. - The dual carbon goals of "carbon peak and carbon neutrality" are driving demand for power semiconductor devices, emphasizing the need for clean energy solutions[186]. Governance and Compliance - The company has held two shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting minority shareholder rights[197]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance standards and effective decision-making[199]. - The company emphasizes the importance of internal control systems to monitor and correct issues, ensuring effective governance and risk management[195]. - The supervisory board consists of 3 supervisors, including 1 employee representative, complying with legal and regulatory requirements[200].