USC(688403) 证券之星·2025-05-23 12:19Core Viewpoint - The company, Huicheng Co., Ltd. (688403), held a performance briefing on May 23, 2025, to discuss its operational performance and future strategies [1]. Group 1: Operational Performance - As of April 30, 2025, the company's overall capacity utilization rate was approximately 70%, remaining stable compared to the same period last year [2]. - The company's net profits for the years 2022 to 2024 were 177.225 million, 195.985 million, and 159.764 million respectively, indicating relatively stable profitability [3]. - In Q1 2025, the company reported a main revenue of 375 million, an increase of 18.8% year-on-year, and a net profit attributable to the parent company of 40.589 million, up 54.17% year-on-year [8]. Group 2: Strategic Initiatives - The company plans to enhance capacity utilization by expanding its customer base and improving market share, while also focusing on increasing the proportion of higher-margin products like MOLED and large-size display driver chip packaging [3]. - The company is actively advancing the production of new processes using copper-nickel-gold and palladium-gold, with expectations to complete capacity construction within the year and contribute to revenue [3]. - The company is utilizing convertible bond financing primarily for expanding the production capacity of advanced display driver chip packaging to meet the growing demand for OLED display driver chips [4]. Group 3: Customer Relationships and Market Position - The revenue contribution from the top five customers decreased from 48% to 37%, yet remains above the industry average, indicating a stable customer base [5]. - The company has established good relationships with major clients in the display driver chip sector, including BOE and Tesla, and is working on product introduction with Korean clients like Samsung and LG [5]. - The company has completed the construction of its automotive-grade chip project and is actively pursuing customer validation and product introduction [4][7]. Group 4: Financial Health - As of the end of Q1 2025, the company's consolidated asset-liability ratio was 30.34%, with sufficient cash reserves and good operating cash flow, indicating a strong debt repayment capability [4]. - The company has seen a net inflow of 224 million in financing over the past three months, with an increase in financing balance [9].