On the evening of April 23, Yongsi Electronics released its 2023 performance report.
The performance changed face when it was listed, and the net profit fell 167.48% year-on-year
Yongsi Electronics achieved operating income of 2.391 billion yuan, an increase of 9.82% over the same period of last year; the overall demand of the terminal market represented by consumer electronics was weak, and the demand of the semiconductor industry fluctuated greatly, and the overall cycle declined. The packaging and testing market as a whole has been affected, and it is rare for Yongsi Electronics to further increase its revenue in the context of the industry downturn.
Last year, Yongsi Electronics deducted non-net profit of 162 million yuan, a year-on-year decrease of 373%. The company's operating income has shrunk seriously, and the profitability of its main business is insufficient.
The government subsidy included in the current profit and loss was 52.93 million yuan, a year-on-year decrease of about 50%. The investment income was 17.51 million yuan, a year-on-year decline. Last year's non-operating income was 68.52 million yuan, a slight year-on-year decline. The decline in non-operating income limited the company's net profit growth space.
At the same time, the construction of the company's second phase project is progressing in an orderly manner, the company's personnel scale continues to expand, and the personnel expenditure and the second phase of the preparation cost have increased, resulting in a year-on-year increase of 71.97% in management expenses, which has led to a year-on-year decrease of 167.48% in the company's net profit of -93.38 million yuan in 2023.
Figure: Yongsi Electronics' 2023 annual report
On the whole, in 2023, Yongsi Electronics will turn profits into losses, and there will be a serious increase in revenue but no increase in profits. It is gratifying that in the fourth quarter of 2023, the operating income will be 760 million yuan, a year-on-year increase of 64.28%, and the net profit attributable to the parent company will be 26.5603 million yuan, turning losses into profits in a single quarter.
Gross profit margin decreased by 7.58% year-on-year
The gross profit margin of Yongsi Electronics' main business fluctuates greatly. The gross profit margin of the company's products is directly related to changes in the operating level such as capacity utilization, fluctuations in the price of major raw materials, and market supply and demand relations. At the same time, due to the large number of packaging product models of the company, there are certain differences in the production and processing technology and the composition of raw materials required for different types of products, so the change of product structure will also have a greater impact on the gross profit of the company's main business.
Figure: Yongsi Electronics' 2023 annual report
Specifically, in terms of products, in 2023, system-in-package products (SIP) will achieve sales revenue of 1.249 billion yuan, an increase of 1.92% over the same period of the previous year, a year-on-year increase of 8.51% in cost of sales, and a year-on-year decrease of 4.90% in gross profit margin.
The sales revenue of flat leadless packaging products (QFN/DFN) was 748 million yuan, an increase of 18.46% over the same period of last year, the cost of sales increased by 27.54% year-on-year, and the gross profit margin decreased by 6.75% year-on-year.
The sales revenue of high-density fine-pitch bump flip chip products (FC products) was 365.6494 million yuan, an increase of 25.20% over the same period of last year, the cost of sales increased by 43.48% year-on-year, and the gross profit margin decreased by 10% year-on-year.
On the whole, the gross profit margin of Yongsi Electronics in 2023 will be 13.97%, a year-on-year decrease of 7.58%. The gross profit margin level is close to that of traditional packaging and testing giants such as Changdian Technology and Tongfu Microelectronics, and the company's profitability is basically the industry average.
R&D investment accounted for 6.07%
As an advanced manufacturing enterprise, Yongsi Electronics continues to increase its R&D investment, with R&D investment reaching 145 million yuan in 2023, accounting for 6.07% of operating income, and continuously improving the company's customer service capabilities. Yongsi Electronics Division has applied for 27 invention patents, 74 utility model patents and 1 design patent, and 16 new authorized invention patents and 63 utility model patents.
In 2023, Yongsi Electronics completed the mass production and mass sales of 5GPAMiD module products used in the field of RF communication, completed the development and mass production of copper bump (Cupillarbump), tin bump and wafer-level fan-in technology based on high-density interconnect, and completed the development and mass production of large FC-BGA technology. In addition, the company continues to improve its technical level and customer service capabilities through the implementation of the RDL and bump processing capabilities mastered by the Bumping project, and actively deploys fan-out packaging and 2.5D/3D packaging processes
Figure: Yongsi Electronics' 2023 annual report
Yongsi Electronics has advanced core technologies in many fields such as high-density and fine-pitch flip bump interconnection chip packaging technology, RF chip/module packaging technology used in 4G/5G communication, and the related core technologies are independently developed. Through continuous independent research and development, the company has also made breakthroughs in the fields of large FC-BGA, Bumping and RDL (rewiring).