① According to Jiejie Microelectronics, the focus is on expanding the automotive electronics, power supply and industrial markets, and the sales share of products used in the field of new energy vehicles is gradually increasing. ② The net cash flow from the company's operating activities increased 177% year-on-year in 2023, mainly due to the holding subsidiary receiving a VAT withholding tax refund of 325 million yuan and a production capacity guarantee of 100 million yuan from the integrated refund of Xinlian last year.
Financial Services Association, March 27 (Reporter Lu Tingting) “The company focuses on expanding the automotive electronics, power supply and industrial markets, and strives to increase the share of products in these fields. Currently, the sales share of products used in the field of new energy vehicles is gradually increasing.” Huang Jian, vice chairman and general manager of Jiejie Microelectronics (300623.SZ), said at the 2023 annual results briefing held today.
Jiejie Microelectronics's main products are various power electronic devices and chips. Zhang Jiaquan, director of the company, revealed that the price of some thyristor products dropped slightly in 2023; the price of protective devices was reduced by 20%-30% in 2023, and there is not much room for future price drops. Currently, prices are relatively stable; some MOSFET products will be reduced by 5% to 10% in 2023. Currently, prices are gradually stabilizing, but competition is still very intense in 2024.
In January of this year, Jiejie Microelectronics's subsidiary raised the prices of some MOS chip products. In this regard, Zhang Jiaquan told the Financial Federation reporter that the price increase letter from Jiejie Microelectronics (Nantong) Technology Co., Ltd. in January of this year was sent to some Trench MOS chip customers. Not all customers, nor was it disclosed to them. The scope of the price increase was clearly stated in the letter. It was a normal commercial act for some products.
According to information, automotive-grade high-power devices produced by the company can be used in fields such as smart wearables, intelligent monitoring, and the Internet of Things. Related MOSFET device products and protective device products can be used in the robotics field, and some MOSFET products can be used in cloud computing/HPC servers.
The reporter learned that the company has launched nearly 100 automotive-grade power MOSFETs. Some products have already been used in new energy vehicles, such as in the field of small automotive motors, in-vehicle wireless charging, and automotive electronic electric drives. New automotive-grade products will be launched one after another this year. Sales in the automotive sector account for about 18% of the company's total sales.
Huang Shanbing, chairman of Jiejie Microelectronics, said, “In the future, applications in the field of new energy vehicles are one of the main downstream areas where the company strives to increase its product share.”
In terms of IGBT business, Huang Jian, vice chairman and general manager of the company, said that the Jiangsu Easilicon team is working according to the plan and is developing products for two voltage platforms of 650 V and 1200 V, and some models have already been sold in small quantities. Sales of nearly 6 million were generated from June to December 2023, and sales of IGBT products are expected to increase significantly in 2024. Product application areas include inverter appliances, industrial control, photovoltaics, energy storage, charging piles and new energy vehicles. Due to the long certification cycle for high-end products, it will gradually be extended to high-end fields such as photovoltaics and automotive electronics in the later stages.
According to financial data, the company achieved operating income of 2.06 billion yuan in 2023, an increase of 15.51%; net profit to mother of 219 million yuan, a year-on-year decrease of 39.04%; and net cash flow from operating activities of 935 million yuan, an increase of 177.09% over the previous year. In terms of gross margin, the company's operating revenue for thyristors (chip+device), protective devices (chip+device), and MOSFET (chip+device) was 459 million, 746 million, and 883 million respectively, with gross margins of 49.00%, 35.73%, and 23.78% respectively.
In response to the sharp increase in net cash from operating activities over the same period last year, Zhu Ying, the company's financial director and deputy general manager, said that the main reason was that the holding subsidiary Jiejie Microelectronics (Nantong) Technology Co., Ltd. received a VAT withholding tax refund of 325 million yuan in 2023 and a production capacity guarantee of 100 million yuan from the integrated refund of Xinlian.