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被“质疑”分红比例偏低 士兰微:做半导体非常辛苦,预计Q2扣非净利会进一步好转|直击业绩会

“Questioned” that the dividend ratio is too low Silan Wei: It's very hard work to be a semiconductor, and it is expected that Q2 deducts non-net profit will improve further | Direct impact on performance

cls.cn ·  May 14 20:55

① In 2023, Silan Micro's net loss was 35.785,800 yuan, the first loss since listing; ② According to reports, the company's 6 inch and 8 inch production lines were basically full in April, and the company's silicon carbide orders are currently being delivered by customers; ③ Silan Wei said that as revenue continues to grow, it is expected that Q2 deducted non-net profit will improve further.

Financial Services Association, May 14 (Reporter Wang Bin) “As an individual investor, I have confidence in Silanwei's development. However, there are some different voices on the Internet. What do you think of the online article “Silanwei's 'Golden Body' Was Broken, Hangzhou Regal Chen Xiangdong Faces Challenges”?” At the Silanwei (600460.SH) 2023 and 2024 first quarter results and cash dividend briefing held this afternoon, some investors “asked” Chen Xiangdong, Chairman of Silanwei.

“I haven't read this post!” Chen Xiangdong answered.

According to financial data, in 2023, Silanwei achieved net profit of 35.785,800 yuan, which was the first time since listing in March 2003 that it recorded a loss in net profit to mother. In terms of dividends, the company will not distribute cash profits in 2023, nor will it transfer capital from the Capital Provident Fund to increase share capital or other forms of distribution.

“May I ask your company: It has been listed for more than 20 years, raised more than 9 billion dollars, and distributed 500 to 600 million yuan in dividends. Is this your practice and action of Silan Micro in return to investors?” At the results meeting, an investor “questioned” Silan's low micro-dividend ratio. In response, Chen Xiangdong said, “It's still very hard work to make semiconductors.”

Silanwei continued to lose money in the first quarter of this year. Specifically, Q1's revenue increased 19.3% year on year to 2,465 billion yuan, and net profit to mother was -015 million yuan, which changed from profit to loss year over year; net cash flow from operating activities was -112 million yuan, an improvement over the previous year. When asked if Q2 performance could be improved, Chen Xiangdong said that the company's revenue growth in the first quarter mainly came from IPM modules, PIM modules, etc., and others were generally stable; as revenue continued to grow, it is expected that net profit after deduction will improve further.

A CIFA reporter learned that Silanwei's business plan for this year includes achieving total revenue of about 12 billion yuan, an increase of about 28% over the previous year. Judging from the first quarter results, the proportion of total planned revenue for the full year completed in Q1 was 20.54%.

In response to current orders and production capacity utilization, Zheng Shaobo, general manager of Silanwei, explained that currently the company's silicon carbide orders are being delivered by customers. It is estimated that more than 8,000 silicon carbide main drive modules will be loaded in a single month in May and 20,000 units in a single month in June; in April, the company's 6 inch and 8 inch production lines were basically full, with a capacity utilization rate of about 80% for 5 inch and 12 inch.

Referring to the progress of the company's SIC business and next business plan, Zheng Shaobo said that currently SIC continues to be at full production, mainly 6 inches of bright gallium. About 5 car companies have already used Silan SIC modules; the company has already established a production capacity of 9,000 pieces/month, and is planning to further expand production and consider 12 inches.

There are also “concerns” that San'an Optoelectronics (600703.SH) 8-inch silicon carbide products will increase in volume. Can Silanwei maintain competition? Chen Xiangdong replied, “Our SIC module must continue to take the lead!”

As far as overseas strategy is concerned, Silanwei said that the company's power semiconductors and products related to automobile drivers have been accepted overseas, but Silanwei's international business account is relatively low, so the overall impact of the international trade war on Silanwei is small.

Zheng Shaobo mentioned that at present, import substitution has entered the normalization stage, and subsequent competition is mainly based on the companies' own R&D improvement capabilities, quality control capabilities, and product innovation capabilities. Silanwei will continue to invest and develop in the fields of automobiles, new energy, white electricity, industry, communications, power electronics, etc. according to the established strategy.

The translation is provided by third-party software.


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