According to Mams Consulting, Jiangsu Zhuosheng Microelectronics Co., Ltd. (referred to as: Zhuosheng Micro) recently held an investor relations event. The company’s chairman and general manager Xu Zhihan and other senior executives participated in the exchange. The details are as follows:
1. Briefly introduce the company’s operating performance in 2023 and the first quarter of 2024
In 2023, the radio frequency front-end industry experienced customer inventory backlog and shrinking demand in the early stage. Later, it was affected by factors such as improved inventory conditions, holiday consumption stimulation, and the continuous emergence of new Android phones. The company's operating performance improved significantly in the second half of the year.
In 2023, Zhuoshengwei achieved operating income of 4.378 billion yuan, a year-on-year increase of 19.05%; net profit attributable to shareholders of listed companies was 1.122 billion yuan, a year-on-year increase of 4.95%. The impact of share-based payment expenses on net profit in 2023 totals 33.5 million yuan. The overall gross profit margin in 2023 was 46.45%, a year-on-year decrease of 6.46%, mainly due to the construction of Xinzhuo production lines, changes in product structure, and market competition for homogeneous products. At the same time, benefiting from the large-scale mass production of self-built production lines, Zhuosheng Micro's demand for high-end modules has steadily increased, and the sales proportion of module products has increased from 30.42% in the previous year to 36.34% in 2023.
In the first quarter of 2024, Zhuosheng Micro achieved operating income of 1.19 billion yuan, a year-on-year increase of 67.16%; net profit attributable to the parent company was 198 million yuan, a year-on-year increase of 69.83%. The impact of share-based payment expenses on net profit in the first quarter totaled 12.99 million yuan. The gross profit margin was 42.77%, and the gross profit margin remained basically stable quarter-on-quarter.
In terms of self-built production lines, Zhuosheng Micro 's biggest gain in 2023 is the progress in filter products. The 6-inch filter production line has developed from basically zero shipments at the beginning of 2023 to full production at the end of the year. At the same time, the company launched The performance of high-end filter products can reach the level of BAW and FBAR in applications below sub-3GHz, and its market progress has exceeded the company's expectations. At the same time, the company's 12-inch IPD platform has officially entered the mass production stage. L-PAMiF, LFEM and other related module products integrating self-produced IPD filters have been verified by many clients and have been mass-produced and shipped. On the basis of building 12-inch wafer manufacturing capabilities, the company is committed to achieving differentiated layout and reflecting competitive advantages.
