[中报]奥特维(688516):无锡奥特维科技股份有限公司2024年半年度报告英文版
原标题:奥特维:无锡奥特维科技股份有限公司2024年半年度报告英文版 2024InterimReport ImportantNotice I.TheBoardofDirectors,BoardofSupervisorsandDirectors,Supervisors,andSeniorManagementoftheCompanyUndertakeThattheInformationinthisReportContainsNoFalseRecord,MisleadingStatementofMaterialOmission,andAssumeIndividualandJointandSeveralLiabilityfortheAuthenticity,AccuracyandCompletenessoftheInformationinThisReport.II.NoticeofMaterialRisks TheCompanyhaselaboratedintheReportonallsortsofrisksthatitmayfaceinoperationsandcountermeasures.Fordetails,pleasereferto“V.RiskFactors”inSectionIII“ManagementDiscussionandAnalysis”. III.AllDirectorsoftheCompanyAttendedtheBoardMeeting. IV.ThisInterimReportisUnaudited. V.Mr.GeZhiyong,theCompany’sChairman,Mr.YinZhe,thePersoninChargeofAccounting,andMr.LiKai,theHeadoftheAccountingDepartment(ChiefAccountant)HerebyWarranttheAuthenticity,Accuracy,andCompletenessoftheFinancialStatementsinthisReport.VI.TheProfitDistributionPlanorthePlanonConvertingCapitalReservestoShareCapitalinThisReportingPeriodAdoptedbytheBoardofDirectors. TheCompanyintendstodistributeatotalcashdividendofRMB270.41Million toallshareholdersattherateofRMB8.6(taxinclusive)per10sharesonthebasisof314,433,169sharesasthetotalcapitalsharefromthedateofthenoticeonconveningtheboardmeeting(August11,2024).TheCompanyplansneithertodistributebonusshares,nortoconvertreservefundintoitssharecapitalpriortotheregistrationdateforshareseligiblefortheplanneddistribution.IntheeventofanychangeintheCompany’stotalsharecapitalstemmingfromdebt-to-equityswap,sharerepurchase,buybackandcancellationofsharesusedforequityincentives,buybackandcancellationofsharesarisingfromreorganizationofmajorassets,etc.,theCompanyplanstoadjustthecashdividendpersharetokeepthetotalamountofdistributionunchanged,andwillannounceseparatelythedetailsoftheadjustment.VII.ExistenceofSuchSignificantEventsasSpecialArrangementsonCorporateGovernance?Applicable√N/A VIII.Forward-LookingStatementsonRisks √Applicable ?N/A Forward-lookingstatementssuchasfutureplansmentionedinthisReportdonotconstituteactualcommitmentsoftheCompanytotheinvestors.Theinvestorsandrelatedpartiesshouldbefullyawareoftherisks. IX.ExistenceofFundOccupied byControllingShareholders andOtherRelatedPartiesforNon-operationalPurposes No X.ExistenceofExternalGuaranteeProvidedinViolationoftheCompany’sDecision-makingProcedures No XI.ExistenceofaCaseWhereMoreThanHalfoftheDirectorsFailtoEnsuretheAuthenticity,Accuracy,andCompletenessofThisInterimReportDisclosedbytheCompanyNo XII.Others √Applicable?N/A In case of any discrepancies between the Chinese version and the report, the Chinese version shall prevail. TableofContents SECTIONIDEFINITIONS..................................................................................................................... 6 SECTIONIICOMPANYPROFILEANDMAJORFINANCIALINDICATORS.........................12 SECTIONIIIMANAGEMENTDISCUSSIONANDANALYSIS....................................................19 SECTIONIVCORPORATEGOVERNANCE....................................................................................63 SECTIONVENVIRONMENTALANDSOCIALRESPONSIBILITIES........................................69 SECTIONVISIGNIFICANTEVENTS................................................................................................72 SECTIONVIICHANGESINSHARESANDPARTICULARSOFSHAREHOLDERS.............114SECTIONVIIIPREFERREDSHARES............................................................................................130. SECTIONIXBONDS...........................................................................................................................131 SECTIONXFINANCIALSTATEMENTS........................................................................................138
InthisReport,unlessthecontextotherwiserequires,thefollowingtermsshallconveythemeaningsassetoutbelow:
I.CompanyProfile
(i)Profileofcorporatestock √Applicable?N/A
?Applicable√N/A V.OtherInformation ?Applicable√N/A VI.MajorAccountingDataandFinancialIndicators (i)Majoraccountingdata
ExplanatorynotesontheCompany’smajoraccountingdataandfinancialindicators√Applicable?N/A 1. Operatingincomeincreasedby75.48%yearonyear,mainlyattributabletosteadygrowthinsalesthankstocontinuousacceptanceinspectionsforordersinhand,continuedcompetitiveedgesofcoreproductsandimprovedoperatingefficiency. 2. Netprofitattributabletoshareholdersofthelistedcompanygained47.19%yearonyear,mainlyattributabletogrowthinnetprofitasaresultofmoreoperatingincome.3. Netprofitattributabletoshareholdersofthelistedcompanyafterdeductionofnon-recurringprofitorlossadded53.70%fromthepreviousyear,mainlyattributabletogrowthinnetprofitasaresultofmoreoperatingincome,andlessnon-recurringprofitorloss. 4. Netcashflowsfromoperatingactivitiessawasharpdeclinefromthepreviousyear,mainlyattributabletothefactthatgrowthinsalesincomeactuallyreceivedwasoutnumberedbytheincreaseinpurchasepaymentsandpayrolls. VII.AccountingDataDifferenceUnderChineseandForeignAccountingStandards?Applicable√N/A VIII.Non-recurringProfitandLossItemsandAmounts √Applicable?N/A
?Applicable√N/A IX.ExplanatoryNotesonPerformanceIndicatorsUnderNon-generallyAcceptedAccountingPrinciples ?Applicable√N/A SectionIIIManagementDiscussionandAnalysis I.IntroductiontotheCompany’sIndustryandMainBusinessintheReportingPeriod (i)Mainbusiness,majorproductsorservices 1.Mainbusiness TheCompanyspecializesinR&D,manufacturingandsalesofhigh-endequipment.Itisanewand high-tech enterprise with independent R&D and sustainable innovation capacity, committing to providingitsclientswithhigh-performanceandcost-effectivehigh-endequipmentandsolutions. 2.Majorproductsandservices TheCompany’sproductsareprimarilyusedinPV,lithium-ionbattery/energystorageindustries andsemiconductorassemblyandtesting.ItsmainproductsconsistofPVequipmentsuchaslarge, ultra-speedPVCellMBBSolderingStringer(includingOBB/BCSolderingStringer),large,ultra-speed WaferInspectionSystem,BCAdhesivePrintingMachine,BCPrintingLine,ScreenPrintingLine,PV CellLightInducedAnnealingFurnace,LowOxygenMonocrystalGrowthFurnace,power/ESSModule, PACKLine,aswellasPVCellCuttingMachineforsemiconductorassemblyandtesting,Aluminum WireBonderandAOIMachine,etc. Moreover,theCompanyalsorefits,upgrades,andprovidessparepartsforitsclients’existing equipment. (ii)Mainbusinessmodel 1.Profit-makingmodel TheCompanymainlymakesaprofitfromincomefromsalesofequipment(mainlyPVequipment, lithium-ionbattery/ESSequipment,semiconductorassemblyandtestingequipmentinthereporting period)andancillaryandsparepartsaswellasequipmenttransformationamongothertechnicalservices, afterdeductionofcostsandexpenses. 2.R&Dmodel Afterunremittingexploration,theCompanycurrentlyhasputinplaceasoundproject-basedR&D model,whichisbrieflysetforthinthefollowingdiagram:TheCompany’sR&DactivitiesinvolveproductR&Dandtechnologicaldevelopment.ProductR&D activities in the Company comprise product planning, product optimization and clientcontract-based independent R&D, R&D for improvement and customization. Technologicaldevelopmentincludesforward-lookingtechnologyR&D(fortechnicalreserveandproofofprinciples,andplatform-baseddevelopmenttargetingmodules/typesthatcanbewidelyapplied.3.Purchasingmodel The Company purchases raw materials in accordance with material requirements planninggeneratedfromthemasterproductionschedule(MPS)thatisformedbasedonsalesorders/preliminaryapplications. AsproductionintheCompanyinvolvesawidevarietyofrawmaterials,theyaredividedintopurchasedpartsandprocessedparts. The Company’s purchasing division is split into the Purchase Strategy Department and thePurchaseImplementationDepartment.Theformerisresponsibleforsupplierdevelopment,management,maintenance,andpricenegotiationwhilethelatteristaskedwithfulfillmentofpurchaseplansandmaterialtracking.TheCompanyhassetupalogisticsdepartmenttotakechargeofthestorage,issue,andreceiptofmaterials. Furthermore,the Company haslaid down suchregulationsand proceduresas procedures forSupplierDevelopmentandApproval,MaterialPlanning,ImplementationofPurchases,AdministrationforMaterialReceipt,andMaterialIssue,toregulateinastrictmannertheimplementationofeverypurchasingprocedure. 4.Productionmodel (1)In-houseproduction Inthereportingperiod,theCompanymanufacturesproductsbasedonbothsalesvolumeandsalesforecast. In general cases,the Companydetermines its purchase plan and production schedule inaccordancewithordersplacedbyclients.Incircumstanceswhereordersfromsomeclientsarelargeandinvolveshortleadtime,givenacertainperiodoftimeisrequiredforpurchase,production,anddeliveryofequipmentproducts,thecompanymay,afterreceiptofapproval,implementsomesortofproductionofrelativelystandardizedproductsbasedonforecastswithanaimtomaintainthecontinuityandscaleofproduction. ThemainprocessofproductionintheCompanyisasfollows:itgeneratestheMPSinaccordancewithordersorforecast-basedapplicationsaswellasproductdeliveryplanningandmaterialsupplyscheduling,andfollowstheMPStoworkoutproductionscheduling,materialrequirementsplanningandoutsourcingplanning;theproductiondepartmentistaskedtofinishinstallation,debugging,inspectionoffinished products and product receipt; at the time of delivery, to make transportation easier, theCompany’sproductsmaybesplitintosmallermoduleswhicharethenassembledandtestedafterarrivalatclientsites. (2)Outsourcing TheCompany’sproductsareprimarilymadebyitself.Toarrangeproductionschedulinginamoreflexible manner, and improve production efficiency, the Company follows the MPS to work outoutsourcingplanning,accordingtowhichpartofworksuchaselectricalassemblyisoutsourcedafterpricecomparisonandotherproceduresarefulfilled. 5.Salesmodel DomesticsalesbytheCompanyareachievedmainlythroughdirectsales,whileoverseassalesarethroughbothdirectsalesanddistribution.TheproceduresofdirectsalesintheCompanymainlycomprise order taking, production, shipment (including customs clearance for exports), on-siteinstallationandcommissioning,equipmentinspectionforacceptance,qualityassurance,etc.Distribution experiences the following procedures. After production, the Company transportsequipmenttothedomesticaddressasstipulatedinthecontract.Thenthedistributoristaskedtofinishcustomsclearanceforexportsandarrangesubsequenttransportation.Afterthearrivalofequipmentatthe client site, the Company is responsible for on-site installation and commissioning, equipmentinspectionforacceptance,andqualityassurance(somedistributorsmayofferassistance).(iii)Industrylandscape 1.Industrialdevelopmentstage,basicfeaturesandmajortechnicalthresholds1.1PVequipmentindustry (1)ThedevelopmentofPVequipmentindustryinrecentyears CountriesacrosstheworldattachgreatimportancetothedevelopmentofthePVindustry,whichisatoppriorityinthetransformationoftheglobalenergymix.ChinahasledtheworldformanyyearsinarowinnewlyinstalledcapacityofPVpower.DatafromChina’sNationalEnergyAdministrationshowthatfromJanuarytoJune2024,China’snewlyinstalledcapacityofPVincreasedby30.7%year-on-yearto102.48GW,andthefigureinJunealoneamountedto23.33GW,upby35.6%yearonyearand22.5%monthonmonth.Despitetheincreasinginstalledcapacity,thePVindustrycurrentlyfacesastarkchallengefromexcesscapacity.ThePVindustryinthefirsthalfof2024presentedamixedpicture.WhilecapacityinthePVsectorcontinuedtoratchetup,relatedproductssufferedpricedeclines.Poly-Siandwaferpriceshaveshedover40%,comparedwithamorethan15%declineincellandmoduleprices.Thevalueofoutput(excludinginverters)acrosstheindustrychaindeclined36.5%fromthepreviousyearwhiletheexportamountdropped35.4%yearonyear.Stillandall,thePVindustryisexpectedtohaveapromisingfutureinthelongrun.Withcontinuingtechnologicaladvancesanddecliningcosts,PVenergywillbewidelypromotedandapplied,anditsleadershipincleanenergysolutionswillbefurthercemented. A.IntroductiontoPVequipmentindustry IncreasedinstalledcapacityinthePVsectorhasledtoproductionexpansionacrosstheindustrychain.Furthermore, continuoustechnologicalprogress inallPV proceduresacceleratesproductioncapacityreplacement.Marketdemandforequipmentderivesfromtheneedforproductionexpansionandreplacement.Since thePV industry facesoverproductionforthetime being, demandforPVequipmentissubduedinsomeway.Whiletechnologicaliterationcantriggernewdemandforequipmentinsomeprocedures,demandforequipmenthasshrunkmoderately,asequipmenttechnologicaliterationfortheaboveequipmentusuallyconsumesalongtime. B.TheeffectoftechnologicaladvancesonthePVequipmentindustry ThedevelopmentofChina’sPVequipmentindustryiscloselyrelatedtotechnologicalprogress.TomakeprogressinthePVindustry,itisalwayscrucialtoimprovephotoelectricconversionefficiencyandcutproductioncosts.In2024,LECO/LIF,whichperformswellinefficiencyimprovement,isuniversallyappliedintheproductionofTOPCON;cell-andmodule-sideSMBB/OBBhavebeenfurtherpromotedandused;anumberofcompanies haverolled outBCcells overtime; perovskiteandperovskitelaminationtechnologyhavegarneredgrowingattention.Newtechnologiesandprocessescanmatureandbepopularizedrapidly.Awell-developednewtechnologyorprocesscanseeincreasingpenetrationinashorttime.Therefore,PVequipmentsuppliersneedtolaunchnewproductsinlinewithprevalenttechnologiesinthePVindustrytomaketechnologicalprogress. (2)TrendsoftechnologicalinnovationinthePVequipmentindustry Improvingphotoelectricconversionefficiencyandcuttingproductioncostsisnotonlyatechnicalpriority,butalsoanapproachtofuturedevelopmentinthePVindustry.Likewise,newproductsshouldbe launched on a continual basis in the PV equipment industry so as to cater to the need fortechnologicaladvancesinthePVindustry.Inyearstocome,technologicalinnovationsinthePVindustrywillbemainlyhallmarkedbythefollowingtrends: A.N-typecellsandcorrespondingequipmentwilldrawmarketattentionovertimeAccordingtotheforecastofCPIAonchangesinaverageconversionefficiencyofcelltechnologiesofallkindsfrom2021to2030,asPERCcells’conversionefficiencycontinuestoimproveanddrawsneartothetheoreticallimit,N-typecelltechnology,whichexcelsinefficiency,willbeprioritizedamongothertechnologies.N-typecellsmainlycompriseTOPConMono-SiCell,HJTCell,andXBCCell. B.Cellprocessingmethodswillco-exist,withPVcellefficiencyequipmentbeingthefocusDuetomarketrequirementsforcostreductionandefficiencyimprovement,newequipmentaimedatefficiencyimprovementwillemergeasPVtechnologycontinuestoevolve.Suchequipmentfailedtoworkunderoutdatedtechnology,whilewithtechnologicaladvancesinthePVindustry,suchequipmentwillstarttoplayaroleinhelpingN-typetechnologybecomemoreefficient,anddemandforsuchequipmentintheindustrywillbeboosted. C.Busbarprintingtechnologywillcontinuetoprogress,andnewprintingtechnologieswillemerge Currently,almostallmetalliccellbusbarsarepreparedthroughscreenprinting,whichwillremainthemainstreamtechniqueintheyearstocome.Busbarmanufacturersandequipmentmakershavebegunprintingandinkjetprinting.Ascostreductionandefficiencyimprovementarepursuedintheindustry,demandformorecompetitivetypeswithhighaspectratiossuchasOBBwillcontinuetopickup,andnewtechnologiestopreparecellbusbarswillemerge. 1.2Lithium-ionbattery/ESSModule/PACKlineindustry Duetotheacceleratedtransformationofrenewableenergyacrosstheworld,ESSpolicies,andabettermarketenvironment,ESSmarketdemandcontinuestoriseglobally.GGIIforecaststhattheshipmentoflithium-ionbatteriesforenergystoragefor2024isexpectedtosurpass240GWh,withelectricalenergystoragetobethelargestdriverfor2024growth.Inthedomesticmarket,theinstalledcapacityofwindandPVpowersustainedahighgrowth.AccordingtodatafromtheNationalEnergyAdministration,China’snewlyinstalledcapacityofwindandPVpowerfromJanuarytoJune2024gained26.5%yearonyearto128.3GW.AsshowninthestatisticsbyChinaEnergyStorageAlliance(CESA),China’snewlyinstalledcapacityofnewtypesofenergystoragefromJanuarytoJune2024hit26.4GWh,upby48.5%yearonyear.Inoverseasmarkets,theUSAacceleratesthepaceofenergystorageprojectsandseesrobustgrowthinlarge-sizedinstallationsthankstotheimprovedeconomicalperformanceandhigherdemandforrenewableenergy. Europeis nowoneofthe fastest-growingmarketsasmanycountrieshaverolledoutsupportpoliciesandafewGWh-levellargeenergystorageprojectsareunderway. 1.3Domesticsemiconductorassemblyandtestingequipmentindustry AccordingtotheSEMIreport,theback-endequipmentsectorisexpectedtorecoverinthesecondhalfof2024followingtwoyearsofcontractionstemmingfromweaksemiconductordemand.Thesalesofsemiconductortestingequipmentin2024areestimatedtoincreaseby7.4%toUSD6.7billion,whilethefigureforassemblyequipmentisprojectedtoriseby10.0%toUSD4.4billion.Additionally,back-endnichemarketsareexpectedtogainmomentumin2025whenthesalesoftestingequipmentandassemblyequipmentwillsurgeby30.3%and34.9%,respectively.Growthinthesenichemarketswillbebolsteredbytheincreasingcomplexityofsemiconductordevicesusedforhigh-performancecomputingaswellasanticipatedrecoveryindemandfromend-usemarketssuchasautomobile,industryandconsumerelectronics.Theglobalsalesofsemiconductormanufacturingequipmentin2024areestimatedtohitUSD109billion,edgingupby3.4%yearonyear.In2024,thesemiconductorassemblyequipmentindustryseesintensifyingcompetitionasthemarketsizegetsbigger.Intheprocess,largeinternationalcompanies,whichnowenjoycompetitiveadvantages,willfacerivalryfromChina’slocalplayers.China’sassemblyequipmentcompaniesarestillreliantonimportsformanufacturingequipmentsuchasbonders,cutters,diebondersandAOI,sotheimportedequipmentremainstobereplacedbydomesticproducts. 2.AnalysisoftheCompany’sindustrypositionanditschanges 1.MarketpositionoftheCompany’sPVequipmentproducts TheCompanyisanichemarketleaderinthePVequipmentindustry.Itsmajorproductsinthereporting period comprised the large, ultra-speed PV Cell MBB Soldering Stringers, the large,ultra-speedWaferInspectionSystem,theScreenPrintingLine,theLaser-assistedFiringFurnace,theBCAdhesivePrintingMachine,theBCPrintingLine,thePVCellLightInducedAnnealingFurnace,the Low Oxygen Monocrystal Growth Furnace among other PV equipment. Among them, large,ultra-speedPVCellSolderingStringerandWaferInspectionSystem,twoflagshipproducts,boastremarkable competitive advantages in separate niche markets, Low Oxygen Monocrystal GrowthFurnacebeginstostandoutinmarketcompetition,andScreenPrintingLinesecuresanincreasingmarketshare. (1)MarketpositionoftheCompany’sSolderingStringer SolderingstringerisanessentialpieceofequipmentintheproductionofPVmodules.Withamarketshareofover60%,theCompanyisamarketleaderthathassuppliedsolderingstringersformorethan600productionbasesacrosstheworld.AlltheglobaltoptensuppliersofPVmodulesweretheCompany’sclientsinthereportingperiod. (2)MarketpositionoftheCompany’sWaferInspectionSystem Tosatisfythevariedneedsofclients,theCompanyneverceasestopursueinnovationinitsWaferInspectionSystem,whoseoutstandingperformanceisrecognizedbyclientsacrosstheworld.AllmajorwafermanufacturersgloballysuchasLONGi,GokinSolarandHYSolarbuywaferinspectionsystems2.MarketpositionoftheCompany’sLithium-ionbattery/ESSModule/PACKLineTheCompany’smodule/PACKlineforlithium-ionbatteryenergystoragehasbeenboughtbyCRRCZhuzhouInstitute,HyperStrong,Highstar(US),etc. 3.MarketpositionoftheCompany’ssemiconductorassemblyandtestingequipmentAsforAluminumWireBonderandAOI,inthefirsthalfof2024,theCompanycontinuedtoreceivebulkorders,andsawaremarkableriseinordersandincreasingrepeatedpurchases.3.Developmentofnewtechnologies,sectors,businesstypes,andmodelsinthereportingperiodandfuturetrends 3.1Newtechnologies AgainstthebackdropofacceleratingadvancesinthePVcelltechnology,theCompanyprioritizesthe development of OBB and BC techniques forN-type cells as well as the laser-assisted firingtechniquethatcanhelpimproveconversionefficiency.TheapplicationofsuchtechniqueshaspavedasolidtechnicalfoundationfortheCompanytodevelopnewproducts. 3.2Developmentofnewsectors,businesstypesandmodels,andfuturetrendsAftermorethanadecadeofdevelopment,thePVindustryhasemergedasoneofthefewstrategicindustriesthatboastinternationalcompetitiveadvantagesandend-to-endautonomouscontrol,andwillhopefullyleadthehigh-qualitydevelopmentdrive.Furthermore,thesectorplaysanimportantroleinacceleratingChina’senergytransformation.China’sPVindustrycurrentlyranksamongthetopintheworldintermsofmanufacturingscale,industrializationtechnology,applicationexpansion,andbuildingofindustrialsystems. Asforproductefficiency,theconversionefficiencyofprevalentN-typecellshastopped25.0%.Withthereductioninproductioncostsandyieldenhancementinthefuture,theN-typecelltechnologywillbeprioritizedamongothertechnologies,andefficiencywillbeimprovedrapidly.Inregardtotechnicalroutes,thetechnologyaimedatminimizing/stoppingtheuseofsilverpastewill be further promoted, and the lab efficiency of perovskite/perovskite laminated cells will beimproved. II.CoreTechnologyandR&DProgress 1.Coretechnologiesandtheiradvancednature,andchangesinthereportingperiodThe Company, an R&D-driven company, has channeled enormous resources into R&D on acontinual basis to put in place an R&D system, which is composed of four core fundamentaltechnologiesandeightcoreappliedtechnologies.ThesetechnologiesareappliedtomakeseveralcoreproductsintheCompany’smainbusiness,helpingshapethesystemofitscoreproductsonPVwafers,cells,andmodules.Tokeepitscoretechnologiesadvanced,theCompanyworksunremittinglytofollowtechnological dynamics across such industry chains as PV, electrochemical energy storage, andsemiconductor assembly and testing, and focus on new technologies in downstream applicationindustries. After years of continuous R&D inputand technology accumulation, the Company hasestablishedcoretechnologysystemsonseriesweldingforPVmodules,lasercutting,PVcellprocessing,precisioninspectionforwafers,Mono-Siingotgrowth,lithium-ionbattery/ESSmoduleassembly,visualinspectionforcell,semi-conductorwirebondingtechnology,etc.TheCompany’scoretechnologiesaresetoutinthefollowingtable:
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