Xinxing announced that its net profit after tax attributable to the parent company in the fourth quarter of 2023 rebounded to 290.6 billion yuan, earnings per share (EPS) 191 yuan, benefiting from the jump in non-industry income to make up for the decline in profit of the industry; Net profit after tax for the year was 119800 million yuan, an annual decrease of 5955%, earnings per share (EPS) 788 yuan, the third highest in history, the board of directors passed the dividend distribution proposal, and decided to distribute a cash dividend of 3 yuan per share.
Xinxing's total revenue for the fourth quarter of 2023 was 2568.9 billion yuan, down 323%, down 2998%, the third highest in history; Operating profit 13900 million yuan, down 3869%, an annual decrease of 8551%, a new low in the past 11 quarters, benefiting from a jump in non-industry income and capital injection, and a net profit attributable to the parent company after tax of 290.6 billion yuan, a quarterly increase of 1227%, down 605%, the third highest on record, and earnings per share (EPS) of 191 yuan.
Xinxing's total revenue in 2023 is 10403.6 billion yuan, down 25 percent year-on-year95%；Operating profit 891.9 billion yuan, down 76 percent year-on-year63%, the third highest in history, benefited from a jump of nearly 291 times, 66A new high capital injection of 5.5 billion yuan, with an after-tax net profit attributable to the parent company of 119800 million yuan, an annual decrease of 5955%, earnings per share (EPS) 788 yuan, the third highest in history.
Observing the performance of Xinxing's profit "double rate", the gross profit margin and operating profit margin in the fourth quarter of 2023 "both declined" to .41%, a new low in the past 11 quarters and 3 years, as for the annual gross profit margin of 1951% and operating margin 857% compared to the previous year17% plummeted, hitting a new low in the past three years.
The board of directors of Xinxing passed the dividend distribution proposal and resolved to distribute a cash dividend of 3 yuan per share, a new low in the past three years, and the surplus distribution ratio was about 3807%, maintaining the level of 37-40% in recent years, and if calculated at today's flat price of 188 yuan, the cash yield is about 16%, and is expected to hold an ordinary meeting of shareholders on May 31.
At the same time, the board of directors of Xinxing resolved to increase the capital budget for 2024 from 17.3 billion yuan to about 24.2 billion yuan, an increase of about 6.9 billion yuan, including about 22 billion yuan of capital budget deferred from 2022 to 2023300 million yuan, and the purchase order amount of long-term equipment entering the machine in 2025 is about 500 million yuan.
Da Mo said that Xinxing's profit decline indicates that the capacity utilization rate is insufficient, as well as the fierce competition between ABF substrate suppliers, and it seems that the capacity utilization rate may show some recovery in the second quarter, and it was previously mentioned that Xinxing has obtained the qualification of NVIDIA B100 ABF substrate suppliers, but the follow-up found that orders have not yet been placed, so the original estimate of Xinxing's 20-30% ** business proportion was revised.
First picture**: Xinxing).