Hanbo Semiconductor (688081) R&D Investment and Sustainability Analysis

According to the actual financial data analysis [0], there is a certain deviation in the “R&D investment ratio exceeding 80%” mentioned by users. The following is a detailed analysis:

Year	R&D Expenses (in millions of yuan)	Percentage of Revenue	Revenue (in millions of yuan)
2024	35.64	23.3%	152.99
2023	32.07	21.5%	149.44
2022	38.52	26.8%	143.51
2021	38.08	24.3%	156.65

• R&D expenses are basically maintained in the range of 32-39 million yuan
• The proportion of revenue is stable between 21% and 27%
• After reaching a peak of 26.8% in 2022, it showed a downward trend

1. Moderate R&D Investment Intensity
   : A R&D investment ratio of about 23% is a reasonable level in the semiconductor design industry, which not only ensures technical competitiveness but also does not overconsume resources.

2. Healthy Financial Condition
   :
   • Debt ratio is only 27.19%, debt-to-equity ratio is 0.37 [0]
   • Sufficient cash reserves (116 million yuan), short-term debt is controllable (70.06 million yuan)
   • Liquidity ratio is 2.37, financial risk is low

3. Continuous Technical Accumulation
   : Continuous R&D investment is conducive to technical accumulation and product iteration

1. Continuous Loss Problem
   :
   • Net loss of 80.66 million yuan in 2024 [0]
   • Net profit margin: -52.72%, operating profit margin: -56.90%
   • Has been in losses for four consecutive years, with cumulative losses exceeding 275 million yuan

2. Weak Revenue Growth
   :
   • Revenue growth rate in 2024 was only 2.38% [0]
   • Revenue scale is stagnant, fluctuating around 150 million yuan

3. Valuation Seriously Deviated from Intrinsic Value
   :
   • Current stock price: 36.08 yuan
   • DCF intrinsic value: 3.30-3.63 yuan [0]
   • Market valuation is about 900% higher than the intrinsic value

4. Downward Trend in R&D Conversion Efficiency
   :
   • The proportion of R&D expenses decreased from 26.8% in 2022 to 23.3% in 2024
   • Indicating that the output efficiency of R&D investment may be decreasing

1. Short-term (1-2 years)
   : Due to continuous losses and stagnant revenue growth, R&D conversion is difficult to take effect quickly. The company needs time to convert technical accumulation into commercial revenue.

2. Mid-term (3-5 years)
   : Depends on the semiconductor industry’s prosperity and the company’s product commercialization process. The current valuation is too high and needs actual performance support.

3. Key Observation Indicators
   :
   • Whether the revenue growth rate can break through the current stagnant state
   • Whether the gross profit margin can be improved (currently may be in a loss state)
   • Comparison between the growth rate of R&D expenses and revenue
   • Progress of new product launches and market expansion

: The current stock price has a huge premium over the DCF intrinsic value, so caution is advised. Unless the company can prove that its R&D investment can be converted into actual revenue growth, the high R&D investment model is unsustainable.

Chart Description: The above chart shows Hanbo Semiconductor’s 2024 stock price trend, comparison between revenue and R&D expenses, trend of R&D investment ratio, and changes in net profit, which comprehensively reflects the company’s financial status and R&D investment situation.

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[0] Jinling AI Financial Database - Hanbo Semiconductor (688081.SS) real-time quotes, company overview, financial analysis, DCF valuation and historical price data