SICC CO.(688234)2025-03-27 12:50Financial Performance - The company achieved total operating revenue of CNY 1.768 billion in 2024, an increase of 41.37% compared to the previous year[22]. - The net profit attributable to shareholders reached CNY 179 million, recovering from a loss of CNY 45.72 million in 2023[22]. - The basic and diluted earnings per share for 2024 were CNY 0.42, a significant improvement from a loss of CNY 0.11 per share in 2023[21]. - The net cash flow from operating activities increased by 407.49% to CNY 65.93 million in 2024[22]. - The company's weighted average return on equity rose to 3.37%, an increase of 4.24 percentage points from the previous year[21]. - The total assets of the company at the end of 2024 were CNY 7.357 billion, reflecting a 6.44% increase from the previous year[22]. - The net assets attributable to shareholders increased by 1.65% to CNY 5.313 billion at the end of 2024[22]. - The company successfully turned around its performance, achieving a net profit after excluding non-recurring items of CNY 156 million in 2024[22]. Research and Development - Research and development expenses accounted for 8.02% of operating revenue, a decrease of 2.95 percentage points compared to 2023[21]. - The company is focused on enhancing R&D innovation and technical competitiveness, leading to a significant increase in revenue compared to the previous year[23]. - Research and development expenses for 2024 amounted to 142 million yuan, a 3.38% increase from 2023, focusing on core technology and product development[38]. - The R&D team comprises nearly 50% of personnel with doctoral or master's degrees, supporting technological innovation and product iteration[110]. - The company has developed a structured R&D process that involves project management and collaboration with industry participants to drive innovation and meet market demands[48]. Market Expansion and Strategy - The company aims to become a globally recognized semiconductor materials company, focusing on long-term strategic goals and market expansion[33]. - The company is actively expanding into new application areas for silicon carbide substrates, with ongoing developments in 6-inch, 8-inch, and 12-inch substrates[33]. - The company has established business cooperation with over half of the top ten power semiconductor device manufacturers globally, enhancing its market presence[36]. - The company is positioned to benefit from the growing demand for more efficient power semiconductor devices driven by the renewable energy and AI technology revolutions[44]. - The company is committed to sustainable innovation through a forward-looking R&D strategy, building technological barriers in the silicon carbide sector[95]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company has not implemented any special arrangements for corporate governance[7]. - The company has not reported any changes in shareholding for the current board members during the reporting period[177]. - The company held 10 board meetings and 9 supervisory meetings during the reporting period, ensuring compliance with governance regulations[173]. - The total remuneration for the board members and senior management during the reporting period amounted to CNY 1,285.53 million[178]. Production and Quality Control - The production of silicon carbide substrates reached 410,200 pieces in 2024, representing a growth of 56.56% compared to 2023[35]. - The company has developed a comprehensive technology system covering all key production processes for SiC substrates, achieving international standards in product defect control and cost optimization[64]. - The company has implemented a comprehensive production control plan to ensure product quality, including procedures for handling non-conforming products and root cause analysis[52]. - The company’s silicon carbide substrates have achieved near-zero micropipe defects, with low dislocation densities, ensuring high-quality product delivery[103]. - The company has developed proprietary technologies covering all stages of silicon carbide substrate production, including equipment design and material quality characterization[71]. Future Outlook - The company aims to enhance its production capacity and product quality while expanding its product range to meet global customer demands[42]. - The company plans to strengthen R&D capabilities, focusing on material performance and crystal growth methods, to maintain its technological leadership in the silicon carbide industry[157]. - The company plans to enhance production capacity for silicon carbide substrates, with a focus on its Jinan and Shanghai factories, and establish new overseas production facilities[165]. - The company is expected to implement a three-year shareholder dividend return plan from 2024 to 2026[193]. - The company plans to conduct foreign exchange derivative trading business[193].