Smartsens Technology (Shanghai) (688213)2025-04-18 13:05Dividend Distribution - The company plans to distribute a cash dividend of 0.15 yuan per share (including tax) to all shareholders based on the total share capital registered on the dividend distribution date[7]. - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profit to be distributed in cash if the net profit is positive[195]. - The company plans to distribute a cash dividend of 0.15 CNY per share, totaling 60,195,705.00 CNY (including tax), which represents 15.33% of the net profit attributable to shareholders[195]. - The cumulative cash dividend amount over the last three accounting years is 126,108,771.12 CNY, with a cash dividend ratio of 71.82%[200]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits during the reporting period[197]. Shareholding and Governance - As of the end of the reporting period, the actual controller Xu Chen directly held 13.72% of the company's shares, controlling 48.16% of the voting rights through special voting rights arrangements[9]. - The company has set up a special voting rights arrangement, where each A-class share held by Xu Chen has five times the voting power of B-class shares[8]. - The company has established a governance structure with differential voting rights[8]. - The total number of shares held by the chairman and general manager, Xu Chen, remained unchanged at 54,828,443 shares, with a pre-tax compensation of 365.56 million CNY[170]. - The total number of shares held by the deputy general manager and core technical personnel, Mo Yaowu, remained unchanged at 23,968,856 shares, with a pre-tax compensation of 207.59 million CNY[171]. - The total compensation for all directors and senior management personnel amounted to 1,112.81 million CNY, with a total of 95,202,097 shares held[171]. - The company has a governance structure that is not applicable to red-chip architecture[169]. - Xu Chen has been serving as chairman and general manager since April 2017, with a background in electronic engineering and a PhD from Hong Kong University of Science and Technology[171]. - The company has a total of 7 directors and supervisors, with varying backgrounds in technology and finance[170]. - The independent directors, Xu Jun and Shi Haina, each received a pre-tax compensation of 9.60 million CNY[170]. - The company has not reported any changes in shareholding for independent directors during the reporting period[170]. - The average age of the board members is approximately 54 years, indicating a mix of experience and youth in leadership[170]. - The company is focused on maintaining a stable governance structure while ensuring the expertise of its management team[169]. Financial Performance - The company's revenue for 2024 reached CNY 5,968,147,934.08, representing a year-on-year increase of 108.87%[25]. - The net profit attributable to shareholders for 2024 was CNY 392,738,925.26, a significant increase of 2,662.76% compared to the previous year[25]. - The basic earnings per share for 2024 was CNY 0.98, up 2,350.00% from CNY 0.04 in 2023[26]. - The company's revenue for the fourth quarter of 2024 was approximately 1.76 billion yuan, showing a consistent upward trend throughout the year[30]. - The net profit attributable to shareholders for the fourth quarter was 119.50 million yuan, with a significant contribution from core business operations[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 391,418,816.53, a substantial increase from CNY 607,391.17 in 2023[25]. - The company's operating revenue reached CNY 5,968,147,934.08, a year-on-year increase of 108.87%[110]. - The net profit attributable to shareholders of the listed company was 39,273.89 million yuan, significantly rising from the previous year[109]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 39,141.88 million yuan, showing a substantial increase year-on-year[109]. Research and Development - The company’s R&D expenditure as a percentage of revenue decreased to 7.50% in 2024 from 10.01% in 2023[26]. - The company achieved a total R&D investment of ¥447.40 million in the current year, representing a significant increase of 56.35% compared to ¥286.15 million in the previous year[83]. - The total R&D investment accounted for 7.50% of the operating revenue, a decrease of 2.51 percentage points from 10.01% in the previous year[83]. - The company applied for 197 new intellectual property projects during the reporting period, including 81 invention patents, and received authorization for 65 projects, with 31 being invention patents[81]. - Cumulative authorized patents reached 464, including 96 overseas patents, as of December 31, 2024[81]. - The company has been recognized as a "Single Champion Demonstration Enterprise" in 2022 for its image sensor chips[80]. - The company is currently developing the second-generation LED flicker suppression technology and the AI-based intelligent sensor platform[79]. - The company is focusing on enhancing the performance and competitiveness of its automotive-grade CIS products, aiming for high cost-performance ratios[88]. - The company is committed to producing competitive domestic products across various sectors, including machine vision and medical applications[88]. - The company has introduced multiple generations of BSI and FSI sensors, with production volumes reaching up to 15,000 units[88]. Market Position and Strategy - The company has become a leading supplier of CMOS image sensors in smart security, smartphones, and automotive electronics, ranking first in global security CIS shipments from 2020 to 2023[143]. - The company is positioned to benefit from the ongoing recovery in the smartphone market, with a projected 2.4% year-over-year growth in global smartphone shipments in Q4 2024[145]. - The company is actively participating in the semiconductor sector through its board positions in related companies, reflecting its commitment to innovation[177]. - The company has a significant presence in the robotics and smart technology sectors, indicating a focus on future-oriented technologies[175]. - The company is exploring strategic acquisitions to enhance its product portfolio, with a target of completing at least one acquisition by the end of 2024[173]. - The company aims to expand its product application areas, currently focusing on three major revenue matrices: smartphones, smart security, and automotive electronics[100]. - The company anticipates that domestic revenue will account for 67.16% of total revenue in 2024, driven by deepening cooperation with domestic clients[106]. - The company is focused on brand building and marketing promotion to enhance brand awareness and maintain its leading position in a competitive market[151]. Risks and Challenges - The company faces risks related to rapid technology iteration and potential R&D failures, which could impact its market competitiveness[98]. - The company operates under a Fabless model, relying on external foundries for production, which poses risks related to supply chain stability and cost fluctuations[99]. - The company faces risks related to high customer concentration, which could negatively impact sales if major clients experience operational disruptions[100]. - There is a risk of not maintaining high growth rates due to fluctuations in upstream supply and downstream demand affecting revenue and profitability[101]. - Inventory write-down risks may increase if market demand changes or competition intensifies, potentially leading to unsold products[102]. - The company is exposed to foreign exchange risks due to overseas sales and purchases, particularly with fluctuations in the RMB/USD exchange rate[103]. - The company has obtained a high-tech enterprise certificate, allowing it to enjoy a reduced corporate income tax rate of 15% for three years, but future changes in tax policies could impact profitability[103]. Internal Control and Compliance - The company has implemented a strict information disclosure management system to ensure compliance with legal obligations and protect investor interests[166]. - The company has committed to enhancing internal control systems to prevent management from harming the interests of the company and public investors[165]. - The company has established an investor relations management system to facilitate communication and ensure transparency with investors[166]. - The company has not reported any risk findings during the reporting period[190]. - The company has not faced any penalties from securities regulatory agencies in the past three years[182]. Employee and Management - The company reported a significant increase in R&D personnel, growing from 343 to 500, representing a 45.77% increase[90]. - The total number of employees in the parent company and major subsidiaries is 1,113, with 500 technical personnel[191]. - Employee headcount increased by 10% to support growth initiatives, with a focus on hiring in the technology and sales departments[172]. - The company has a dedicated R&D team of 500 members, with 277 holding master's degrees or higher[93]. - The average salary for R&D personnel decreased slightly from ¥50.91 million to ¥48.04 million[90]. - The company has established a remuneration management system for directors, supervisors, and senior management, detailing standards and adjustments[180].