SMEI(SZ:300456)2025-03-19 14:55Financial Performance - In 2024, the company reported a net loss, primarily due to the ongoing ramp-up of its Beijing MEMS production line (Beijing FAB3), which led to increased operational expenses and depreciation, offsetting profits from the Swedish production line [4]. - The company's operating revenue for 2024 was CNY 1,204,715,636.91, a decrease of 7.31% compared to CNY 1,299,682,668.54 in 2023 [30]. - The net profit attributable to shareholders for 2024 was CNY -169,994,109.70, representing a decline of 264.07% from CNY 103,613,168.56 in 2023 [30]. - The gross margin for the year was reported at 40%, an improvement from 35% in the previous year [24]. - The company reported a basic earnings per share of CNY -0.2322 for 2024, a decrease of 263.98% from CNY 0.1416 in 2023 [30]. - The company achieved operating revenue of 1,204.72 million yuan, a decrease of 7.31% compared to the previous year [85]. - The net profit attributable to shareholders was -169.99 million yuan, a significant decline of 264.07% year-on-year [85]. - The company reported a significant increase in cash flow from operating activities in the second quarter of 2024, amounting to CNY 173,692,479.91 [32]. Research and Development - R&D expenses increased from 357 million RMB in the previous year to 455 million RMB, maintaining a high investment intensity [4]. - R&D expenses as a percentage of revenue were 44.01%, 27.44%, and 37.75% for the years 2022, 2023, and 2024 respectively, indicating a high commitment to innovation despite potential risks [8]. - The company has invested RMB 200 million in new technology development, focusing on advanced semiconductor materials [24]. - The company reported R&D investment of approximately ¥454.83 million in 2024, representing 37.75% of its operating revenue, a significant increase from 27.44% in 2023 [112]. - The company is focusing on the development of new technologies, such as GaN transistors and MEMS devices, to enhance its product offerings [125]. - The company has filed multiple patents, including 138 new patents in various technology areas, indicating a strong focus on innovation and R&D [119]. Market Trends and Opportunities - The MEMS industry remains in a high-growth phase, with no signs of overcapacity or significant decline, suggesting long-term competitive advantages for the company [5]. - The global semiconductor market is projected to grow by 19.1% in 2024, reaching a sales scale of USD 627.6 billion [40]. - The global MEMS market size is forecasted to rise from $14.6 billion in 2023 to $20 billion by 2029, with a CAGR of 5% [42]. - The MEMS industry is projected to see a rapid expansion in pure MEMS foundry services, reflecting a shift towards outsourcing and specialization in manufacturing [173]. - The company is positioned to leverage the expanding market opportunities in the MEMS sector, supported by a robust policy environment and growing application needs [46]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares [13]. - The company is expanding its MEMS foundry capacity in response to growing market demand, but faces uncertainties due to difficulties in technology transfer from Sweden [10]. - The company is expanding its market presence in Europe, targeting a 30% increase in market share within the next two years [24]. - A strategic acquisition of a semiconductor technology firm was completed, expected to enhance R&D capabilities and product offerings [24]. - The company is actively pursuing mergers and acquisitions to enhance efficiency in its industry chain and business expansion [179]. Operational Challenges - The company faces risks from international political and economic fluctuations, which could impact its operations and financial performance due to its significant foreign revenue exposure [6]. - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the past three years [30]. - The construction of the 8-inch MEMS foundry line is facing risks of underutilization due to difficulties in technology transfer from Sweden's Silex and uncertainties in market demand [186]. - The MEMS advanced packaging testing project may experience short-term underutilization of new capacity as the transition from potential to actual customers is uncertain [187]. Sustainability and Governance - The management highlighted a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2025 [24]. - The company is committed to enhancing shareholder value through sustainable growth and profitability initiatives [125]. - The company has strengthened its internal control systems and governance structure to ensure compliance with relevant laws and regulations [199]. - The company is focused on sustainable long-term development, contributing to market stability and investor confidence [196]. Customer and Market Engagement - User data indicates an increase in active users by 25% compared to the previous year, reaching a total of 500,000 users [24]. - The company has a strong customer base in the MEMS sector, serving both large enterprises and innovative startups across various industries, including communication, biomedical, and consumer electronics [81]. - The company’s top five customers accounted for 37.14% of total annual sales, with the largest customer contributing 11.45% [105]. Financial Management - The company has obtained multiple patents in 2024, including a method for wafer cavity preparation and a method for preparing polycrystalline silicon films [124]. - The company is emphasizing prudent management of raised funds to ensure project quality and cost efficiency, resulting in interest income from fund deposits [160]. - The total investment amount for the reporting period was ¥611,420,297.35, a decrease of 45.65% compared to the previous year's investment of ¥1,124,917,647.94 [138].