Financial Performance - The company's revenue increased by 24.8% from RMB 463.9 million in 2023 to RMB 578.8 million in 2024, driven by optimized semi-automated chip design methods and continuous introduction of new industrial products [3]. - Gross profit increased by 19.4% from RMB 257.1 million in 2023 to RMB 306.9 million in 2024, with a slight decrease in gross margin from 55.4% to 53.0% [5]. - Profit before tax surged by 52.0% from RMB 109.2 million in 2023 to RMB 166.0 million in 2024, mainly due to the substantial increase in sales revenue [6]. - Net profit rose by 52.6% from RMB 109.2 million in 2023 to RMB 166.6 million in 2024, attributed to the significant increase in revenue during the reporting period [6]. - Basic earnings per share increased to RMB 2.777 from RMB 2.424 in 2023, representing a growth of 14.6% [40]. - The company reported a pre-tax profit of RMB 165,960,000 for 2024, up 52% from RMB 109,158,000 in 2023 [37]. - Annual profit rose by 52.6% from RMB 109.2 million for the year ending December 31, 2023, to RMB 166.6 million for the year ending December 31, 2024, attributed to substantial revenue growth during the reporting period [86]. Revenue Breakdown - Revenue from customer contracts for simulation IC pattern wafers was RMB 572,428,000 in 2024, an increase of 23.4% from RMB 463,881,000 in 2023 [24]. - Revenue from power management products rose by 24.3% from RMB 408.3 million in 2023 to RMB 507.7 million in 2024, driven by new product launches and increased customer demand [70]. - Revenue from signal chain products increased by 16.5% from RMB 55.6 million in 2023 to RMB 64.7 million in 2024, benefiting from new product introductions and downstream demand recovery [70]. - Direct sales revenue surged by 90.4% from RMB 58.2 million in 2023 to RMB 110.9 million in 2024, attributed to the expansion of new direct customers [71]. - Total revenue from major customers A, B, and C for 2024 was RMB 522,799,000, representing a 24% increase from RMB 405,495,000 in 2023 [28]. Expenses and Costs - The cost of sales rose by 31.5% from RMB 206.8 million in 2023 to RMB 271.9 million in 2024, primarily due to a significant increase in sales revenue [4]. - Research and development expenses grew by 8.5% from RMB 119.1 million in 2023 to RMB 129.2 million in 2024, reflecting the company's expanding business scale and continuous improvement in profitability [6]. - Administrative expenses increased by 21.3% from RMB 26.1 million for the year ending December 31, 2023, to RMB 31.7 million for the year ending December 31, 2024 [80]. - The company's total interest expenses rose to RMB 7,990,000 in 2024 from RMB 4,269,000 in 2023, reflecting an increase of 87% [30]. - Financing costs surged by 87.2% from RMB 4.3 million for the year ending December 31, 2023, to RMB 8.0 million for the year ending December 31, 2024, primarily due to increased interest on short-term bank loans [82]. Cash Flow and Assets - The net cash generated from operating activities for 2024 was RMB 13,561,000, a decrease of 55.3% compared to RMB 30,277,000 in 2023 [15]. - The total cash and cash equivalents at the end of 2024 were RMB 636,020,000, up from RMB 550,838,000 at the end of 2023, representing an increase of 15.4% [15]. - Current assets increased from RMB 1,166.319 million in 2023 to RMB 1,450.973 million in 2024, indicating a strong liquidity position [11]. - The company's equity increased from RMB 838.229 million in 2023 to RMB 1,005.004 million in 2024, reflecting improved financial health [12]. - The total outstanding bank loans increased from RMB 171.6 million as of December 31, 2023, to RMB 320.2 million as of December 31, 2024 [107]. Investments and R&D - The company introduced 275 new product types during the reporting period, enhancing its product offerings in response to stable customer demand for industrial-grade analog chips [59]. - The company has invested in R&D in the emerging field of analog AI computing and has applied for several patents, expecting to launch related products soon [129]. - The company has established a comprehensive training system to develop its R&D team, ensuring continuous talent development and addressing the talent bottleneck in the IC design field [123]. - Material costs for R&D increased by RMB 22.5 million, representing a 28.6% year-on-year growth [81]. - Employee compensation for R&D decreased by RMB 9.7 million compared to the previous year, due to the absence of share-based payment expenses from the prior year [81]. Market and Product Development - The core product series continued to expand its influence and market share in the new energy vehicle sector, contributing to the company's growth strategy [63]. - The H770 platform, focused on high voltage and high current products, accounted for nearly 40% of total revenue, reflecting strong market expansion in the new energy sector [66]. - The U660 platform, known for its efficiency and reliability, saw revenue growth of over 35% due to its applications in automotive and industrial control systems [66]. - The market demand for analog ICs in industrial, automotive, and data center sectors remains stable, driven by the increasing penetration of new energy vehicles and green energy management systems [58]. - The company’s product matrix includes over 700 models, enabling applications across various sectors such as automotive electronics, medical, and industrial automation [62]. Corporate Governance and Compliance - The company has allocated sufficient resources to ensure compliance with applicable laws and regulations, with no significant violations reported as of December 31, 2024 [124]. - The audit committee has reviewed the audited financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations [133]. - The company did not buy, sell, or redeem any of its listed securities during the reporting period, and as of December 31, 2024, it holds no treasury shares [125]. - The company has maintained sufficient public float as required by the listing rules during the reporting period and up to the announcement date [134]. Future Outlook - For 2025, the company anticipates further deepening of domestic demand in new energy vehicles, data centers, and green energy management, focusing on R&D and innovation [128]. - The company plans to enhance its engineering capabilities through a self-developed EDA technology platform, with a backend engineering R&D center expected to be operational within the year [128]. - The company will continue to develop products closely aligned with market demand in new energy storage, electric vehicles, and high-end industrial sectors [129]. - The company is actively managing market, operational, and investment risks to ensure effective measures are in place to achieve business objectives [92][93][94].
贝克微(02149) - 2024 - 年度业绩