LME(SH:688589)2025-03-26 11:05Financial Performance - In 2024, the company achieved operating revenue of CNY 548.83 million, a decrease of 5.24% compared to the previous year, primarily due to the impact of bidding and supply rhythm in the smart grid market[22]. - The net profit attributable to shareholders was CNY 84.34 million, down 21.10% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 75.50 million, a decrease of 18.63%[22]. - The net cash flow from operating activities decreased by 67.50% to CNY 88.64 million, mainly due to reduced collections and decreased receivables financing[24]. - The basic earnings per share for 2024 was CNY 0.70, a decline of 21.35% compared to the previous year[23]. - The company's operating cash flow net amount was 88,639,718.65 RMB, a significant decline of 67.50% year-on-year[189]. - The company achieved a main business revenue of 54,742.28 million RMB, a decrease of 5.18% compared to the same period last year[187]. - The smart grid business generated revenue of 51,517.99 million RMB, down 7.05% year-on-year, while non-smart grid business revenue increased by 39.81% to 3,224.29 million RMB[190]. Dividend and Capital Structure - The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling approximately 36.25 million RMB, which represents 42.98% of the net profit attributable to shareholders for the fiscal year 2024[6]. - The company intends to increase its total share capital by 24.16 million shares through a capital reserve transfer, raising the total number of shares to approximately 145.34 million[6]. - The company implemented a profit distribution plan, distributing a cash dividend of CNY 3.50 per 10 shares and a capital reserve increase of 2 shares for every 10 shares held[25]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[8]. - The company has not faced any situations where more than half of the directors could not guarantee the authenticity, accuracy, and completeness of the annual report[8]. Research and Development - The company's R&D expenditure accounted for 16.22% of operating revenue, an increase of 2.07 percentage points from the previous year[23]. - The company increased its R&D investment to 89.02 million yuan in 2024, representing a year-on-year growth of 8.59%[139]. - The company has established a strong brand presence in high-speed rail energy management, successfully securing multiple projects in 2024[48]. - The company has established national standards in power line communication technology, positioning itself as a market leader and gaining broad market recognition[170]. Market and Industry Trends - The global semiconductor market is projected to reach $627.6 billion in 2024, a year-on-year growth of 19.1%[89]. - The IoT industry is rapidly developing, with the national market size reaching approximately ¥3.6 trillion in 2023, a growth of 17.8% year-on-year[96]. - The domestic integrated circuit design industry is projected to achieve sales of 646.04 billion RMB in 2024, reflecting an 11.9% growth compared to 2023, highlighting substantial development potential[130]. Product Development and Innovation - The company is actively developing new products for the low-voltage distribution market, including smart circuit breakers and IoT meter modules[38]. - The company launched a new HPLC+HRF high-speed dual-mode chip to meet the demand for higher communication rates in new power systems[163]. - The company has developed a unified PLCP IoT communication protocol to create an interconnected PLC product ecosystem, with initial products expected to launch in 2024[162]. Risks and Challenges - The company faces risks related to core technology leakage and talent loss, which could impact its R&D capabilities and competitive edge[171][172]. - The company is exposed to macroeconomic risks, particularly from international trade disputes that could impact the semiconductor industry[185]. - The decline in accounts receivable recovery poses a risk to the company's cash flow and operational performance[182]. Strategic Partnerships and Collaborations - The company has partnered with major players like Jingdong and Inspur to create smart home experience centers, showcasing over 2,000 SKUs[56]. - A strategic cooperation agreement was signed with Jinyun Zhili Technology to jointly develop PLC products and solutions for the smart home market[57]. Supply Chain and Production - The company has improved supply chain management to accelerate inventory turnover, addressing previous high inventory levels[195]. - The cost of electronic components increased by 29.20% year-on-year, making up 63.45% of the total cost for products based on self-developed chips[198].