USC(688403)2025-03-27 10:45Financial Performance - The company's operating revenue for 2024 reached ¥1,501,019,718.15, representing a year-over-year increase of 21.22% compared to ¥1,238,293,041.85 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥159,764,193.29, a decrease of 18.48% from ¥195,985,017.79 in 2023[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥134,003,912.85, down 20.33% from ¥168,194,709.94 in 2023[26]. - The net cash flow from operating activities for 2024 was ¥500,863,803.23, an increase of 42.51% compared to ¥351,459,642.36 in 2023[26]. - The net assets attributable to shareholders at the end of 2024 were ¥3,201,070,920.63, reflecting a 2.20% increase from ¥3,132,030,678.41 at the end of 2023[26]. - The total assets at the end of 2024 amounted to ¥4,591,223,702.62, a 27.67% increase from ¥3,596,296,963.42 at the end of 2023[26]. - The basic earnings per share for 2024 was RMB 0.19, down 17.39% from RMB 0.23 in 2023[27]. - The weighted average return on equity fell to 5.12%, a decrease of 1.37 percentage points compared to 6.49% in 2023[27]. - The gross profit margin for the main business decreased by 4.83 percentage points to 22.34% due to increased fixed costs and competitive pricing pressures[37]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.95 CNY per 10 shares, totaling approximately 78.48 million CNY, which represents 49.12% of the net profit attributable to shareholders for the year 2024[7]. - The profit distribution plan has been approved by the board and will be submitted for shareholder approval[8]. - The total cash dividend amount, including share repurchase, was approximately CNY 178.45 million, which is 111.70% of the net profit attributable to ordinary shareholders[193]. - The cash dividend policy is in compliance with regulatory requirements and protects the rights of minority shareholders[192]. Research and Development - Research and development expenses accounted for 5.96% of operating revenue, down 0.41 percentage points from 6.37% in 2023[27]. - The company achieved a total R&D investment of ¥89,406,936.25, representing a 13.38% increase compared to the previous year[68]. - The company holds a total of 47 invention patents and 442 utility model patents as of the end of the reporting period[66]. - The company has developed advanced bumping technology, enabling the production of over 4,000 gold bumps on a single chip measuring approximately 30mm by 1mm[63]. - The company is currently working on six major R&D projects, with a total expected investment of ¥4,800,000, and several projects have already entered mass production[71]. Market Trends and Competition - In 2024, global semiconductor sales are projected to reach $627.6 billion, representing a year-over-year growth of 19.1%[38]. - The global integrated circuit packaging market size in 2023 was $85.7 billion, with advanced packaging accounting for approximately 48.8%[38]. - The implementation of the "national subsidy" policy is expected to boost the demand for display driver chips, particularly for COF chips used in large-size panels[39]. - New entrants in the display driver chip packaging and testing sector are intensifying competition, potentially impacting pricing and customer orders[42]. - The company is experiencing increased competition from new entrants in the display driver chip packaging and testing sector, which may impact its market position[89]. Corporate Governance - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations[153]. - The company has established a supervisory board consisting of 3 members, complying with legal and regulatory requirements[156]. - The company adheres to the information disclosure obligations as per the Shanghai Stock Exchange regulations, ensuring timely and accurate reporting[158]. - The company actively maintains transparency and equal information access for all shareholders, protecting minority investor rights[158]. Risk Management - The company has faced various operational risks, which are detailed in the report's section on risk factors[5]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[11]. - The company faces risks from high customer concentration, with significant reliance on a few major clients for revenue stability[90]. - The company is focused on risk management in foreign exchange hedging, implementing strict internal controls and monitoring market conditions[134]. Strategic Initiatives - The company is investing in new production capacity for copper-nickel-gold and palladium bumping processes to diversify its packaging solutions[43]. - The company is focusing on market expansion in high-end display driver chips and automotive chips, with ongoing R&D in flexible substrate packaging technology[72]. - The company is exploring potential acquisitions to further enhance its product offerings and market presence[166]. - The company is committed to improving its quality control system to enhance customer satisfaction and maintain product quality[150]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 1,559, with 926 in the parent company and 633 in subsidiaries[186]. - The company has a comprehensive compensation system and assessment mechanism for employees, including various bonuses and benefits[188]. - The total remuneration for core technical personnel at the end of the reporting period was 1.03 million RMB[175]. - The company has appointed several directors and supervisors across various subsidiaries, indicating a strategic focus on governance and oversight in the semiconductor and technology sectors[171].