MACMIC(SH:688711)2025-04-14 13:45Financial Performance - In 2024, the company faced significant challenges in the global power semiconductor industry, resulting in a decline in performance[4]. - The company reported a revenue of ¥1,331,360,321.00 for 2024, a decrease of 11.52% compared to ¥1,504,739,437.22 in 2023[29]. - The net profit attributable to shareholders was -¥14,467,323.54, representing a decline of 112.45% from ¥116,194,855.57 in the previous year[31]. - The basic earnings per share (EPS) for 2024 was -¥0.0682, down 112.47% from ¥0.5467 in 2023[30]. - The company’s cash flow from operating activities was ¥122,020,429.87, primarily due to a decrease in procurement scale and increased use of acceptance bills for material payments[32]. - The overall operating revenue decreased by 11.52% year-on-year, with a net profit attributable to shareholders of the parent company at -14.47 million, a decline of 112.45%[81]. - The gross margin for the main business was reported at 15.39%, showing a decline compared to the same period last year due to increased competition and market pressures[85]. Research and Development - The company invested CNY 109.76 million in R&D, accounting for 8.24% of total revenue, focusing on building a technological "moat" for future growth[6]. - Research and development (R&D) expenses accounted for 8.24% of revenue, an increase from 7.18% in 2023[31]. - The company has increased its R&D personnel to 193, a year-on-year growth of 9.66%, with 19.17% holding master's or doctoral degrees[47]. - The company has a total of 133 patents, including 43 invention patents, indicating a strong focus on innovation and technology development[47]. - The company plans to deepen technological innovation in core technologies such as IGBT, SiC, and GaN, viewing these breakthroughs as key to future growth[7]. - The company is focusing on the development of IGBT and SiC MOSFET technologies, which are critical for high-frequency power electronic equipment[132]. Market Strategy and Growth - The domestic market strategy includes accelerating penetration into advanced electric vehicle platforms and collaborating closely with key clients in the energy storage sector[6]. - The company aims to enhance its global presence by breaking into the supply chains of industrial giants like Hitachi Energy, Siemens, and Eaton[6]. - For 2025, the company has outlined a strategic focus on product competitiveness, market aggressiveness, quality branding, and sustainable growth[7]. - The company is exploring growth applications in robotics and mechanical arms as part of its strategic initiatives[44]. - The company has identified key growth areas in industrial automation and new energy sectors, which are expected to drive future revenue growth[134]. Product Development and Innovation - The company is set to launch mass production of SiC MOS technology, with the 1700V M6i performance reaching industry-leading levels[6]. - The company has completed the development and certification of the 1000V/1200V M7U chip for photovoltaic applications, which is now in mass production[43]. - The company is actively expanding its product line in the new energy sector, including the development of a 1700V IGBT&FRD chip for wind power applications[43]. - The company has successfully developed a 1200V 40mohm SiC MOSFET chip, which has passed reliability verification[43]. - The company has achieved breakthroughs in 12-inch wafer mass production technology, enhancing the performance of IGBT and SiC MOSFET products to match international standards[60]. Financial Management and Investments - The company plans to increase its capital by issuing 60,766,942 shares through a capital reserve transfer, with a ratio of 4 shares for every 10 held[32]. - The company will not distribute cash dividends or issue bonus shares for 2024 due to a net loss attributable to shareholders[12]. - The company reported a significant increase in investment income of 492.62%, amounting to CNY 8,596,910.19[92]. - The company plans to invest $100 million in new technology over the next two years to enhance production capabilities[161]. - The total amount repurchased in cash was CNY 35,115,702.96, which is 242.72% of the absolute value of the net profit for the year[194]. Corporate Governance and Management - The company held 13 board meetings during the reporting period, successfully completing the election of the fifth board of directors[150]. - The fifth board consists of 8 directors, including 3 independent directors, complying with legal requirements[150]. - The company has appointed new executives, including a Vice President of Operations and a Chief Technology Officer, to enhance leadership and innovation[158]. - The company’s remuneration structure includes basic salary and performance bonuses, adjusted annually based on various performance factors[165]. - The company emphasizes performance-based salary adjustments and special rewards for outstanding employees throughout the year[189]. Challenges and Risks - The company experienced a significant decline in net profit due to adjustments in customer procurement plans and pressure on product pricing in the automotive sector[31]. - The company faced risks from market competition, particularly from international leaders in the semiconductor industry[88]. - The company is exposed to macroeconomic risks that could negatively impact demand for power semiconductor products[89]. - The company received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely disclose changes in performance expectations[171]. - The independent director Wang Wenkai was held primarily responsible for audit violations related to the financial reports of Heimu Dan (Group) Co., Ltd. from 2016 to 2021[168].