Shanghai Prisemi Electronics (SH:688230)2025-04-15 10:55Financial Performance - The company achieved a revenue of CNY 352,941,674.80 in 2024, representing a 10.15% increase compared to CNY 320,426,744.62 in 2023[22]. - The net profit attributable to shareholders reached CNY 111,639,491.31 in 2024, up 15.70% from CNY 96,487,677.18 in 2023[22]. - The net profit after deducting non-recurring gains and losses was CNY 58,607,032.90, reflecting a significant increase of 34.50% from CNY 43,575,481.25 in the previous year[22]. - The cash flow from operating activities netted CNY 84,749,309.08, which is a 22.68% increase compared to CNY 69,079,725.90 in 2023[22]. - The company's total assets as of the end of 2024 were CNY 2,327,935,658.62, a 2.03% increase from CNY 2,281,544,663.25 at the end of 2023[22]. - The net assets attributable to shareholders increased to CNY 2,264,139,422.25, marking a 1.87% rise from CNY 2,222,549,376.04 in 2023[22]. - Basic earnings per share rose to CNY 0.95 in 2024, a 15.85% increase from CNY 0.82 in 2023[23]. - The comprehensive gross margin for the reporting period was 34.43%, which may fluctuate due to changes in market demand and competition[86]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in Q3 2023, representing a 15% year-over-year growth[145]. - The company achieved a sales revenue of 352.94 million yuan, representing a year-on-year growth of 10.15%[91]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 8.00 RMB per 10 shares, totaling 94,080,000 RMB (including tax), which represents 84.27% of the net profit attributable to shareholders for the year 2024[6]. - The board of directors has approved the profit distribution plan, pending shareholder meeting approval[6]. - The company has established a cash dividend policy that has not been adjusted during the reporting period, ensuring compliance with regulations and protection of minority shareholders' rights[166]. - The cash dividend amount (including tax) is set at ¥94,080,000, which accounts for 84.27% of the net profit attributable to ordinary shareholders in the consolidated financial statements, amounting to ¥111,639,491.31[170]. - The cumulative cash dividend amount over the last three accounting years is ¥215,040,000, with a cash dividend ratio of 196.93% based on the average annual net profit of ¥109,193,686.86[172]. Research and Development - The R&D expenditure as a percentage of revenue was 10.02%, down 3.45 percentage points from 13.47% in 2023[23]. - The company achieved a total R&D investment of ¥35,350,211.68, a decrease of 18.12% compared to the previous year, with R&D expenses accounting for 10.02% of revenue[64]. - The company has developed core technologies that significantly enhance product performance, including a GaN HEMT device preparation technology that improves chip yield and reliability[51]. - The company has developed several core technologies, including a technology to reduce reverse leakage current and trench MOSFET optimization technology[75]. - The company has completed several R&D projects, including a high-performance power amplifier and a high-precision surge protection circuit, aimed at enhancing product capabilities[67]. - The company is focusing on the development of high-performance discrete power devices, with ongoing projects aimed at achieving significant advancements in product specifications[67]. - The company has made significant advancements in power device technologies, including low leakage and high-temperature reliability for TVS and Schottky products, improving overall product performance[59]. Market and Industry Outlook - The semiconductor industry is showing signs of recovery due to improved downstream demand and inventory destocking, benefiting the company's main products[24]. - In 2024, global semiconductor sales are projected to reach $627.6 billion, a 19.1% increase from $526.8 billion in 2023[48]. - The global smartphone market is expected to grow by 7% in 2024, with total shipments reaching 1.22 billion units, marking the first rebound after two years of decline[48]. - The domestic smartphone shipments in China are forecasted to reach 285 million units in 2024, representing a 4% year-on-year growth[48]. - The global semiconductor market is anticipated to reach $697.1 billion in 2025, reflecting an 11% year-on-year growth, driven by the launch of generative AI services[53]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[5]. - The company has confirmed that all directors attended the board meeting[5]. - The company has stated that there are no special arrangements for corporate governance[7]. - The company has not faced any penalties from securities regulatory agencies in the past three years[152]. - The internal control system has been effectively implemented, covering all aspects of business activities and internal management, in compliance with relevant laws and regulations[181]. Risk Management - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[4]. - The company faces risks related to product quality control, as its main products are used in consumer electronics with strict quality requirements from major clients like Xiaomi and TCL[85]. - The company has a high customer concentration risk, with sales to the top five customers accounting for 48.47% of total revenue[83]. - The company is exposed to risks from market changes, particularly in the smartphone and consumer electronics sectors, which could impact future performance[85]. - The company operates in a capital and technology-intensive industry, facing cyclical fluctuations closely tied to macroeconomic conditions[88]. Product Development and Innovation - The company maintains a focus on expanding its product offerings and enhancing its technological capabilities in the semiconductor industry[16]. - The company has developed multiple technology platforms for various products, including TVS, MOSFET, Schottky, GaN HEMT, and IGBT, enhancing its product offerings[33]. - The company has successfully developed and launched a series of new ESD products, including a low-capacitance SCR ESD product with a capacitance of less than 0.3pF, which has entered mass production[35]. - The company is expanding its MOSFET product lineup, with low-resistance and low-gate charge MOSFETs now being shipped in various applications, including power supplies and motor drives[36]. - The company is actively expanding its product applications into automotive electronics, photovoltaic energy storage, and artificial intelligence, indicating a broad market outlook[50]. Employee and Talent Management - The company has a total of 118 employees, with 53 in technical roles, 25 in sales, and 34 in administrative positions[161]. - The company has implemented a diversified training program aimed at enhancing employee skills and overall organizational efficiency[164]. - The number of R&D personnel decreased from 58 to 53, representing 44.92% of the total workforce[73]. - Total R&D personnel compensation decreased from 2,930.03 million RMB to 2,467.79 million RMB, with average compensation dropping from 49.19 million RMB to 45.74 million RMB[73]. - The company will implement a high-efficiency talent management framework to attract and cultivate excellent talent, aligning talent strategy with business development[137]. Marketing and Brand Development - The company has established a strong brand presence with clients such as Xiaomi, TCL, and Transsion, enhancing customer loyalty[78]. - The company has a marketing network that combines distribution and direct sales, allowing for rapid response to customer needs[79]. - The company plans to deepen brand building and accelerate market expansion by actively participating in industry exhibitions and forums to better understand industry dynamics and customer needs[136]. Environmental and Social Responsibility - The company emphasizes the importance of ESG practices and aims to enhance information disclosure quality while fulfilling social responsibilities[184]. - The company does not directly engage in production, thus it does not generate industrial waste or emissions[186]. - There were no administrative penalties related to environmental issues during the reporting period[187]. - The company has established a quality management system certified by ISO9001 to ensure product quality meets customer standards[199].