韦尔股份(603501) - 2024 Q4 - 年度财报

Profit Distribution - The proposed profit distribution plan for 2024 includes a cash dividend of 2.20 CNY per 10 shares, totaling approximately 263.99 million CNY (including tax), which represents 15.16% of the net profit attributable to shareholders for the year[7]. - The mid-year profit distribution for 2024 was completed, with a cash dividend of 2.00 CNY per 10 shares, amounting to approximately 239.98 million CNY (including tax)[7]. - The company has completed the mid-year profit distribution plan on December 18, 2024[7]. - The total cash dividend for 2024 is subject to approval by the shareholders' meeting[7]. - The company distributed cash dividends totaling RMB 407.58 million during the reporting period, with RMB 167.60 million distributed for the 2023 annual profit and RMB 239.98 million for the 2024 interim profit[81]. Financial Performance - The company's operating revenue for 2024 reached ¥25.73 billion, a 22.41% increase from ¥21.02 billion in 2023[25]. - Net profit attributable to shareholders surged to ¥3.32 billion in 2024, marking a 498.11% increase compared to ¥555.62 million in 2023[25]. - The basic earnings per share for 2024 was ¥2.77, up 489.36% from ¥0.47 in 2023[26]. - The weighted average return on equity increased to 14.83% in 2024, an increase of 11.85 percentage points from 2.98% in 2023[26]. - The net cash flow from operating activities for 2024 was ¥4.77 billion, a decrease of 36.68% from ¥7.54 billion in 2023[25]. - The total assets of the company at the end of 2024 were ¥38.96 billion, reflecting a 3.24% increase from ¥37.74 billion at the end of 2023[25]. - The company reported a net profit of ¥1.01 billion in Q3 2024, showing strong quarterly performance[29]. - The net profit attributable to shareholders for Q4 2024 was ¥947.95 million, indicating consistent profitability[29]. - The company’s net assets attributable to shareholders increased to ¥24.20 billion by the end of 2024, a 12.82% rise from ¥21.45 billion in 2023[25]. Market and Business Growth - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. - In 2024, the company's main business revenue reached 25.67 billion RMB, an increase of 22.43% compared to 2023[37]. - Semiconductor design business sales revenue was 21.64 billion RMB, accounting for 84.30% of main business revenue, up 20.62% year-on-year[37]. - Image sensor solutions generated 19.19 billion RMB in revenue, representing 74.76% of main business revenue, a 23.52% increase from the previous year[41]. - The automotive intelligent driving market saw a global vehicle sales increase of 1.8% in 2024, reaching 90.6 million units[42]. - The company’s automotive CIS products have expanded into various applications, including ADAS and driver monitoring systems, enhancing market share[43]. - The company’s gross profit margin improved due to product structure optimization and supply chain efficiency[35]. - The company plans to continue expanding its product offerings in the automotive sector, leveraging nearly 20 years of industry experience[43]. Research and Development - R&D investment for the semiconductor design sales business was approximately 3.245 billion yuan, accounting for 15.00% of the revenue, with a year-over-year increase of 10.89%[52]. - The company launched the OV50K40 image sensor, the world's first smartphone image sensor using TheiaCel™ technology, setting a new performance benchmark for flagship rear cameras[54]. - The company introduced the OX08D10 8-megapixel CMOS image sensor, integrated with Qualcomm's Snapdragon Ride™ platform, for next-generation advanced driver-assistance systems (ADAS)[59]. - The company launched the OX12A10 12MP image sensor, the highest resolution in the 2.1µm TheiaCel™ product line, designed for next-generation ADAS and AD machine vision needs[60]. - The company established a new machine vision department to focus on innovative solutions for industrial automation, robotics, and intelligent transportation systems (ITS) due to the significant demand for 3D cameras and CMOS image sensors[61]. - The company released the OV01D1R smart CMOS image sensor, the first in the industry to achieve human presence detection and infrared facial recognition with low power consumption[67]. - The company invested CNY 3.245 billion in R&D, representing 15% of its semiconductor design sales revenue, ensuring robust product upgrades and new product development[108]. Risk Management - The company has detailed potential risks in the report, advising investors to be cautious[11]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a substantive commitment to investors[8]. - The company faces risks from market fluctuations, particularly in the semiconductor industry, which is sensitive to macroeconomic changes[187]. - The company has implemented a reasonable inventory impairment policy and will closely monitor downstream changes to mitigate inventory risks[193]. - The company faces foreign exchange risk primarily from financial assets and liabilities denominated in USD and HKD, with significant subsidiaries located in the US and Singapore[194]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[6]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[9]. - The company has not violated decision-making procedures for external guarantees[10]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company emphasizes investor relations management and adheres to legal regulations to protect shareholder interests and ensure effective governance[200]. Supply Chain and Production - The company has optimized its supply chain management by collaborating closely with wafer foundries and packaging/testing manufacturers, ensuring product quality and stable supply[74]. - The company collaborates with leading wafer foundries for mask design and wafer processing, ensuring stable product supply[88]. - The company maintains stable inventory levels, with total inventory decreasing by 7.36% to 369,377.94 million units[126]. - The company’s semiconductor design business costs show that wafer costs account for approximately 71.93%, packaging and testing costs account for about 15.61%, and other costs make up around 12.46%[130]. Strategic Investments - The company completed its convertible bond fundraising projects, including the "CMOS Image Sensor R&D Upgrade" project, which reached operational status by March 2024, and the "Wafer Color Filter and Microlens Packaging Project," expected to be completed by December 2024[75]. - The company participated in a private equity investment fund with a total fundraising scale of RMB 3.5 billion, investing RMB 693 million[146]. - The company aims to enhance its competitive edge through mergers and acquisitions, expanding its market presence in various sectors including automotive, medical, and AR/VR[177]. - The company intends to pursue mergers and acquisitions to diversify its product portfolio and expand market coverage, focusing on strategic partnerships[186].