Quectel(SH:603236)2025-04-23 11:40Financial Performance - The company achieved operating revenue of CNY 18.59 billion in 2024, representing a year-on-year increase of 34.14% compared to CNY 13.86 billion in 2023[24]. - Net profit attributable to shareholders reached CNY 588.22 million, a significant increase of 548.49% from CNY 90.71 million in the previous year[24]. - The net profit after deducting non-recurring gains and losses was CNY 532.18 million, up 9,287.32% from CNY 5.67 million in 2023[25]. - The company reported a net cash flow from operating activities of CNY 723.76 million, a decrease of 30.20% compared to CNY 1.04 billion in 2023[25]. - Total assets increased by 15.55% to CNY 12.98 billion at the end of 2024, compared to CNY 11.23 billion at the end of 2023[25]. - Basic earnings per share rose to CNY 2.23, reflecting a 555.88% increase from CNY 0.34 in 2023[26]. - The weighted average return on equity improved to 15.28%, an increase of 12.87 percentage points from 2.41% in the previous year[26]. - The main business revenue from the IoT sector was 18.594 billion RMB, with a cost of 15.320 billion RMB, resulting in a gross margin of 17.61%[85]. - The overseas market generated 972.1 million RMB in revenue, with a gross margin of 18.20%, reflecting a year-on-year increase of 33.34%[85]. - The online sales channel saw an increase of 18.38% in revenue, reaching 1.25 million RMB, with a gross margin of 32.04%[85]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 4.20 per 10 shares to all shareholders registered on the equity distribution date, pending approval at the shareholders' meeting[6]. - The total cash dividend for 2024, including the mid-year distribution, amounts to approximately 177.9 million yuan, representing 44.70% of the net profit attributable to shareholders[150]. - The company repurchased shares for a total amount of approximately 105.8 million yuan in 2024, which, along with cash dividends, accounts for 48.24% of the net profit attributable to shareholders[150]. - The total cash dividend and share repurchase amount over the last three accounting years reached 501,532,295.73 RMB, with an average net profit of 433,834,837.39 RMB, resulting in a cash dividend ratio of 115.60%[158]. - The company approved a cash dividend of 1.10 RMB per 10 shares, totaling 28,782,341.94 RMB, to be distributed on June 24, 2024[152]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The company has ensured that all board members attended the board meeting, affirming the report's accuracy and completeness[4]. - The company strictly adheres to the information disclosure regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring timely and accurate reporting[123]. - The company has established a comprehensive internal control system, which was audited and received a standard unqualified opinion[163]. - The board of directors has proposed to increase the expected amount of daily related transactions for 2024[133]. Research and Development - R&D investment amounted to 1.669 billion yuan, accounting for 8.97% of revenue, with a year-on-year growth of 4.02%[37]. - The number of R&D personnel reached 4,184, accounting for 71.04% of the total workforce[94]. - The company has submitted over 50 technical proposals for 5G communication standards to 3GPP and holds over 100 essential patents declared by ETSI[37]. - The company has developed over 150 new antenna products covering 5G/4G/WIFI/ISM/GNSS, significantly enriching its product matrix[52]. Market and Product Development - The company expanded its module business, including LTE, automotive, 5G, and edge computing modules, contributing to revenue growth[26]. - The company launched multiple 5G modules, including the RG620T series, which supports TensorFlow Lite for optimized connectivity[40]. - The company has developed a series of low-power Bluetooth modules and Matter protocol-compatible Wi-Fi & Bluetooth dual-mode modules to enhance smart home interoperability[45]. - The company reported a significant increase in the shipment of automotive-grade LTE module AG35 series, while the shipment of automotive 5G NR modules AG59xE/H and AG56xN is growing rapidly[50]. - The company has established partnerships with over 40 well-known automotive manufacturers and 60 Tier 1 suppliers, enhancing its presence in the automotive sector[52]. Environmental and Social Responsibility - The company invested 644,400 RMB in environmental protection during the reporting period[166]. - The company has published its ESG report alongside its annual report, highlighting its commitment to social responsibility and sustainable development[172]. - The company has implemented various low-carbon office initiatives to promote a sustainable work environment and enhance employee awareness of environmental protection[170]. - The company is committed to developing green products to reduce environmental impact and promote sustainability through continuous innovation and research[171]. Governance and Management - The company emphasizes the importance of internal control and governance to maintain operational efficiency and risk management[121]. - The company established an "Independent Director Work System" to ensure independent opinions on significant matters, protecting the interests of all shareholders, especially minority shareholders[122]. - The board of directors has set up four specialized committees: Strategy Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee to enhance decision-making efficiency[122]. - The company has established a salary assessment system based on job value, employee capability, and performance evaluation[144]. Risks and Challenges - The company is facing potential risks as outlined in the "Management Discussion and Analysis" section of the report[8]. - The company faces risks related to international relations, raw material market fluctuations, and intensified market competition[118]. - The company acknowledges that net profit growth may be lower than the increase in net assets due to the project construction cycle following the IPO[200].