Goke(SZ:300672)2025-04-24 13:55Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 25%[13]. - The company achieved a net profit of 200 million CNY, reflecting a profit margin of 16.67%[13]. - The company's operating revenue for 2024 was CNY 1,977,891,796.40, a decrease of 53.26% compared to CNY 4,231,262,884.84 in 2023[18]. - Net profit attributable to shareholders for 2024 was CNY 97,154,701.52, reflecting a slight increase of 1.13% from CNY 96,071,857.13 in 2023[18]. - The net profit after deducting non-recurring gains and losses dropped by 71.82% to CNY 11,547,239.49 in 2024 from CNY 40,980,155.12 in 2023[18]. - The gross margin improved to 45%, up from 40% in the previous year, indicating better cost management and pricing strategies[13]. - The overall gross margin improved to 26.29%, an increase of 13.85 percentage points compared to the previous year[86]. - Revenue from the smart vision series chips was CNY 946,174,268.97, down 23.43% year-on-year, accounting for 47.84% of total revenue[86]. - Revenue from the ultra-high-definition smart display series chips was CNY 774,429,314.87, a decline of 70.15%, making up 39.15% of total revenue[86]. - The Internet of Things series chips generated revenue of CNY 196,467,568.97, a year-on-year increase of 46.07%, representing 9.93% of total revenue[82]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[3]. - The total cash dividend amount is 64,801,947 yuan, which represents 100% of the total distributable profit[178]. - The company's profit distribution policy is aligned with legal regulations and aims to provide stable returns to shareholders[176]. - The company has a cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring transparency and compliance[177]. - The company has not proposed a cash dividend distribution plan despite having positive distributable profits[181]. Research and Development - The company is investing in R&D, with a budget allocation of 150 million CNY for the development of new technologies and products[13]. - Research and development expenses amounted to CNY 67,532,160, reflecting a growth of 10.26% year-on-year[79]. - The company has invested in multiple R&D projects, including IPTV/OTT 4K decoding chips, which have achieved large-scale supply to three major operators, enhancing competitiveness in the IPTV/OTT market[101]. - The company has launched a new generation of AI-capable 4K 7606V1 products, which received high praise from leading security clients during testing, with CPU performance and ISP effects reaching industry-leading levels[42]. - The company is focusing on the development of AI SoC products ranging from 16TOPS to 100TOPS, aimed at applications in robotics, AI PCs, drones, and industrial computing, with mass production expected to begin in 2026[47]. Market Expansion and Strategy - Market expansion plans include entering two new international markets by Q3 2024, aiming for a 10% market share in each[13]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million CNY earmarked for potential deals[13]. - The company aims to become a "top domestic and world-class" integrated circuit design solution provider, focusing on core competitiveness and brand strategy[61]. - The company is actively exploring new business areas such as satellite communication chips[52]. - The company is enhancing its product series with the introduction of new technologies and solutions, including high-performance Wi-Fi6 chips and automotive electronic solutions, to capture market share[102]. Corporate Governance - The company has established a comprehensive corporate governance structure, ensuring clear responsibilities and effective decision-making processes among the shareholders' meeting, board of directors, and supervisory board[141]. - The supervisory board is responsible for overseeing the actions of directors and senior management, ensuring compliance with financial regulations[142]. - The company maintains complete independence in assets, operations, personnel, finance, and organizational structure from its controlling shareholders[144]. - The company has established an independent financial department with a complete accounting system, ensuring compliance and independent financial decision-making[147]. - The company has a governance structure that includes independent directors and supervisors, ensuring compliance and oversight[152]. Talent Development and Employee Management - The company emphasizes talent development and recruitment to strengthen its competitive edge, focusing on product R&D personnel[67]. - The training program for 2024 has been upgraded to a systematic approach, covering new hires and existing employees, with a focus on enhancing employee capabilities[174]. - The company has established a closed-loop management system for training, ensuring targeted development for employees[174]. - The total number of employees at the end of the reporting period was 849, with 646 being technical personnel[172]. - The company has a competitive salary system that includes stock incentive plans implemented in 2019 and 2021 for core technical and business personnel[173]. Risks and Challenges - The company faces risks related to research and development failures, which could lead to significant operational risks if new products do not meet market needs[136]. - Government subsidies accounted for over 30% of the company's total profit, raising concerns about sustainability if these subsidies decrease in the future[137]. - The company was placed on the U.S. Department of Commerce's "Entity List," which may restrict access to certain technologies and materials necessary for production[138]. - The company's gross margin is subject to fluctuations due to market competition and the need for continuous product iteration and innovation[134]. - The company operates under a Fabless model, which allows it to focus on design but is susceptible to risks from changes in the manufacturing ecosystem[132].