V-Test(SH:688372)2025-04-28 11:50Financial Performance - The company achieved operating revenue of CNY 1,076,869,868.17 in 2024, representing a 46.21% increase compared to CNY 736,524,835.36 in 2023[24]. - Net profit attributable to shareholders reached CNY 128,228,784.44, an increase of 8.67% from CNY 117,996,286.47 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was CNY 107,811,223.74, up 18.89% from CNY 90,678,572.15 in 2023[24]. - The company's total assets increased by 36.33% to CNY 4,919,016,975.28 at the end of 2024, compared to CNY 3,608,104,998.73 at the end of 2023[24]. - Basic earnings per share rose to CNY 1.13, an increase of 8.65% from CNY 1.04 in 2023[25]. - The company generated a net cash flow from operating activities of CNY 621,805,601.66, reflecting a 34.43% increase from CNY 462,549,416.97 in the previous year[24]. - The company achieved a gross margin of 37.48% in testing revenue, with a slight decrease of 0.84 percentage points compared to the previous year[112]. Research and Development - The research and development expenditure accounted for 13.22% of operating revenue, a decrease of 0.87 percentage points from 14.09% in 2023[25]. - R&D expenses for 2024 reached CNY 142.38 million, a 37.16% increase year-on-year, reflecting the company's commitment to innovation in high-performance and advanced packaging chips[40]. - The company has increased its R&D personnel by 156, totaling 458, with R&D staff accounting for over 23% of the workforce, ensuring a strong technical leadership position[39]. - The company has developed comprehensive testing solutions for Chiplet architecture, which involves testing multiple smaller chip components, enhancing overall yield and quality control[71]. - The company has established a complete R&D system for testing technology, maintaining a leading position in various technical indicators such as wafer testing coverage and temperature range[74]. Corporate Governance - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[4]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The company has established a transparent performance evaluation system for senior management, ensuring compliance in the hiring process[152]. - The company has implemented measures to prevent the controlling shareholder from misappropriating company funds[153]. - The company maintains a robust information disclosure system, ensuring timely and accurate communication with investors[154]. Market Position and Strategy - The semiconductor industry is experiencing a recovery, with increased demand for high-end and reliable chip testing, benefiting the company's revenue growth[36]. - The market for integrated circuit testing services in mainland China is expected to reach RMB 74 billion by 2027, maintaining a double-digit growth rate annually[66]. - The company has positioned itself as a leading supplier of high-end chip testing services in mainland China, with a significant increase in testing capacity[64]. - The company is focused on improving internal management and cost control to enhance operational efficiency and reduce financial risks[43]. - The company plans to expand testing capacity and increase R&D investment in 2024 to enhance service offerings to clients[93]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 3.40 per 10 shares (including tax), totaling RMB 38,703,824.18, which represents 30.18% of the net profit attributable to shareholders for 2024[7]. - A cash dividend of CNY 0.32 per share was distributed to shareholders in May 2024, totaling CNY 36.28 million, representing 30.75% of the net profit attributable to shareholders for 2023[42]. - The cumulative cash dividend over the last three accounting years amounts to 149,112,570.38 RMB, with an average annual net profit of 163,283,864.30 RMB, resulting in a cash dividend ratio of 91.32%[190]. Risks and Challenges - The company faces risks related to reliance on imported equipment, primarily from suppliers like Advantest and Teradyne[99]. - The company is exposed to risks from intensified industry competition and potential downturns in the semiconductor market[103][104]. - The global semiconductor market is entering a recovery phase in 2024 after inventory adjustments in 2023, but remains subject to cyclical fluctuations[106]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 1,913, with 526 in the parent company and 1,387 in subsidiaries[179]. - The company employs 1,252 production personnel, 97 sales personnel, and 458 technical personnel, indicating a strong focus on production and technical capabilities[179]. - The company has a diverse management team with extensive experience in the semiconductor and electronics industries[160]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 7.66 million RMB[165].