Financial Performance - The company reported a revenue of RMB 1.5 billion for the fiscal year 2024, representing a year-over-year growth of 20%[13]. - The company expects a revenue guidance of RMB 1.8 billion for Q1 2024, reflecting a 10% increase compared to Q1 2023[13]. - The company reported a net profit of RMB 300 million for Q4 2023, a 25% increase compared to the same period last year[14]. - The company's revenue for 2024 reached ¥17,463,650,272.14, representing a 72.48% increase compared to ¥10,125,111,900.80 in 2023[20]. - The net profit attributable to shareholders for 2024 was ¥498,684,535.69, a significant turnaround from a loss of ¥827,809,358.07 in 2023, marking a 160.24% improvement[20]. - The basic earnings per share for 2024 increased to ¥1.20, compared to a loss of ¥2.01 per share in 2023, reflecting a 159.70% increase[20]. - The company achieved revenue of 17.464 billion yuan, representing a year-on-year increase of 72.48%[199]. - The company distributed cash dividends of 4.80 yuan per 10 shares, totaling 198.1748 million yuan, which accounted for 272.23% of the 2022 annual net profit attributable to shareholders[199]. - For the 2024 fiscal year, the company plans to distribute cash dividends of 2.5 yuan per 10 shares, totaling 103.9954 million yuan, which represents 20.85% of the 2024 annual net profit attributable to shareholders[200]. Research and Development - The company is investing RMB 200 million in R&D for advanced flash memory technologies in 2024[13]. - R&D expenses for 2024 amounted to 910 million yuan, representing a year-on-year increase of 53.34%[81]. - The company plans to increase R&D spending in key areas, focusing on memory and main control chip design, as well as high-end storage product development[165]. - The company is accelerating the development of high-performance eSSD products aimed at enterprise applications, including PCIe Gen 5.0, to expand its presence in cloud computing and telecommunications[166]. - The company has launched UFS 2.2 products and completed the development of UFS 3.1 and UFS 4.1 products, enhancing performance and reliability[55]. - The company has successfully developed five SLC NAND Flash storage chips ranging from 512Mb to 8Gb, with a DPPM of less than 100, ensuring high reliability[60]. - The company has established a strict quality control system for its ePoP, eMCP, and uMCP products, ensuring compliance with mass production standards[59]. - The company has expanded its design capabilities for small-capacity storage chips, successfully entering the integrated circuit design field and achieving mass production sales[101]. Market Expansion and Strategy - Market expansion plans include entering the Southeast Asian market, targeting a revenue contribution of 10% by the end of 2024[14]. - The company is focused on global expansion, leveraging its efficient supply chain and enhancing its brand influence in international markets[109]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $500 million allocated for potential deals[194]. - The company plans to implement a new marketing strategy aimed at increasing brand awareness, with a budget allocation of RMB 50 million[13]. - The company aims to enhance its global manufacturing capabilities by strategically investing in its main factories in Suzhou, Zhongshan, and Brazil[167]. - The company is actively developing new products, including enterprise-level SSDs and various storage solutions, to enhance market competitiveness and expand into new markets[125]. Risks and Challenges - The company faces risks including high concentration of raw material suppliers, significant overseas procurement, and fluctuations in wafer prices[3]. - The management has highlighted potential risks and countermeasures in the section discussing future development prospects[3]. - The company is exposed to risks from price volatility of wafers, which can significantly impact gross margins due to the lag in cost adjustments[173]. - The company has a large inventory value of 7.833 billion yuan, accounting for 67.04% of current assets, which poses a risk of inventory impairment if market conditions worsen[178]. - The company is focused on optimizing its product structure and increasing investment in high-margin products to enhance profitability[176]. - The company is actively monitoring market trends and adjusting production plans to manage inventory risks effectively[178]. - The company experienced a foreign exchange loss of 61.29 million yuan in 2024, an increase from the 19.49 million yuan loss in 2023, indicating significant currency fluctuation risks[187]. Corporate Governance and Investor Relations - The company has implemented a value management system to enhance investor returns and improve transparency in profit distribution policies[197]. - The company is committed to deepening communication with investors and improving the quality of information disclosure[198]. - The company aims to maintain a stable and continuous profit distribution policy while balancing development and shareholder interests[200]. - The company plans to strengthen its governance structure to support high-quality development[198]. - The company is dedicated to sharing business results with shareholders and enhancing market confidence[200]. Product Development and Innovation - The company has successfully designed and taped out its first batch of self-developed UFS controller chips, with three models achieving over 30 million units in cumulative applications[79][80]. - The company’s PCIe and SATA SSDs have passed compatibility tests on major CPU platforms, catering to various applications including data centers[61]. - The company’s LPDDR products, including LPDDR4, LPDDR4X, and LPDDR5, have been widely commercialized and certified by major platforms[58]. - The company offers a comprehensive memory module product line, including DDR4 and DDR5 specifications, targeting both consumer and enterprise markets[64]. - The company has established a competitive advantage in the storage field by integrating core capabilities across various industry segments, including design, manufacturing, and testing[96]. Financial Management and Investments - The company reported a net cash flow from operating activities of -¥1,189,741,403.84 for 2024, an improvement of 57.48% from -¥2,798,399,823.91 in 2023[20]. - The total cash inflow from financing activities was 8,061,948,584.90 yuan, reflecting a 31.84% increase compared to the previous year[129]. - The company has ongoing significant non-equity investments, including ¥108,353,965.97 in the Jiangbolong Group Shanghai Headquarters project, which is 97.80% complete[143]. - The company has a total investment of RMB 150,000 million in committed investment projects, with a current utilization of RMB 166,284.63 million[154]. - The company plans to invest an additional RMB 31,381.47 million in new infrastructure, with RMB 28,600.00 million sourced from the raised funds and RMB 2,781.47 million from its own funds[155].
江波龙(301308) - 2024 Q4 - 年度财报(更正)