赛微微电2024年财报亮眼，但净利润增速放缓引关注

Core Insights - The company reported a significant revenue growth of 57.64% year-on-year, reaching 393 million yuan in 2024, but the net profit growth of 31.90% raised concerns about its profitability [1][4] - The company attributed revenue growth to increased demand in the downstream terminal market and ongoing product expansion, while the slower net profit growth was linked to high investments in R&D and market expansion [4][5] - The company faced challenges from intensified market competition, particularly in the high-end application sector, despite its commitment to technological innovation [6] Revenue and Profitability - The company's total revenue for 2024 was 393 million yuan, with a year-on-year increase of 57.64% [1][4] - Net profit attributable to shareholders was 79 million yuan, reflecting a year-on-year growth of 31.90%, while the non-recurring net profit was 75.1 million yuan, up 52.01% [1][4] - The company experienced a rolling quarter-on-quarter decline in net profit of -21.73% and in non-recurring net profit of -28.96%, indicating volatility in profitability [4] R&D and Innovation - The company maintained a strong focus on technological innovation, with R&D expenditures reaching 114 million yuan, a 42.02% increase, accounting for 29.07% of total revenue [4][5] - The number of R&D personnel increased to 124, making up 65.96% of the total workforce, highlighting the company's commitment to enhancing its technical capabilities [5][7] Market Competition - The company’s main products, battery management chips, are facing increased competition from both domestic and international players, particularly in high-end applications [6] - The company plans to increase R&D investments in high-end analog chips to maintain competitiveness in the market [6] Talent Management - The company has strengthened its talent development and implemented stock incentive plans to attract and retain top talent [7] - Despite improvements in talent management, the effectiveness of the incentive mechanisms remains to be evaluated, and maintaining team stability in a competitive environment is a challenge [7]