Actions(SH:688049) Chang Jiang Shang Bao·2025-04-11 03:01Core Viewpoint - In the traditional off-season for the chip industry, the company achieved counter-cyclical growth, with significant increases in both revenue and net profit for the first quarter of 2025 [1][2]. Financial Performance - The company expects to achieve approximately 191 million yuan in revenue for Q1 2025, representing a year-on-year growth of 61.23% [1][2]. - The projected net profit for Q1 2025 is around 41.3 million yuan, showing a remarkable year-on-year increase of 383.91% [1][2]. - For the full year 2024, the company reported total revenue of 652 million yuan, a year-on-year increase of 25.34%, and a net profit of 107 million yuan, up 63.83% [1]. Product and Market Development - The growth in performance is attributed to the company's proactive embrace of AI integration in edge products, continuous investment in R&D, and expansion into new markets and customer bases [1][2]. - The company has seen a significant increase in the shipment of edge AI processor chips and a rise in sales of low-latency, high-quality wireless audio products [2]. - The company has optimized its product structure, leading to a noticeable improvement in gross profit margins, with an overall gross margin of 48.22% for 2024, up 4.48 percentage points year-on-year [1][2]. R&D Investment - The company has consistently increased its R&D investment, with expenditures rising from 117 million yuan in 2020 to 215 million yuan in 2024, marking a 30.06% increase in 2024 [3]. - In Q1 2025, R&D investment was approximately 51 million yuan, a year-on-year increase of 13.34%, accounting for 26.7% of revenue [3]. - The company plans to continue focusing on the development and sales of mid-to-high-end smart audio SoC chips and to deepen its understanding of customer needs to enhance its market share among international top brands [3]. Project Progress - As of June 2024, the company has made progress in its IPO fundraising projects, including the upgrade and industrialization of smart Bluetooth audio chips and the development of ultra-low-power MCUs for wearable and IoT applications [4].