万胜智能在手订单10.9亿增40.5% 研发费率6.8%进军集成电路芯片领域

Core Viewpoint - Wan Sheng Intelligent is expanding its business scope to include integrated circuit design and manufacturing, reflecting its ambition to grow beyond its current operations in smart metering and IoT sectors [1][2]. Business Expansion - The company announced plans to change its business scope to include "integrated circuit design; manufacturing of integrated circuit chips and products; design and services of integrated circuit chips; and sales of integrated circuit chips and products" [1][2]. - The board and supervisory committee have approved the proposal for changing the business scope and amending the company’s articles of association [2]. Financial Performance - Wan Sheng Intelligent experienced significant revenue fluctuations in recent years. In 2021, the company reported revenue of 546 million yuan, a decrease of 4.34% year-on-year, and a net profit of 65.18 million yuan, down 25.37% [5]. - The company rebounded in 2022 and 2023, with revenues of 844 million yuan and 1.119 billion yuan, representing year-on-year growth of 54.52% and 32.60%, respectively. Net profits for the same years were 135 million yuan and 250 million yuan, with increases of 107.39% and 85.01% [5]. - For 2024, the company anticipates a decline in net profit to between 110 million and 140 million yuan, a decrease of 44.02% to 56.01% year-on-year, influenced by customer order delivery schedules and increased market competition [6]. Research and Development - The company has maintained a high level of investment in research and development, with R&D expenses for 2021, 2022, and 2023 being 47.45 million yuan, 57.55 million yuan, and 58.56 million yuan, reflecting year-on-year growth of 34.15%, 21.29%, and 1.76% respectively [9]. - As of the first three quarters of 2024, R&D expenses reached 54.38 million yuan, a year-on-year increase of 32.25%, with an average R&D expense ratio of approximately 6.8% over the past four years [9]. Order Book and Market Position - As of the end of 2024, Wan Sheng Intelligent has a cumulative order book of 1.09 billion yuan, a 40.48% increase compared to the same period last year [8]. - The company has secured a project worth 223 million yuan from the Southern Power Grid, which is expected to positively impact future operating performance [9].