Chipown(SH:688508) Chang Jiang Shang Bao·2025-04-17 23:57Core Viewpoint - Chipong Micro (688508.SH) has demonstrated significant growth in its operating performance, driven by market expansion and product optimization, with a notable increase in revenue and net profit in Q1 2024 [1][2]. Financial Performance - In Q1 2024, Chipong Micro achieved revenue of 301 million yuan, representing a year-on-year increase of 48.23%, and a net profit of 41.07 million yuan, up 72.54% [2]. - For the full year 2024, the company is projected to reach total revenue of 965 million yuan, a growth of 23.61%, and a net profit of 111 million yuan, increasing by 87.18% [2]. Product Development and Market Position - Chipong Micro has developed over 1,720 product models and is a leader in high and low voltage integrated semiconductor technology [3]. - In 2024, the company launched over 100 new products, including 28 high/low voltage driver chips and 70 power chips [3]. - The revenue from household appliance chips is expected to reach 621 million yuan in 2024, a growth of 28.73%, with a gross margin increase of 0.27 percentage points to 38.65% [3]. Research and Development - Chipong Micro has a strong focus on R&D, with 72.89% of its employees dedicated to this area, and has seen a steady increase in R&D expenses from 189 million yuan in 2022 to 226 million yuan in 2024 [4]. - The company has accumulated 329 valid intellectual property rights, with 29 new patents granted in 2024 [4][5]. Industry Outlook - The global market for power management chips is projected to reach 56.5 billion USD by 2026, indicating significant growth potential for domestic companies like Chipong Micro [5]. - The domestic power management chip design industry is in an upward trend, with local products increasingly replacing foreign competitors in various application markets [5].