P&S(300184) 金融界· Jin Rong Jie·2025-04-19 11:28Core Viewpoint - The company achieved significant revenue growth in 2024, driven by its electronic component distribution and smart grid businesses, while facing challenges in its self-developed chip segment due to intense market competition and slow demand recovery [1][4][7]. Group 1: Financial Performance - The company reported a total revenue of 7.821 billion yuan in 2024, representing a year-on-year increase of 31.58% [1]. - The net profit attributable to shareholders was 98 million yuan, up 48.34% year-on-year [1]. - The net profit excluding non-recurring items reached 85.699 million yuan, reflecting a growth of 58.24% compared to the previous year [1]. Group 2: Electronic Component Distribution Business - The electronic component distribution business performed well in 2024, benefiting from a recovery in downstream market demand across various sectors, including communication electronics, automotive electronics, consumer electronics, security monitoring, and AI [4]. - Despite significant revenue growth, the overall sales gross margin declined compared to the same period last year, indicating intense competition in the semiconductor market [4]. - The establishment of a silicon carbide joint laboratory with upstream manufacturers was completed in 2024, enhancing product introduction through collaboration with downstream customers, although its contribution was not significantly reflected in the financial report [4]. Group 3: Self-Developed Chip Business - The self-developed chip business faced considerable challenges in 2024, with slow demand recovery and intense market competition impacting growth [5]. - The company increased its marketing efforts and collaborated with universities to establish the CW32 embedded innovation laboratory, but the MCU product line struggled to gain traction [5]. - New MCU products based on advanced processes were developed and tested with positive customer feedback, yet only three models were released and mass-produced by the end of the reporting period, falling short of expectations [6]. Group 4: Smart Grid Business - The smart grid business showed notable performance in 2024, driven by inventory consumption and demand recovery from downstream customers [7]. - Revenue from smart meter chip solutions and smart circuit breaker businesses saw significant increases compared to the previous year [7]. - However, the HPLC+RF dual-mode power line carrier communication module experienced a slight revenue decline due to the transition between old and new module standards, with limited short-term contributions despite increased capital investment and successful project bids [7].