精智达2024年报解读：营收增长下的利润波动与风险洞察

Core Insights - Shenzhen Jingzhida Technology Co., Ltd. focuses on testing and detection equipment, particularly in semiconductor memory devices and new display devices, revealing significant changes in its 2024 annual report, including a 52.66% increase in R&D expenses and a 30.71% decrease in net profit [1] Financial Key Data Interpretation - The company achieved operating revenue of 803,129,707.64 yuan in 2024, a 23.83% increase from 648,563,325.45 yuan in 2023, driven by rapid growth in the semiconductor equipment sector, particularly a 200.80% increase in semiconductor memory device testing revenue [2] - The net profit attributable to shareholders was 80,160,244.51 yuan, down 30.71%, primarily due to the rising proportion of semiconductor business revenue with lower gross margins and increased R&D investments [3] - The net profit excluding non-recurring gains and losses was 68,855,656.78 yuan, a decrease of 18.37%, indicating challenges in core business profitability due to market competition and changes in customer and product structures [4] - Basic earnings per share fell to 0.86 yuan, down 40.57% from 1.44 yuan in 2023, reflecting the impact of declining net profit on shareholder returns [5] - The diluted earnings per share, excluding non-recurring gains and losses, was 0.74 yuan, down 29.95%, indicating a need for improvement in core business operational efficiency [6] Expense Analysis - Sales expenses decreased by 16.00% to 41,396,263.36 yuan, attributed to management optimization and reduced marketing expenditures, reflecting effective cost control [7] - Management expenses increased by 20.14% to 39,248,754.17 yuan due to a rise in management personnel and salaries, necessitating attention to management efficiency [8] - Financial expenses were -7,365,700.56 yuan, primarily due to increased exchange losses from currency fluctuations, highlighting the need for better currency risk management [10] R&D Investment - R&D expenses rose significantly by 52.66% to 109,687,738.29 yuan, accounting for 13.66% of operating revenue, indicating a commitment to enhancing core competitiveness and technological innovation [11] - The number of R&D personnel increased to 278, representing 47.28% of total employees, with a focus on optimizing the structure to support technological advancements [12] - The company holds 413 intellectual property rights, including 84 invention patents, and has made progress in developing core testing equipment, positioning itself for future growth opportunities [13] Cash Flow Analysis - The net cash flow from operating activities turned positive at 14,564,741.84 yuan, compared to -13,548,051.46 yuan in 2023, indicating improved sales collection [14] - The net cash flow from investing activities was -156,425,766.07 yuan, a reduction from -441,303,456.06 yuan in 2023, reflecting better management of financial products [15] - The net cash flow from financing activities was -88,317,094.24 yuan, influenced by increased dividends and share buybacks, indicating a focus on shareholder returns while adjusting capital structure [16]