Zheng Quan Shi Bao Wang·2025-05-22 12:58Core Viewpoint - Fudan Microelectronics reported a revenue increase but a significant decline in net profit for 2024, indicating a situation of rising income but falling profitability [1][2]. Financial Performance - In 2024, Fudan Microelectronics achieved a main business revenue of 3.59 billion yuan, a year-on-year increase of 1.53% [1]. - The net profit attributable to shareholders was 573 million yuan, reflecting a year-on-year decrease of 20.42% [1]. - The gross profit margin was 55.95%, down 5.26 percentage points compared to the same period in 2023 [1][2]. Product Line Challenges - The gross margin for FPGA and other product lines slightly declined due to an increase in the proportion of low-margin industrial-grade FPGAs, which rose from 10.24% in 2023 to 15.22% in 2024 [2]. - Despite effective cost reduction measures for other products like smart meter MCUs, market competition led to a decline in gross margin [2]. Inventory Risks - The company reported a significant inventory value of approximately 3.134 billion yuan at the end of 2024, accounting for 48.36% of total current assets [3]. - The inventory impairment provision was about 432 million yuan, with a provision rate of 12.12% [3]. - Low order rates for inventory and potential market downturns could increase inventory impairment risks, adversely affecting operational performance [3]. Management Changes - The company has been without a financial director and board secretary since the resignation of the previous financial director due to retirement [4]. - The board is actively seeking candidates for these critical positions but has not yet completed the hiring process, adhering to a cautious approach [4]. - The Shanghai Stock Exchange requires that the board secretary position be filled within six months of a vacancy, which has not yet been met [4].