钜泉科技: 关于钜泉光电科技（上海）股份有限公司2024年年报问询函中有关财务会计问题的专项说明

Core Viewpoint - The company, Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd., has experienced a decline in both revenue and net profit for the fiscal year 2024 and the first quarter of 2025, attributed primarily to a decrease in product sales prices and rising operational costs [1][4][5]. Revenue and Profit Analysis - In 2024, the company reported revenue of 591.87 million yuan, a year-on-year decrease of 1.85%, and a net profit of 93.59 million yuan, down 28.79% year-on-year [1][5]. - For the first quarter of 2025, revenue was 121.39 million yuan, reflecting a 3.86% decline year-on-year, while net profit fell to 8.94 million yuan, a 53.45% decrease year-on-year [1][5]. - The top five customers accounted for 94.15% of total sales, indicating a high customer concentration risk [1][5]. Product Sales Structure - The company's main revenue sources include metering chips, MCU chips, and carrier-related chips, with metering chips contributing 54.60% of total sales in 2024 [3][12]. - The sales revenue from the top five customers remained stable, with 557.25 million yuan in 2024 and 115.36 million yuan in Q1 2025, primarily affected by a decrease in product sales prices [2][3]. Cost and Expense Analysis - The company's operating expenses have increased, with total expenses for 2024 reaching 226.97 million yuan, an 18.58% increase year-on-year [4][5]. - Significant increases in R&D expenses, driven by a focus on new product development and a stock incentive plan, have contributed to the rise in operational costs [4][5]. Market Position and Competitive Landscape - The company operates in a competitive semiconductor market, with stable demand for smart grid products supported by consistent procurement from major clients like the State Grid and Southern Grid [6][8]. - The company has developed new products, such as BMS chips, which have begun mass production and are expected to drive future growth [7][8]. Future Outlook - Despite short-term pressures on revenue and profitability, the company aims to enhance cost control and product competitiveness through lean management and supplier negotiations [7][8]. - The long-term growth prospects remain positive, supported by the company's market position in smart grid technology and ongoing product development initiatives [6][8].