Sou Hu Cai Jing·2025-08-04 12:29Core Viewpoint - Fudan Microelectronics Group Co., Ltd. is facing significant challenges as it anticipates a substantial decline in net profit for the first half of the year, alongside a slight increase in revenue, indicating operational difficulties and management changes [1][4]. Financial Performance - The company expects to achieve revenue between 1.82 billion and 1.85 billion yuan, representing a year-on-year growth of 1.44% to 3.12% [1]. - The anticipated net profit attributable to shareholders is projected to be between 180 million and 210 million yuan, reflecting a year-on-year decline of 39.67% to 48.29%, a decrease of 138 million to 168 million yuan [1]. - The expected net profit after deducting non-recurring items is estimated to be between 170 million and 200 million yuan, down 35.24% to 44.95%, a reduction of 109 million to 139 million yuan [1]. - The company's revenue for 2022, 2023, and 2024 is reported as 3.539 billion, 2.627 billion, and 3.590 billion yuan, respectively, while net profits for the same years are 1.077 billion, 719 million, and 573 million yuan [2]. Profitability Trends - The company's gross margin has decreased from 64.67% in 2022 to 55.95% in 2024, while the net margin has dropped from 31.57% to 15.59% over the same period [4]. - In the first quarter of 2025, the company reported total revenue of 888 million yuan, a year-on-year decline of 0.54%, and a net profit of 136 million yuan, down 15.55% [4]. - The gross margin and net margin for the first quarter of 2025 were 58.14% and 14.5%, respectively, indicating a significant reduction compared to previous years [4]. Management Changes - The company underwent a significant management reshuffle, with key founding team members, including the former chairman and general manager, not being nominated for new positions [7]. - The board of directors' restructuring was met with opposition from some members, who expressed concerns about the potential impact on the company's stability and strategic direction [7]. - The new chairman emphasized that the restructuring was a critical decision aimed at optimizing the organizational structure and clarifying strategic direction, despite the company's disappointing performance [7].