BPSemi(SH:688368) Dong Jian Yan Bao·2025-03-18 01:05Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to shareholders was -33 million yuan, but the company turned a profit when excluding non-recurring losses, achieving a net profit of 9 million yuan [16][17]. - The company has optimized its product structure, with significant growth in sales of AC/DC power chips and motor control driver chips. The high-performance computing power chips have entered mass production, leading to a substantial increase in sales revenue [16][18]. Summary by Sections Company Performance - In 2024, the LED lighting driver chip business generated sales of 869 million yuan, a decrease of 7.82% year-on-year. The AC/DC power chip sales reached 273 million yuan, up 39.64%, while motor control driver chips saw a 95.67% increase in sales to 318 million yuan. High-performance computing power chips achieved sales of 43 million yuan, a staggering increase of 1,402.25% [17][18]. Product Line Developments - The LED lighting driver chip business is expanding in the smart LED lighting market, maintaining a leading position in dimmable products and achieving significant growth in North American markets [21]. - The high-performance computing power chip line has successfully launched a full range of products and gained certifications from several domestic and international CPU/GPU manufacturers, becoming the first domestic power chip company on NVIDIA's recommended supplier list [22]. - The AC/DC power chip business has seen steady growth, with significant revenue from major appliances and rapid growth in small appliances, establishing stable partnerships with well-known brands [23]. - The motor control driver chip business has expanded into various sectors, achieving a sales revenue of 318 million yuan, with significant market share in electric mobility and home appliances [24]. R&D and Talent Development - As of the end of 2024, the company had 422 R&D personnel, accounting for 68.17% of the total workforce. The R&D expenditure for 2024 was nearly 400 million yuan, representing 26.58% of revenue. The company has received numerous patents, indicating a positive trend in R&D investment and output [25].