Investment Rating - The report maintains an "Accumulate" rating for Shanghai Fudan (1385.HK) [5] Core Views - The demand for smart meter chips and non-volatile storage business is recovering, but some product lines are facing price pressure due to intense market competition [2][3] - In 2024, the company achieved revenue of 3.590 billion RMB, a year-on-year increase of 1.53%, with a significant growth of 44.9% in smart meter chip revenue [1][2] - The overall gross profit margin for 2024 was 55.95%, a decrease of 5.26 percentage points year-on-year, primarily due to price reductions in certain products and adverse effects from product mix adjustments [1] Summary by Sections Revenue and Profitability - In 2024, the company reported a net profit of 573 million RMB, a decline of 20.42% year-on-year, resulting in a net profit margin of 16% [1][4] - The revenue from the non-volatile storage chip business increased by 5.94% year-on-year to 1.136 billion RMB, driven by a recovery in demand from certain end markets [2][4] Product Performance - The smart meter chip business generated revenue of 397 million RMB in 2024, up 44.9% year-on-year, supported by a recovery in the smart meter market and increased shipments in white goods and automotive sectors [2][3] - The security and identification chip business saw a revenue decline of 8.31% year-on-year, totaling 791 million RMB, due to intense competition in traditional markets [2] Future Outlook - The report anticipates that the smart meter chip business and non-volatile storage revenue will continue to benefit from upcoming government subsidy policies and increased demand in consumer electronics [2][3] - The company is actively exploring new application areas such as automotive, industrial, and IoT to mitigate the impact of price pressures and competition [2][3]
上海复旦（01385）：2024年度业绩点评：智能电表和存储业务需求回暖，部分产品线价格和盈利承压