FMSH(688385)2025-04-13 02:23Investment Rating - The investment rating for Fudan Microelectronics (688385) is "Buy" and is maintained [2][9]. Core Views - The company reported a revenue of approximately 3.59 billion yuan for 2024, representing a year-on-year growth of 1.53%. However, the net profit attributable to shareholders decreased by 20.42% to approximately 573 million yuan [6][7]. - The semiconductor industry is currently at a bottoming phase but shows signs of stabilization. Some chip products, particularly in consumer electronics, are benefiting from improved sales and inventory replenishment, although gross margin levels still need improvement [7]. - The company is advancing its new generation FPGA products, with several models in small batch production and market rollout progressing steadily [8]. Summary by Sections Company Overview - Latest closing price: 50.15 yuan - Total shares: 8.21 billion, circulating shares: 5.37 billion - Total market capitalization: 41.2 billion yuan, circulating market capitalization: 26.9 billion yuan - 52-week high/low: 53.35/23.68 yuan - Debt-to-asset ratio: 27.6% - Price-to-earnings ratio: 71.64 [4]. Financial Performance - Revenue for 2024: 3.59 billion yuan, with a growth rate of 1.53% - Net profit for 2024: 573 million yuan, with a decline of 20.42% - Expected revenues for 2025, 2026, and 2027 are projected to be 4.05 billion, 4.77 billion, and 5.57 billion yuan respectively, with net profits of 800 million, 995 million, and 1.18 billion yuan [6][9][11]. Profitability Metrics - Gross margin for 2024 is reported at 55.95% - Earnings per share (EPS) for 2024 is 0.70 yuan, with projections of 0.97, 1.21, and 1.44 yuan for the following years [11][13].