Espressif Systems(SH:688018) 剑道电子·2025-03-30 09:24Core Viewpoint - In 2024, the company achieved a revenue of 2.007 billion yuan, a year-on-year increase of 40.04%, and a net profit attributable to shareholders of 339 million yuan, a year-on-year increase of 149.13% [1] Group 1: Financial Performance - The company's revenue growth is primarily driven by the increasing digitalization and intelligence penetration across various industries, along with the gradual ramp-up of new potential customers over the past two years [1] - The company reported a total revenue of 783 million yuan from chips (YoY +43.04%) and 1.208 billion yuan from modules (YoY +38.69%), with a total sales volume of 253 million units (YoY +35.87%) [2] - The fourth quarter gross margin improved to 46.85%, an increase of 4.71 percentage points quarter-on-quarter, with both chip and module gross margins reaching new highs in recent years [2] Group 2: Employee Incentives and Future Plans - The company announced a stock incentive plan for 2025, proposing to grant 1.073 million restricted shares to 192 incentive targets, with performance targets set for revenue growth from 2.4 billion to 4.15 billion yuan over the next four years [3] - The company plans to raise up to 1.78 billion yuan through a private placement, allocating 400 million yuan for Wi-Fi 7 router chip projects, 250 million yuan for Wi-Fi 7 smart terminal chip projects, and 430 million yuan for RISC-V AI edge chip projects, among other allocations [3] - The company aims for an annualized revenue growth target of 20% over the next four years, reflecting confidence in long-term growth [3]