SG Micro Corp(SZ:300661) 招商电子·2025-05-06 13:49Core Viewpoint - Shengbang Co., Ltd. is a leading domestic analog chip company with significant growth in revenue and profit for 2024, while Q1 2025 revenue experienced a seasonal decline due to weaker consumer electronics demand [2][3]. Financial Performance - For 2024, the company reported revenue of 3.347 billion yuan, a year-on-year increase of 27.96%, with power management products accounting for 65% and signal chain products for 35%. The net profit attributable to shareholders was 500 million yuan, up 78.17% year-on-year [2]. - In Q1 2025, revenue was 790 million yuan, a year-on-year increase of 8.3% but a quarter-on-quarter decrease of 12.5%, primarily due to the seasonal impact on consumer electronics. The gross margin was 49.07%, down 3.42 percentage points year-on-year [2][3]. Product Development and Market Position - The company maintains stable R&D investment and product launch schedules, with over 700 new products introduced in 2024. It has a total of 5,900 products across 34 categories, covering numerous niche markets and thousands of customers [3]. - The workforce reached 1,598 employees by the end of 2024, with 1,184 in R&D, representing 74.09% of the total [3]. Industry Trends - The overall semiconductor industry is expected to show marginal improvement in 2025, with major players like TI reporting revenue growth and low customer inventory levels, indicating a potential recovery in demand [4]. - The impact of tariffs on the industry remains to be observed, but short-term effects are not anticipated to be significant [4]. Investment Outlook - Shengbang Co., Ltd. is well-positioned in the consumer and industrial markets, with a strong focus on automotive applications. The company’s gross margin is competitive, suggesting room for growth [5]. - Future revenue projections for 2025-2027 are optimistic, with expected continued growth in net profit and earnings per share [5].