ANYKA MICROELECTRONICS(SH:688620) 梧桐树下V·2025-05-09 08:27Core Viewpoint - The company, Guangzhou Ankai Microelectronics, reported a significant decline in revenue and net profit in its 2024 annual report, indicating ongoing challenges in the semiconductor industry and potential issues with customer sales authenticity [1][9][20]. Financial Performance - In 2024, the company achieved revenue of 527 million yuan, a decrease of 7.94% year-on-year, and a net profit attributable to shareholders of -56.77 million yuan, down 311.48% [8][9]. - The company's revenue for the first quarter of 2025 was 101.88 million yuan, reflecting an 8.10% decline compared to the same period in 2024, with a net profit of -22.10 million yuan, a decrease of 206.22% [9][10]. - The company’s gross margin fell from 30.04% in 2022 to 25.78% in 2023, attributed to increased competition and rising R&D expenses [3][8]. Customer Dependency and Sales Concerns - The company's largest customer, Chip Link International, accounted for 32.58% of revenue in 2023 and 31.36% in 2024, raising questions about the authenticity of sales and the nature of the customer relationship [11][13][15]. - There are discrepancies between the revenue contribution from Chip Link and the accounts receivable balance, suggesting potential issues with sales reporting [13][14]. R&D and Investment Projects - The company has increased its R&D personnel from 215 in 2022 to 264 in 2023, with R&D expenses rising to 111.27 million yuan [3][8]. - Two major investment projects have been delayed by two years, with the IoT chip R&D project now expected to be completed by June 2027 and the R&D center by June 2028 [17][19]. IPO and Regulatory Scrutiny - The company went public on June 27, 2023, but the IPO process did not address concerns regarding its ongoing profitability [20][21]. - The regulatory body did not inquire about the company's ability to maintain profitability during the IPO review process, which may raise future scrutiny [20][22].