Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) to discuss various proposals, including financial performance, profit distribution, and future strategic directions. Group 1: Meeting Procedures and Regulations - The AGM will ensure the verification of attendees' identities to maintain order and efficiency [2][3] - Attendees will have the right to speak, inquire, and vote, with specific guidelines on how to raise questions and make comments [3][4] - Voting will be conducted through both on-site and online methods, with results published in a resolution announcement [4][6] Group 2: Financial Performance - The company reported a revenue of 803.13 million yuan, representing a year-on-year increase of 23.83%, with semiconductor business revenue growing by 199.28% [7][8] - The net profit attributable to shareholders was 80.16 million yuan, a decrease of 30.71% compared to the previous year [7][8] Group 3: Business Development and Strategy - The company focuses on testing and detection equipment for semiconductor and new display devices, benefiting from the expansion of artificial intelligence applications [8][10] - Significant progress was made in the development of key products, including DRAM aging test repair equipment and MEMS probe cards, with increased market penetration [9][10] - The company plans to enhance its product matrix and expand into new markets, particularly in AMOLED and Micro LED technologies [12][15] Group 4: Research and Development - R&D expenditure reached 109.69 million yuan, accounting for 13.66% of revenue, with a year-on-year increase of 52.66% [10][11] - The company has obtained 413 intellectual property rights, including 84 invention patents, to strengthen its competitive edge [10][11] Group 5: Profit Distribution Proposal - The board proposed a cash dividend of 3.23 yuan per 10 shares, amounting to a total distribution of approximately 29.88 million yuan, which is 37.28% of the net profit [23][24] Group 6: Related Party Transactions - The company plans to confirm and estimate daily related party transactions for 2025, with expected transactions amounting to 42 million yuan [25][26] - The related parties include subsidiaries where the company's chairman holds positions, ensuring compliance with regulatory requirements [25][27]

Core Insights - Shenzhen Jingzhida Technology Co., Ltd. focuses on testing and detection equipment, particularly in semiconductor memory devices and new display devices, revealing significant changes in its 2024 annual report, including a 52.66% increase in R&D expenses and a 30.71% decrease in net profit [1] Financial Key Data Interpretation - The company achieved operating revenue of 803,129,707.64 yuan in 2024, a 23.83% increase from 648,563,325.45 yuan in 2023, driven by rapid growth in the semiconductor equipment sector, particularly a 200.80% increase in semiconductor memory device testing revenue [2] - The net profit attributable to shareholders was 80,160,244.51 yuan, down 30.71%, primarily due to the rising proportion of semiconductor business revenue with lower gross margins and increased R&D investments [3] - The net profit excluding non-recurring gains and losses was 68,855,656.78 yuan, a decrease of 18.37%, indicating challenges in core business profitability due to market competition and changes in customer and product structures [4] - Basic earnings per share fell to 0.86 yuan, down 40.57% from 1.44 yuan in 2023, reflecting the impact of declining net profit on shareholder returns [5] - The diluted earnings per share, excluding non-recurring gains and losses, was 0.74 yuan, down 29.95%, indicating a need for improvement in core business operational efficiency [6] Expense Analysis - Sales expenses decreased by 16.00% to 41,396,263.36 yuan, attributed to management optimization and reduced marketing expenditures, reflecting effective cost control [7] - Management expenses increased by 20.14% to 39,248,754.17 yuan due to a rise in management personnel and salaries, necessitating attention to management efficiency [8] - Financial expenses were -7,365,700.56 yuan, primarily due to increased exchange losses from currency fluctuations, highlighting the need for better currency risk management [10] R&D Investment - R&D expenses rose significantly by 52.66% to 109,687,738.29 yuan, accounting for 13.66% of operating revenue, indicating a commitment to enhancing core competitiveness and technological innovation [11] - The number of R&D personnel increased to 278, representing 47.28% of total employees, with a focus on optimizing the structure to support technological advancements [12] - The company holds 413 intellectual property rights, including 84 invention patents, and has made progress in developing core testing equipment, positioning itself for future growth opportunities [13] Cash Flow Analysis - The net cash flow from operating activities turned positive at 14,564,741.84 yuan, compared to -13,548,051.46 yuan in 2023, indicating improved sales collection [14] - The net cash flow from investing activities was -156,425,766.07 yuan, a reduction from -441,303,456.06 yuan in 2023, reflecting better management of financial products [15] - The net cash flow from financing activities was -88,317,094.24 yuan, influenced by increased dividends and share buybacks, indicating a focus on shareholder returns while adjusting capital structure [16]

Core Viewpoint - The significant reduction in shareholding by major shareholders of Jingzhida (688627.SH) raises concerns about the company's future prospects, especially in light of its recent performance challenges and the competitive landscape in the semiconductor testing equipment industry [3][4][5]. Shareholder Reduction and Buyback - Multiple shareholders plan to reduce their holdings by up to 2.82 million shares, representing a maximum of 3% of the total share capital, within three months following the announcement [3][4]. - The company has only repurchased 20,000 shares, which is a mere 0.02% of its total share capital, indicating a lack of confidence in the buyback's impact compared to the scale of the shareholder reduction [3][6]. Financial Performance - In 2024, the company reported a revenue increase of 23.83% year-on-year, reaching 803 million yuan, but the net profit attributable to shareholders decreased by 28.93% to approximately 82.22 million yuan, and the net profit after deducting non-recurring gains and losses fell by 19.61% to about 67.80 million yuan [8][9]. - The company faces operational pressures, with a significant reliance on a few major clients, as the top five clients accounted for 86.76% of total revenue in 2023 [9][10]. Market and Operational Risks - The company operates in a technology-intensive industry with long R&D cycles, and it has increased R&D spending by 57.60% year-on-year to approximately 77.58 million yuan, which constitutes 12.28% of its revenue [9][10]. - High customer concentration poses a risk, as losing a major client could severely impact revenue and increase operational risks [9][10]. Cash Flow and Financial Health - The company reported a negative net cash flow from operating activities of 115 million yuan for the first three quarters of 2024, indicating potential challenges in daily operations and funding [10]. - Accounts receivable and contract assets combined represent 24.71% of total assets, which could affect profitability and cash flow if clients face financial difficulties [10].