MINDEO(300656)2024-10-27 08:26Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 25,983.66 million yuan, a decrease of 2,337.99 million yuan, representing a year-on-year decline of 8.26% [1] - The net profit attributable to shareholders decreased by 1,604.94 million yuan, a year-on-year decline of 159.73% [1] - The net cash flow from operating activities was -1,019.80 million yuan, down 4,373.58 million yuan, a decrease of 26.85% year-on-year [1] Key Business Developments - The barcode recognition equipment business showed strong growth, with both revenue and profit achieving double-digit increases compared to the previous year, particularly in overseas markets [2] - Joint ventures, such as Guangxin Microelectronics and Chip Microtech, are in a capacity ramp-up phase, leading to higher fixed costs and depreciation, which impacted profits despite revenue growth [2] - The power semiconductor market is recovering, with significant sales growth in epitaxial wafers from joint venture Jingrui Electronics, although prices have not yet returned to previous levels [2] Investment Activities - The company is in the process of acquiring a controlling stake in Guangxin Microelectronics, with agreements signed for the transfer of 9.8361% and 0.9197% of shares, and plans to complete the acquisition by the end of the year [2] - Upon completion, the company will hold 50.1% of Guangxin Microelectronics, enhancing its core competitiveness and control over strategic assets [2] AiDC Business Progress - The AiDC (Artificial Intelligence & Data Capture) division has seen double-digit growth in revenue and profit, with overseas sales increasing by over 40% [3] - The company has upgraded all barcode products to utilize AI technology, expanding its market reach and improving profit margins [3] Future Outlook - The company anticipates a rapid growth phase for its power semiconductor business as production capacity increases and market conditions improve [3] - The strategic focus on building a smart IDM ecosystem aims to achieve self-sufficiency across the power semiconductor supply chain [4]