Amlogic(SH:688099)2024-11-04 07:34Group 1: Company Overview - Jingchen Semiconductor (Shanghai) Co., Ltd. is a leading fabless semiconductor system design company, focusing on the research, design, and sales of system-on-chip (SoC) and peripheral chips [7] - The company's main products include multimedia smart terminal SoC chips, wireless connection chips, and automotive electronic chips, widely used in various consumer electronics sectors [7] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved revenue of CNY 4.64 billion, a year-on-year increase of 20.28% [8] - The net profit attributable to the parent company for the same period was CNY 594 million, reflecting a year-on-year growth of 89.26% [8] - The third quarter saw a net profit of CNY 232 million, up 79.52% year-on-year, despite a foreign exchange loss of approximately CNY 37 million [8] Group 3: Product Performance and Market Share - The T series chips experienced over 50% year-on-year revenue growth in the first three quarters, with continued growth in the third quarter [9] - The company expects to ship over 10 million units of the W series Wi-Fi 6 chips in 2024, marking a significant breakthrough in the domestic operator market [8] Group 4: Cost and Profitability - The overall gross margin for the first three quarters was 36.37%, with the third quarter showing an increase to 38.22%, up 2.24 percentage points year-on-year [10] - The company is actively implementing cost-reduction measures and enhancing operational efficiency, which is expected to further improve product competitiveness [10] Group 5: Research and Development - R&D expenses for the first three quarters of 2024 amounted to CNY 1.02 billion, an increase of CNY 68 million compared to the same period last year [10] - The company anticipates a growth rate of 15%-25% in annual R&D expenses [10] Group 6: Inventory Management - As of September 30, 2024, the company's inventory amounted to CNY 1.271 billion, with a significant portion of products having an aging period of less than 6 months [10] - The company maintains a healthy inventory structure, focusing on fast-moving products [10] Group 7: Technology and Process - The company currently utilizes various process technologies, including 28nm, 22nm, 12nm, and 6nm, with 12nm being the primary process for revenue generation [11]