BPSemi(SH:688368)2024-05-27 07:36Group 1: Company Acquisition and Synergy - The acquisition of Lingou Chuangxin in April 2023 has optimized the product and business structure of Jingfeng Mingyuan, enhancing its MCU product line and enabling market breakthroughs in electric mobility and tools [2][3] - The combination of MCU products with AC/DC power management chips has successfully expanded business into high-speed fans and automotive applications, achieving significant advancements in both large and small home appliances [3] Group 2: Research and Development Stability - The R&D team remains stable, with no significant changes reported compared to the 2023 annual report [3] Group 3: Sales Growth in AC/DC Power Chips - In 2023, the company saw progress in both external AC/DC power products for chargers and adapters, and internal AC/DC power products for large and small home appliances [4] - By Q1 2024, the company achieved mass production of 20W external AC/DC power products for a domestic mobile phone brand, with 33W products in small batch shipments [4] Group 4: Progress in DC/DC Power Management Chips - The company completed the development of four DC/DC power management chip products in 2023, with significant market progress [5] - A 16-phase digital controller has entered the recommended supplier list of an international company, while DrMos products are in the sampling phase [5] Group 5: Gross Margin Recovery - In Q1 2024, the overall gross margin reached 33.71%, an increase of 10.51 percentage points year-on-year and 5.12 percentage points quarter-on-quarter [6] - The gross margin for LED lighting power management chips was 28.20%, up by 7.34 percentage points, while the gross margin for motor drive and control chips surged by 24.45 percentage points to 43.53% [6] - Improved inventory management practices contributed to the increase in gross margin, allowing for the rapid consumption of historical high-cost inventory [6]