24Q1 revenue increased 205.94% year over year, and net profit loss to mother narrowed month-on-month.
The company's revenue for 23 years was 394 million yuan, down 29.64% year on year. Net profit to mother was 54 million yuan, and net profit from non-return to mother was 187 million yuan, mainly due to sluggish demand for downstream consumer electronics such as mobile phones and computers.
24Q1 revenue was 123 million yuan, up 205.94% year on year, down 7.20% month on month, and net profit to mother was -49 million yuan. From profit to loss, the month-on-month loss margin narrowed. After deducting net profit from non-return to mother - 54 million yuan, up 18.54% year on year and 24.90% month on month. The year-on-year change in net profit to mother was a profit and loss of about $138 million from 23Q1 equity transfers and technology licensing transactions. The narrowing of month-on-month losses mainly benefited from a 2.78pct month-on-month increase in 24Q1 gross margin to 32.45%, and a month-on-month decrease in asset impairment losses.
Power management and port protection and signal switching chips have been improved, and voice coil motor drives have become a major growth point.
The company's three major product lines include: (1) power management chips (23-year revenue of 261 million yuan, accounting for 66.41% of total revenue), (2) port protection and signal switching chips (23-year revenue of 107 million yuan, accounting for 27.10% of total revenue), and (3) voice coil motor driver chips (23-year revenue of 0.25 million yuan, accounting for 6.35% of total revenue).
In 2023, the company expanded new voice coil motor driver chips. Since the business is still in transition, its revenue is confirmed according to the net amount method. In terms of shipment value, the total shipment value of the three major product lines in 24Q1 was 265 million yuan, an increase of 560.42% over the previous year. Of these, voice coil motor driver chip shipments reached 158 million yuan. They have already entered the Vivo/Honor/Transun/OPPO/Xiaomi/Lenovo supply chains, which is the main growth point. At the same time, the shipment value of power management chips and port protection and signal switching chips was 107 million yuan, which also showed a significant increase.
Expanding the breadth of consumer electronics customers and laying out the automotive electronics field, automotive-grade power management chips are progressing smoothly.
The company is one of the main suppliers of mobile phone power management chips, and actively promotes products to other consumer terminal devices such as smart wearables/computers/tablets. At the same time, the company continues to increase investment in the field of automotive electronics. The self-developed automotive-grade power management chip products have met the AEC-Q100 standard, and DC/DC chips have entered the Qualcomm global automotive-grade platform reference design, achieved shipment to automotive front-end manufacturers such as Joynext/Yura Tech, and were eventually used in automobiles of various brands such as Audi/Hyundai/Kia/Xiaopeng/Hongqi/Wenjie/Changan.
A leading domestic power management chip company that extends endogenously and broadens its product line, maintaining a “gain” rating.
The company added voice coil motor driver chip business in 23, and actively expanded other consumer terminal devices such as smart wearables, computers/tablets, etc., and is expected to grow further in the future. The net profit for 24-26 is estimated to be -0.62/0.21/101 million yuan, respectively, corresponding to PE of -73.0/217.6/44.6 times in 24/25/26, maintaining a “gain” rating.
Risk warning: macro-environmental risks; industry risks; risk of falling inventory prices; management risks brought about by the expansion of the company's size, etc.