DPtech(300768) 每日经济新闻·2025-04-15 09:05Core Viewpoint - Dipu Technology has launched a 2025 employee stock ownership plan (draft) without company-level performance assessments, which is atypical compared to most employee stock plans. Despite a rebound in net profit for 2024, the first quarter of 2025 saw a decline in profits. Meanwhile, northbound funds have significantly increased their holdings in Dipu Technology [1][2][3]. Group 1: Employee Stock Ownership Plan - The 2025 employee stock ownership plan aims to raise a total of 28.18 million yuan, with shares purchased at 8.90 yuan per share from the company's repurchased stock [1]. - Both the 2024 and 2025 employee stock ownership plans do not include company-level performance assessments, only individual performance evaluations for participants [2]. - Employees participating in both the 2024 and 2025 plans may receive dual incentives if they meet personal performance criteria [2]. Group 2: Financial Performance - In 2024, Dipu Technology reported revenue of 1.155 billion yuan, a year-on-year increase of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [3]. - Despite the growth in 2024, net profit remains significantly lower than peak levels, with 2021 net profit at 309 million yuan, and 2022 and 2023 at 150 million yuan and 127 million yuan, respectively [3]. - In Q1 2025, the company achieved revenue of 279 million yuan, a year-on-year increase of 9.57%, but net profit fell by 16.60% to approximately 30.6 million yuan [3]. Group 3: Operational Challenges - Dipu Technology's gross margin decreased from 71.45% in 2021 to 67.28% in 2024, and net margin fell from 30.02% to 13.96% during the same period [4]. - The increase in sales expenses is attributed to a rapid growth in sales personnel, with sales expenses rising from 285 million yuan in 2021 to 429 million yuan in 2024 [4]. - The company's inventory has also increased significantly, from 206 million yuan in 2021 to 350 million yuan in 2024, indicating a need for improved inventory management [4][5]. Group 4: Market Position and Investment Trends - Dipu Technology is a leading provider of comprehensive network security products and solutions, serving various sectors including telecommunications, government, finance, and healthcare [4]. - Northbound funds have been actively increasing their holdings in Dipu Technology, with significant acquisitions occurring after September 2024, making Hong Kong Central Clearing Limited the sixth largest shareholder with a 1.70% stake [6]. - The company has a strong cash position, with over 2.9 billion yuan in cash and financial assets as of Q1 2025, and no short-term or long-term debt [6].