GUOXIN MICRO(002049) 新浪财经·2025-04-25 10:34Core Insights - The company reported a revenue of 5.511 billion yuan for 2024, representing a year-over-year decline of 27.3%, and a net profit attributable to shareholders of 1.179 billion yuan, down 53.4% year-over-year [1] - The special circuit segment faced significant pressure, leading to a noticeable decline in gross margin [1] Revenue Breakdown - Integrated circuit revenue was 2.577 billion yuan, down 42.6% year-over-year, significantly impacted by industry cycle adjustments [2] - Smart security chip revenue was 2.638 billion yuan, down 7.6% year-over-year; quartz crystal business saw growth with revenue of 224 million yuan, up 20.9% year-over-year [2] - The overall gross margin for 2024 was 55.8%, a decrease of 5.4 percentage points year-over-year, with integrated circuit gross margin at 71.7%, down 1.5 percentage points [2] Cost and Expenses - The company maintained high R&D expenses, with a period expense ratio of 32.8%, up 6.4 percentage points year-over-year, primarily due to rapid revenue decline and fixed costs [2] - R&D expense ratio was 22.4%, an increase of 3.4 percentage points year-over-year, focusing on new storage, AI smart chips, and automotive domain control chips [2] Inventory and Contract Liabilities - Inventory balance was 1.974 billion yuan, down 21.5% from the beginning of the year, mainly due to the exclusion of Unisoc Qinghan from consolidation and reduced production in the integrated circuit business [3] - Contract liabilities were 284 million yuan, down 63.1% from the beginning of the year, indicating reduced visibility on short-term orders [3] Future Outlook - The company is expected to benefit from the high demand in 2025, as emphasized by President Xi Jinping during the Two Sessions, with a potential performance turnaround as early as Q2 2025 [3] - A share buyback plan of 100 to 200 million yuan has been proposed to support employee stock ownership plans, following a previous buyback of 600 million yuan in 2023 [3] Strategic Focus - The company is focusing on its core business and optimizing resource allocation post-judicial restructuring of Unisoc Group, enhancing competitiveness through a "design-driven + manufacturing collaboration" model [4] - The company has completed equity adjustments and liquidations of certain subsidiaries to improve operational efficiency [4]