JoulWatt(688141)2024-12-12 07:34Financial Performance - In the first three quarters of 2024, the company achieved total operating revenue of 119,160.90 million yuan, representing a year-on-year increase of 18.62% [2] - In Q3 2024 alone, the company reported operating revenue of 44,109.12 million yuan, with a year-on-year growth of 24.15% and a quarter-on-quarter increase of 4.70%, marking a new quarterly high [2] - The net profit attributable to the parent company for the first three quarters was -50,702.67 million yuan, with a net profit of -53,260.04 million yuan after deducting non-recurring gains and losses [2] Gross Margin Analysis - The gross margin for the first three quarters of 2024 was 28.03%, a decrease of 0.71 percentage points compared to the same period last year [3] - The gross margin for Q3 2024 was 28.45%, showing a year-on-year increase of 5.00 percentage points and a quarter-on-quarter increase of 0.58 percentage points [3] - Despite a quarterly growth trend, the overall gross margin remains low, prompting the company to focus on new technology and market expansion to improve product value and gross margin [3] R&D Investment - R&D expenses for the first three quarters of 2024 amounted to 490 million yuan, an increase of 23.08% year-on-year, accounting for 41.14% of operating revenue, up by 1.49 percentage points [4] - The company employs a virtual IDM model, leveraging its dual advantages in process and chip design to optimize system integration and reduce costs [4] Product Development and Market Trends - The company is actively investing in automotive product lines, including 50A DrMOS and various other chips, to capitalize on the growing domestic automotive chip market [3] - The current domestic market for automotive analog chips has a low localization rate, indicating significant opportunities for domestic manufacturers [3] Product Updates - The company has made progress in high-current products, with DrMOS for 30A, 50A, 70A, and 90A already in production for clients [5] - The subsidiary, Wuxi Yixin Technology Co., specializes in advanced packaging and testing services for automotive-grade chips, enhancing the company's production capacity and R&D efficiency [5]