精测电子20250424

Summary of the Conference Call for Jingce Electronics Company Overview - Company: Jingce Electronics - Date of Report: April 24, 2025 Key Points Financial Performance - In 2024, Jingce Electronics reported a significant net profit decline of 165.02% due to global economic conditions and cyclical industry challenges, with estimated losses of approximately 100 million in the display sector and 89 million in the new energy sector [2][6][4] - The company achieved a revenue of 2.5 billion yuan in 2024, a year-on-year increase of 5.59%, but reported a net loss of 97.6 million yuan [4] - For Q1 2025, revenue surged to 600.9 million yuan, reflecting a 64.92% year-on-year growth, with a net profit of 37.6 million yuan, up 336.06% [4] Research and Development - R&D investment in 2024 increased by 10.78% to 730.6 million yuan, accounting for 28.48% of revenue [2][7] - The semiconductor sector's R&D investment surpassed 50% for the first time, growing by 32.76% [2][7] - In Q1 2025, overall R&D investment rose by 11.40%, with semiconductor R&D increasing by 32.31% [7] Order Backlog - As of the report date, the total order backlog was 2.844 billion yuan, with the semiconductor sector contributing the largest share at 1.668 billion yuan [2][8] Profit Margins - In 2024, the gross margin for the display business decreased by approximately 9 percentage points to 38.36%, while the new energy sector's margin fell by about 5.35 percentage points to 30.81% [2][9] - The semiconductor business maintained a gross margin of 45.75% [9] - In Q1 2025, gross margins improved across all business segments [9] Business Segments - Display Sector: Faced significant pressure due to cyclical industry challenges, with a revenue decline of 8.98% [10] - Semiconductor Sector: Achieved remarkable growth, with a revenue increase of 94.65% in 2024, accounting for 29.94% of total revenue [12] - New Energy Sector: Experienced revenue decline due to market demand slowdown, with a focus on lithium battery production testing equipment [14] Strategic Focus - The company plans to increase R&D investment in the semiconductor sector and optimize its business structure to focus on high-potential areas [15] - There is optimism regarding the semiconductor sector's growth due to favorable market conditions and increased domestic demand [15][33] Market Outlook - The company is confident about the 2025 market demand, particularly in the semiconductor industry, and anticipates significant order growth [15][16] - The display sector is expected to recover as OLED technology matures and demand increases [11][33] Competitive Landscape - The display industry is undergoing consolidation, with some companies reducing their investments, which may present opportunities for Jingce Electronics [31] Challenges and Responses - The company is addressing challenges in the new energy sector by enhancing operational efficiency and seeking international partnerships [14][28] - The impact of tariff policies on the display, semiconductor, and new energy sectors is being managed through proactive communication with suppliers and customers [26] Future Development - Jingce Electronics aims to maintain high R&D investment levels and adapt its product structure to capitalize on emerging market opportunities [11][33] - The company is focused on reducing losses in the new energy sector while leveraging its strengths in the semiconductor and display sectors for future growth [33][34]