Shanghai Fudan Microelectronics Group Company (1385) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached RMB3,590 million, a slight year-over-year increase, while net profit attributable to shareholders fell 20.42% to RMB573 million due to lower gross margins and increased impairment losses.

• Gross profit margin declined to 55.95%, down 5.26 percentage points, mainly from price reductions and product restructuring.

• The company maintained its leading position in smart meter MCUs and saw stable or growing demand in non-volatile memory and FPGA product lines.

Financial highlights

• Revenue: RMB3,590 million (up slightly year-over-year).

• Net profit attributable to shareholders: RMB573 million (down 20.42% year-over-year).

• Comprehensive gross profit margin: 55.95% (down 5.26 percentage points year-over-year).

• Total assets: RMB9,041 million (up 7.49% year-over-year).

• Net assets attributable to shareholders: RMB5,894 million (up 11.15% year-over-year).

• Basic and diluted EPS: RMB0.70 (down from RMB0.88 and RMB0.87, respectively, in 2023).

Outlook and guidance

• The company plans to strengthen R&D, expand production capacity, and enhance its market position through technology and product innovation.

• Focus remains on core businesses, with continued investment in new-generation FPGA, SoC, and security controller projects.

• Management expects to maintain sufficient liquidity and capital for future growth.