1. Asset Structure Analysis
The total assets in 2024 amount to 3.545 billion yuan (2023: 3.532 billion yuan), a year-on-year increase of 0.37%, with overall fluctuations being minor. The asset composition is primarily current assets (71.78%), with non-current assets accounting for 28.22%. The main items are as follows:
Cash and cash equivalents:1.740 billion yuan (49.10%), of which restricted funds are 1.465 billion yuan (mainly time deposits);
Inventory:557 million yuan (15.72%);
Other equity investments:395 million yuan (11.14%);
Intangible assets:192 million yuan (5.43%);
Other non-current financial assets:179 million yuan (5.04%).
Key Observations:
The proportion of cash and cash equivalents is nearly50%, indicating ample liquidity;
Accounts receivable and notes receivable total only41.6191 million yuan, with a short collection cycle, reflecting the company’s strong bargaining power in the industry chain.
2. Liability Structure Analysis
The total liabilities in 2024 amount to 552 million yuan (2023: 569 million yuan), a year-on-year decrease of 3.01%. Among these:
Current liabilities:477 million yuan (86.44%), mainly accounts payable (153 million yuan, 27.77%) and short-term loans (105 million yuan, 19.06%);
Non-current liabilities:75 million yuan (13.56%).
Key Observations:
The scale of interest-bearing liabilities is extremely small (only short-term loans of105 million yuan, with no long-term loans), indicating low financial risk.
3. Profit and Loss Statement Analysis
Operating income:In 2024, it is 2.288 billion yuan (2023: 1.673 billion yuan), a year-on-year increase of 36.76%. Quarterly, Q2 has the highest income (653 million yuan).
Net profit excluding non-recurring items:In 2024, it is 115 million yuan (2023: 7 million yuan), a year-on-year increase of 1,538.72%.
Net profit:In 2024, it is 167 million yuan (2023: 23 million yuan), a year-on-year increase of 626.15%.
Financial expenses:-44.7397 million yuan (mainly due to interest income from time deposits, with an interest rate of about 3%, which is reasonable).
4. Cash Flow Analysis
Cash flow from operating activities:In 2024, it is 196 million yuan (2023: 188 million yuan), remaining stable;
Cash flow from investing activities:In 2024, it is 1 million yuan (2023: -1.130 billion yuan), with no significant investment expenditures in 2024;
Cash flow from financing activities:In 2024, it is -163 million yuan (2023: 28 million yuan), mainly due to dividends or debt repayments.
5.Financial Indicator Analysis
|
Indicator |
2023 |
2024 |
Change |
|
Debt-to-asset ratio |
16.12% |
15.58% |
↓0.54pct |
|
Gross profit margin |
32.41% |
31.19% |
↓1.22pct |
|
Net profit margin |
1.37% |
7.29% |
↑5.92pct |
|
ROE |
0.78% |
5.57% |
↑4.79pct |
|
Inventory turnover days |
160.59 days |
113.5 days |
↓47.09 days |
|
Accounts receivable turnover days |
10.6 days |
7.57 days |
↓3.03 days |
Key Observations:
Debt repayment ability: The debt-to-asset ratio is extremely low (<16%), indicating a robust financial structure;
Profitability: Significant improvement in net profit margin and ROE, indicating enhanced profit quality;
Operational efficiency: Faster inventory and accounts receivable turnover, optimizing operational efficiency.
6. Operational Situation
Main business: Integrated circuit design (smart terminal application processor chips).
Sales distribution: Domestic (70.13%), overseas (29.86%);
Sales model: Distribution (82.29%), direct sales (17.71%).
Progress in segmented fields:
Smart platform: Completed the tape-out of the next-generation chip, achieving full coverage of tablet products;
Robotics/Industrial control: Launched the dedicated chip MR536 (enhanced perception capability, mass production within six months);
Smart vision: Released low-power wireless security chip;
Smart decoding display: Launched the second-generation projection chip and ultra-miniature projection chip.
7. Conclusion
Allwinner Technology, as a leading domestic smart processorSoC chip designer, presents the following financial characteristics:
✅ Ample funds: High proportion of cash and cash equivalents, healthy cash flow;
✅ Low debt operation: Interest-bearing liabilities only 105 million yuan, debt-to-asset ratio <16%;
✅ Profit growth: Net profit increased over six times, ROE exceeded 5%;
✅ Strong bargaining power in the industry chain: Fast accounts receivable turnover (7 days), accounts payable of 153 million yuan.
Outlook: The company has a solid technological layout in the smart chip field, with significant performance improvement expected in 2024, and is likely to continue growing based on its R&D advantages.
(Note: All data is compiled based on publicly available annual report information)