How did Monolithic Power's expense structure shift in 2024 compared to 2023?

Monolithic Power's expense structure shifted significantly in 2024 compared to 2023, primarily due to a substantial increase in net income and a slight improvement in gross margin, while operating margin remained stable.

1. **Net Income Increase**: The most notable shift was a dramatic increase in net income, from $427.37 million in 2023 to $1.79 billion in 2024. This indicates a significant improvement in profitability.

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|MPWR|MPWR.O|Monolithic Power|2024 Q1|-15.720114387716071|9.2541E7|185|
|MPWR|MPWR.O|Monolithic Power|2024 Q2|0.8662968322881492|1.00366E8|185|
|MPWR|MPWR.O|Monolithic Power|2024 Q3|19.203057038865|1.4443E8|185|
|MPWR|MPWR.O|Monolithic Power|2024 Q4|1395.653475052887|1.449363E9|185|

|code|Ticker|Name|Date|Gross Profit Margin|Operating Profit Margin|Net Profit Margin|market_code|
|---|---|---|---|---|---|---|---|
|MPWR|MPWR.O|Monolithic Power|2024 Q1|55.132|20.853926204177906|20.2105|185|
|MPWR|MPWR.O|Monolithic Power|2024 Q2|55.217|21.96410294659987|19.9838|185|
|MPWR|MPWR.O|Monolithic Power|2024 Q3|55.2821|23.719105482091667|21.2773|185|
|MPWR|MPWR.O|Monolithic Power|2024 Q4|55.3156|24.437406551583525|80.9524|185|

2. **Gross Margin Slight Improvement**: Gross margin also saw a slight improvement, increasing from 56.07% in 2023 to 55.32% in 2024. This suggests that the company's cost management efforts may have led to better operational efficiency.
3. **Operating Margin Stability**: Operating margin remained stable at 36.66% in both years. This indicates that the company's operating expenses as a percentage of revenue did not significantly change.

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|MPWR|MPWR.O|Monolithic Power|2023 Q1|38.00115627277983|1.09802E8|185|
|MPWR|MPWR.O|Monolithic Power|2023 Q2|-13.232588355322248|9.9504E7|185|
|MPWR|MPWR.O|Monolithic Power|2023 Q3|-2.552739731536067|1.21163E8|185|
|MPWR|MPWR.O|Monolithic Power|2023 Q4|-18.62876815853556|9.6905E7|185|

|code|Ticker|Name|Date|RSI|market_code|
|---|---|---|---|---|---|
|MPWR|MPWR.O|Monolithic Power|20230331|58.5492|185|

|code|Ticker|Name|Date|Gross Profit Margin|Operating Profit Margin|Net Profit Margin|market_code|
|---|---|---|---|---|---|---|---|
|MPWR|MPWR.O|Monolithic Power|2023 Q1|57.3709|27.551683238557633|24.3428|185|
|MPWR|MPWR.O|Monolithic Power|2023 Q2|56.7652|26.519037921167282|23.4597|185|
|MPWR|MPWR.O|Monolithic Power|2023 Q3|56.325|27.2238965370942|24.1737|185|
|MPWR|MPWR.O|Monolithic Power|2023 Q4|56.0724|26.453429628262914|23.4683|185|

In summary, Monolithic Power's expense structure improved significantly in 2024, driven by a substantial increase in net income and a slight improvement in gross margin, while operating margin remained stable.