CRSR Latest Report

Performance Review

Corsair Gaming's total operating revenue was US$413,623,000 as of December 31, 2024, a slight decrease from US$417,286,000 as of December 31, 2023, with a decline of approximately 1.60%. This change reflects the company's pressure on operating revenue, possibly related to market competition, product demand changes, and other factors.

Key Data in the Financial Report

1. Corsair Gaming's total operating revenue slightly decreased, possibly due to increased market competition, fluctuating product demand, changes in the macroeconomic environment, and increased research and development investment.

2. R&D expenses in 2024 were US$16,958,000, up from the previous year, but failed to translate into sales growth in the short term, affecting profitability.

3. The entire gaming hardware industry gradually returned to normalcy after the pandemic, leading to a slowdown in revenue growth, and Corsair Gaming faced similar challenges as other companies in the industry.

Peer Comparison

1. Industry-wide analysis: The overall gaming hardware industry experienced rapid growth after the pandemic, followed by a slowdown in revenue growth, with many companies facing similar revenue decline trends, reflecting market saturation and increased competition.

2. Peer evaluation analysis: Corsair Gaming's total operating revenue decreased by a relatively small margin, indicating its position in the market, but its long-term growth potential needs to be monitored, especially whether R&D investment can effectively translate into sales.

Summary

Corsair Gaming's operating revenue in 2024 slightly decreased, mainly affected by increased market competition, fluctuating product demand, and changes in the macroeconomic environment. Although the company adopted new product releases and market expansion strategies, it needs to focus on whether it can effectively enhance sales and profitability.

Opportunities

1. New product releases and cooperation with Activision can enhance competitiveness in the high-end market, possibly driving demand for high-end gaming components.

2. Major GPU and gaming technology releases are expected in 2025, which may stimulate consumer interest and drive sales growth.

3. Expanding market share in high-profit products such as professional broadcasting and direct-to-consumer products may improve product demand structure.

Risks

1. Adverse macroeconomic conditions may lead to weaker consumer spending, affecting product sales demand.

2. Global economic uncertainty may lead to payment delays by customers, increasing bad debt risk and threatening cash flow and profitability.

3. Rising raw material costs and increased promotional expenses may lead to increased operating costs, affecting profitability.