IPM Latest Report

Performance of this financial report

Intelligent (stock code: IPM) recorded an operating income of RMB-584.53 million as of December 31, 2024, showing an improvement from RMB-732.59 million as of December 31, 2023. Although the operating income is still negative, the decrease in the same period indicates a recovery in revenue.

Key data in the financial report

1. The operating income in 2024 was RMB-584.53 million, a decrease of RMB148.06 million from RMB-732.59 million in 2023, indicating an improvement in revenue despite remaining in the red.

2. The change in sales costs (RMB-212.68 million vs RMB-211.82 million) was relatively stable, possibly indicating the company's success in cost control, helping to improve overall revenue.

3. The non-current operating income in 2024 was RMB-415.75 million, compared to RMB161.97 million in 2023, showing a deterioration in the company's performance in non-current operations, which may have affected the overall operating income.

4. Possible reasons for revenue improvement include strong orders, increased production, optimized product structure, and benefits from currency fluctuations.

Peer comparison

1. Industry-wide analysis: The overall operating income trend of the current industry may be affected by factors such as market demand fluctuations and changes in competitive dynamics. If the overall industry income is also improving, it indicates a favorable market environment; otherwise, it may be due to the company's own efforts.

2. Peer evaluation analysis: Comparing the changes in operating income of other companies in the same industry, Shenzhen Kaifa achieved an operating income of RMB17.90 billion in 2024, up 32.39% YoY; Skyworth Digital recorded an operating income of RMB20.73 billion, down 6.39% YoY; Ankai Micro showed significant operating pressure, with an unsatisfactory overall operating income performance. This indicates that Intelligent's relative performance in the market needs further attention.

Summary

Intelligent (IPM) achieved an improvement in operating income in 2024, although still negative, the decrease in the same period indicates the company's efforts in market strategy and cost control. However, the deterioration of non-current operating income and increased competition in the industry still pose potential risks.

Opportunities

1. With the overall recovery of the electronics industry, Intelligent can continue to seize market demand and increase orders and production.

2. The company's prospects in new businesses such as new energy vehicles and artificial intelligence are promising, which may drive up gross margin.

3. The benefits from currency depreciation provide an additional source of income for the company.

Risks

1. Fluctuations in overall market demand and supply chain challenges may put pressure on the company's future operating income.

2. The continuous deterioration of non-current operating income may affect the company's overall financial situation.

3. Increased competition in the industry may affect Intelligent's market share and pricing power as some companies' operating income declines.