Global Times｜Over 1,000 Chinese listed firms reveal financial results; semiconductor sector shows strong performance
More than 1,000 listed companies in China have released their 2024 financial results as of April 2, with semiconductor and consumer electronics firms posting strong performances amid booming demand from the country's rapid adoption of cloud computing and AI.
According to data from information provider Wind, at least 1,083 Chinese listed companies have announced their financial results for last year, among which 646 have reported year-on-year revenue growth, or about 60 percent of the total. Meanwhile, 616 listed companies saw year-on-year profit growth.
By industry, semiconductor, consumer electronics, and auto parts firms showed particularly strong performance in 2024, the China Securities Journal reported.
Shengyi Electronics Co, a printed circuit boards manufacturer in Dongguan, South China's Guangdong Province said on March 27 that the company generated revenue of 4.69 billion yuan ($645 million) in 2024, up 43.19 percent year-on-year.
"The electronics market rebounded in 2024, driven by next-gen information tech," Shengyi said in its filing. "Surging AI demand and terminal applications fueled rapid growth in high-end printed circuit boards," the company said in the filing with the Shanghai Stock Exchange.
Wuhan-based auto-chip maker Black Sesame Technologies, saw 474 million yuan in revenue in 2024, up 51.8 percent year-on-year, with profit reaching 313 million yuan, according to a filing with the Hong Kong Exchanges and Clearing Ltd.
Its A1000 chip series has entered mass production, with deliveries to automakers including Geely, Dongfeng and BYD.
InnoScience (Suzhou) Technology Holding Co, a semiconductor firm based in Suzhou, East China's Jiangsu Province announced that the group's revenue in 2024 reached 828.5 million yuan, representing a year-on-year increase of 39.8 percent. Victory Giant Technology (Hui Zhou) Co, also a printed circuit boards producer, reported 10.73 billion yuan in revenue, a 35.3 percent increase.
"2024 is an opportunity for advanced semiconductor industry," Xiang Ligang, director-general of the Beijing-based Information Consumption Alliance, told the Global Times on Thursday.
He said booming AI development drove up data center demand, while US chip export controls strengthened China's resolve to grow its semiconductor sector. China's chip exports topped 1 trillion yuan for the first time in 2024, surpassing mobile phones to become the single commodity with the highest export value, the Xinhua News Agency reported, citing customs data.
With the AI Plus initiative underway, the semiconductor sector is expected to see faster growth in 2025, Xiang said, backed by confidence in its vast domestic market.
Global investors show much higher interest in China equities now, Meng Lei, China equity strategist at UBS Securities, wrote in a note sent to the Global Times recently.
Meng said improved investor sentiment has sparked a sharp market rally in recent months, as AI and other tech innovations have boosted investor esteem. "AI and related industries, including humanoid or industrial robots, intelligent driving, remain the most popular themes among global investors," he said.
According to a Morgan Stanley report released in March, the year-end index target for Hong Kong market's Hang Seng index was raised to 25,800, which implies a 9 percent upside from the current market levels. The target for MSCI China was also raised by 9 percent.