Demand for storage chips rebounds, Zilliant Innovation sees double growth in Q1 revenue and profit | Financial Report Insights

ZTE Microelectronics released its first quarter financial report for 2024, with both revenue and profit showing double-digit growth. In Q1, the company achieved operating income of 1.627 billion RMB, a year-on-year increase of 21.32%; net profit of 205 million RMB, a year-on-year increase of 36.45%. The recovery of demand in the storage chip market served as the main driving force. The company gradually emerged from last year's difficulties in the first quarter, with a significant increase of 175.29% in net cash flow. Comprehensive gross profit margin improved, and expense control was effective. Total assets amounted to 17.066 billion RMB, with attributable equity to shareholders reaching 15.338 billion RMB, indicating a solid financial position. ZTE Microelectronics holds a leading position in the storage chip market