Nexchip Semiconductor (SHA:688249) expects its net profit attributable to the owners to be between 455 million yuan and 590 million yuan in 2024, soaring up to 179% from 211.6 million yuan the prior year, according to a Shanghai Stock Exchange disclosure on Wednesday.

The annual operating income is anticipated to be between 9.02 billion yuan and 9.47 billion yuan, up to 31% higher than 7.24 billion yuan a year earlier.

The Chinese semiconductor manufacturer attributed the forecast to its overall capacity utilization rate that remained at a high level, and an increase in investment in its research and development, among other factors.