Core Viewpoint - The announcement emphasizes the accuracy and completeness of the quarterly report by the company's board and management, ensuring no false statements or omissions exist [1]. Financial Data - The first quarter financial statements are not audited [2]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the text [2]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [2]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is mentioned, but specific data is not provided [3]. - There are no changes in the top ten shareholders or their lending/borrowing activities related to the stock [4]. Other Important Information - There are no additional reminders or important information regarding the company's operational situation during the reporting period [4]. - The financial statements, including the consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2025, are prepared but not audited [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 revenue reached 2.387 billion yuan, a year-on-year increase of 3%, while the net profit attributable to the parent company was 228 million yuan, a year-on-year decrease of 16% [7] - The company is successfully expanding its new business, with significant growth in its core component business and a reduction in the proportion of low-margin OEM business [7] - The company is enhancing its overseas manufacturing capabilities to mitigate trade friction, with new production bases in Vietnam and Thailand expected to be operational in 2025 [7] - The profit forecast for the company remains stable, with expected net profits of 1.338 billion yuan, 1.441 billion yuan, and 1.551 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.7%, 7.7%, and 7.7% [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 10.691 billion yuan, with a year-on-year growth rate of 9.5% [6] - The gross profit margin is expected to be 24.5% in 2025, with a return on equity (ROE) of 24% [6] - The earnings per share (EPS) is forecasted to be 2.33 yuan for 2025, with a price-to-earnings (P/E) ratio of 10 [6]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,387,324,193.84, representing a 3.23% increase compared to CNY 2,312,530,133.42 in the same period last year[5] - Net profit attributable to shareholders decreased by 16.19% to CNY 227,938,441.94 from CNY 271,959,280.24 year-on-year[5] - Basic and diluted earnings per share decreased by 14.89% to CNY 0.40 from CNY 0.47 year-on-year[5] - The net profit for Q1 2025 was CNY 228,406,202.07, a decrease of 16.1% compared to CNY 272,262,492.40 in Q1 2024[20] - Operating profit for Q1 2025 was CNY 241,707,287.91, down 24.7% from CNY 321,052,502.29 in Q1 2024[20] - The total comprehensive income for Q1 2025 was CNY 218,008,267.66, down from CNY 256,429,777.91 in Q1 2024[21] Cash Flow and Liquidity - The net cash flow from operating activities significantly dropped by 94.79% to CNY 17,212,477.25, down from CNY 330,064,351.09 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was CNY 17,212,477.25, a significant decrease from CNY 330,064,351.09 in Q1 2024[24] - Cash and cash equivalents at the end of Q1 2025 amounted to CNY 5,285,076,125.68, down from CNY 6,760,644,602.39 at the end of Q1 2024[24] - The company reported a net cash inflow from investing activities of CNY 264,951,579.14 in Q1 2025, compared to a net outflow of CNY 247,548,023.43 in Q1 2024[24] Assets and Liabilities - Total assets increased by 1.64% to CNY 13,846,583,624.17 from CNY 13,623,000,705.96 at the end of the previous year[6] - Total current assets rose to ¥10,209,810,397.96, a 2.3% increase from ¥9,979,899,907.01 at the end of 2024[14] - Total liabilities amounted to ¥8,656,796,892.64, slightly up from ¥8,652,905,469.13 at the end of 2024[16] - The company’s total liabilities decreased to CNY 2,049,424,418.28 in Q1 2025 from CNY 1,303,897,671.12 in Q1 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,018[11] - The equity attributable to shareholders rose by 4.42% to CNY 5,173,741,861.81 from CNY 4,954,518,127.24 at the end of the previous year[6] Costs and Expenses - Total operating costs for Q1 2025 were ¥2,139,528,534.22, up 8.8% from ¥1,966,382,104.60 in Q1 2024[19] - Research and development expenses increased to CNY 134,859,383.19, up 33.7% from CNY 100,803,159.77 in the previous year[20] Other Financial Metrics - The weighted average return on equity fell by 1.53 percentage points to 4.50% compared to 6.03% at the end of the previous year[6] - Non-recurring gains and losses totaled CNY 13,089,634.61 after accounting for tax effects and minority interests[9] - The company reported a significant decrease in cash flow due to increased payments to suppliers and higher employee compensation during the reporting period[9] - The company's goodwill remained stable at ¥645,965,288.52, unchanged from the previous period[15] - The company reported a decrease in accounts payable to ¥1,385,666,782.27 from ¥1,596,838,127.16 in the previous period, a decline of 13.2%[15]

二零二五年五月 | | | | 一、2024年年度股东大会须知 2 | | --- | | 二、2024年年度股东大会会议议程 4 | | 三、2024年年度股东大会会议议案 6 | | 议案一：公司2024年度董事会工作报告 6 | | 议案二：公司2024年度监事会工作报告 11 | | 议案三：公司2024年度财务决算报告 14 | | 议案四：公司2024年年度报告及摘要 17 | | 议案五：关于公司2024年度利润分配方案的议案 18 | | 议案六：关于2024年度董事、监事及高级管理人员薪酬的议案 19 | | 议案七：关于续聘公司2025年度审计机构的议案 21 | | 议案八：关于公司及子公司向银行申请授信额度的议案 24 | | 议案九：关于公司为全资子公司银行授信提供担保的议案 26 | | 议案十：关于公司及子公司使用自有资金进行现金管理额度的议案 29 | | 议案十一：关于公司及子公司开展金融衍生品业务的议案 30 | | 议案十二：关于变更公司注册资本并修改<公司章程>的议案 33 | | 议案十三：关于修订公司部分内部管理制度的议案 36 | | 议案十四：关于提请股东大会授 ...

Summary of Lek Electric's Conference Call Company Overview - Lek Electric achieved double-digit growth in both ODM and core component businesses, with overall revenue and profit reaching a nearly 30-year high, indicating strong business momentum [1][2] Key Financial Metrics - Total revenue from home appliances is approximately 56-57 billion RMB, while operational business revenue is around 38-39 billion RMB [1][8] - The ODM business for home appliances has a sales growth rate close to 20%, and the core component business has achieved double-digit growth [2] Export and Trade Relations - About one-quarter of Lek Electric's products are exported to the U.S., with home appliances (including vacuum cleaners) accounting for approximately 2 billion RMB and core components for about 300-400 million RMB [1][3] - The company is actively negotiating with clients to address the impact of U.S. tariff policies and is planning to send executives to the U.S. for discussions [4][5] International Production Strategy - To mitigate the impact of international trade friction, Lek Electric is advancing its overseas production capacity, with a second factory in Vietnam set to commence production, expected to generate 2 billion RMB in annual output [1][5] - The Thai factory has started mass production of kitchen appliances, contributing to revenue [1][4] Impact of National Policies - National subsidy policies have positively influenced company performance, particularly in online channels, although the impact varies by province for offline sales [1][11] - The unified platform for cross-regional purchases may boost immediate sales but could potentially deplete future consumer demand [11] Brand and Market Strategy - The company is tightening its online advertising strategy due to improved profit margins in 2024, while offline investments are expected to grow steadily [3][16] - The main brands under Lek Electric include Lek, XGIMI, and Biyunquan, which dominate the market share for self-owned brands [10] Future Growth Targets - For 2025, Lek Electric aims for overall sales growth in the double digits, with specific targets of 30-40% growth for self-owned brands and double-digit growth for core components [23] - The company plans to maintain a high level of borrowing and cash reserves to optimize financial structure, benefiting from the interest rate differential between USD deposits and RMB loans [22] Challenges and Risks - The company faces challenges from U.S. tariffs, which have led to some production capacity restrictions and prompted considerations for relocating production to avoid tariffs [17][25] - There is a cautious outlook on the European market, with no significant changes in pricing negotiations noted, despite ongoing trade tensions [18] Additional Insights - The engineering machinery motor business is progressing slowly, with high reliability requirements necessitating extensive testing [12] - The company maintains independent management for its self-owned brands, ODM, and core components, each overseen by dedicated executives [13]

Core Insights - The strategic transformation of Lek Electric (603355) is yielding performance dividends, with revenue and net profit both achieving double-digit growth in 2024 [2][3] - The company's revenue from "motors, precision components for new energy vehicles, and other components" has increased to 40%, up approximately 10 percentage points from 2022, becoming a new growth engine [2][3] Financial Performance - In 2024, Lek Electric reported a revenue of 9.765 billion yuan, a year-on-year increase of 11.06%, and a net profit attributable to shareholders of 1.23 billion yuan, up 10.17% year-on-year [3] - The revenue composition shifted from 68.7% for "cleaning health appliances and gardening tools" and 29.8% for "motors and precision components" in 2022 to 58% and 40% respectively in 2024 [3] Business Transformation - The company is transitioning from ODM/OEM to ODM, OEM, and OBM models, optimizing its business structure [3] - The share of low-margin OEM business has decreased to below 20%, while high-margin ODM/OBM business has increased to over 40% [3] Market Challenges - The domestic market is experiencing a decline in consumer spending and increased competition, leading to a drop in sales revenue for Lek Electric's own brand [4] - The core components business, particularly automotive parts and motors, is emerging as a new high-margin core business, expected to become a second growth curve [4] Industry Dynamics - The vacuum cleaner segment is facing market contraction due to the rise of robotic and washing machines, with vacuum cleaner market size at 5.6 billion yuan compared to 19.36 billion yuan for robotic vacuums and 14.09 billion yuan for washing machines in 2024 [5][6] - The penetration rates for cleaning appliances show that vacuum cleaners are being overshadowed by newer technologies, leading to a shrinking market share [5][6] International Operations - Lek Electric's overseas revenue reached 6.84 billion yuan, accounting for 70% of total revenue, making it vulnerable to international trade challenges [7][8] - The company has been proactive in addressing trade tensions by establishing production bases in Southeast Asia, enhancing its competitive edge in pricing [8][9]

家用电器/小家电 | 日期 | 2025/4/17 | | --- | --- | | 当前股价(元) | 21.75 | | 一年最高最低(元) | 31.00/18.99 | | 总市值(亿元) | 124.74 | | 流通市值(亿元) | 124.22 | | 总股本(亿股) | 5.74 | | 流通股本(亿股) | 5.71 | | 近 3 个月换手率(%) | 42.8 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 莱克电气 沪深300 莱克电气（603355.SH） 零部件业务打造第二曲线，汇兑收益增厚利润 2025 年 04 月 17 日 投资评级：买入（维持） ——公司信息更新报告 | 吕明（分析师） 周嘉乐（分析师） 陈怡仲（联系人） | | --- | | lvming@kysec.cn zhoujiale@kysec.cn chenyizhong@kysec.cn | | 证书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070024 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on building a second growth curve through its components business while benefiting from foreign exchange gains that enhance profits [5] - In Q4 2024, the company achieved operating revenue of 9.76 billion yuan (up 11.1% year-on-year) and a net profit attributable to shareholders of 1.23 billion yuan (up 10.2% year-on-year) [5] - The company is strategically reducing its proprietary brand business and continuously optimizing its business structure, leading to a downward adjustment in profit forecasts for 2025-2026 [5] - The company is experiencing robust growth in its OEM and components businesses, while the proprietary brand strategy is being strategically reduced [5] Financial Performance Summary - In 2024, the company reported operating revenue of 9.76 billion yuan, with a year-on-year growth of 11.1%, and a net profit of 1.23 billion yuan, reflecting a 10.2% increase [8] - The gross margin for 2024 was 24.2%, a decrease of 1.5 percentage points compared to the previous year [6] - The company’s overseas market revenue reached 6.84 billion yuan in 2024, up 17.4%, while domestic market revenue was 2.7 billion yuan, down 2.7% [5] - The company’s operating cash flow for 2024 was 1.61 billion yuan, an increase of 91.7% [6] Business Segment Insights - The components business is gradually ramping up, contributing to the second growth curve, with a focus on high-margin ODM/OBM business models [5] - In 2024, revenue from clean and healthy home appliances and gardening tools was 5.67 billion yuan (up 10.3%), while revenue from motors and precision components for new energy vehicles reached 3.87 billion yuan (up 11.7%) [5] - The automotive components segment achieved over 2 billion yuan in revenue, marking a new high with both revenue and profit growth [5] Future Projections - The company’s net profit forecasts for 2025-2027 are projected at 1.32 billion yuan, 1.42 billion yuan, and 1.55 billion yuan respectively [5] - The expected EPS for 2025-2027 is 2.30 yuan, 2.48 yuan, and 2.71 yuan, with corresponding P/E ratios of 9.5, 8.8, and 8.0 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's revenue met expectations while profits exceeded expectations, with 2024 revenue reaching 9.765 billion yuan, a year-on-year increase of 11%, and net profit attributable to shareholders reaching 1.230 billion yuan, a year-on-year increase of 10% [7] - The core component business showed growth, and new business development is progressing smoothly, with the clean health appliances and gardening tools business generating revenue of 5.67 billion yuan, a year-on-year increase of 10.3% [7] - The company is expanding its overseas manufacturing footprint to mitigate trade friction, with new production bases in Vietnam and Thailand [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 10.691 billion yuan, with a year-on-year growth rate of 9.5% [6] - Net profit attributable to shareholders is projected to be 1.338 billion yuan for 2025, reflecting a year-on-year growth of 8.7% [6] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 1.34 billion yuan and 1.44 billion yuan respectively [7]

公司报告 | 年报点评报告 莱克电气（603355） 证券研究报告 汽零+电机成第二成长曲线，公司扩大海外产能布局 事件：公司 2024 年实现营业收入 97.65 亿元，同比+11.06%，归母净利润 12.3 亿元，同比 +10.17%；其中 2024Q4 实现营业收入 25.19 亿元，同比+8.52%，归母净利润 3.52 亿元，同比 +21.89%。基于公司经营发展的长远利益考虑，为确保公司各经营项目的积极推进，公司 2024 年度拟不进行现金分红，不进行股票股利分配，也不进行资本公积转增股本，留存的未分配 利润将根据公司发展战略用于公司发展资金所需，为公司中长期发展战略的顺利实施以及持 续、健康发展提供可靠的保障。公司已于 2024 年 11 月 8 日实施了 2024 年半年度利润分配， 已派发现金红利 860,268,135 元（含税），占 2024 年度合并报表中归属于上市公司股东净利 润的比例 69.92%。对应股息率 6.82%（根据 2025 年 4 月 15 日收盘价所得）。 汽零和电机业务成为第二增长曲线，公司加大海外产能投入转化 公司从 ODM/OEM 业务向 ODM、OEM、O ...