Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported steady revenue growth in 2024, achieving revenue of 2.02 billion yuan, a year-on-year increase of 33.04%, and a net profit of 126 million yuan, up 24.47% year-on-year. However, profits in Q1 2025 are under short-term pressure due to a decline in gross margin and an increase in expense ratios [3][4] - The company's revenue from the vehicle and energy information segment reached 1.17 billion yuan in 2024, growing by 52.24% year-on-year, with the new energy business contributing 1.12 billion yuan, indicating an ongoing optimization of the business structure [4] - The company is committed to technological innovation, increasing R&D investment to 165 million yuan in 2024, a growth of 24.83%, with a focus on developing new generation products [5] Financial Summary - In 2024, the company achieved a revenue of 2.02 billion yuan, with a year-on-year growth of 33.0%. The net profit attributable to the parent company was 126 million yuan, reflecting a year-on-year increase of 24.5% [6] - The projected net profits for 2025, 2026, and 2027 are 150 million yuan, 195 million yuan, and 232 million yuan respectively, with corresponding P/E ratios of 40.1, 30.9, and 25.9 [6][8] - The gross margin for 2024 was 27.7%, with a slight decline expected in the following years, while the net margin is projected to improve gradually from 6.2% in 2024 to 7.7% in 2027 [6][9]

Core Insights - The company reported a revenue increase but a significant decline in profit [2][7] - The gross margin and net margin both decreased, indicating challenges in cost control [3][7] - Rising expenses have further eroded profits [4][7] - High accounts receivable and interest-bearing debt indicate substantial financial pressure [5][7] - Cash flow metrics show negative operating cash flow despite some improvement [6][7] Revenue and Profitability - In Q1 2025, the company achieved total revenue of 446 million yuan, a year-on-year increase of 11.14% [2] - The net profit attributable to shareholders was 23.26 million yuan, a year-on-year decrease of 42.0% [2] - The non-recurring net profit was 19.86 million yuan, down 50.41% year-on-year [2] Margin Analysis - The gross margin stood at 23.72%, down 12.36 percentage points from the previous year [3] - The net margin was 5.5%, a decrease of 46.95 percentage points year-on-year [3] Expense Overview - Total sales, management, and financial expenses reached 54.35 million yuan, accounting for 12.19% of revenue, an increase of 32.37% year-on-year [4] Financial Health - As of the reporting period, accounts receivable amounted to 887 million yuan, representing 705.1% of the latest annual net profit [5] - Interest-bearing debt surged from 5.33 million yuan in Q1 2024 to 947 million yuan, an increase of 17,666.40% [5] Cash Flow and Per Share Metrics - The net asset per share was 6.36 yuan, a year-on-year increase of 4.08% [6] - The operating cash flow per share was -0.15 yuan, although it improved by 20.76% year-on-year, it remains negative [6] - Earnings per share were 0.06 yuan, down 40.0% year-on-year [6] Business Model and Capital Structure - The company's performance is primarily driven by R&D, marketing, and capital expenditures [7] - The interest-bearing asset-liability ratio reached 21.07%, necessitating close monitoring of its debt situation [7]

关于公司控股子公司近期收到中标通知书的公告 浙江永贵电器股份有限公司 | 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2025-034 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司（以下简称"公司"）控股子公司浙江永贵博得 交通设备有限公司（以下简称"永贵博得"）近日收到中车物流有限公司（以下 简称"中车物流"）的一份中标通知书，中标金额合计 13,560,000.00 元（含税）； 公司控股子公司江苏永贵新能源科技有限公司（以下简称"江苏永贵"）近日收 到中车物流有限公司的一份中标通知书，中标金额合计 18,224,414.00 元（含税）； 以上中标通知书金额合计 31,784,414.00 元（含税）。具体情况如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 招标单位 | 中标单位 | 中标项目 | 中标产品 | 中标金额（含税/元） | | --- | --- | --- | --- | --- | | 中车物流 | 永贵博得 | 绍兴地铁项 ...

Financial Performance - The company's basic earnings per share decreased by 40% to 0.0600 yuan in Q1 2025 compared to Q1 2024, which was 0.1000 yuan [1] - Net profit fell by 42.5% to 0.23 billion yuan in Q1 2025 from 0.4 billion yuan in Q1 2024 [1] - Operating revenue increased by 11.22% to 4.46 billion yuan in Q1 2025, up from 4.01 billion yuan in Q1 2024 [1] - The return on equity (ROE) dropped by 44.44% to 0.95% in Q1 2025 from 1.71% in Q1 2024 [1] - The company's net assets per share rose by 4.09% to 6.36 yuan in Q1 2025 compared to 6.11 yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 79.68 million shares, accounting for 30.41% of the circulating shares, with a decrease of 577,400 shares from the previous period [1] - Zhejiang Tiantai Yonggui Investment Co., Ltd. remains the largest shareholder with 28.51 million shares, representing 10.89% of total share capital [2] - Hong Kong Central Clearing Limited reduced its holdings by 540,100 shares, now holding 1.79 million shares, which is 0.68% of total share capital [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares this time [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥445,924,286.11, representing an increase of 11.14% compared to ¥401,215,623.75 in the same period last year[5] - The net profit attributable to shareholders was ¥23,263,095.93, showing a decrease of 42.00% compared to ¥40,105,471.89 in the previous year[5] - The basic earnings per share decreased by 40.00% to ¥0.06 from ¥0.10 in the same period last year[5] - Net profit for Q1 2025 was CNY 24,525,723.43, down 41.1% from CNY 41,599,232.43 in Q1 2024[21] - Operating profit decreased to CNY 25,469,834.43, a decline of 41.5% from CNY 43,483,373.47 year-over-year[21] Assets and Liabilities - The total assets at the end of the reporting period reached ¥4,493,589,767.92, a year-on-year increase of 25.86% from ¥3,570,171,787.94[5] - The total current assets reached approximately 3.31 billion RMB, up from 2.44 billion RMB at the beginning of the period, indicating a growth of 35.5%[17] - The company’s total liabilities reached CNY 1,936,327,048.47, an increase from CNY 1,070,062,619.78 year-over-year[19] - Non-current liabilities rose significantly to CNY 985,329,582.18, compared to CNY 45,454,160.35 in the previous year[19] Cash Flow - Cash flow from operating activities was reported at ¥19,861,347.01, down 50.41% from ¥40,049,667.17 year-on-year[5] - Cash flow from operating activities was CNY 296,946,987.11, an increase from CNY 218,694,456.90 in the same period last year[23] - The net cash flow from operating activities was -$56.31 million, an improvement from -$70.87 million in the previous period, indicating a 20.5% reduction in cash outflow[24] - Total cash inflow from operating activities amounted to $316.83 million, compared to $253.59 million previously, reflecting a 25% increase[24] - Cash outflow from operating activities totaled $373.15 million, up from $324.46 million, representing a 15% increase[24] Investments and Financing - The company reported a substantial increase in investment income, which rose by 296.43% to ¥94.69 million due to improved profitability of associated enterprises[9] - The company plans to raise a total of up to 980 million RMB through the issuance of convertible bonds, which will be used for projects related to connector intelligence and supercharging industry upgrades, as well as for working capital[15] - Cash inflow from financing activities reached $976.23 million, a significant increase from $3.24 million previously[24] - The net cash flow from financing activities was $953.58 million, compared to $1.32 million in the previous period, showing a substantial increase[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 34,311, with the top ten shareholders holding significant stakes[10] - The company has a total of 126,034,625 shares under lock-up, with 42,920 shares released during the current period[14] - The company’s major shareholders include the Fan family, which collectively holds significant voting power[12] Government Support - The company received government subsidies amounting to ¥3,666,359.54, which positively impacted the financial results[7]

长江商报奔腾新闻记者张璐 多业务稳健发展，永贵电器（300351）(300351.SZ)经营业绩高涨。 4月20日，永贵电器披露2024年年度报告。报告显示，公司全年实现营收20.20亿元，同比增长33.04%； 实现净利润1.26亿元，同比增长24.47%。 对于业绩增长，永贵电器表示，报告期内，公司在轨交业务保持稳定的同时，紧抓新能源产业发展机 遇，深化与头部车企的合作，推动收入结构持续优化，经营质量稳步提升。 年报显示，永贵电器已形成轨道交通与工业、车载与能源信息、特种装备三大业务板块。其中，车载与 能源信息板块2024年实现收入11.70亿元，同比增长52.24%，占比提升至57.90%，首次超过一半，成为 公司新的增长核心。 不仅如此，依托在高压连接器、液冷超充等关键技术上的深耕，永贵电器已成功打入赛力斯 （601127）、吉利、奇瑞等主流新能源车企供应体系。数据显示，2024年，永贵电器全年新能源业务收 入达到11.19亿元，成为公司增长的主要引擎。 与此同时，面对国内新能源汽车市场竞争日趋白热化，永贵电器积极布局全球化战略，推动新能源业 务"走出去"。2024年7月，永贵电器公告，公司为进一步拓 ...

4月20日，永贵电器发布2024年年报，公司全年实现营业收入20.20亿元，同比增长33.04%；归属净利润 1.26亿元，同比增长24.47%。尽管营收和利润双双增长，但公司毛利率有所下降，反映出成本压力和市 场挑战。永贵电器在轨道交通、车载与能源信息、特种装备三大业务板块中，新能源业务表现尤为突 出，成为公司新的增长核心。 新能源业务驱动增长，收入结构优化 2024年，永贵电器的车载与能源信息板块实现收入11.70亿元，同比增长52.24%，占公司总收入的 57.90%，首次超过一半。新能源业务收入达到11.19亿元，成为公司增长的主要引擎。公司通过与比亚 迪、吉利、奇瑞等主流新能源车企的深度合作，成功打入新能源汽车供应链体系，进一步巩固了市场地 位。 然而，尽管新能源业务增长迅猛，公司整体毛利率却有所下降。2024年公司毛利润为5.59亿元，毛利率 为27.67%，较2023年的28.39%略有下滑。这一现象反映出公司在快速扩张过程中，成本控制和市场竞 争压力较大，尤其是在新能源汽车领域，价格战和技术迭代对利润率的影响不容忽视。 全球化布局加速，海外市场拓展成效初显 面对国内新能源汽车市场的激烈竞争，永 ...

年报显示，永贵电器已形成轨道交通与工业、车载与能源信息、特种装备三大业务板块。其中，车载与 能源信息板块2024年实现收入11.70亿元，同比增长52.24%，占比提升至57.90%，首次超过一半，成为 公司新的增长核心。 不仅如此，依托在高压连接器、液冷超充等关键技术上的深耕，永贵电器已成功打入赛力斯、吉利、奇 瑞等主流新能源车企供应体系。数据显示，永贵电器全年新能源业务收入达到11.19亿元。 与此同时，面对国内新能源汽车市场竞争日趋白热化，永贵电器积极布局全球化战略，推动新能源业 务"走出去"。2024年，永贵电器相继设立新加坡子公司、泰国生产基地，并新组建永贵国际贸易公司， 逐步构建本地化运营网络，为液冷充电枪、高压连接器等核心产品的海外应用落地打下基础。通过将技 术优势与国际布局协同，公司有望在海外新能源市场打开新的增长空间，推动车载业务从"内循 环"向"内外双循环"转型。 创新加码，巩固技术领先优势 4月20日晚，永贵电器(300351)披露2024年年度报告。报告显示，公司全年实现营业收入20.20亿元，同 比增长33.04%；实现归母净利润1.26亿元，同比增长24.47%。 公告显示，永贵电 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3300 | 0.2600 | 26.92 | 0.4000 | | 每股净资产（元） | 6.3 | 6 | 5 | 5.81 | | 每股公积金(元) | 4.62 | 4.55 | 1.54 | 4.63 | | 每股未分配利润(元) | 0.55 | 0.34 | 61.76 | 0.10 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 20.2 | 15.18 | 33.07 | 15.1 | | 净利润(亿元) | 1.26 | 1.01 | 24.75 | 1.55 | | 净资产收益率(%) | 5.32 | 4.41 | 20.63 | 7.10 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 8025.93万股，累计占流通股比： 30.64%，较上期变化： -249. ...

浙江永贵电器股份有限公司 2024年度内部控制审计报告 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕6045 号 浙江永贵电器股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江永贵电器股份有限公司（以下简称永贵电器公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 四、财务报告内部控制审计意见 第 1 页 共 2 页 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是永贵 电器公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险 ...