CIMC VEHICLES(301039) 新浪财经·2025-03-28 00:38Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but is focusing on growth in emerging markets and electric logistics solutions [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to shareholders of 1.09 billion yuan, down 56% year-on-year [1]. - In Q4 2024, revenue was 5.17 billion yuan, a year-on-year decrease of 6% but a quarter-on-quarter increase of 1%; net profit was 240 million yuan, up 36% year-on-year but down 13% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 18.0%, a decrease of 1.5 percentage points year-on-year, but an increase of 0.4 percentage points quarter-on-quarter; the net margin was 4.3%, an increase of 1.1 percentage points year-on-year but a decrease of 1.2 percentage points quarter-on-quarter [1]. Group 2: Market Expansion - The company is focusing on the global southern markets, achieving a revenue increase of 6% in regions such as Southeast Asia, the Middle East, and Africa, with a significant gross margin increase of 5.8 percentage points [1]. - The company has entered 50 countries and regions, establishing a strong sales presence in the Middle East, Africa, and Southeast Asia [1]. - China exported approximately 150,000 tractors to global southern markets, which account for 34% of the total exports, indicating substantial growth potential for Chinese semi-trailers in these markets [1]. Group 3: Strategic Initiatives - In Europe, despite facing a downturn, the company optimized its product structure and advanced supply chain localization, resulting in a gross margin increase of 2.4 percentage points [2]. - The company is advancing electric logistics by collaborating with strategic partners to develop an electric head-trailer (EV-RT) technology innovation platform, focusing on systematic innovations [2]. - The company anticipates revenue growth to 22.4 billion yuan, 24.4 billion yuan, and 26.7 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 1.47 billion yuan, 1.66 billion yuan, and 1.79 billion yuan [2].