SENSSUN(002870) 新浪财经·2025-03-28 10:45Core Viewpoint - The company reported a slight increase in revenue for 2024, but net profit and adjusted net profit saw declines, indicating challenges in maintaining profitability amidst market pressures [1][2]. Financial Performance - The company achieved a total revenue of 5.902 billion yuan in 2024, a year-on-year increase of 1.97%, while the net profit attributable to shareholders was 155 million yuan, a decrease of 3.67% [1]. - The adjusted net profit was 151 million yuan, down 27.49% year-on-year, with an earnings per share (EPS) of 1.18 yuan [1]. - In Q4 2024, revenue was 1.5 billion yuan, a year-on-year decrease of 8.45%, but a quarter-on-quarter increase of 3.64% [1]. Customer and Market Dynamics - Sales declines in luxury brand clients, particularly BBA (Audi, BMW, and Mercedes-Benz), negatively impacted revenue growth, with Audi's global sales down 12%, Mercedes-Benz down 3%, and BMW down 4% [2]. - The company’s top five clients accounted for 68.34% of revenue, a decrease of 5.32 percentage points year-on-year, indicating reduced customer concentration [2]. - Revenue from automotive intelligent cockpit components, new energy vehicle parts, and other products was 4.099 billion yuan, 989 million yuan, and 769 million yuan, with year-on-year changes of -0.71%, +4.49%, and +14.34% respectively [2]. Profitability and Cost Structure - The adjusted gross margin increased by 0.17 percentage points to 24.17%, with variations across product lines [2]. - R&D expenses rose by 26.97% to 429 million yuan, reflecting significant investment in new product development, particularly in the low-altitude economy sector [3]. - The company’s sales, management, and financial expense ratios increased, indicating higher operational costs associated with new growth strategies [3]. Strategic Developments - The change in controlling shareholder to Junsheng Electronics is expected to enhance strategic collaboration and competitiveness in the intelligent cockpit product sector [3]. - Junsheng Electronics plans to increase its stake in the company by 150 million to 250 million yuan, demonstrating confidence in the company's future [3]. Future Outlook - Revenue projections for 2025 to 2027 are 6.512 billion yuan, 7.065 billion yuan, and 7.556 billion yuan, with net profits expected to reach 180 million yuan, 200 million yuan, and 219 million yuan respectively [4]. - The projected diluted EPS for the same period is 1.36 yuan, 1.51 yuan, and 1.66 yuan, with corresponding price-to-earnings ratios of 26.50, 23.82, and 21.73 [4].