西典新能2024年财报：营收增长放缓，净利润增速下滑

Core Insights - The company reported a revenue of 2.165 billion yuan for 2024, representing a year-on-year growth of 17.94%, while the net profit attributable to shareholders was 228 million yuan, up 14.99% year-on-year, indicating overall growth but a slowdown compared to previous years [1][2]. Revenue Growth and Business Performance - The revenue growth of 17.94% in 2024 is an improvement from 15.24% in 2023, but significantly lower than the growth rates of 93.86% in 2022 and 228.77% in 2021, highlighting a marked slowdown [2]. - The core business segment, battery connection systems, generated 1.669 billion yuan in revenue, with a year-on-year growth of 14.07%, which is a decline compared to previous years [2]. - The electric control bus and industrial electrical bus segments grew by 20.58% and 21.98% respectively, but their smaller revenue contribution limited their impact on overall growth [2]. Profitability and Cost Control - The net profit growth of 14.99% in 2024 is a significant drop from 28.23% in 2023, indicating challenges in cost control and profitability [3]. - The non-recurring net profit increased by 12.15%, also lower than the 26.97% growth in 2023, reflecting ongoing pressures on profit margins [3]. - Despite efforts to reduce production costs through self-developed technologies, fluctuations in raw material prices and rising labor costs continue to exert pressure on profitability [3]. Technological Innovation and Capacity Optimization - The company has made significant advancements in technology and capacity optimization, achieving breakthroughs in film, direct welding, and FCC sampling technologies, which have been applied to battery connection system products [4]. - The self-developed flexible production line for battery connection systems has greatly improved production efficiency and reduced energy consumption [4]. - However, the ongoing construction of the western factory, expected to be completed by the end of 2025, and the current reliance on leased production facilities pose challenges in achieving scale effects in the short term [4]. - The new FCC technology, while enhancing cost control, still requires time for market acceptance and customer feedback [4].