Shanghai YanPu(605128) 新浪财经·2025-03-31 08:56Core Viewpoint - The company's 2024 performance fell short of expectations, primarily due to asset impairment losses in Q4 2024, but underlying performance met projections after adjustments [1][2]. Financial Performance - The company reported a revenue of 2.276 billion yuan for 2024, a year-on-year increase of 49.9%, and a net profit attributable to shareholders of 136 million yuan, also up 49.1% year-on-year [1]. - In Q4 2024, revenue reached 778 million yuan, reflecting a quarter-on-quarter increase of 55.9% and a year-on-year increase of 52.1%. However, net profit for the same quarter was 29 million yuan, showing a quarter-on-quarter decline of 38.7% [1][2]. - The company recorded an asset impairment loss of 31.95 million yuan in Q4 2024, which impacted net profit but, when adjusted, showed a significant increase of 118.5% quarter-on-quarter [2]. Business Development Trends - The company experienced strong growth in its seating frame orders and new container business, achieving eight consecutive quarters of revenue growth [2]. - Revenue from various segments in 2024 included 1.34 billion yuan from seating frames, 710 million yuan from stamped parts, 90 million yuan from injection molding, and 70 million yuan from molds, with year-on-year growth rates of 46.1%, 72.0%, -9.2%, and 53.1% respectively [2]. - The company plans to expand production in multiple locations to meet the increasing demand from key clients like BYD and Seres, while also developing new projects in the container business [3]. Profitability and Valuation - The gross margin for Q4 2024 was 19.0%, with a slight increase from the previous quarter, and the annual gross margin showed an upward trend [2]. - The company maintains a profit forecast of 252 million yuan for 2025 and 298 million yuan for 2026, with a target price increase of 22.0% to 50 yuan, reflecting a potential upside of 20.5% from the current stock price [4].