ZMJ(SH:601717) Xin Lang Cai Jing·2025-04-02 00:29Core Viewpoint - The company reported strong financial performance for 2024, with revenue and net profit exceeding expectations, indicating resilience in a competitive market environment [1][2]. Group 1: Financial Performance - For the full year 2024, the company achieved revenue of 37.05 billion yuan, a year-on-year increase of 1.73%, and a net profit attributable to shareholders of 3.93 billion yuan, up 20.2% year-on-year, surpassing expectations [1]. - In Q4 2024, the company recorded revenue of 9.196 billion yuan, a year-on-year increase of 0.36%, and a net profit of 875 million yuan, up 8.49% year-on-year [1]. - The gross profit margin for Q4 2024 was 23.9%, an increase of 1.3 percentage points year-on-year, while the net profit margin was 9.52%, up 0.72 percentage points year-on-year [1]. Group 2: Business Segments - The coal machinery segment generated revenue of 19.47 billion yuan in 2024, a year-on-year increase of 3.3%, with net profit rising by 30.8% to 3.99 billion yuan, driven by higher revenue from high-margin products and lower raw material costs [2]. - The company achieved record high orders for complete sets of projects in the domestic market despite challenging market conditions, with significant growth in both order value and quantity [2]. - In the automotive segment, the company’s subsidiary, Yaxin Technology, reported revenue of 5.04 billion yuan, an increase of 18.94% year-on-year, primarily due to growth in new energy vehicle and commercial vehicle revenues [3]. Group 3: Market Expansion and Innovation - The company is expanding its business into new areas, including the development of new coal machinery products and intelligent mining systems, enhancing its competitive edge [2]. - The company has successfully entered the Kazakhstan market and signed major projects in Indonesia and Turkey, indicating a strategic push into international markets [2]. - The automotive segment faced challenges, with SEG reporting a revenue decline of 7.01% to 12.42 billion yuan, primarily due to reduced demand for fuel vehicles, particularly in Europe [3].