Sharetronic(SZ:300857) Chang Jiang Shang Bao·2025-04-02 00:34Core Viewpoint - The company, Xiechuang Data, has demonstrated significant growth in its financial performance, with a notable increase in both revenue and net profit for the year 2024, driven by strategic investments and market expansion efforts [1][2][3]. Financial Performance - In 2024, Xiechuang Data achieved a revenue of 74.1 billion yuan, representing a year-on-year growth of 59.08% [1][2]. - The net profit attributable to shareholders reached 6.92 billion yuan, marking a 140.8% increase compared to the previous year [1][2]. - The company's operating cash flow turned from a net outflow of 0.97 billion yuan in 2023 to a net inflow of 0.99 billion yuan in 2024 [2][3]. - The gross profit margin reached a historical high of 17.36%, an increase of 3.81 percentage points year-on-year [2]. Product Segmentation - Xiechuang Data's revenue growth was driven by three main product categories: IoT smart terminals, data storage devices, and other products, with respective growth rates of 60.82%, 54.98%, and 83.89% in 2024 [1][3]. Market Expansion - The company has significantly increased its overseas market presence, with foreign revenue reaching 37.49 billion yuan in 2024, accounting for over 50% of total revenue [1][5]. - Since its listing, Xiechuang Data has invested in overseas factories, including in Southeast Asia, to enhance its international operations [4][5]. R&D Investment - Xiechuang Data has consistently increased its R&D expenditures, totaling 2.41 billion yuan in 2024, with a cumulative investment of 6.73 billion yuan since its listing [6]. - The company holds 395 domestic patents in the smart IoT terminal sector and has also secured 7 patents in the overseas market, specifically in the United States [6]. Customer Concentration Risk - The company faces customer concentration risk, with sales to its top five customers totaling 40.93 billion yuan, representing 55.23% of total sales for the year [3].