CIMC VEHICLES(301039) 新浪财经·2025-04-02 08:46Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4, with a positive outlook for 2025 in both Chinese and North American markets [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion yuan, a year-on-year decrease of 16.3%, and a net profit attributable to shareholders of 1.085 billion yuan, down 55.8% [1]. - The Q4 net profit was 243 million yuan, reflecting a year-on-year increase of 36.1% [1]. - The company’s gross margin in Q4 was 18.0%, showing a quarter-on-quarter improvement [3]. Group 2: Market Performance - In Q4 2024, the company’s revenue was 5.18 billion yuan, a year-on-year decrease of 6.2%, with vehicle sales of approximately 32,000 units, up 42.4% year-on-year [2]. - For the full year 2024, revenue from the Chinese market was 8.68 billion yuan, a slight increase of 0.5%, while North American revenue was 6.92 billion yuan, down 36.3% [2]. - The company expects a recovery in both the Chinese and North American trailer markets in 2025, with forecasts indicating a 10-15% growth in the Chinese heavy truck market [2][4]. Group 3: Cost Management and Profitability - The company’s selling, general, and administrative expenses as a percentage of revenue were 2.76%, 4.97%, and 2.10% respectively in Q4 2024, with management expenses showing a significant year-on-year decline [3]. - The company reported an operating expense of 59 million yuan, primarily due to increased compensation payments [3]. - Excluding non-operating income and credit impairment losses, the Q4 net profit would have been 430 million yuan, indicating a quarter-on-quarter growth of 31.9% [3]. Group 4: Shareholder Returns - The company distributed a total dividend of 1.05 billion yuan in 2024, with a dividend payout ratio of 97% [4]. - The company announced a three-year shareholder return plan aimed at enhancing shareholder value [4]. - The company is positioned to benefit from the trend towards electrification in heavy trucks and has strong competitiveness in lightweight trailers and new energy markets [4]. Group 5: Future Outlook - The company forecasts total revenue of 24.6 billion, 27.1 billion, and 31.6 billion yuan for 2025-2027, with respective year-on-year growth rates of 17%, 10%, and 17% [5]. - Expected net profit for the same period is projected at 1.6 billion, 1.8 billion, and 2.4 billion yuan, with growth rates of 44%, 17%, and 30% [5]. - The company maintains a "buy" rating based on its potential for recovery and high-quality growth [5].