Core Insights - The company reported a revenue of 960 million yuan for 2024, representing a year-on-year increase of 4%, and a net profit attributable to shareholders of 210 million yuan, up 6% year-on-year [1] - The company achieved a revenue of 260 million yuan in Q4 2024, down 1% year-on-year but up 7% quarter-on-quarter, with a net profit of 50 million yuan, down 4% year-on-year but up 5% quarter-on-quarter [1] - The global electric vehicle sales reached 17.53 million units in 2024, a 22% increase year-on-year, with China accounting for 12.27 million units, up 38% [1] Financial Performance - The company's gross profit margin for 2024 was 34.8%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 22.2%, an increase of 0.3 percentage points year-on-year [2] - In Q4 2024, the gross profit margin was 32.5%, down 4.2 percentage points year-on-year and 1.4 percentage points quarter-on-quarter, with a net profit margin of 19.4%, down 0.5 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2] - The company’s expense ratio for 2024 was 9.7%, a decrease of 1.3 percentage points year-on-year, with reductions in sales, management, and financial expenses [2] Product Development and Market Opportunities - The company is expanding its product offerings in the "motor + actuator" segment, achieving a revenue of 430 million yuan from motor business in 2024, a 17% increase year-on-year, accounting for 45% of total revenue [1] - The ADAS intelligent cleaning system is seeing accelerated industrialization, with increased demand from commercial applications like L3+ level Robotaxi and autonomous delivery vehicles [3] - The company is leveraging its technological expertise to develop humanoid robots and related technologies, potentially opening new market opportunities [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 260 million yuan, 320 million yuan, and 400 million yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 26, 22, and 17 times respectively [4]
恒帅股份(300969)：业绩符合预期 前瞻布局机器人产业