INVT(002334) 金融界·2025-04-07 14:49Core Viewpoint - In 2024, Yingweitong (002334) reported a total revenue of 4.322 billion yuan, a year-on-year decrease of 5.84%, and a net profit of 287 million yuan, down 22.81%, primarily due to significant declines in the new energy vehicle and photovoltaic energy storage sectors [1] Group 1: Industrial Automation Business - The industrial automation segment achieved revenue of 2.673 billion yuan, a year-on-year increase of 5.15%, making it the only business unit with positive growth [4] - Despite a weak global economic environment and low demand in the industrial control sector, the company successfully identified structural growth opportunities in downstream industries, particularly in steel, mining, non-ferrous metals, and chemicals, with sales exceeding 100 million yuan in these sectors [4] - Yingweitong's market share in the low-voltage frequency converter market increased to 6%, ranking fourth overall and second among domestic brands [4] Group 2: New Energy Vehicle Business - The new energy vehicle segment reported revenue of 585 million yuan, a year-on-year decline of 16.59%, making it the worst-performing segment for the company [5] - Despite achieving a total sales volume of 72,000 units in the new energy commercial vehicle market, intense market competition and price wars significantly compressed profit margins [5] - The company focused on hybrid electric control products in the passenger vehicle market, achieving sales of 50,000 units, but was unable to reverse the losses despite advancements in technology and product iteration [5][6] Group 3: Photovoltaic Energy Storage Business - The photovoltaic energy storage segment generated revenue of 222 million yuan, a year-on-year decrease of 27.03%, reflecting poor performance despite being a growth-oriented business [7] - The global photovoltaic inverter industry is characterized by increased installation demand and technological iterations, leading to a "volume increase and price drop" scenario, intensifying market competition [7] - Yingweitong's sales in overseas markets increased to 51.10%, but partnerships in countries like India, South Korea, and Pakistan have not significantly improved business performance [7]