Qijing Machinery(SH:603677) Mei Ri Jing Ji Xin Wen·2025-04-12 15:42Core Viewpoint - Qijing Machinery held its 2024 annual shareholders' meeting, reporting a revenue of 2.004 billion yuan, a year-on-year increase of 13.11%, and a net profit of 67.4456 million yuan, a decrease of 2.47% [1][9]. Group 1: Financial Performance - The company achieved a revenue of 2.004 billion yuan in 2024, reflecting a growth of 13.11% compared to the previous year [9]. - The net profit attributable to shareholders was 67.4456 million yuan, showing a decline of 2.47% year-on-year [9]. - Revenue from the home appliance parts business was 1.527 billion yuan, up 10.59%, while the automotive parts business generated 279 million yuan, increasing by 13.36% [1]. Group 2: Business Segments - The home appliance parts segment includes washing machine clutches, with 15.4829 million units produced in 2024, marking an 11.37% increase [2]. - Domestic sales of washing machine clutches reached approximately 10.4492 million units, while exports were about 4.7127 million units, giving a domestic market share of approximately 23.24% [2]. - The company's washing machine clutches hold about 20% of the global market share, with significant growth potential in emerging markets like India and Egypt [2]. Group 3: International Expansion - The company has successfully expanded overseas, establishing a subsidiary in Thailand in 2020, with a new factory set to begin production in September 2024 [3]. - The Thai subsidiary reported sales of 31.8221 million yuan in 2024, a year-on-year increase of 32.35%, and achieved profitability with a net profit of 1.8389 million yuan [3]. - The Thai factory is expected to account for approximately 35% of the company's total washing machine clutch production capacity within the next 3 to 5 years [3]. Group 4: New Product Development - The company is exploring the industrial robot parts market, specifically focusing on metal components for humanoid robots, although no substantial progress has been made yet [4][5]. - The steel wheel product for industrial robots has been sampled and received certification from major manufacturers, indicating potential future growth [5]. - The company aims to leverage its R&D capabilities to integrate its core components across various sectors, including drones and hydrogen energy equipment [5].