Recodeal(688800) 新浪财经·2025-04-17 00:30Core Viewpoint - The company achieved significant revenue growth in 2024, driven by increased penetration in the electric vehicle and energy storage sectors, alongside expanding overseas production capacity in Mexico and the United States [1][2]. Group 1: Financial Performance - In 2024, the company reported revenue of 2.415 billion, a year-on-year increase of 55.29%, and a net profit of 175 million, up 28.11% year-on-year [1]. - Q4 2024 revenue reached 825 million, reflecting a 60.42% year-on-year increase and a 30.71% quarter-on-quarter increase, with net profit of 69 million, up 69.05% year-on-year and quarter-on-quarter [1]. - The company's gross margin for 2024 was 22.12%, down 2.95 percentage points year-on-year, while the net margin was 7.37%, down 1.41 percentage points year-on-year [1]. Group 2: Overseas Expansion - In 2024, the company generated 386 million from international sales, accounting for 15.98% of total revenue, with limited impact from trade frictions [2]. - The U.S. and Mexico factories are operational, contributing 220 million in revenue, with the U.S. factory showing significant growth and profitability, while the Mexican factory is still ramping up production [2]. - The company is preparing to expand its production footprint in Europe and Southeast Asia to further enhance global market presence [2]. Group 3: Sector Performance - The renewable energy sector accounted for 2.180 billion in revenue, a 59.46% increase, making up 90.28% of total revenue, while the communication sector contributed 111 million, up 4.84% [3]. - The company has established supply relationships with major automotive manufacturers, including BYD and several U.S. companies, positioning itself well for future growth in the electric vehicle market [3]. Group 4: Product Development - The company has developed connectors and harnesses for humanoid robots and is collaborating with domestic and international clients for small-scale supply [4]. - A joint venture has been established to enhance capabilities in the AI data center market, leveraging strengths in connector technology and high-frequency cable business [4]. Group 5: Future Projections - Revenue projections for 2025-2027 are 3.03 billion, 3.68 billion, and 4.42 billion, with year-on-year growth rates of 25.5%, 21.4%, and 20.2% respectively [5]. - Expected net profits for the same period are 260 million, 320 million, and 390 million, with corresponding growth rates of 46.3%, 24.6%, and 20.5% [5].