United Winners Laser(SH:688518) Xin Lang Cai Jing·2025-04-17 02:30Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but there are optimistic projections for growth in 2025 driven by lithium battery and non-lithium businesses [1][3]. Financial Performance - In 2024, the company achieved revenue of 3.15 billion yuan, a year-on-year decrease of 10.33% - The net profit attributable to shareholders was 166 million yuan, down 42.18% year-on-year - The gross margin was 30.51%, a decrease of 2.42 percentage points year-on-year - The net profit margin was 5.06%, down 3.09 percentage points year-on-year - In Q4 2024, revenue was 950 million yuan, a year-on-year decrease of 0.84% but an increase of 27.67% quarter-on-quarter - The net profit for Q4 2024 was 71 million yuan, up 109% year-on-year and 62% quarter-on-quarter [1]. Business Segments - The company secured new orders worth 3 billion yuan in 2024, with non-lithium business orders accounting for 38%, an increase of 13 percentage points year-on-year - As of the end of 2024, the backlog of orders was 3.5 billion yuan, a year-on-year decrease of 14% - In the lithium battery sector, revenue was 2.253 billion yuan, down 23.75% year-on-year, with a gross margin of 25.05%, down 3.54 percentage points year-on-year - In the consumer electronics sector, revenue was 551 million yuan, up 262% year-on-year, with a gross margin of 48.12%, up 2.6 percentage points year-on-year - In the automotive and hardware sector, revenue was 194 million yuan, down 16.2% year-on-year, with a gross margin of 36.23%, down 4.63 percentage points year-on-year [2]. Future Outlook - In 2025, the company is expected to benefit from the recovery of major lithium battery clients and continued expansion in overseas and non-lithium businesses - The lithium battery sector is anticipated to see an increase in order amounts and profitability due to the acceleration of production by leading clients - The company plans to enhance its international presence and expand market share in various sectors, including semiconductors, automotive electronics, connectors, relays, and hydrogen fuel cells - The semiconductor subsidiary is expected to introduce new equipment in optical communication and IGBT sectors, potentially becoming a new growth driver for the company - Revenue projections for 2025-2027 are 3.6 billion, 4.4 billion, and 5 billion yuan, with net profits of 228 million, 338 million, and 417 million yuan, reflecting year-on-year growth rates of 38%, 48%, and 23% respectively [3].