WXLH(SZ:300694) Jin Rong Jie·2025-04-18 04:13Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, primarily due to challenges in the traditional fuel vehicle parts sector, while the new energy vehicle parts business showed significant growth, becoming a key support for the company's performance [1][4][5]. Group 1: Financial Performance - The company achieved total operating revenue of 1.522 billion yuan, a year-on-year decrease of 4.95% [1]. - The net profit attributable to shareholders was 56 million yuan, down 17.90% year-on-year [1]. - The non-recurring net profit was 57.25 million yuan, a decline of 20.32% compared to the previous year [1]. Group 2: Traditional Fuel Vehicle Parts Business - The main business involves the research, production, and sales of key components for turbochargers, including compressor housings and turbine housings [4]. - Revenue from traditional fuel vehicle compressor housings and related components was 680 million yuan, a decrease of 4.66% year-on-year [4]. - Revenue from turbine housings and related components was 704 million yuan, down 8.28% year-on-year [4]. - The company faces severe challenges in this sector due to the global automotive industry's shift towards new energy vehicles [4]. Group 3: New Energy Vehicle Business - The new energy vehicle parts and other precision machining segments generated revenue of 60 million yuan, marking a substantial year-on-year increase of 80.87% [5]. - The company is actively developing components for hybrid and fuel cell vehicles, including motor housings and sealing caps, successfully expanding into new market spaces [5]. Group 4: Hydrogen Energy Initiatives - The company has made initial progress in the hydrogen energy ship sector, successfully launching China's first inland hydrogen energy cargo ship in collaboration with Dalian Maritime University [5][6]. - This initiative not only provides a new revenue source but also lays the foundation for further expansion in the new energy sector [6]. Group 5: Internal Restructuring and R&D Investment - The company has undergone internal restructuring and increased R&D investment to drive industrial upgrades [7]. - In 2024, the company invested 63.60 million yuan in R&D, a decrease of 5.18% year-on-year, but the R&D expenditure accounted for 4.18% of total revenue [7]. - The company secured 85 new projects during the reporting period, with 39 of them related to new energy, indicating strong development momentum in this area [7].