DAAE(SH:600178) Zheng Quan Shi Bao Wang·2025-04-18 09:30Core Viewpoint - Dong'an Power reported a decline in revenue for 2024 but achieved a significant increase in net profit, indicating improved cost control and operational efficiency despite market challenges [1][2]. Financial Performance - In 2024, Dong'an Power achieved operating revenue of 4.618 billion yuan, a year-on-year decrease of 14.55% [1]. - The company reported a net profit of 5.73 million yuan, a year-on-year increase of 41.39%, with basic earnings per share of 0.01 yuan [1]. - For Q1 2025, the company expects a net profit of approximately 3.6 million yuan, indicating a turnaround from losses in the previous year [1]. Sales and Market Position - In 2024, Dong'an Power sold a total of 493,500 units, including 366,700 engines, with a market share of 1.83% [2]. - The company ranked first in market share for commercial vehicle gasoline engines and domestic and international AT transmission markets [2]. - The sales composition for engines in 2024 was approximately one-third for passenger vehicles and two-thirds for commercial vehicles [2]. Strategic Initiatives - Dong'an Power established a "big data precision market development model" to expand into five new market dimensions and achieve comprehensive coverage across various fields [3]. - The company initiated 75 projects in 2024, a year-on-year increase of 86%, with a planned lifecycle sales volume of 5.1 million units [3]. - The company reported a significant increase in new energy market projects, with a year-on-year growth of 280% and a planned lifecycle sales volume of 3.5 million units [3]. Customer and Product Development - Dong'an Power's main range extender customer is Dongfeng Lantu, with new models expected to launch in Q4 [2]. - The company has partnerships with major domestic new energy vehicle manufacturers and regularly publishes product announcements related to new energy products [3]. - The subsidiary Dong'an Qifa saw a significant increase in engine sales, reaching 119,000 units in 2024, a year-on-year growth of 11.47% [3].