CEM(SZ:002980) Sou Hu Cai Jing·2025-04-18 11:29Core Viewpoint - The company achieved significant growth in revenue and net profit in 2024, driven by global capacity expansion, technological innovation, and market development, but faces challenges related to increasing reliance on overseas markets and fluctuations in gross margin [1][6]. Global Capacity Layout and Technological Innovation - The company actively advanced its global capacity layout in 2024, completing investments in production bases in Huizhou and Vietnam, with the Vietnam base being the first overseas smart manufacturing facility [4]. - The Vietnam base leverages labor cost advantages and the "Belt and Road" policy to effectively mitigate trade friction and US-China tariff risks, while the Huizhou base focuses on high value-added products [4]. - The company increased R&D investment, achieving breakthroughs in "AI + Power" and "AI + Medical" fields, enhancing product competitiveness through the development of AI-7760 power quality analyzers and AI DC arc detection series products [4]. Product Structure Optimization and Market Expansion - In 2024, the company optimized its product structure, with professional instrument sales reaching 346 million yuan, a year-on-year increase of 32.06% [5]. - The company developed high-quality professional instrument products across various categories, including electrical power, infrared temperature measurement, and environmental instruments, catering to specific industry needs [5]. - General instrument business also saw steady growth, with sales reaching 326 million yuan, up 26.87% year-on-year, benefiting from enhanced domestic sensor and chip R&D capabilities [5]. Increasing Dependence on Overseas Markets and Gross Margin Fluctuations - The company's overseas business generated sales of 717 million yuan in 2024, a year-on-year increase of 28.54%, indicating a rising dependence on international markets [6]. - The overall gross margin for the main business was 46.20%, an increase of 3.17 percentage points from the previous year, driven by product structure optimization and growth in proprietary brand revenue [6]. - Despite the positive gross margin trend, fluctuations remain a concern due to raw material price volatility and intensified market competition, necessitating further cost control and pricing strategy optimization [6].