Core Viewpoint - New Aluminum Era (301613.SZ) reported a revenue of 1.906 billion yuan for 2024, reflecting a year-on-year growth of 6.95%, while net profit attributable to shareholders was 193 million yuan, showing a modest increase of 1.99%, significantly slowing down from previous years' growth rates [2][5] Financial Performance - The revenue from the main business of battery box cases increased by 16.15% year-on-year, but sales from scrap materials decreased by 1.24 billion yuan, negatively impacting overall revenue growth [5] - The operating cash flow net amount for 2024 was -458 million yuan, although this represented a 51.7% year-on-year improvement, the continuous negative cash flow indicates significant pressure on capital turnover [5] Business Model and Challenges - The company primarily uses a consignment model, which helps maintain customer relationships but has led to increased accounts receivable, affecting cash flow [5] - The newly launched casting project at the beginning of 2024 improved production efficiency but required substantial initial investment, putting short-term pressure on cash flow [5] Research and Development - Despite the slowdown in profit growth, the company emphasized the need to increase investment in technology research and development to adapt to rapid industry changes, yet R&D expenditure decreased by 4.17% year-on-year, with the proportion of R&D spending dropping by 0.34 percentage points to 2.97% [5] Dividend Policy - The company announced its first dividend plan, proposing a stock bonus of 5 shares for every 10 shares held and a cash distribution of 10 yuan, with a payout ratio of 49.71%, interpreted as an attempt to boost investor confidence [5] Market Position and Future Outlook - Looking ahead, New Aluminum Era maintains a competitive position in the electric vehicle battery box market, being a key supplier to major manufacturers like BYD [6] - The company faces challenges in balancing capacity expansion, technological development, and cash flow management, which will be crucial for overcoming current growth bottlenecks [6]
新能源汽车零部件竞争加剧 新铝时代业绩增长遇瓶颈