Core Viewpoint - Defu Technology, which went public in 2023, reported a net loss of approximately 245 million yuan for the fiscal year 2024, marking a significant decline from the previous year's profit [2][5]. Financial Performance - In 2024, Defu Technology achieved operating revenue of approximately 7.805 billion yuan, representing a year-on-year growth of 19.51% [2]. - The company reported a net profit attributable to shareholders of approximately -245 million yuan, indicating a shift from profit to loss compared to the previous year [2]. - The adjusted net profit, excluding non-recurring items, was approximately -237 million yuan, also reflecting a year-on-year decline [2]. Production and Sales - Defu Technology specializes in the research, production, and sales of high-performance electrolytic copper foil, with a production volume of 92,851 tons in 2024, up 8.15% year-on-year [4]. - The sales volume of electrolytic copper foil reached 92,701 tons, marking a year-on-year increase of 17.18% [4]. - The company has established stable partnerships with leading lithium battery manufacturers, including CATL and BYD, contributing to a sales revenue of 1.948 billion yuan from its largest customer, CATL, which accounted for 26.13% of total sales [4][5]. Industry Context - The domestic copper foil industry faced intensified competition in 2024, leading to a significant drop in processing fees and increased fixed costs for companies like Defu Technology [5]. - The total domestic copper foil production capacity was estimated at 2 to 2.1 million tons per year, with approximately 70% allocated to lithium battery copper foil [5]. - The industry experienced an overall utilization rate of about 56% to 58%, indicating an oversupply in the low-end production segment [5]. Future Outlook - Defu Technology plans to release an additional 25,000 tons of production capacity by 2025, aiming to maintain its position among the top domestic copper foil manufacturers [6]. - The company anticipates that the gradual elimination of low-end capacity and accelerated industry consolidation will improve supply-demand dynamics in the future [6]. - In the first quarter of 2025, Defu Technology reported a turnaround with a net profit of approximately 18.2 million yuan, alongside a revenue increase of 110.04% year-on-year [6].
2024年业绩首亏！德福科技上市后年度净利接连走低