Sinomag Tech.(SZ:300835) Shang Hai Zheng Quan Bao·2025-04-20 19:18Core Viewpoint - The company has reported a revenue of 1.17 billion yuan, marking a 9.33% increase year-on-year, and a net profit of 111.06 million yuan, reflecting a 50.31% growth, establishing itself as a leading supplier of magnetic materials in the automotive and variable frequency home appliance sectors [8]. Company Overview - The company specializes in the research, production, and sales of high-performance permanent ferrite magnetic tiles, primarily used in various motors for applications in automotive, home appliances, power tools, and fitness equipment [3]. - Since 2020, the company has expanded its focus to include the soft magnetic industry, developing products such as soft magnetic powders, magnetic powder cores, and chip inductors, which are utilized in photovoltaic energy storage, new energy vehicles, and consumer electronics [3]. Business Model - The company employs a make-to-order production model, organizing production based on customer orders and conducting comprehensive evaluations before creating production plans [4]. - The procurement of raw materials is aligned with production schedules, maintaining a safety stock to accommodate order increases and production cycles [6]. - The sales strategy is primarily direct sales, with contracts signed directly with customers, ensuring timely delivery and payment collection [6]. Performance Drivers and Industry Position - The company achieved a revenue of 1.17 billion yuan and a net profit of 111.06 million yuan, with significant growth in sales from the automotive and variable frequency home appliance sectors [8]. - The stable market demand in these application areas has contributed to the year-on-year sales increase of the company's main products, reinforcing its competitive position in the market [8]. Financial Data and Accounting Policies - The company will implement several accounting policy changes starting January 1, 2024, which will not affect the financial statements, including adjustments related to the classification of current and non-current liabilities and supplier financing arrangements [9]. - The company has made retrospective adjustments to its financial data due to changes in accounting policies, impacting the profit and loss statement for the year 2023 [9].