Xin Lang Cai Jing·2025-04-21 12:35Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on new projects and international expansion to drive future growth [1][3][4] Financial Performance - In 2024, the company achieved an operating revenue of 2.025 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 160 million, down 32.8% [1] - The fourth quarter of 2024 saw an operating revenue of 558 million, a year-on-year decrease of 6.7%, but a quarter-on-quarter increase of 21.3% [1] - For Q1 2025, the operating revenue was 512 million, a year-on-year increase of 1.7%, while the net profit decreased by 14.4% [1] Profitability Metrics - The gross margin for 2024 was 24.4%, down 1.1 percentage points year-on-year, with a further decline to 22.7% in Q4 2024 [2] - The company’s operating cash flow for 2024 was 542 million, a slight decrease of 0.6% year-on-year, but improved significantly in Q1 2025 with a 102.8% increase [2] Business Development - The company launched 45 new projects in 2024, with significant growth in revenue from new energy vehicle products, which increased by 16.9% [3] - The company is accelerating the establishment of its production base in Thailand to mitigate the impact of US-China trade tensions, with production expected to start in June 2025 [3] Strategic Initiatives - A joint venture, Jiangsu Pacific Intelligent Joint Co., Ltd., was established to focus on the R&D and manufacturing of robotic joints and core components, enhancing the company's capabilities in the robotics sector [4] - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027, with projected EPS of 0.47, 0.57, and 0.68 respectively, and a target price of 13.63 [4]