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中熔电气(301031):2024&1Q25业绩符合预期 营收增长强劲告

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, particularly in the new energy vehicle sector, indicating robust demand and operational efficiency [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 1.42 billion yuan, a year-on-year increase of 34.1%, and a net profit attributable to shareholders of 187 million yuan, up 59.8% [1]. - For Q1 2025, revenue was 390 million yuan, reflecting a 45.0% year-on-year increase but a 14.3% quarter-on-quarter decline; net profit was 61 million yuan, up 125.8% year-on-year but down 9.3% quarter-on-quarter [1]. Business Segments - The new energy vehicle business saw a revenue increase of 50.5% in 2024, reaching 897 million yuan, with an estimated market share rise to 60-65% [2]. - The gross margin for the new energy vehicle segment improved to 39.8% in 2024, up 0.46 percentage points year-on-year, despite challenges from raw material price fluctuations [2]. - The wind and solar storage business experienced slower growth, with revenue increasing by only 1.0% to 349 million yuan in 2024, and a decline in gross margin by 3.7 percentage points to 41.1% [2]. Operational Efficiency - The company improved its expense ratio to 22.5% in 2024, a decrease of 4.1 percentage points year-on-year, contributing to a 44.0% increase in operating cash flow to 122 million yuan [3]. - The global manufacturing layout, including a new factory in Thailand, is expected to support overseas business growth and meet demand from electric vehicle customers in the US and Europe [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 293 million yuan and 404 million yuan, respectively; the target price has been raised by 12% to 140 yuan, indicating a potential upside of 17.65% [4].