Xiantong Stock(SH:603239) Zheng Quan Shi Bao Wang·2025-04-21 15:39Core Viewpoint - Zhejiang Xiantong (603239) has demonstrated strong growth in 2024, achieving record highs in both revenue and net profit despite increasing competition in the automotive parts industry [2][3]. Financial Performance - The company reported a revenue of 1.225 billion yuan, a year-on-year increase of 14.90% - Net profit reached 172 million yuan, reflecting a growth of 13.70% [2] - In Q1 2024, revenue was 343 million yuan, up 27.28%, and net profit was approximately 66.69 million yuan, increasing by 28.38% [4] R&D and Technological Advancements - Zhejiang Xiantong invested 49.69 million yuan in R&D in 2024, accounting for 4.06% of revenue - The company holds 26 core technology patents, including 9 invention patents, and maintains a leading position in rubber vulcanization and seamless interface technologies [2][3] Market Position and Client Network - As a leader in the domestic automotive sealing strip industry, the company has established a robust client network, including major automakers like FAW-Volkswagen and SAIC General - In 2024, the top five clients accounted for 86.72% of total sales [3] Production and Cost Control - The company produced 109 million meters of rubber sealing strips in 2024, a 14.81% increase from the previous year - Cost control measures, including over 90% self-manufacturing of tooling and optimized procurement processes, led to a gross margin of 28.49%, up 1.05 percentage points from the previous year [3] Shareholder Returns - Zhejiang Xiantong plans to distribute 2.10 yuan per 10 shares in cash dividends for 2024, totaling 56.85 million yuan - Cumulatively, the company has distributed over 860 million yuan in dividends since its listing, with an average payout ratio of 70% [3] Future Outlook - The company is planning to acquire approximately 87 acres of land for advanced production lines to meet future growth demands - It aims to leverage resources from its controlling shareholder for mergers and acquisitions to cultivate a second growth curve, targeting a total production capacity of 2.5 billion yuan within two years [3]