Core Viewpoint - Meilixin's 2024 annual report reveals a significant revenue increase but substantial net losses, highlighting challenges in the communication sector while the automotive segment shows strong growth [1][4]. Group 1: Financial Performance - The company achieved total revenue of 3.659 billion yuan in 2024, a year-on-year increase of 14.73% [1]. - Net profit attributable to shareholders was -164 million yuan, a decline of 220.58% year-on-year [1]. - Non-recurring net profit also showed poor performance at -174 million yuan, down 253.12% year-on-year [1]. Group 2: Business Segments - Revenue from communication structural components was 1.14 billion yuan, a decrease of 19.86% year-on-year, primarily due to global economic fluctuations and policy adjustments [4]. - The automotive parts business generated 2.366 billion yuan, reflecting a robust growth of 46.31% year-on-year, driven by the rapid development of the new energy vehicle market [4]. Group 3: R&D and Investment - R&D expenses reached 184 million yuan, accounting for 5.02% of total revenue, an increase of 0.38 percentage points from the previous year [5]. - Increased R&D spending has not yet translated into improved sales performance, contributing to higher expenses and exacerbating losses [5]. Group 4: Global Operations - The company has established multiple production bases globally, including locations in Chongqing, Xiangyang, Dongguan, and Ma'anshan, with a North American facility under construction [6]. - This global presence allows the company to better meet customer demands and respond quickly to market changes, although it also incurs significant capital expenditures [6]. Group 5: Future Outlook - Despite the disappointing performance in 2024, strong growth in the automotive sector and ongoing technological innovation provide hope for future development [7]. - The expansion of the new energy vehicle market is expected to sustain high growth in this segment [7]. - Challenges such as global economic uncertainty, raw material price fluctuations, and increased market competition may adversely affect performance [7].
美利信2024年财报：营收增长14.73%，净利润亏损1.64亿，汽车业务成亮点