ENERGY TECHNOLOGY(SZ:002812) Jin Rong Jie·2025-04-23 08:30Core Viewpoint - Enjie Co., Ltd. reported a significant decline in revenue and net profit for 2024, primarily due to intensified market competition and falling product prices in the lithium battery separator market, despite maintaining a leading position globally [1][4]. Group 1: Lithium Battery Separator Business - The lithium battery separator segment faced severe challenges in 2024, with a 15.60% year-on-year decline in revenue despite a 42.33% increase in shipment volume to 8.825 billion square meters [1][4]. - The company is advancing its global capacity layout, including the launch of the Hungary Phase I project and the initiation of a coating separator factory in the U.S., but these efforts have not fully mitigated the negative impacts of market competition [4]. - Technological advancements, such as the promotion of online coating technology, have improved production efficiency and product quality, yet these benefits have not compensated for the overall decline in profitability [4]. Group 2: Aseptic Packaging Business - The aseptic packaging segment performed relatively well, achieving revenue of 0.865 billion yuan, a year-on-year increase of 11.29%, driven by new product development and customized services [5][6]. - The company established strong partnerships with major dairy enterprises, contributing to the growth in sales volume, which reached approximately 4.6 billion units [6]. - However, other business segments, such as BOPP film and specialty paper, experienced significant revenue declines of 17.01% and 51.83% respectively, indicating broader operational challenges [6]. Group 3: Financial and Capital Operations - The financial situation of the company showed considerable pressure, with net cash flow from operating activities decreasing by 56.58% to 1.158 billion yuan [7]. - The company implemented a restricted stock incentive plan and share buyback program to enhance long-term investment value and investor confidence, with a total buyback amounting to approximately 199.9973 million yuan [7]. - Despite these measures, the overall deterioration in financial health and profitability indicates a need for more effective operational strategies and cost control [7].