Core Viewpoint - The company is a leading player in the power cord assembly and specialty cable industry, focusing on research, production, and sales, with significant growth in revenue and net profit in 2024 compared to the previous year [3][8]. Company Overview - The company specializes in the research, production, and sales of power cord assemblies and specialty cables, serving clients in the computer and home appliance sectors, as well as in new energy electric vehicles [3][9]. - Major products include power cord assemblies for computers and home appliances, smart home power cords, and specialty cables for various industrial applications [3][9]. Business Model - The company employs a demand-driven procurement model, ensuring quality and timely delivery through a robust supplier management system [5]. - Production is organized based on customer orders, adhering to standardized management procedures to ensure product quality and delivery timelines [6]. - Sales are conducted directly with customers, establishing long-term relationships with major clients such as Dell, Haier, and LG [7]. Performance Drivers - In 2024, the company achieved a revenue of 3.398 billion yuan, a 37.06% increase year-on-year, with a net profit of 191.66 million yuan, up 28.40% [8]. - The power cord assembly segment generated 2.220 billion yuan in revenue, reflecting a 32.90% growth, while specialty cables, particularly for new energy electric vehicles, saw a revenue increase of 45.09% to 1.166 billion yuan [9][10]. - The company's international expansion, particularly through its Thailand factory, contributed significantly to revenue growth, achieving 902.62 million yuan, a 56.48% increase [11].
威海市泓淋电力技术股份有限公司2024年年度报告摘要