长春一东扣非净利连亏三年，离合器产能利用率仅40.6%

Core Viewpoint - Changchun Yidong (600148.SH) is facing significant challenges with declining revenues and profits, indicating a long-term trend of underperformance in the automotive parts industry [1][12]. Financial Performance - In 2024, the company reported revenue of 690 million yuan, a decrease of 0.85% year-on-year; net profit was a loss of 2.32 million yuan, down 451.27%; and non-recurring net profit was a loss of 7.03 million yuan, down 64.96% [1][2][3]. - The company has experienced three consecutive years of non-recurring net profit losses, totaling 31.9 million yuan [2][3]. - Historical performance shows a peak in 2020 with revenue of 1.156 billion yuan and a net profit of 57.22 million yuan, followed by a decline in subsequent years [2]. Production Capacity and Utilization - The designed production capacity for clutches in 2024 was 2.27 million sets, with an actual utilization rate of only 40.6% [1][3]. - The production capacity for hydraulic lifting systems was 600,000 sets, with a utilization rate of 60.8% [3]. Industry Context - The automotive parts industry is facing challenges due to global competition and changing market dynamics, particularly with the rise of electric vehicles that do not typically use traditional clutches [5][12]. - The company aims to innovate and reform its operations, focusing on traditional and strategic industries while developing new sectors [5][12]. Research and Development - In 2024, R&D expenses were 23.9 million yuan, a decrease of 11.24% year-on-year, indicating a potential decline in innovation efforts [5][12]. - The company has plans to transition towards new energy products and develop advanced powertrain systems for commercial vehicles [13]. Historical Challenges - Changchun Yidong has attempted major asset restructurings in the past, but these efforts have failed, leading to skepticism about future restructuring attempts [7][11].