Core Viewpoint - The company reported a net profit of 95 million yuan for 2024, which aligns with expectations, while showing a slight decline in net profit year-on-year [1] Financial Performance - In 2024, the company achieved operating revenue of 1.934 billion yuan, a year-on-year increase of 5.38%, and a net profit attributable to shareholders of 95 million yuan, a decrease of 1.90% [1] - For Q1 2025, the company reported operating revenue of 506 million yuan, a significant year-on-year growth of 94.79%, with a net profit of 20 million yuan, down 1.56% year-on-year [1] - The company maintains its profit forecast for 2025-2026, expecting net profits of 120 million yuan and 165 million yuan respectively, with an additional forecast of 206 million yuan for 2027 [1] Market Position and Client Base - The company is a leading supplier of vehicle-mounted power supplies in China, with a significant increase in overseas revenue as new clients are expected to ramp up [1] - In 2024, the company's vehicle-mounted power products generated operating revenue of 1.823 billion yuan, a year-on-year increase of 2.47%, with a gross margin of 23.07%, down 0.52 percentage points [1] - Direct exports of vehicle-mounted power products reached 132 million yuan in 2024, showing substantial growth, with overseas revenue accounting for 6.82% of total revenue [1] Cost and R&D Investment - The company's expense ratios for sales, management, R&D, and finance were 1.54%, 5.10%, 10.35%, and 0.16% respectively in 2024, with year-on-year changes of -1.30, -0.61, -1.16, and +0.15 percentage points [1] - R&D expenses were approximately 200 million yuan, with the R&D team expanding to 813 members, representing 49.30% of the total workforce [1] Inventory and Partnerships - As of Q1 2025, the company reported an inventory balance of 633 million yuan, an increase of 32.96% compared to the end of 2024, primarily due to increased overseas customer demand and material stocking [1] - The company has established stable partnerships with well-known automotive manufacturers such as GAC Group, NIO, XPeng Motors, Xiaomi Auto, Renault, and Stellantis, and has secured multiple project allocations with brands like Changan Automobile and Leap Motor [1]
富特科技(301607)：国内外新拓客户持续放量 海外营收占比大幅提升