JJE(SH:688280) Zheng Quan Shi Bao Wang·2025-04-25 10:49Core Insights - In 2024, the Chinese electric vehicle (EV) industry is expected to show strong growth driven by policy support and consumer upgrades, with production and sales reaching 12.888 million and 12.866 million units respectively, marking year-on-year increases of 34.4% and 35.5% [1] - The company, Jingjin Electric, is capitalizing on industry opportunities, achieving total revenue of 1.305 billion yuan in 2024, a year-on-year growth of 50.64% [1] Revenue Growth and Business Performance - Jingjin Electric's revenue from electric drive systems reached 1.16 billion yuan, up 47.68% year-on-year, with passenger vehicle drive systems contributing 730 million yuan, a significant increase of 82.75% [2] - The company also reported a net cash flow from operating activities of 12 million yuan, reflecting a substantial improvement of 103.74% year-on-year, indicating enhanced cash flow quality [2] Technological Advancements and R&D - Jingjin Electric possesses a complete layout in the electric drive system sector, with core technologies such as efficient motor technology and oil-water hybrid cooling technology, achieving efficiency improvements of 1% to 3% and weight reductions exceeding 10% [3] - In 2024, the company invested 110 million yuan in R&D, accounting for 8.51% of its revenue, and added 12 domestic invention patents and 36 overseas patents, bringing the total to 720 [3] Market Demand and Strategic Partnerships - The demand for electric drive systems is increasing, with the market share of new energy vehicles surpassing 50% in the second half of 2024, and plug-in hybrid vehicles accounting for 40% of sales [4] - Jingjin Electric maintains deep collaborations with leading domestic automakers and has expanded its international partnerships with companies like Stellantis and Ford, targeting high-volume projects in the European market [4] Future Outlook and Strategic Focus - The Chinese EV market is projected to grow over 30% in 2025, with trends leaning towards larger batteries and extended range [5] - The company plans to enhance its R&D in three-in-one electric drive systems and silicon carbide controllers, strengthen partnerships with top domestic and international clients, and optimize its manufacturing system to improve cost control and delivery capabilities [5]