Core Viewpoint - The company reported a significant decline in revenue for 2024, primarily due to a sharp decrease in income from its core business of process pollution control equipment, which fell by 65.68% [1] Business Segments - The revenue from process pollution control equipment was 11.15 billion yuan, accounting for 54.30% of total revenue, indicating it remains a major income source [1] - The photovoltaic products segment generated 6.44 billion yuan, representing 31.35% of total revenue, showcasing rapid growth and diversification of income sources [1] - Domestic operations accounted for 89.80% of total revenue, while international business saw a 5.99% increase, contributing 10.20% to total revenue, indicating initial success in international expansion [1] R&D Investment - The company increased its R&D expenditure to 1.61 billion yuan, a 4.61% year-on-year growth, reflecting its commitment to technological innovation as a means to enhance market position and profitability [2] Industry Challenges - The photovoltaic industry is facing severe market challenges in 2024, including supply-demand mismatches, intense competition, and significant price declines, leading to widespread pressure on profitability across the sector [3] - Many companies, including the company, are experiencing losses due to ongoing price wars and excess capacity, although the company's losses are comparatively lower than some peers, indicating resilience [3][4] - The company has faced delays in large-scale photovoltaic waste gas treatment and mechanical systems projects, affecting revenue recognition, but these projects are expected to contribute significantly once the industry recovers [4] Long-term Potential - Despite short-term performance pressures, the company has established a solid foundation for future value release through continuous investment in technology, capacity, and strategic optimization [5] - The company has a strong position in the TOPCon battery technology, which is expected to become a major profit driver as production capacity increases and costs decrease [5][6] - The company holds 262 patents, including 60 invention patents, which supports its long-term sustainable development and competitive advantage in the industrial pollution control sector [6] - Positive signals for the photovoltaic industry are anticipated in 2025, including price recovery and increased installation demand, positioning the company favorably for future growth [6]
仕净科技：短期波动不改长期价值，技术与战略助力未来发展