Xingqiu Graphite(SH:688633) Zheng Quan Shi Bao Wang·2025-04-28 04:20Core Viewpoint - The company has demonstrated steady growth in net profit despite a decline in revenue, showcasing resilience in a complex market environment [1][4]. Financial Performance - In 2024, the company achieved a revenue of 633 million yuan, with a net profit attributable to shareholders of 148 million yuan, reflecting a year-on-year increase of 0.22% [1]. - The net profit after deducting non-recurring gains and losses was 127 million yuan, with basic earnings per share at 1.02 yuan [1]. - For Q1 2025, the company reported total revenue of 128 million yuan, representing a year-on-year growth of 8.39%, and a net profit of 16.79 million yuan [4]. Profitability and Margins - The gross margin for 2024 reached 43.68%, an increase of 6.74 percentage points from the previous year, attributed to product structure changes, project management optimization, and reduced raw material costs [3]. - The improvement in gross margin reflects the company's technological advantages in product design and production, enhancing its competitive position in the market [3]. Research and Development - The company invested 39.95 million yuan in R&D in 2024, accounting for 6.32% of its revenue, and filed 33 new patents during the period [3]. - Key technologies developed include "chlorine and hydrogen mixed combustion technology" and "waste heat utilization technology," which support the company's transition to a green manufacturing solutions provider [3]. International Expansion - The establishment of Beijing Plannide Engineering Technology Co., Ltd. aims to promote graphite equipment and complete system solutions in overseas markets, particularly in India and regions along the Belt and Road [4]. - The company has successfully signed multiple orders for graphite synthesis furnaces, indicating effective overseas promotion [4]. Shareholder Returns - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares, totaling 50.58 million yuan, and has repurchased shares worth 12.20 million yuan, amounting to 42.41% of its annual net profit [4]. Future Outlook - Looking ahead to 2025, the company aims to build a unique competitive edge by integrating materials, equipment, systems, and services in its operations [5].