行业寒冬中显韧性，宝馨科技战略调整与技术创新驱动长期发展

Core Viewpoint - The photovoltaic industry is facing significant challenges in 2024, including supply-demand imbalance, price inversion, and tightened financing, while Baoxin Technology (002514) demonstrates strong strategic determination and operational resilience despite short-term performance pressures [1] Financial Performance - In 2024, Baoxin Technology reported revenue of 336 million yuan, a year-on-year decline of 42.16%, and a net loss of 767 million yuan [2] - The company's operating cash flow net increased by 167.97%, indicating effective supply chain management and cost control [2] - Total assets amounted to 1.88 billion yuan, reflecting a focus on core business through the divestment of inefficient assets [2] Strategic Focus - Baoxin Technology's dual-driven strategy of "smart manufacturing + new energy" led to its smart manufacturing segment generating 250 million yuan, accounting for 75.42% of total revenue [2] - The company is concentrating on technological advancements, particularly in heterojunction (HJT) and perovskite technology routes, targeting the next generation of high-efficiency batteries [2][3] R&D and Innovation - The company invested 18.52 million yuan in R&D, a decrease of 55.98% year-on-year, focusing on key technological breakthroughs in metal structure components and charging piles [3] - Future product upgrades will include more efficient liquid cooling technologies and the exploration of new material applications [3] Market Expansion - Despite a decline in sales revenue from photovoltaic cells and components due to industry price wars, Baoxin Technology increased its overseas sales by 23%, with foreign sales accounting for 41.84% of total revenue [4] - The company is exploring the overseas market for charging and swapping equipment, aiming to develop high-power charging devices compatible with various vehicle models for the European and American markets [4] Transformation Strategy - Baoxin Technology is implementing a dual strategy of offense and defense, securing bank loans to stabilize credit and ensuring cash flow safety while enhancing smart manufacturing and technology commercialization [5] - The company aims to align its transformation logic with global energy transition trends, with the International Energy Agency (IEA) predicting significant growth in renewable energy installations by 2030 [5]