中国西电(601179)：埃镑汇兑影响全年利润 一季度保持高增

Core Insights - The company reported a revenue of 22.28 billion yuan for 2024, representing a year-on-year increase of 5.1% [1] - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, up 17.5% year-on-year, while the non-recurring net profit reached 1.00 billion yuan, a significant increase of 55.5% [1] - In Q4 2024, the company experienced a revenue of 7.04 billion yuan, a 2.7% increase year-on-year, but the net profit dropped by 24.9% to 270 million yuan [1] Financial Performance - The company faced a foreign exchange loss of 241 million yuan in 2024, which increased by 190 million yuan year-on-year, primarily impacting Q4 profits [2] - Transformer revenue for 2024 was 9.218 billion yuan, up 17.8% year-on-year, while switch revenue was 8.504 billion yuan, increasing by 11.0% [2] - Domestic revenue reached 19.002 billion yuan, a 5.9% increase, while international revenue was 2.825 billion yuan, up 6.5%, accounting for approximately 13% of total revenue [2] Profitability and Margins - The gross margin for transformers was 14.35%, an increase of 5.88 percentage points year-on-year, while the gross margin for switches was 26.52%, up 1.29 percentage points [3] - The overall net profit margin for 2024 was 4.73%, a 0.5 percentage point increase year-on-year, with Q1 2025 reaching 5.6%, the highest since 2019 [3] Cash Flow and Inventory - The company reported a net operating cash flow of 3.499 billion yuan for 2024, a significant increase of 176.6% year-on-year [3] - As of Q1 2025, inventory stood at 4.868 billion yuan, a 51.2% increase year-on-year, indicating a strong delivery capacity [3] Future Outlook - The company expects to achieve a net profit of approximately 1.785 billion yuan in 2025, corresponding to a PE ratio of about 18 times, driven by continued delivery of ultra-high voltage products and enhanced manufacturing capabilities [4]