RTGF(SH:605133) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a strong performance in 2024, with revenue and net profit growth, alongside improvements in gross margin and cash flow, while also expanding its global footprint and investing in new technologies. Financial Performance - In 2024, the company achieved operating revenue of 2.352 billion yuan, a year-on-year increase of 16.4% [1] - The net profit attributable to shareholders was 163 million yuan, up 11.9% year-on-year [1] - The net profit excluding non-recurring items was 138 million yuan, reflecting a 10.9% year-on-year growth [1] - For Q4 2024, operating revenue was 598 million yuan, a 2.3% year-on-year increase but a 1.2% decrease quarter-on-quarter [1] - The net profit for Q4 was 37 million yuan, up 19.8% year-on-year but down 7.6% quarter-on-quarter [1] Margin and Cost Structure - The gross margin for 2024 was 24.0%, an increase of 2.2 percentage points year-on-year [2] - In Q4 2024, the gross margin was 25.2%, reflecting an 8.2 percentage point increase year-on-year and a 1.7 percentage point increase quarter-on-quarter [2] - The operating cash flow for 2024 was 383 million yuan, a significant increase of 215.3% year-on-year, driven by sales growth and new supply chain financing [2] Business Expansion and Globalization - The aluminum die-casting business generated revenue of 2.116 billion yuan in 2024, a 17.5% year-on-year increase [3] - The company is actively expanding its customer base in the electric vehicle sector, securing orders from major clients such as Bosch and NIO [3] - The company plans to invest up to 400 million yuan to establish a production base in Thailand to accelerate global market expansion [3] New Growth Initiatives - In 2025, the company plans to establish a joint venture focused on humanoid robots and automotive components, with an initial investment of 65 million yuan [4] - The company aims to develop new business lines in robotics, autonomous driving, and low-altitude economy sectors [4] - The forecasted net profit for 2025-2027 is projected to be 244 million, 305 million, and 375 million yuan respectively, with a target price of 40.32 yuan based on a PE ratio of 36 times [4]